Commitment bias and selling too early: how to avoid two major startup mistakes according to Joe Kraus (President at Lime, Partner at Google Ventures)

He founded two startups (Excite and JotSpot); sold a company to Google; became a VC Partner at Google Ventures; and is now President at Lime, the global leader in shared micromobility.

Joe Kraus stopped by STATION F a few days ago and we had a chance to sit down with him for this new podcast episode. We talk about the lessons that he learned from his experience as a tech entrepreneur and Joe shares some key advice on how to avoid two of the biggest mistakes that startups make:

 

1/ Not being able to find product-market fit

There’s two reasons for this problem: the startup either picked a bad market or, more commonly, the startup is overly committed to the original product idea and cannot see the red light signals around them. To overcome this commitment bias, it’s important to surround themselves with thoughtful advisors.

 

2/ Finding product-market fit but selling too early

It’s important for startups to evaluate if they have achieved escape velocity. If they have, then it’s also important to not sell out of fear. If you want to make lasting change, the first step is that you have to last.

For more tips and insights, listen to the full episode on Apple Podcast, Spotify, Deezer & Google Podcast.

By

Cindy Yang
[email protected]