Best practices

We held our annual Portfolio Day this past Friday. This is a day where we bring together our portfolio companies around a specific theme. This year’s theme was Best Practices.

In line with the theme, our startups showing great performance in a specific functional domain shared their experiences and case studies from this function with other startups. Here are the areas where our startups shared their best practices:

The event was a big success. Instigated by the presentations, it was host to in-depth debates on a wide variety of topics. Some of the discussions which stood out included how to reactivate churned customers, how to build an engaged community from a naturally fragmented member base, and how to attract and retain the corporate misfits that are often necessary for a startup’s success.

At the end of the day, each startup is a series of experiments which take place with the goals of building a product that the market wants and then scaling it. However, in running these experiments, there are a series of functional best practices which increase the odds that your experiments will be successful. For example, there are tried and true ways in which you can run your recruiting, business development, and online marketing activities to be more likely to achieve positive experimental outcomes. And these best practices are often very different than those relevant for large companies. The best practices necessary to create the status quo are very different than those required to maintain it.

It’s therefore very important for startups with experience and demonstrated success in one functional domain to share this knowledge with other startups. This was the goal of our Best Practices Day. From the quality of the discussions that took place and the post-event feedback I received from our entrepreneurs, it seems to have achieved its goal.