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Lessons Learned: Fliqz CEO Benjamin Wayne on the risks startups face

Three risks facing startups: Market, technology and execution

Lessons learned from entrepreneur by John Shinal
November 16, 2007 last edited July 10, 2008
Short URL: http://vator.tv/n/a7

The first piece of advice that Fliqz CEO Benjamin Wayne has for other entrepreneurs is to "never be technology in search of a market."

In other words, building a better mousetrap is not a viable business in a neighborhood with no mice.

"Startups can't afford to educate a market," says Wayne, whose firm supplies while-label online video platforms to business customers.

That means you need to be solving a problem that is "one of the top three pain points" that are "keeping your customers up at night," Wayne tells Vator.tv's Bambi Francisco.

The repeat entrepreneur also says that of the three risks faced by startups -- market risk, technology risk and execution risk -- the last can be the toughest to manage because it depends on people that startups often hire "based on potential, rather than experience. 

You can see the first part of the interview here and watch Wayne's video pitch here.