I want to invent something cool.
GoPro, Square, LinkedIn
The markets change quickly. At some point down the road, you often times find that the market opportunity is not exactly what you expected. Frustrating as that might be, to succeed, you must have the ability to quickly adapt and evolve the business model. The rapid change and the myriad cycles one encounters during a startup's life, is for me, what keeps it exciting and interesting. Any startup will have many opportunities to fall off of the cliff and the biggest reward comes when you can make it work. It's all about the journey and making sure that you have the knowledge and confidence needed to successfully deal with whatever comes your way.
They don't have a solid revenue model. You can have fantastic technology and a terrific team, but if you can't make money, then it doesn't matter.
Quality of the team matters – many people pick their friends or family for the management team. This can be a huge mistake if they aren't truly the best people to ensure success.
Not being flexible enough, knowing how to adapt. Acquired knowledge is something that one can learn. Fortitude, thinking on ones feet and being creative to develop solutions and deal with the myriad issues that arise.
Don't go to the VC's too early in the game. For many startups, this is the only way to raise initial funding. In my experience however, I've learned that it's better to build the early successes on your own.
Vijay has spent over 20 years in the wireless, networking and biomedical sectors and has demonstrated a consistent track record of conceiving and delivering first-to-market products. In addition to founding Mobiplex, Vijay founded Perceptronix and Wellcore, and was the co-founder of Veraz Networks, which had a successful IPO in 2007.