Most second-time entrepreneurs, heck – even first-timers, have that grizzled look about them. But not Pubmatic’s co-founder Rajeev Goel, who helped his older brother, Amar, build golf retail site ChipShot back in the mid-90’s, while Rajeev attended Johns Hopkins University. ChipShot raised $50 million in venture funding from the likes of blue-chip firm Sequoia, and others. But like many of the dot-com companies in the heyday, the exits weren’t homerun returns. ChipShot’s assets for sold to Eco Associates in 2001.
But the returns aren’t always in the form of boatloads of cash. Often it’s in the lessons you take away.
Entrepreneurship is a “constant stream of problem solving,” said Rajeev. Every day seems like just trouble shooting, one has to remember to keep thinking of the “big picture.” Also, keep in mind that the team is more important than the idea, he suggested. The idea of a team and execution as far more valuable than an idea is recurring theme that many entrepreneurs express in the Lessons learned segments on Vator.
“Typically, your
first idea of what the business is going to be is usually not where it
ends up two or three years later,” he said. “The direction will
change.” Basically, the right people are those who help you evolve and
stay flexible, he explained.
The biggest take away for Rajeev and his brother from their 90’s experience has been focusing on working with a lot less cash.
“One of the big things that we’re doing differently this time is not raising as much money,” he said. “Obviously, entrepreneurs recognize that the late ’90s was a unique time.” Building a retail site required significant amounts of money. The challenge was that fewer than 20% of the online population was on broadband at that time. This time around, Rajeev says he’s focused on metrics and driving the company to meet those goals.
This time around, it’s about building a company, and knowing that ideas will evolve. The right people who can manage the many changes in a startup life are the ones that are most likely to succeed.
