Tech Start Up Q&A

The past weekend saw Marlborough’s entrepreneurs collaborate, compete and complete a business startup in 54 hours at the Techstarts Startup Weekend. Marlborough Weekly reporter William Woodworth spoke the judges, Tracy Atkin, Stephanie Benseman and Devon Marshall, about their experiences with startup businesses and lessons for business owners and prospective startups.

Why did you get involved as a judge for the Techstars Startup Weekend?

Tracy

I’ve always been passionate about making a difference, and using my business skills to help others. I’m privileged to have a job where I work with entrepreneurs to help them grow successful businesses, it’s inspiring to be part of their journey. I also believe you get back as much as you give, there is always something to learn from others.

Stephanie I love seeing the startup ecosystem develop in this region. Techstars Startup Weekend has been one initiative that’s played a big part in inspiring lots of residents to give their ideas a go, this in itself makes me really happy to be involved.

Devon

A few years ago I got involved in the business trust then last year I went along to the start up weekend presentation. This year they approached me and said, ‘do you want to be a judge for this start up weekend’ and I’m like yep.

What benefits does being based in Marlborough have for startups?

Tracy I’ve lived in London, Auckland and my home-town Wellington, but Marlborough has the most business support. We have a community spirit here with wraparound support and guidance which you often don’t find in big cities, accessible business organisations, and a huge breadth of talent and experience flying under the radar.

I’m part of Business Mentors NZ and Business Trust Marlborough as well as on the board of Angel Investors Marlborough (AIM), one of the most active start-up investment groups in NZ that’s invested over $25m into over 60 companies in the last 5 years, mostly in NZ start-ups.

The Marlborough District Council’s Economic Development Team and Chamber of Commerce provides fantastic opportunities like the Regional Business Partners program, events like Techstars, start-up ‘mixer’ evenings, and our new Innovation Hub.

Stephanie We have some world leading industries based right here, if you’re building a startup that solves problems for the viticulture sector or aquaculture industry you have some of the best customers just down the road. The hustle culture of startups is fading. Being a founder is no 9-5 gig, you are doing your life’s work and that means the journey needs to be sustainable. What better place for a work-life balance than Marlborough!

Devon

In Marlborough there are heaps of opportunities and support for starting a new business whether it be food or clothes you’ve got a good chance to succeed.

What is the biggest lesson you’ve learnt through your own business?

Tracy

Know your blind-spots, and get help to fill those gaps. The earlier you get business mentoring and support the better your chance of success, so don’t be afraid to ask for help, and be prepared to accept you can’t do it all.

Stephanie

I don’t currently own a business but work with hundreds of start- ups and founders every year, and the biggest lesson would be to surround yourself with good people. From your team, customers, to advisors or investors, you need to find a group who’s inspired by the mission you’re on and is there to support the journey because it’s really not an easy one but super rewarding and fun.

Devon

Fill your life with work and take some time off. Another lesson I’ve learnt is to balance money input and output. You need to have a high enough profit margin to spend money on growing your business and enough to spend it on yourself but then it needs to be low enough to get sales.

Do you have any tips for people keen to start their startup journey?

Tracy

Firstly, love what you do. Being passionate about your business will get you through the tough times, and your passion will help you attract the right people to your business, but tempered with reality - be really clear on the problem you’re trying to solve.

Ask yourself “Am I solving a big problem or is this just a nice-tohave?’ or ‘painkiller versus vitamin’ - the bigger the problem you’re solving, the bigger the painkiller, the bigger the chance of success.

Stephanie

The advice I’ve received myself is “just start.” You’d be surprised what support you’ll find when you begin sharing what you’re working on. From there it’s important to solve a real problem and not get too held up on the idea of your solution because that will definitely change.

Devon

Don’t expect to go big right away, take your time. Look at profit margins and competition, as you don’t want to do something someone else already is and having support and expert advice is essential.