Lessons in perseverance – Sprout Up October
Last night was the first Fall edition of Sprout Up Toronto – the weather is getting colder, so what better time to join fellow entrepreneurs to learn, network, and enjoy a drink? The Pilot was packed with familiar faces and first-time attendees, all members of the startup scene in Toronto and beyond (Gena Rotstein attended for the first time and lives in Calgary, Alberta). The night began with Sprouter CEO Sarah Prevette telling the crowd about Sprouter, and why it’s a great tool for entrepreneurs. She spoke about how entrepreneurs can use it to build their networks, both in person and offline. Sarah then talked about an upcoming global event, Global Entrepreneurship Week. GEW is taking place in over 100 countries around the world, including Canada (the Canadian Youth Business Foundation is the local host). You can visit the website, www.unleashingideas.org, to find events in your city/country, and to find out how you can get involved in this great event. Sprouter will be throwing Sprout Up events in Toronto and Montreal focused on youth entrepreneurship, so stay tuned to the blog for details or follow the #SproutUp tag on Sprouter.
The guest speaker for the evening was Michael Garrity, the President, CEO and co-founder of Toronto startup CommunityLend, a peer-to-peer lending service which focuses on helping people invest in people. Michael gave an informative and entertaining talk about his journey as an entrepreneur, from having the discussion about starting his own business with his wife (a must-have conversation in his opinion, whether you’re having it with family or friends); to the legal challenges of starting a micro-lending company; to the best way to pitch your business. Here are some of his top tips for entrepreneurs, based on his own unique experiences with CommunityLend:
Sprout Up guest speaker Michael Garrity
- Make sure you’re realistic about your expectations in terms of timelines and success. “You’re not going to be Google in a year,” Garrity says, so make sure you have the “what if” conversation with your family and your stakeholders.
- Just because your pitch didn’t work for one investor doesn’t mean it’s not good – it just means it wasn’t up their alley. Get as good at you can at your pitch – refine it and practice it over and over until you find the person it speaks to.
- Never lie to your investors. “When you’re a startup, trust is the only currency you have” – if you’re having problems tell them – their expertise could be what gets you through a tough time.
- Don’t believe everything you see on TV – shows like Dragon’s Den and Shark Tank sensationalize the VC world, and it’s often not close to reality. “Dragon’s Den is to VCs what Melrose Place is to apartment buildings,” Garrity says.
- The number one lesson of the night was to persevere. There will be roadblocks, you will run out of money, and you won’t be able to launch when you want to. As long as you have the support of family and investors you can make it through the challenges.
Rachel Young, Heather Leson & other Sprout Up attendees
Check out the set of photos on Flickr here, with more to come from freelance photographer Sarah Dea who shot the event. A big thanks to Michael for being our guest speaker, and thanks to everyone who attended. We look forward to seeing you next month – and we have some exciting new features for next month’s event, so stay tuned!
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