Recent Startup Interview
andre...@gmail.com
for entrepreneurs to connect with Advisors, Angels, Venture
Capitalists and other entrepreneurs. It was established by three
people - the founder (Andrew Makunas) and two really fantastic tech
guys. Another interesting interview from Loscreador. Let's find out
more...
The idea for Advisor Garage (http://www.AdvisorGarage.com/community)
came to Andrew Makunas at Harvard Business School. He was guided by
various advisors there who helped him realize his ideas and start his
various businesses. Advisor Garage hopes to achieve that same goal,
but for entrepreneurs all across the world.
Advisor Garage is still in the initial stage, but promises to be a
huge success with the every increasing number of talented
entrepreneurs and always helpful guides who want to help. Andrew has
taken these both and created a wonderful combination.
In this insightful talk with Los Creador, Andrew tells us what he
wants Advisor Garage to achieve and the journey that still has a long
way to go.
Los Creador: How did you get the idea for AdvisorGarage?
Andrew Makunas: As an entrepreneur, I realized that one of the most
challenging and time consuming tasks for entrepreneurs is the ability
to connect with great advisors, investors and new team members. In my
case, it took months to get everything lined up to get my businesses
really thriving. Advisor Garage was created to make that process much
easier and faster. Speed is critical when starting businesses because
every day without revenue is a day closer to failure. If AdvisorGarage
can help connect the dots for an entrepreneur then they are much more
likely to realize their startup dreams and objectives.
LC: What's Advisor Garage all about?
Andrew: Advisor Garage and the Advisor Garage Community is an online
service for entrepreneurs to connect with Advisors, Angels, Venture
Capitalists and other entrepreneurs. The core site allows
entrepreneurs and advisors to search according to their interests and
needs so they can reach out to people that can help them move their
businesses forward. The newly launched Advisor Garage Community site
gives members the opportunity to connect right now with other
Entrepreneurs, Angels and Venture Capitalists members through the free
blogs, forums and networking groups. They can build up their personal
entrepreneurial network through a 'linking' system with private
messaging.
LC: Skilled and experienced advisors would be the bedrock of AG. What
is your plan to attract such people to your site? What do you offer
them?
Andrew: There are multiple ways that Advisors find out about
AdvisorGarage. Perhaps the most important is member referral or
recommendations. AdvisorGarage has grown to include hundreds of
advisors through word of mouth. In addition, the management team
reaches out to their own personal network and alumni of their own
business schools and encourages them to join. But the real 'hook' for
advisors is to discover fresh new entrepreneurial talent and great new
businesses. Advisors and investors love the idea of discovering new
innovative people and businesses and Advisor Garage and the Advisor
Garage Community are good channels to do this.
LC: How many people are involved with AdvisorGarage? Tell us a little
more about them?
Andrew: Advisor Garage was established by three people - the founder
(me) and two really fantastic tech guys. The interesting thing about
the team is that none of us work full time on Advisor Garage - we
frankly cannot afford to as we do not charge for the service and will
not do so until much later. What we would ideally like to do is to
take any revenues we make, when we make it and channel is straight
back into product development. We have already mapped out where
Advisor Garage is going and the services we would like to provide for
our members. We would like to pass every dime the site (eventually)
earns into improving the services and offerings for the members rather
than paying expensive salaries. For those reasons, we build and manage
Advisor Garage during our long nights and too short weekends. Part of
the entrepreneurial journey I guess!
LC: What are your plans for the future of the site?
Andrew: Ah ha! If only I was allowed to tell you! What I can say is
that now that we have the basic Community site live (http://
www.AdvisorGarage.com) we would like to refine and improve it and from
there we have another two or three key services that revolve around
helping entrepreneurs with their key challenges at various stages of
development.
LC: How did you begin your business networking?
Andrew: I don't think I 'business network', I think I generally enjoy
spending time with people and both new and old contacts. Its not a
conscious effort, meeting and working with people is something I just
plain enjoy.
LC: Which site do you visit everyday other than your own?
Andrew: Techcrunch.com
LC: Who are your idols in the IT space? What is it about them that you
think is really great?
Andrew: There are too many people - if pushed it's probably Guy
Kawasaki. What's great about Guy? He tries to give back to the broader
entrepreneurial community and the upside of that is it also builds his
personal equity and brand.
LC: What is the greatest challenge to your success? How did you or
plan to overcome it?
Andrew: The greatest challenge to our success (and still is) is
building a comprehensive member focused site that delivers the range
of services that can really help them and their businesses without
cash. Could we go out and get cash from angels or VCs? Probably, but
we want to focus the business on our members rather than on the bottom
line so we struggle every day to manage and improve the site from our
own personal savings.
LC: What was the one main reason for starting something on your own?
Andrew: I can't help it. I'm an entrepreneur! I basically come up with
new business and product ideas on a daily basis. The shower is usually
where it all happens! Some ideas 'stick' others disappear when the
next idea comes along. I'm compelled to pursue the ones which stick.
Advisor Garage was one of those.
LC: What is the one accomplishment till date you're most proud of?
Andrew: Aside from the personal stuff, probably designing and
launching the world's smallest, safest fire escape ladder which is now
a permanent exhibition in New York's MOMA and being sold in multiple
accounts. It feels good to have brought a product to market which
saves lives.
LC: What's that one big dream or accomplishment you are working
towards?
Andrew: The next iterations of Advisor Garage and related services
will be the next set of accomplishments. In terms of dream - to help a
significant number of entrepreneurs build great and successful
businesses world wide.
LC: Time to play soothsayer. What according to you is the next big
thing?
Andrew: I'm not sure there is truly a next big thing - I thing all
next big things come back to the consumers. If they don't then they
are destined to be the next big 'has been'.
LC: Any advice for other web entrepreneurs out there?
Andrew: Whatever you want to try, give it a shot. Don't worry too much
about Business Plans, its better to get it out there and modify and
build as you get customer feedback. Pick the right team members from
day 1. Get some good advisors and leverage them until they squeal!
LC: How early in life did your relationship with computers/internet
start? Tell us about your first few interactions with technology.
Andrew: This will show my age but my first ever computer was when I
was about eight or nine. It was called a Sinclair ZX81 and that was
closely followed by the Sinclair Spectrum, the Commadore 64, and the
Apple LC...after that I'm afraid I sold out to Windows machines and so
after that point the computers stopped being memorable.
LC: Which was the first company you worked with? What did you do
there?
Andrew: The first company I worked for was Procter & Gamble. I was a
brand manager for Cover Girl cosmetics - a bit weird for a guy but it
taught me some good lessons on marketing and delivering great products
to consumers.
LC: Can you elaborate on your hobbies and what you enjoy doing to pass
your time?
Andrew: Spending time with my family and martial arts - a combination
of JKD, Muy Thai and mixed martial arts. It's a great way to get your
mind to switch to something aside from entrepreneurialism.
LC: Where are you based now? Any plans for the immediate future.
Andrew: I'm in New Jersey right now. Immediate plans for now are email
this to Los Creador and go get some lunch.
BTW, please check out our new Community site http://www.AdvisorGarage.com/community
A shameless plug but as we have a zero dollars marketing budget I
won't apologize too much
Thanks for the interview...
Andrew
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