{"id":19241,"date":"2021-02-01T19:16:28","date_gmt":"2021-02-02T03:16:28","guid":{"rendered":"https:\/\/foundersnetwork.com\/?p=19241"},"modified":"2021-02-10T16:45:39","modified_gmt":"2021-02-11T00:45:39","slug":"6-questions-for-every-early-stage-startup-w-beth-devin-of-hearstlab","status":"publish","type":"post","link":"https:\/\/foundersnetwork.com\/6-questions-for-every-early-stage-startup-w-beth-devin-of-hearstlab\/","title":{"rendered":"6 Questions for Every Early Stage Startup w\/ Beth Devin of HearstLab"},"content":{"rendered":"<h3><span style=\"font-weight: 400;\">If you\u2019re a startup founder preparing for a growth spurt, you may not be as ready for scale as you think you are. There\u2019s a simple model you can use to assess your readiness for growth &#8212; and chances are, some of your <\/span><a href=\"https:\/\/foundersnetwork.com\/blog\/how-to-pitch-an-early-stage-investor-pitch-practice-with-rogues-caroline-lewis\/\"><span style=\"font-weight: 400;\">prospective investors<\/span><\/a><span style=\"font-weight: 400;\"> or advisors are using it, too.\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Among them is <a href=\"https:\/\/www.linkedin.com\/in\/bethdevin\/\">Beth Devin<\/a>, a strategic advisor at <a href=\"https:\/\/www.linkedin.com\/company\/hearstlab\/\">HearstLab<\/a>, an innovation unit of Hearst whose mission is to close the gap in VC funding for women by helping founders build healthy, sustainable and highly scalable businesses. <\/span><span style=\"font-weight: 400;\">A longtime executive in media and finance, with prior roles CTO, CIO and managing director roles at <\/span><span style=\"font-weight: 400;\">Citi, Silicon Valley Bank, Charles Schwab and Turner Broadcasting, Devin is known as a \u201ctech whisperer\u201d for\u00a0 her ability to build and lead technology teams while keeping the business strategy and goals at the forefront.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In her role as a startup scout, <a href=\"https:\/\/members.foundersnetwork.com\/profile\/4699\/\">Beth Devin<\/a> evaluates early-stage startups using a rubric developed by the global design company IDEO. It boils down to six questions that measure \u201cdesirability, feasibility and viability,\u201d she said. Those are the key ingredients to growth or scale.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThere are startups we work with who have had to do a couple of pivots before they really get traction,\u201d Devin added. In a <a href=\"https:\/\/foundersnetwork.com\/\">Founders Network<\/a> session, Devin shares the six key questions startups should answer before achieving scale. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Register at <a href=\"https:\/\/foundersnetwork.com\/function\/is-my-startup-ready-to-scale-with-beth-devin\/\">Founders Network&#8217;s webinar<\/a> for a complimentary pass, or find out if you qualify for <\/span><a href=\"https:\/\/foundersnetwork.com\/request\/\"><span style=\"font-weight: 400;\">full membership here<\/span><\/a><span style=\"font-weight: 400;\"> and get advice on:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sizing up the pain point you\u2019re solving for<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ensuring your solution is intuitive and understandable<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Assessing the technology and talent needed to execute<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Evaluating your growth plan in a specific marketplace<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Testing the market constantly to pivot when needed<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The first question is: Are you filling a genuine need?\u00a0<\/span><\/p>\n<span class='bctt-click-to-tweet'><span class='bctt-ctt-text'><a href='https:\/\/twitter.com\/intent\/tweet?url=https%3A%2F%2Ffoundersnetwork.com%2F%3Fp%3D19241&#038;text=%E2%80%9CIf%20people%20don%27t%20understand%20what%20you%20do.%20It%27s%20really%20hard%20for%20them%20to%20get%20on%20board.%E2%80%9D%20-%20%40bdevintracy&#038;via=foundersnetwork&#038;related=foundersnetwork' target='_blank'rel=\"noopener noreferrer\">\u201cIf people don&#039;t understand what you do. It&#039;s really hard for them to get on board.\u201d - @bdevintracy <\/a><\/span><a href='https:\/\/twitter.com\/intent\/tweet?url=https%3A%2F%2Ffoundersnetwork.com%2F%3Fp%3D19241&#038;text=%E2%80%9CIf%20people%20don%27t%20understand%20what%20you%20do.%20It%27s%20really%20hard%20for%20them%20to%20get%20on%20board.%E2%80%9D%20-%20%40bdevintracy&#038;via=foundersnetwork&#038;related=foundersnetwork' target='_blank' class='bctt-ctt-btn'rel=\"noopener noreferrer\">Share on X<\/a><\/span>\n<p><span style=\"font-weight: 400;\">\u201cYou may think you have this great idea, but there may not be a big enough pain point or enough motivation for people to want to adopt a great idea,\u201d Devin explained. \u201cIt might be more like a nice to have, or as I\u2019ve\u00a0 sometimes called it, like taking vitamins.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThat points to how large your prospective customer base is, whether they be consumers of enterprises. And figuring out how to validate and address those genuine pain points can be a tough nut to crack for some startups,\u201d she added. Another component of desirability whether or not your solution is intuitive &#8212; in other words, easy to describe and to understand:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cIf people don&#8217;t understand what you do. It&#8217;s really hard for them to get on board,\u201d Devin said.\u00a0<\/span><\/p>\n<span class='bctt-click-to-tweet'><span class='bctt-ctt-text'><a href='https:\/\/twitter.com\/intent\/tweet?url=https%3A%2F%2Ffoundersnetwork.com%2F%3Fp%3D19241&#038;text=%E2%80%9CIt%E2%80%99s%20not%20a%20one-and-done%20exercise.%20Be%20self-reflective%20and%20honest%3A%20Get%20out%20other%20people%27s%20opinions%2C%20test%20the%20market%2C%20and%20make%20sure%20you%20know%20the%20whole%20plan%20and%20path%20you%27re%20moving%20forward%20on.%E2%80%9D%20-%20%40bdevintracy&#038;via=foundersnetwork&#038;related=foundersnetwork' target='_blank'rel=\"noopener noreferrer\">\u201cIt\u2019s not a one-and-done exercise. Be self-reflective and honest: Get out other people&#039;s opinions, test the market, and make sure you know the whole plan and path you&#039;re moving forward on.\u201d - @bdevintracy <\/a><\/span><a href='https:\/\/twitter.com\/intent\/tweet?url=https%3A%2F%2Ffoundersnetwork.com%2F%3Fp%3D19241&#038;text=%E2%80%9CIt%E2%80%99s%20not%20a%20one-and-done%20exercise.%20Be%20self-reflective%20and%20honest%3A%20Get%20out%20other%20people%27s%20opinions%2C%20test%20the%20market%2C%20and%20make%20sure%20you%20know%20the%20whole%20plan%20and%20path%20you%27re%20moving%20forward%20on.%E2%80%9D%20-%20%40bdevintracy&#038;via=foundersnetwork&#038;related=foundersnetwork' target='_blank' class='bctt-ctt-btn'rel=\"noopener noreferrer\">Share on X<\/a><\/span>\n<p><span style=\"font-weight: 400;\">Feasibility is an indicator of your ability to execute the idea. That ties both into the available technology &#8212; is your solution going to be reliable when <\/span><a href=\"https:\/\/foundersnetwork.com\/blog\/getting-ready-for-growth-with-rashmi-gopinath\/\"><span style=\"font-weight: 400;\">built at scale<\/span><\/a><span style=\"font-weight: 400;\">?\u00a0 &#8212; as well as your team\u2019s track record as well as your ability to fill key roles needed to grow.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe technology is critical, as well as the right team to execute your plan for building this company,\u201d Devin said. \u201cWe have a lot of startups, for example, that have a small team and may have their original strategist or idea person, and maybe a CTO on board. But they may not have a sales team, or a marketing team &#8212; and all of those things are so important for scale.\u201d\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Finally, viability points to your startup\u2019s ability to gain traction, grow and retain your customer base, and compete in a specific marketplace over a longer period of time: \u201cHave you really done your homework, and made sure there&#8217;s a addressable market out there that is that&#8217;s big enough to sustain this growth you\u2019re aspiring to?\u201d said Devin.\u00a0<\/span><\/p>\n<span class='bctt-click-to-tweet'><span class='bctt-ctt-text'><a href='https:\/\/twitter.com\/intent\/tweet?url=https%3A%2F%2Ffoundersnetwork.com%2F%3Fp%3D19241&#038;text=%E2%80%9CSome%20people%20feel%20like%20a%20pivot%20is%20viewed%20as%20a%20negative.%20I%20don%27t%20see%20it%20that%20way%20at%20all%3A%20The%20ability%20to%20flex%20and%20change%20is%20actually%20a%20sign%20of%20strength.%E2%80%9D%20-%20%40bdevintracy&#038;via=foundersnetwork&#038;related=foundersnetwork' target='_blank'rel=\"noopener noreferrer\">\u201cSome people feel like a pivot is viewed as a negative. I don&#039;t see it that way at all: The ability to flex and change is actually a sign of strength.\u201d - @bdevintracy <\/a><\/span><a href='https:\/\/twitter.com\/intent\/tweet?url=https%3A%2F%2Ffoundersnetwork.com%2F%3Fp%3D19241&#038;text=%E2%80%9CSome%20people%20feel%20like%20a%20pivot%20is%20viewed%20as%20a%20negative.%20I%20don%27t%20see%20it%20that%20way%20at%20all%3A%20The%20ability%20to%20flex%20and%20change%20is%20actually%20a%20sign%20of%20strength.%E2%80%9D%20-%20%40bdevintracy&#038;via=foundersnetwork&#038;related=foundersnetwork' target='_blank' class='bctt-ctt-btn'rel=\"noopener noreferrer\">Share on X<\/a><\/span>\n<p><span style=\"font-weight: 400;\">While desirability, feasibility and viability may be particularly critical for startups preparing for a growth period, it\u2019s a good idea for startup founders to revisit these questions regularly.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cIt\u2019s not a one-and-done exercise. Be self-reflective and honest: Get out other people&#8217;s opinions, test the market, and make sure you know the whole plan and path you&#8217;re moving forward on,\u201d Devin added. \u201cSome people feel like a pivot is viewed as a negative. And I don&#8217;t see it that way at all: The ability to flex and change is actually a sign of strength. Sometimes, original founders don&#8217;t see that.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re a startup founder preparing for a growth spurt, you may not be as ready for scale as you think you are. There\u2019s a simple model you can use &#8230; <\/p>\n<div><a href=\"https:\/\/foundersnetwork.com\/6-questions-for-every-early-stage-startup-w-beth-devin-of-hearstlab\/\" class=\"more-link\">Read More<\/a><\/div>\n","protected":false},"author":31,"featured_media":19244,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"footnotes":""},"categories":[144,7169],"tags":[21,8253],"table_tags":[],"class_list":["post-19241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech-startup-advice","category-women-entrepreneurs","tag-san-francisco","tag-women-in-business"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v25.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>6 Questions for Every Early Stage Startup w\/ Beth Devin of HearstLab - Founders Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/foundersnetwork.com\/6-questions-for-every-early-stage-startup-w-beth-devin-of-hearstlab\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"6 Questions for Every Early Stage Startup w\/ Beth Devin of HearstLab\" \/>\n<meta property=\"og:description\" content=\"If you\u2019re a startup founder preparing for a growth spurt, you may not be as ready for scale as you think you are. 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