Months active: as of June 2009 - 120
Startup #: 2
Location: Fort Collins, CO
Gigs: What is XTR Systems?
JD: XTR Systems, LLC is the holding company for my various consultancies over the past decade. I have served as a technical trainer, RF designer and contract scientist over this period.
Gigs: Do you have experience with other startups?
JD: I came to Colorado in 1986 to join a high-technology, scientific instrument manufacturing startup. It had begun operations in 1979 and originated from a professor at CSU (Colorado State University) and one of his graduate students. I joined during a period of expansion where the company sought to increase its product offerings to include large systems, a specialty area of mine. We grew the company until we were seriously under-capitalized and sold (in total but in several stages) to major Japanese concert to correct the financial situation. With sufficient capitalization we embarked on a second product program of medical devices. Ultimately, the Japanese owners carved up the organization into several separate groups and sold them off in pieces.
Gigs: What is the best part about working at XTR Systems?
JD: It provides me with the opportunity to seek out interesting problems and apply my talents to their solution. As long as I can see a way to generate net profit from an interesting project I can have a great time working on it.
Gigs: What advice would you give someone who was thinking about joining their first startup?
JD: There are several important areas of preparation: (1) Be financially prepared. Reduce debt to the absolute minimum before starting. Manage your personal "burn rate" while you are getting started, that is, getting customers. Be prepared to spend money on getting customers. (2) Be emotionally prepared. It is lonely at the top. There are relatively few people for you to talk about your problems. Keep your personal communication channels open and active. Get all the support you can from family and friends. (3) Sales is/are king. You will need to bring in revenue very quickly (unless you are independently wealthy - Note: What is the fastest way to make $5 million in a winery? Start with $10 million.) (4) Understand what it is that you do, what you have to offer to your prospects, why they will hand over their own money to you, what is your "value proposition".
Gigs: Anything else we should know?
JD: Your word is your promise. Your reputation can be destroyed faster than you can imaging by your own behavior. It will take an eternity to rebuild it after you have ruined it. Maintain the highest standards of integrity. While doing this don't be stupid, volunteer things that you needn't, give away the store.
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