Today I had a great conversation with someone from my hometown of Baton Rouge, Louisiana. I believe there are some first-rate tech entrepreneurs back home who could go far with the right help. This person made me aware of a fund in Baton Rouge that was created to invest in early-stage tech companies. One of its portfolio companies is now publicly traded on the stock market. (An early-stage company achieving an IPO is a huge achievement.)

Today highlighted to me that there’s an awareness problem. It’s difficult for aspiring entrepreneurs to be connected with helpful resources if they don’t know about them. I was excited to learn of this organization in my hometown, but I couldn’t help but wonder why I’d never heard of it before. Since I hadn’t, I’m sure there are entrepreneurs who also haven’t heard of it because they lack the relationships that would have made the connection for them. To be fair, this problem is common in lots of ecosystem, not just Baton Rouge. I see it in Atlanta all the time. Lack of awareness and relationship gaps are high hurdles that can slow entrepreneurs’ progress.

I’m looking forward to getting to know more about the startup scene in Baton Rouge and a variety of other cities in the Southeast. I’m confident that there are brilliant entrepreneurs with interesting ideas who just need a few doors opened for them. I hope I can be the person who does that for some of them!

At the end of each year, I think about what’s important to me that I want to focus on during the next year. I usually come up with a short list of three or four things—some personal and some professional. For each one, I identify the metric that will help me gauge how I’m doing and what success looks like (i.e., a target value for the metric). For example, I wanted to be more intentional about personal relationships in 2020, so I tracked how many activities I initiated with friends and family each month. My goal was five.

I don’t do this in isolation. I do it with a group of entrepreneurs so we can hold each other accountable. We track our goals in a central place and discuss our progress every month. If someone isn’t moving in the right direction in a particular area, we dig into the reasons for that.

When I set my targets in December, I’m nowhere close to achieving them. And I usually have no idea how I’ll reach them. I just know they represent what’s important to me and that I want to improve in that area. I know it won’t be easy, but I’m committed to figuring out how to move the needle through the year.

Today I reviewed my October metrics with my group and looked back over 2020. I had set a few stretch targets that I wasn’t confident about achieving. I was pleased to realize that I’ve achieved each stretch goal, even those that seemed unattainable. I thought about why and came up with a few reasons:

• Cadence – The regular rhythm of revisiting and discussing goals every month keeps them top of mind.
• Accountability – I don’t want to be the slacker in my peer group. Especially concerning goals I set for myself! I push harder so I don’t embarrass myself.
• Motivation – Taking time to pinpoint what’s important is key for me. When I identify the right things, it feels natural to work at improving them.
• Short list – I measure four things, max. I don’t think I’d be able to focus on more than that.
• Balance – Including personal and professional things helps me feel like the progress I’m making is balanced. It’s too easy to do well in one area to the detriment of the other.

It’s rewarding to monitor my progress throughout the year and the positive effects it’s had. I’m looking forward to settling on what’s important to me for 2021 during the holidays.

What about you? What do you want to work on in 2021? How will you measure your progress?

Outlander Labs and Women Who Code Atlanta held a virtual pitch competition today. It was an opportunity for innovative women-led startups in the Southeast to compete for a $100K investment. Lots of great applicants were whittled down to the following six finalists:

• Boddle Learning – An interactive and adaptive math game that helps kids learn in a fun way
• BRIDGE – A mobile app that allows consumers to discover local businesses via video
• CaseCTRL – A surgery coordination platform that simplifies the logistics of surgery planning and improves the patient experience through AI and predictive analytics
• Eyegage – A mobile app that quickly and accurately determines drug and alcohol levels by using computer vision to analyze characteristics of the eye
• SoleVenture – An all-in-one back office and HR platform for freelancers
• Trado – A platform that uses machine learning to voice-record stories and turn them into books delivered to your door.

I enjoyed hearing from some great founders who I’m sure will go on to do amazing things. I’m looking forward to tracking each of these companies.

I’m happy to announce that Eyegage was the winner! All the companies made outstanding pitches and I’m sure the judges had a tough time picking a winner. Congrats to Eyegage and all the other founders for building interesting companies.

Today I was part of a group that gave feedback to early-stage founders. The founders pitched their companies and we peppered them with questions. At the end, we told them what we thought of their business and their team (the good, the bad, and the ugly). I was impressed by the format and wished I had participated in something like this in my early days with CCAW. The founders walked away with perspectives on their businesses that they hadn’t considered.

One participant said something that struck me: “I don’t understand what their unique insight is in this space.”

Many founders learn an industry or space by spending time in it. They develop an understanding of how the space works and relationships that may help them get things done quickly. This is an edge can help them be competitive, but it isn’t enough to build a high-growth company. Unless they’re solving a problem no one else is, they have competitors with similar solutions. Margin erosion and slow growth are the result.

But if you understand the market, customers, or problem in way that competitors don’t, you’re uniquely qualified to create a superior solution. Customers readily sign up and pay more because they see more value in your product. The result of your unique insight is a high-growth company with happy customers and healthy margins.

Spending time in a space and understanding it are important, but it’s your unique insight that gives you an unfair advantage. If you’re an early founder thinking about building a high-growth company, take time to understand your unique insight. It will be the key to your company’s success!

Today I had a great chat with an entrepreneur who’s solving a problem some might not consider a problem. He’s addressing privacy and helping people gauge what information isn’t private. There’s more to it than that, but that’s the high-level explanation. As I listened to him, I thought, “I’d pay for this.”

Most people who know me well would say I’m a very private person. And they’re right. In an increasingly digital world, I believe privacy will come to have immense value. Sadly, I think many will give away their privacy (without realizing it) and regret it dearly someday. The rarer digital privacy becomes, the more desirable it will seem.

Some early services are working in this area, but I think this entrepreneur’s vision is ahead of the curve. He’s skating to where he thinks the puck will be, and I believe he’s right. As we continue to digitize our lives, I’m curious to see how society’s thinking about digital privacy and personal information evolves and what people will pay to feel like they have digital privacy.

When I started CCAW, I didn’t have a clear idea of where I was heading. It was the great recession and I was happy to still be in business. Eventually, I met entrepreneurs who were aiming for $1 million in annual revenue. I adopted that as my goal. We surpassed it in a few years and went on to reach eight figures. In hindsight, I was thinking too small in the early days. We were operating in a $40 billion market. If we captured 1% of it, our annual revenue would be $400 million.

I thought small because of what I’d been exposed to. I didn’t personally know entrepreneurs who’d built massive companies, so it didn’t occur to me that I could do it, and anyway I had no idea how to go about it. Sure, I read about it, but I didn’t know anyone who’d lived it. As I built relationships with other entrepreneurs, that changed. I watched their companies grow from two people to tens of million in revenue with hundreds of employees. My eyes were opened to the possibilities and my thinking broadened. What once had seemed farfetched now seemed achievable.

Times have changed. Tons of information about building huge companies is accessible to anyone. Even so, I still encounter talented entrepreneurs who aren’t thinking big. It’s my belief that thinking small can prevent you from reaching your full potential.

If you’re considering entrepreneurship, think big. Don’t focus on what could go wrong. Instead, think about how big your company could be if you’re right and things go your way! You may not know how you’ll get there, but that’s OK. If you have a compelling vision, you’re on the right track. Believe it or not, the world is full of talented people who want to be part of something great and can help you figure it out along the way. Think big!

As a former nontechnical founder, I understand how hard it is to build a company that relies on technology. One popular route to building technology is to use technical talent based outside the United States. We used a hybrid approach at CCAW comprising both US and non-US technical talent. Here are some of the things I learned:

• Fit is key – Finding the right person for the role is hard. Spend time making sure the person is a good fit before you pull the trigger. I’ve used Toptal, Upwork, and other services. Regardless of the service, I’ve always had to spend time evaluating the person or firm for fit. It’s one of the most important parts of the process, and you can’t outsource it. Spend time on the front end.
• Nearshore versus offshore – There’s a difference. Offshore refers to another country that has a different time zone and isn’t close to your country. At CCAW, we had offshore team members in Greece, Poland, and the Philippines. Nearshore usually refers to a country in close proximity with yours and the same (or almost the same) time zone. Nearshore can be easier because it’s more likely they’ll understand your culture and have similar work hours. We had nearshore team members in Nicaragua at CCAW. Both nearshore and offshore worked for us at CCAW.
• Communication – This is more important than technical abilities. You need to be able to easily communicate with someone. If they can’t communicate clearly in your language, orally or in writing, it will become a huge problem.
• Individuals versus firms – There is a difference here, too. A good dev shop will have the processes, systems, and management layers in place that will increase the chances of success. We had success working with individuals early on at CCAW. As we began scaling and needed more structure, we had success with firms that already had management structures. I enjoyed have one point of contact to manage the relationship.
• Product vision – Someone domestic on your team needs to own the vision for the product and they need to work closely with technical talents to make sure their work meets expectations. This may be the founder early on and someone else as the company grows. I originally had this role at CCAW, but transitioned it as we grew. If you can’t articulate what you want built, the end result will be poor, and it won’t be the technical talent’s fault.
• Expense item versus team member – If technology is key to your strategy, treat the people building it accordingly. Don’t treat them like a line item on the budget. Don’t try to get something for nothing. Don’t just give them a bunch of tasks with no context. Treat them like team members and value the technical insights they bring. Include them in conversations and ask for their perspective. Good technical talents can tell whether you value what they contribute. If you don’t, they’ll decline to work with you and you’ll be left working with people of lesser talent.
• Expectations – Know what you expect and communicate it clearly from the very beginning.

I learned a great deal working with a hybrid team at CCAW. Our team members based outside the United States were strong, and I’m happy I had the opportunity to work with them. Without these people, we would not have been able to achieve eight figures in revenue.

I know a number of wildly successful founders of technology companies who have loved using non-US technical talent. Conversely, I’ve known others who’ve had bad experiences. I personally think there are amazing technical talents outside the United States and that working with them is a huge opportunity for founders. And I think the founder’s perspective and approach determine the likelihood of success.

Today marked the end of my thirty-fifth week of working from home (mostly). Here are my takeaways from week thirty-five:

• Hybrid college class – This week I presented to an entrepreneurship class at a local university. I attended virtually, but the class was hybrid. Some students were in the classroom (with masks), and others joined in via Zoom. It was interesting to watch. I’m wondering if the hybrid model will be the norm for undergraduate courses.
• Holidays –I noticed that people are talking about holiday plans and scheduling things is becoming more difficult. I think people are beginning to go into holiday mode mentally. This year has been rough, and I imagine lots of folks are looking forward to the holidays more than ever.
• Strengthening teams – I’m thinking more about how teams can build bonds and rapport while everyone is working from home. As I wrote yesterday, I think random unplanned conversations strengthen teams way more than people think, and they’re nonexistent now. It feels like the missing link in this work-from-home world. If this problem is solvable, it’s a massive opportunity.

Week thirty-five was pretty calm and uneventful. I guess I’m starting to adjust my pace to holiday mode too!

I’ll continue to learn from this unique situation, adjust as necessary, and share my experience.

Many companies embraced employees working from home for the first time this year. Some had resisted because of productivity concerns. I think those concerns have largely been proven unfounded—but now there are new ones. I’ve personally been paying attention to how diminished socialization is affecting many people. People are social by nature, so removing human interaction can have a negative impact.

For example, working in a shared office makes possible unplanned conversations that help teams bond. Think water cooler moments or walking to lunch with a coworker. These serendipitous confabs seem unimportant, but they help people know and understand each other better. Which in turn helps team chemistry and output.

Current work-from-home tools and approaches don’t allow for chatting. Sure, you can use Slack or some other messaging platform, but it’s not the same.

I’m bullish on rethinking how we communicate. And I think that home workers missing out on informal conversations is a huge problem. Tons of companies of all sizes are looking for a way to solve it. Zoom, Slack, and their like are work-arounds. When someone builds a tool that’s a good solution to this problem, I foresee them building a large business that could change the landscape!

In the very early days of CCAW, I was a one-man band. No team. No advisors or mentors. No investors. No peers. Lone man on an island. I eventually connected with other entrepreneurs in Atlanta who became peers. That group was sharp and way ahead of me in many areas (and they still are!). I began trying to catch up. I read everything they were reading, used all the latest tools they were using, and tried to implement the best practices their companies were implementing. I was afflicted with founder’s FOMO. All of this had some benefits. I learned a lot about a lot of things. But there were downsides, too. Some of what I learned didn’t apply to me. And I wasted a lot of time, sometimes felt stretched, and had a team that didn’t like doing something because another company was.

I eventually took a step back and starting gauging for fit. The list of things my peers were doing was ever growing, but so were my responsibilities at CCAW and the draws on my time. It just wasn’t possible for me to keep up with what everyone was doing. I started thinking more about what was right for me and passing on bad fits. Looking back, I missed out on a few cool things. But more importantly, I didn’t wasn’t time on things that weren’t right for me or my team.

People are social. Most of us feel FOMO at some point. It hit me when I was a student, a corporate employee, and a founder. From living it, I’ve learned that giving in to it—doing something because everyone else is—doesn’t work for me. I’ve gotten better at winnowing out bad fits. I’m comfortable missing out on them. No more FOMO.