Dubbed the next LinkedIn, Pip started The Dots in 2014 and came up with idea while working at MTV. The premise was simple, LinkedIn appealed to people in traditional jobs that wore suits - Pip, on the other hand was surrounded by a workforce of creators, freelancers and entrepreneurs who were choosing a very different way to work. She wanted to connect them together.
Pip seed funded the business personally, after exiting a previous business she scaled in Australia - developing The Dots from her houseboat in Kings Cross. Two investment rounds later, including a recent £4 million round – Pip is now in the top 2.3% of women that receive that scale of funding. The Dots has quickly grown into a viable LinkedIn competitor and is seen as the next potential UK unicorn.
So what are her top ten tips about launching your own business?
1. It’s all or nothing
You can't really execute a business idea unless you're all in! Thomas Edison was spot on when he said ‘Genius is 1% inspiration and 99% perspiration’ – at some point it has to stop being a side project. That means taking a leap of faith, giving up your day job and committing yourself fully. The most successful entrepreneurs I know work hard, really hard. Don’t get me wrong, starting a business is one of the most rewarding things I’ve ever done, but I work non-stop.
2. Choose investors wisely
Firstly, don’t raise investment unless you have to, as raising investment is a bit like going into a marriage, without the benefit of make-up sex. If you do need investment – which most tech companies do – choose your investors wisely. A sophisticated investor will be there when you need them and not when you don’t. Never let them interfere operationally - you know your business best. Every startup goes through good and bad times, so it’s important to communicate regularly to shareholders and be honest about things when they go wrong – this builds trust and pays off dividends in the long run.
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