First off, before I get into the topic, let me say that I think the TheFunded Founder’s Institute is innovating the approach to startups in an important way. The approach is a mix of company building philosophies. It’s one part bigger hammer–that is bring in lots of smart people as founders. It’s also another part strong social networks, connect those founders to each other and to experienced, proven entrepreneurs. Add top-tier, discounted, startup services (legal, accounting, etc.) and that gets at crux of the approach. The new stock class—F-Class—which Ressi’s introduced is also super interesting.
There are a lot more unique details to how Ressi’s going about this, which I’ll not go into here. But suffice to say, it is both empowering for entrepreneurs and it has a bunch of detailed thought behind it. Ressi’s vision is big and broad. It is exciting to be a part of, and I’m eager to help it succeed. More concretely, I wish I had had access to such a thing when I was trying to start out as an entrepreneur.
Ok, so that’s the Founder’s Institute, now onto what I was talking about when James, Bryan and I spoke last week. Our topic was Naming—as in, you’ve now figured out what customer problem you think you’re solving and what you want to do, now what do you call this thing?
This is a fantastically rich and interesting topic. It’s also, IMHO, super super important. When you’re a startup, your name is about the only marketing you really have at first. Also, everyone—customers, potential employees, and potential investors—will ask you about your company’s name. So whatever you name and brand your company had better be good.
My slides from the presentation are embedded here (hat tip to the folks at Igor International, who’s free naming guide was very influential):
(Shared with permission from TheFunded Founder’s Institute.)
It was a good discussion, and my sense is that this provides a useful prescription for startups thinking about what to name their company and how to approach their brands. Some key points for reinforcement.
Having a process for naming helps. What I think is particularly useful about this approach is that you can put numerical scores next to how you think about names. This enables you and your team to have a concrete discussion about why someone likes versus dislikes a certain name. This is important, as it enables your team to come to a more objective decision, as opposed to just who yells loudest.
Think BIG picture first, then worry about finding the .com or URL that’ll work. Following my talk, one common theme in speaking with people afterwards is that I think many people get hung up on the challenge of finding a good .COM URL that’s not already been picked up. While certainly a challenge, I think that worrying about this tends to drive entrepreneurs to small thinking. You’ll have to work through it, but that’s an end point, not the beginning.
As I’ve said in other posts—as an entrepreneur, my advice to other entrepreneurs is to think big in everything you do. So when it comes to naming and branding your company, think big. Go for a big name, figure out what that makes sense and helps position you strongly relative to your potential competitors. Figure out a name that really delivers on the strategy that you’ve put in place. Get that strategy right and solid. Then you can go and figure out the more tactical issues of what the URL hunting strategy needs to be.
Commit to going through the process. The other thing that I’d encourage people to do is really commit to going through the process that I’ve described in the PPT deck. I’ve met with several companies over the past year who’ve listened to this process, ignored it, and then have ended up hiring a naming consultant to basically help them go through the same thing.
Acknowledgments to the folks at Igor International. Igor International have open sourced their naming guide, which is a great thing. My deck basically walks through how I used that free information to secure Moonshoot, an awesome brand name, IMHO ;). The tool Igor’s provided is for frugal founders like us a tool to go figure this out on our own. Invest the time to commit to doing it.