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Jay Samit [1961-0] American
Rank: 103
Businessman


Jay Samit is the former CEO of SeaChange International. An American digital media innovator, he has pioneered advancements in music and video distribution, social media, and ecommerce. He is the author of the bestselling book Disrupt You!

Design, Christmas, Equality, Failure, Medical



QuoteTagsRank
There is a huge difference between failing and failure. Failing is trying something that you learn doesn't work. Failure is throwing in the towel and giving up. True success comes from failing repeatedly and as quickly as possible, before your cash or your willpower runs out. Failure
101
Networking is all about connecting with people. But then again, isn't that what life is about? The more time you can find to get out of the office and build true friendships, the farther your startup will go. Entrepreneurs need to remember to spend as much time working on their business as they do in their business.
102
Creating something that builds lasting value and changes the lives of millions of people requires forging a team that will work hard to overcome seemingly insurmountable obstacles, stand up to the pressures of fame and fortune, and stay true to the original vision long after others stop believing.
103
The secret to fundraising comes down to three magic words: before, more, and strategic.
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Get your product into users' hands as quickly as possible and incorporate the crowd's feedback to iterate. Your customers will provide the data you need to chart the best course for your company and bury any competitor that goes it alone.
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I tell people: walk around for one month and write down three problems in your life every day. At first it's easy - you got stuck in traffic, you missed your alarm - but by the end of the month you're looking really hard to get your 90 problems. The most common things on your list are now billion-dollar businesses.
106
I'd been on the Internet since the 1970s when it was just for nerds. I started saying, 'Who would benefit from this?' I started imagining a world where young people could have their own email address, back in the days of family AOL accounts.
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Instead of focusing the traditional planning cycles where companies benchmark their businesses against existing competition, teams need to be developed to foster internal change and disruption. Self-disruption is akin to undergoing major surgery, but you are the one holding the scalpel.
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Targeted marketing delivers a lower customer acquisition cost and gets you to profitable growth faster. The goal is to quickly identify the costs associated with acquiring your most profitable segment of customers and the incremental value - if any - of going beyond your core.
109
Silicon Valley's long-running track record of creating globally disruptive startups is the envy of the world.
110
Design is how you make your first impression with your consumers. Make sure it is a lasting one. Design
111
Venture-backed startups with billion dollar market caps are called 'unicorns' because they are supposed to be rare mythical creatures that few entrepreneurs will ever ride.
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I always say the more problems you have, the more opportunities you have.
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You don't need to be an engineer or a tech person to benefit from technology. You can hire them.
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Whether by design or circumstance, every startup will eventually get disrupted. Design
115
To thrive, all businesses must focus on the art of self-disruption. Rather than wait for the competition to steal your business, every founder and employee needs to be willing to cannibalize their existing revenue streams in order to create new ones. All disruption starts with introspection.
116
In order to protect against being disrupted, startups also need to recruit employees that are committed to life-long learning. The skills that made your team members valuable may not be the skills needed to take your company to the next level or to compete in emerging markets.
117
Valuations are actually quite simple to grasp. A company is only worth what two acquirers are willing to pay for it. Don't you just need to find that one buyer? If there is only one potential company interested in buying your startup, chances are you won't be hearing the word 'billion' in the offer.
118
Every time a twenty-something CEO turns down a multibillion-dollar offer for a company that has little or no revenues, it hits a raw nerve in me. Unlike most professionals, I am not shocked by the seemingly bizarre behavior of those founders who pursue their vision beyond all rational thought or monetary reward.
119
Zuckerberg rejected $2 billion for Facebook and has successfully created a company worth nearly $200 billion.
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In an era of endless innovation and constant disruption, what is any company really worth? How does a startup determine its valuation?
121
As counterintuitive as it sounds, 'speed to fail' should be every entrepreneur's motto. Success isn't born wholly-formed like Venus from a clamshell; it's developed through relentless trial and error.
122
Entrepreneurs always begin the journey believing that they have the next big idea. They dream of the fame and fortune that awaits them if only they had the funding to pursue it. But the reality is that as the product is built and shared with customers, flaws in their concept are discovered that - if not overcome - will kill the business.
123
YouTube began as a failed video-dating site. Twitter was a failed music service. In each case, the founders continued to try new concepts when their big ideas failed. They often worked around the clock to try to overcome their failure before all their capital was spent. Speed to fail gives a startup more runway to pivot and ultimately succeed.
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Most companies overlook the most basic of all training functions: the onboarding of new employees into their corporate culture.
125
Onboarding starts with satisfying the most basic of Maslow's psychological needs: belonging. New hires shouldn't arrive to an empty cube and be forced to forage through corridors searching for a computer and the bare necessities of office life. A new hire isn't a surprise visitor from out of town. Plan for their arrival.
126
All too often, new hires have a different expectation of their job and responsibilities than the organization does. Any miscommunication during the recruiting process needs to be cleared up ASAP. Whenever possible, give new employees a written plan of objectives and responsibilities.
201
My job is to hire the best and brightest employees and empower them to do their best work. As a manager, I am not a mind reader nor an expert at every job function. Therefore, it is incumbent on all hires to feel empowered to tell me what resources they need to do their job.
202
Most startup entrepreneurs unnecessarily spend half their time and give up half their equity in search of funding from angel investors and venture capitalists. Tens of millions of dollars are available to them for free from partners who not only don't want their equity, they don't even want to be paid back.
203
Every new startup business creates new opportunities. It doesn't matter whether you have a new app for college students or a home medical device for senior citizens; there are other multibillion noncompetitive corporations that are spending millions of dollars trying to market their goods and services to your same audience. Medical
204
Your innovation can create new winners and losers; or at the very least, make existing companies look fresh and innovative by partnering with you. Everyone wants to align with market makers.
205
On average, it takes as much as $100 million in paid media for a brand to be a household name in America. Marketing partnerships are the best form of off-balance sheet financing one can ever find. Smart startups use this technique to scale their companies and build their brand equity.
206
Many first-time founders fail to understand the difference between the potential of the Total Addressable Market (TAM) and the very finite subsection they can hope to capture. No company ever captures the entire market they pioneer. Innovation doesn't happen in a vacuum, and others will jump in from the moment you've identified the potential.
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Never expect that your startup can cover every aspect of the market. The key is knowing what segment will respond to your unique offering. Who your product appeals to is just as important as the product itself.
208
Some incubators, like Y Combinator and TechStars, were started by successful entrepreneurs wishing to help the next generation learn from their experiences. Other programs, such as Viterbi Startup Garage and Austin Technology Incubator, were created by universities to help young entrepreneurs bridge the knowledge gap from student to funded company.
209
No first-time entrepreneur has the business network of contacts needed to succeed. An incubator should be well integrated into the local business community and have a steady source of contacts and introductions.
210
As a serial investor who has raised hundreds of millions of dollars for startups, I know that the business plans coming out of incubators tend to be vetted and more thoroughly validated. The incubator's input into your business plan will make you look far more polished and experienced - even if you have never run a business before.
211
Historically, more media has been consumed sitting in front of the television than any other device. Controlling this screen has been the goal of major technology, consumer electronic, and telecommunications companies.
212
Microsoft first entered the living room with Ultimate TV way back in 2000 - a year before Apple's first iPod was announced. Ultimate TV offered consumers a DVR and supporting online services, including 14 days of programming and the ability to record 35 hours of programming. Microsoft's reach was then thwarted when Echostar acquired DIRECTV.
213
Television programming is the number one topic on Twitter, and dozens of start-ups in the social space are linking second-screen experiences. People no longer need to sit on the same couch to enjoy a show together.
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To effectively reach consumers in the new social environment, brand managers need to learn how to translate their budgets into the digital realm, which also means understanding the advantages that digital can provide over television advertising.
215
While commercials interrupt consumers' enjoyment of a TV program, social media allows video to enter the conversation between friends in a non-intrusive way with an opt-in choice.
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Consumers value their personal time and are loyal to those companies that make their lives more productive. Brands gaining some of the biggest successes in social media are engaging with millions of consumers through value exchange.
217
The Industrial Revolution was about making physical things. Many of the manufactured goods that were once tangible objects have now been reduced to bits and bytes of data.
218
Distributers don't need massive amounts of square feet to stock digital products. Retailers don't need brick-and-mortar stores to sell them. The entire supply chain for these select items has been permanently dematerialized. The marketplace has been blown to bits.
219
Startups are now creating specialized 3-D printers capable of producing everything from synthetic hamburgers to multi-story apartment buildings.
220
Just as the music industry couldn't combat the financial impact of digital piracy, major corporations will have to rethink how to maintain margins when many of their most profitable items can be easily manufactured at home.
221
The very first thing I tell every intern on the first day is that their internship exists solely on their resume. As far as I am concerned, they are a full-time member of my team. For all the negative stereotypes about millennials, you would be astounded by how hard they work when they believe their contribution matters.
222
Building a great team is the lifeblood of any startup, and finding great talent is one of the hardest and costliest tasks any CEO will ever face.
223
Every company, regardless of size, is competing for the same pool of talent, which is why top recruiters can even command equity for finding key hires. Internships give startups a chance to hire the best and brightest from our universities at a fraction of the cost that these same minds will command when they receive their degrees.
224
For a startup to overcome obstacles and succeed, it must foster limitless thinking. By hiring students into their first career job, you get to set their framework for how a company functions and instill them with your values for your company's culture.
225
You need to begin to network with angels and VCs while you are still ideating. It is easier to ask someone you know for funding than a stranger. Build your financial network by attending as many industry functions and reaching out for advice from experts online.
226
You will always need more capital than you think, because it will always take you longer to reach profitability than you can imagine.
301
Too many startups get in the habit of continually raising more and more money, which has the deleterious effect of both pushing out profitability and limiting your exit options. The less rounds of capital you need to raise, the more of your company you get to own.
302
As a serial entrepreneur, angel investor and public company CEO, nothing irks me more than when a startup founder talks about wanting to cash in with an initial public offering.
303
For all founders, going public is a momentous milestone that has to be experienced to be fully understood. It is the culmination of years of hard work and personal sacrifice.
304
In my experience, there are only two valid reasons to take a company public: access to growth capital and investor fatigue.
305
Whether you stay private or go public, after all is said and done, a CEO's job is to create lasting shareholder value.
306
Social media and personalization are providing both brand advertisers and end-users with hyper-targeted choices and opportunities for double-digit growth.
307
Cable and satellite businesses are competing against fixed-line telephone companies and wireless companies.
308
As every entrepreneur and investor sifts through year-end data to predict the next trend or opportunity for financial success, there is a much easier way to accurately predict the future: hang out with those who are creating it.
309
With less and less television being watched live, consumers are enjoying the freedom to record at home or in the cloud, watch locally or on the go, and binge watch entire series that they never had the time to enjoy.
310
Creating the right advisory board for your startup can be the single most important step you take in building a new business.
311
As good and as smart as you may be, no one knows everything. I truly wish I was as smart as I thought I was when I started my first company.
312
So many of the major decisions that affect the entire future of your enterprise happen during its first year in business. In fact, most don't make it because they don't know how to get the resources they need to survive.
313
A successful entrepreneur is one who recognizes her blind spots. You may be the world's best engineer, but you probably have never run a 10-person sales force. You may be a brilliant marketer, but how do you structure a cap table?
314
Betting all your funds on the belief that you know what consumers want and are willing to pay for is like jumping into a river to test its depth - you'll need a lot of luck to stay afloat. To have a truly successful product launch, the conversations with your customers must start long before you write your first line of code.
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When Thomas and John Knoll launched Photoshop 1.0 in 1990, the software couldn't even handle color images. But their offerings got the startup noticed by Apple and Adobe, both of whom became key to the fledgling company's later success.
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Use your development time to brief analysts and industry press. Use these influencers as your eyes and ears to let you know what else is being developed by competitors so that you can be the first to market, and don't make the mistake of launching an also-ran product.
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To truly launch a great product, you need partners. Channel and marketing partners share in your success and share in the costs of reaching your target audience.
318
No matter how much we tweet, blog and post, nothing in business is as powerful as actual face time with prospective business partners and customers.
319
Some of the most lasting contacts and friendships that I have developed began by just grabbing a drink or breaking bread with a stranger at an industry event.
320
There is no better feeling than doing well while you are doing good. If you really want to meet the nicest, most caring people in your field, get involved with charity work. The thankless hours that go into planning charity dinners, running a carnival, and gathering donations for silent auctions are noticed and appreciated.
321
By maintaining an active feedback system at every stage of a startup, founders can reduce their burn rate, increase their virality coefficient, and retain key hires.
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Big ideas developed in a vacuum are doomed from the start. Feedback is the essential tool for building and growing a successful company.
323
From the very first inkling of a concept, founders need to gather a target group of five to ten potential users to begin the feedback loop. We all think we know how the market will react to new ideas, but actual users live with the pros and cons of the existing market conditions every day. They are the market experts.
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The answers to all a startup's challenges are out there. By setting up the right mechanisms for gathering feedback, the road to success can be a less bumpy ride.
325
What most entrepreneurs don't understand is that it isn't the economy that bursts a bubble, but investor psychology.
326
Too many investors overvalue companies in the near term while undervaluing them in the long term.
401
Companies with significant revenue (more than $100 million) have, by definition, significant traction. They have proven out their thesis and can scale up or down as investment capital becomes available.
402
Founding a successful startup is no different than forming a rock band.
403
Pick a co-founder that communicates in the same fashion that you do. If you are a screamer, then the only way you will ever listen to a conflicting point of view is to find someone who is passionate enough to yell back at you.
404
Founders need sizable egos to believe that what they are creating is good enough to change the world. What makes for great co-founders is having those egos focused on complementary, not competing, skills.
405
New ideas for innovation grow out of the minds of each new generation. Having an institution of higher learning that can help young people put those ideas into action is critical.
406
State funds, private equity, venture capital, and institutional lending all have their role in the lifecycle of a high tech startup, but angel capital is crucial for first-time entrepreneurs. Angel investors provide more than just cash; they bring years of expertise as both founders of businesses and as seasoned investors.
407
The greatest challenge to most innovation centers around the world is many nations' punitive attitudes towards failure. In most of the world, if your first business fails, no one will work with you again. But, trial and error is the genesis of innovation.
408
I never understood why women wanted equality in the workplace when in fact, that would be selling them short. Equality
409
Numerous studies, and my own experience as a serial entrepreneur, have proven that companies with a diverse management team provide greater financial returns to investors.
410
For those that fear being taken advantage of by people working from home or on flexible schedules, I can say my experience is quite the opposite. Employees are so appreciative of these accommodations that they outperform their coworkers and are less likely to be poached by the competition.
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Every product you have ever loved was a compromise from the ideal vision of its creators to the realities of shipping on time, on budget, and on price point. Anyone who has ever manufactured a physical product that had to be on the shelves for Christmas shopping knows how painful these choices can be. Christmas
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Instagram, Swiffer, and Nest had to compete with consumer habits and perceptions. Breakout products face competition from the formidable inertia powering the status quo.
413
As great as you believe your new product or company is, the world got along just fine without you. The greatest competition every startup faces is convincing consumers that there is a better solution to the problems that vex them.
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The strength of brand loyalty begins with how your product makes people feel.
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It doesn't matter how good your product solution is if users don't enjoy or understand how to use it.
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Digital products are, for the most part, services that empower consumers to achieve something that they couldn't do before. Every screen must reflect your value proposition.
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