The Australian StartupBus is 320 kilometres from Melbourne and the group I tacked onto just failed.
One of the biggest lessons startup entrepreneurs harp on about is learning to deal with failure and moving onto the next thing quickly.
After working on an idea loosely based around crowd-funded real estate, which was meant to make housing more accessible to young people, for a few hours, the team quickly realised the concept was a big no-go.
The team spoke to a few people in the industry to air out the concept and it was quickly shot down as a dumb idea. It was too complicated and not a very good investment or viable business to present at SydStart on Tuesday.
But the beautiful thing about the StartupBus environment is it’s a super-concentrated ecosystem so you learn a lot about how to develop a startup and how to deal with the various barriers and you have to keep moving forward.
“It hurts, it takes it out of you, it chips away, you’ve got to go through a low time and then you’ll energy will come back up,” ‘Buspreneur’ Jamie Madden said.
“We did it, we did it quickly..We gave it [the idea] the air it needed. Let’s not do it again.”
The team came to a consensus after a quick discussion they had failed and quickly pivoted towards crowd-funded solar power.
Assistant conductor Justin Isaf said it wasn’t a failure, it was a success because it made the team make a decision and being decisive is how you win hack-a-thons.
And while there was only time and no money invested into the idea, it is easier to pivot away from it in this environment, the way the team changed tact so smoothly and got on with the job was a nice test-tube example of how failing should look like.
So the next lesson from the StartupBus is it’s totally fine to fail, as long as you do it quickly, acknowledge it and move onto the next thing.
Alex Heber is on the road with the Australian StartupBus, a three-day trip in which a group of entrepreneurs will try to build a set of innovative technology companies over the course of a three-day bus ride. The journey finishes next week back in Sydney in time for the SydStart finals.