As part of my Startupinformatik initiative (in German), I’m trying to motivate student startups. Here, I want to talk about student startups coming out of a Master’s program. These are different from startups coming out of my research lab, which are based on work with my Ph.D. students. Master student startups are typically smaller, not based on significant intellectual property, and my working relationship with the team has been much shorter than with my Ph.D. students.
What are the three most important factors that make a startup successful? As the old saying goes: Team, team, and team. There is plenty of advice on the web on finding and building teams. I have a bit to add to this as well, but will do so in a different post. Here, I would like to focus on the next two most important success factors, which are product and passion. Without a good product there is no money to be made, and without passion, the startup will fall apart too quickly.
Sadly, being a student, having a good product idea, and having passion for it are factors that are hard to align. The following figure helps illustrate the problem.