What should do the founder of a startup and what he should not?

You need to participate in such competitions to assert yourself, be published in media, and find prospective investors. Next, you need to focus on particular events that would help to do business. Participating in pitch sessions every year you lose time and give the impression of business just to grab some kind of grant on competition and hold out for the next prize.

Ask mentors for help and experts for advice or primary services. They will help you if they see a prospect on your project. Everyone understands that at the initial stage money does not drop on you from the sky. But as soon as you feel the real value in this help and the potential in the collaboration you can negotiate the share for the mentor or services payment terms.

Try to stay at least equal if you can’t dictate your terms. You risk to adjust and fulfill the wishes of each potential investor instead of maintaining your business. An investor will be more pliable if he sees a rigid position and clear actions.

Arrange with journalists for making content about your project. Free PR will attract either users, employees, and potential investors. Entrust this task to the most charismatic teammate. He will certainly have a hard time drinking and giving presents but the result will not be long in coming.

It is certainly both possible and necessary to test hypotheses even the most absurd ones. But making further decisions you should focus on metrics. Blow your personal view off.

This advice is especially relevant if you are going to register a legal entity abroad. First, make a prototype, test it, find the first buyers or investors, and only then start a company. You have lots of other ways to throw money away.