Introducing the Bureau…
The chances of your startup failing are really high. Most startups think failure is something that happens to others, but in fact approximately 75% of all startups will go under.
Lack of accountability is one of the strongest indicators that your startup might be headed for the grave. The good news is that lack of accountability is fixable.
Accountability in large companies is easy. You are clearly told what the expectations for you and your results are. Starting a venture from ground zero, it sometimes feel like the goals are a moving target. Sometimes you set goals that you find out later were simply not attainable and sometimes you do not try to reach far enough and you end up moving too slow.
This is why we are introducing the Startup Bureau. We want to address startup accountability head-on!
Consisting of 5 experienced entrepreneurs and active investors, the Startup Bureau will meet every three months and each Volta company will present their deck and milestone report. Participation is mandatory and each company will have 40 minutes to show their progress and state their case. Each company will be given constructive feedback by the Bureau and their information will be kept strictly confidential. Companies that consistently do not show meaningful progress will be leaving Volta to provide space for some of the new applicants. Each presenting company will also be assigned one of the Bureau members as a mentor and a resource.
The first meeting will be on October 24th. This will give companies that do not wish to participate in the “Volta 2.0” fair amount of time to find alternative office space and resources.
Please let me know if you have any questions, this is a big positive step for the whole community.