Solon Angel of Fresh Founders On Five Things You Need To Create A Highly Successful Startup

Work with your customers as team members — This one is a bit more controversial but I’ve never seen early customers just as customers. I engage in deep conversations with them about what they want to do, and some become very special friends over time. I know that some people are uncomfortable or scared of being judged on what you do inside the walls of your startup but trust me — being vulnerable brings a lot of power and efficiency in the marketplace.

Startups have such a glamorous reputation. Companies like Facebook, Instagram, Youtube, Uber, and Airbnb once started as scrappy startups with huge dreams and huge obstacles. Yet we of course know that most startups don’t end up as success stories. What does a founder or a founding team need to know to create a highly successful startup? In this series, called “Five Things You Need To Create A Highly Successful Startup” we are talking to experienced and successful founders and business leaders who can share stories from their experiences about what it takes to create a highly successful startup. As a part of this series, we had the pleasure of interviewing Solon Angel.

Solon Angel is the Managing Partner at Fresh Founders, a Canadian group of founders, CEOs and high-impact individuals that has helped launch more than 75 startups. Solon has 20 years of experience in the fields of financial technology, artificial intelligence and entrepreneurship. Solon is an established immigrant entrepreneur who founded the multi-million dollar company, MindBridge, and now at Fresh Founders, he is dedicated to using his expertise to help other founders achieve the same success, as seen by how Fresh Founders has invested millions back into startups.

Thank you so much for joining us in this interview series! Before we dive in, our readers would love to “get to know you” a bit better. Can you tell us a bit about your ‘backstory’ and how you got started?

I got started in the high-tech industry by booking a one-way ticket to Silicon Valley when I was 23 years old. I started working with a venture capitalist and founding team before we hired our startup’s first employee. I learned more within my first six months with this team, than I did in my five years of school and two years of experience in corporate America. Ever since that experience I became infatuated with the rush of building fast, successful startups, innovation and investing in technology-based businesses while being dedicated to community building.

What was the “Aha Moment” that led to the idea for your current company? Can you share that story with us?

I experienced my “Aha moment” while building my previous startup, and putting in place the current structure of Fresh Founders to better serve early-stage startups founders. The network appeared to be more of a club of friends rather than an organized collective dedicated to serving entrepreneurs. As MindBridge grew, it became evident that the network played a crucial role in its creation and growth. Therefore, if we can enhance the organizational system, we can support entrepreneurs with friendly advice and capital, and generate many more successful ventures like MindBridge.

Was there somebody in your life who inspired or helped you to start your journey with your business? Can you share a story with us?

I come from a family of free thinkers, shopkeepers, artists, and world explorers who never hesitate to be independent-minded and question the status quo. My mother was not afraid to pack her bags and change countries several times and wouldn’t take no for an answer when she wanted something. She literally bent the rules and people to her will countless times. Combined with my dad’s motto to “be good and do good,” I sought to improve things and not take “no, it can’t be done” for an answer. I combined this with great mentors and fantastic leaders in tech who are always willing to help, helping me achieve a very rich career.

What do you think makes your company stand out? Can you share a story?

There is something truly special and magical about the friendships being formed within the Fresh Founders network. One of the founders shared a story about a time when they were struggling to raise funds and sought advice from another member of Fresh Founders. This individual gave candid feedback which essentially amounted to the CEO not doing their job properly. I believe this kind of honest feedback is crucial for leaders of fast-growing startups. It’s always better to have friends point out your mistakes, rather than discovering them alone and potentially hitting the pitfalls of entrepreneurship.

How have you used your success to bring goodness to the world?

I am currently volunteering in an educational program for minorities focused on black entrepreneurship. Being an entrepreneur myself has allowed me to contribute to society’s betterment. I also actively participate in humanitarian efforts, providing relief to children affected by various crises. In every movement of the population, there is a young child facing the stress of adapting to a new country and culture. By embracing and navigating this process, they can become exemplary resident leaders.

You are a successful business leader. Which three character traits do you think were most instrumental to your success? Can you please share a story or example for each?

Foresight: I stay attuned to every technological advancement and demographic trend. My innate curiosity enables me to delve deeply into a field and foresee the opportunities that most people overlook. I firmly believe that change always brings forth new opportunities.

Adaptation: During my early years, I moved several times to different countries, which required me to learn three languages and make new friends almost every year until the age of 15. It was a challenging and traumatic experience at the time. However, constantly moving had a positive impact on my ability to adapt. I developed a quick understanding of people based on their shared humanity.

Grit: I don’t give up easily; I have a clear focus. When pursuing a business goal, I enter a state of deep concentration and unwavering determination. It feels as if my life depended on it — because there were times in my past when it truly did. I know how to activate the neural pathways that propel me into this state of mind.

Often leaders are asked to share the best advice they received. But let’s reverse the question. Can you share a story about advice you’ve received that you now wish you never followed?

That’s easy: “why don’t you try?” There is one commodity that money can buy, and it’s time. I don’t believe you should ever just try things. You need to have a level of conviction before you engage in that route. When you look at very successful people, you see that they spend their time saying no to a lot of people and a lot of projects… There’s a reason why.

Can you tell us a story about the hard times that you faced when you first started your journey?

There’s actually a recent study shared by the CEO of Techstars highlighting that there are specific traits of successful founders. The study found that founders enjoy being the center of attention (lower levels of modesty) and being exuberant (high level of energy).

When I first arrived in Ottawa, I was a total newcomer, hardly known to anyone. The first thing I did was create communities focused on product management. These communities attracted talented designers, marketers, and engineers who were eager to create cool stuff. They started growing rapidly, giving me tons of visibility.

The second thing I did was start recruiting people, even with zero budget. It was a great way to meet talented individuals. Interestingly, many of my initial hires came from this proactive approach. It took some time to find the right people, but building those early connections paid off.

Where did you get the drive to continue even though things were so hard? What strategies or techniques did you use to help overcome those challenges?

I tap into a deep sense of compassion for the people I aim to help. Take, for instance, the tax specialists who work tirelessly during busy seasons. These dedicated individuals, who may be fathers or mothers, yearn to return home for dinner instead of toiling long hours. It’s a difficult choice they face — supporting their families or enjoying precious quality time with loved ones. Similarly, I consider the startup founders who invest their reputation, capital, and everything they hold dear, including personal and romantic relationships, in the pursuit of job and wealth creation. Such a noble endeavour is truly worth fighting for.

The journey of an entrepreneur is never easy and is filled with challenges, failures, setbacks, as well as joys, thrills and celebrations. Can you share a few ideas or stories from your experience about how to successfully ride the emotional highs & lows of being a founder”?

There’s actually a great set of tools in a book called Inner Engineering: A Yogi’s Guide to Joy, by Sadhguru. It is important to keep the emotions in check in a constant state of flow. You should never ignore these emotions, but you should also not let them consume you.

There were times when I elevated the company’s profile and appeared successful. However, behind the scenes, I was dealing with personal hardship. Balancing work and personal struggles was emotionally draining. However, the weekends provided a chance to recharge. Coping with humour helped hide the misery inside. Even through hard times, witnessing the vision at MindBridge and the team being recognized was fulfilling. Winning global awards, forming lasting friendships and creating value to add back to society through meaningful startups made it all worthwhile.

Let’s imagine that a young founder comes to you and asks for your advice about whether venture capital or bootstrapping is best for them? What would you advise them? Can you kindly share a few things a founder should look at to determine if fundraising or bootstrapping is the right choice?

I think there are many considerations, one of them is the cost of building the product and the time to market. If there is no urgency to bring the solution to market quickly and if it doesn’t cost a lot of money to hire people to do the work, there is no reason to necessarily raise funds for it.

Ok super. Here is the main question of our interview. Many startups are not successful, and some are very successful. From your experience or perspective, what are the main factors that distinguish successful startups from unsuccessful ones? What are your “Five Things You Need To Create A Highly Successful Startup”?

1 . Time your entry to the market

This one is a proven fact at Idealab in California. They analyzed hundreds of startups and concluded that time to entry in a market is the determining factor to success. Not the product, not the team, not the idea — the timing.

2 . Show up as your best

Many startups tend to overlook this simple yet crucial aspect. Having limited resources doesn’t mean you should compromise on presenting yourself, your company, and your ideas with the utmost professionalism. Even if it requires extra time to perfect your presentation or show up prepared for meetings, it’s always worth it to showcase your full potential. As a newcomer in the industry, you face greater scrutiny compared to established companies, so it’s essential to set higher standards for yourself. Remember, first impressions matter, and you have the power to exceed expectations.

3. Trust in all team members is key

The rule of the game is to not do everything by yourself. The most successful startups have a leadership team that has no hesitation to delegate work to new hires or colleagues quickly to focus on new teams, new markets and new customers to acquire. Start-ups require trust.

4 . Your reputation is your succession

Being the first point of contact for customers and investors gives you the opportunity to leave a lasting impression about your company. The way you handle these interactions can determine whether your customers will develop deeper relationships in the marketplace. It’s not just about your own performance, but also about the impression left on others as they engage in business relationships with third parties. Ultimately, to ensure the long-term sustainability of your business and pursue new projects, it is crucial to have a well-defined succession plan in place.

5 . Work with your customers as team members

This one is a bit more controversial but I’ve never seen early customers just as customers. I engage in deep conversations with them about what they want to do, and some become very special friends over time. I know that some people are uncomfortable or scared of being judged on what you do inside the walls of your startup but trust me — being vulnerable brings a lot of power and efficiency in the marketplace.

What are the most common mistakes you have seen CEOs & founders make when they start a business? What can be done to avoid those errors?

They often delay market testing, and due to ego or other reasons, they fail to take inventory when something doesn’t work. Another reason is that the CEO is slow in making tough decisions. To mitigate these issues, it is crucial to have a reliable team of advisors who can help identify blind spots and collaborate closely with the executive teams.

Startup founders often work extremely long hours and it’s easy to burn the candle at both ends. What would you recommend to founders about how to best take care of their physical and mental wellness when starting a company?

I personally need to participate in one hour of physical activity every day, and a dinner with friends to help recharge me easily. As an extrovert, I get energized by people. It is very different for introverts and the solution is unique for every individual.

You are a person of great influence. If you could start a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. :-)

If I could start a movement, I would make sure that every successful individual had a mentor-like figure, similar to the concept of a Padawan. Although it may seem whimsical, the ancient Greeks understood the significance of the mentor-mentee relationship. While theoretical knowledge is valuable, there is nothing quite like observing someone else successfully accomplish what you aspire to achieve. By shadowing someone who excels in a particular field, you can absorb their expertise and learn from their success. In order to encourage this dynamic, I would propose offering tax incentives to those who hire young assistants. Multimillionaires who have already achieved success should be compelled to launch new ventures instead of resting on their laurels. To facilitate this, they should receive substantial tax exemptions on their initial earnings and salaries. Repeat entrepreneurs have a higher likelihood of building successful businesses and generating significant value for society.

We are blessed that some very prominent names in Business, VC funding, Sports, and Entertainment read this column. Is there a person in the world, or in the US with whom you would love to have a private breakfast or lunch, and why? He or she might just see this if we tag them.

Denzel Washington and his wife, because they were clients of my father in Paris, who drove a lot of VIPs and influential people in business before his retirement. The way Denzel and his wife treated my father tells a lot about their respect for everyday people, and their care about his recent health issues really touched me. Many people who become successful grow a sense of entitlement and dismissiveness of regular everyday hard-working people just trying to provide for their families. I admire people who treat others well, and I am fervently loyal to my family and friends.

How can our readers further follow your work online?

You can connect with me on LinkedIn, and visit the Fresh Founders website freshfounders.com to learn about our membership and stay tuned for our exclusive events popping up across the country.

This was very inspiring. Thank you so much for the time you spent with this. We wish you continued success and good health!