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The Start-Up Genome Compass

The startup genome project team released their Genome Compass a few weeks ago. This compass allows entrepreneurs to benchmark their venture against the parameters arrived at by analyzing the data of more than 3000 startups. The Compass collects data from the founders and then tells them about the ‘type’ of startup and which stage it is in. (You can connect to and try the compass here)

Once the Genome Compass gives its results, it becomes easy for the founders to take a stock of things and prioritize their activities. This is a very important thing as majority of the founders are short on resources. So, a wise use of available resources is always welcome. The report from the Genome Compass can also be used to find out the strengths and weaknesses of the venture. As, I have always been stressing in my talks and articles, the entrepreneur should try to enhance the positive effect of his strengths and minimize the negative effect of its weaknesses. Thus, this tool has a great advantage here for the entrepreneur.

All, this comes with a caution- One size does not fit all. I still suggest the founders to take the findings of the report and discuss it within the team, with mentors and if possible with someone who has not been associated with the venture. After the discussions and deliberations come out with what is best for the start up.

Even if cautiously, I still encourage the founders to go ahead and make the best use of the Genome Compass.

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