Mike Maples Jr. is an entrepreneur, prolific investor for start-ups. Maples Jr. helped launch and invest in companies like Chegg, Twitter, Lyft, and many more through the company he partnered called FLODDGATE, a company that invests in the top “point one percent” companies helping them realize their exceptional results. Being an operator himself, the entrepreneur has been featured in Forbes magazine and Fortune magazine since he is nothing close to the traditional Silicon Valley entrepreneurs. Maples Jr. uses data and research on the next big entrepreneur and through FLOODGATE they will do everything and anything to help the start-up succeed. Here is his insight on starting a company and really focusing on one target audience to gain momentum.
Things You’ll Learn from the Interview:
- How it all started from the idea of selling products to consumers through the web. Back then, Maples Jr. explains, some entrepreneurs didn’t believe that the future will be immersed into their PC’s and technology, to them, that was only for video games. Fast forward and a small number of entrepreneurs took advantage of it.
- What Maples learned from a panel of entrepreneurs. How to choose the correct and worthwhile idea for your next start-up. The failures that are easily encountered by entrepreneurs who choosing an idea that helps them excel in their talents.
- Maples discusses how it’s unfortunate that many companies forget that the most valuable start-ups are technology and software companies. The margins are higher and the cost of deliverability are zero. Other companies are trying to revolutionize pizza.
- Invest in companies that have a strategy, don’t chase the revenue. The companies that always win have discipline and integrity because they picked their customers that are valued since they are ten times better and urgent enough to buy their product.
- The great founders are pulling more than just the product lever; they are managing the entire value stack, proprietary power, business power, category power—you must design a company not just the product. These companies have a chance to bring abundance to the people.
- The company culture of Uber was never designed. Company culture is a significant contributor to a proactive and productive company with core values where every employee holds true to their integrity and that of the company’s, but Uber never had a culture to start with. Maples believes in defining your company proactively by having the founder hire individuals with the core values and similar mission to the company as well as the founder. Lack of alignment comes for free, but having a good culture takes effort.
- Build a foundation and not just the scale. Maples never thought of going public. Going public is good for a company, once they are ready. Once public, the public market enforces a discipline to their company. Statistics show that companies that worked in the shadows and researched for the best possible outcome of their products, six to ten years later, they become public and are the most successful. If an idea is truly bringing abundance, then they get a mass scale of scaling up.
- The next big thing is Network capitalism and the future of business software applications. Maples wants to empower the abundance creators of the world to be exceptional and to honor the time entrepreneurs must create and be YOUNGRY. AN idea needs to be worthy of your talent that will massively impact, respect, and challenge you every day to get better and smarter.