Fireside Chat with Michelle Bacharach

  • What’s your favorite thing about XRC Labs?
    The retailer relationships – the team knows everyone!
  • 5 lessons learned from going through the cohort program at XRC
    – Make relationships for the long term. Not everything will or should have an immediate payoff.
    – Pick the metrics that you want to hit and work backward from there
    – Focus focus focus – most important things for startups.
    – If you don’t know an answer and seek others’ opinions and get a wide variance of responses, know one knows the right answer. So, do what stresses you out the least.
    – Just don’t die!
  • Demo Day: what are the do’s and dont’s based on your experience?
    – Presentation matters: practice your pitch; don’t read; be conversational and engaging; have good visuals.
    – Don’t worry about having deep convos with people after, just hit the highlights, get contact info, and move on to the next person. Then, follow up with EVERYONE you met.
    – Put them all on a newsletter of updates and asks. The asks can yield some amazing help for your most pressing issues as well as show you who will be a real champion for your business.
  • What are potential pitfalls to avoid while starting or developing your own business?
    – Focus loss. You can’t be all things to all people. Say no early and often.
    – Little administrative issues can cause big headaches later. Have good counsel and accountants that are looking out for you.
  • What’s your advice for the next generation of disruptors that want to create their own startup in retail and consumer goods?
    Wait for a while. If you can quit your idea, then do it. This is not an undertaking to jump into without some serious thought. If you can’t shake your idea even after trying to find every possible reason to NOT do it, then that’s the thing to pursue.

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