Start with one prototype (raw), add a dash of pivot, and find a well-blended team, says one food-obsessed entrepreneur. Plus the rest of today's news.
Each day, Inc.'s reporters scour the Web for the most important and interesting news to entrepreneurs. Here's what we found today.
Your start-up, Julia Child-style. With a flip of her whisk and a cheery exclamation, Julia Child taught the world to cook. More profoundly though, she inspired the world to follow their passions. It is fitting, then, for the entrepreneurial world take a note from her (recipe) book when concocting a delectable start-up. Serial entrepreneur Tod Whipple contributed the perfect start-up recipe to VentureBeat this morning, describing how one cup of well-blended startup team, one raw prototype, and a dash of pivot are mixing bowl basics. But, it's still up to you to find some secret ingredients.
How these Davids took on Goliaths. PepsiCo's Quaker is the biggest name in oatmeal. How did scrappy Better Oats—by family-owned cereal-maker Malt-O-Meal—grab a market share? By using natural ingredients, packaging them in smaller boxes to please retailers and in pouches useful for measuring water to please consumers. Now, you can find Better Oats in 21,000 retail stores, Fortunereports. It also chronicles the rise of a competitor to Ticketaster, as well as a start-up accounting firm that managed to crack into the Big Four.
Screw banking. Let's start a company. A decade ago, it was great to be an investment banking analyst. Now, three years after the financial crisis, it seems the idea of going into the world of finance has left a sour taste for many business school graduates. Many of them, reports DealBook, are turning to entrepreneurship. "It's a trend that is accelerating in the wake of the financial crisis as Wall Street loses its luster and Silicon Valley shines with a new crop of multibillion-dollar start-ups," the article notes. Startup Tribe at Harvard, for example, is a student-run community that fosters entrepreneurship among its members. "We're a scrappy, adaptive community" one of the group's members told The Times.
Game systems need time to recoup. If you're eagerly awaiting your next Xbox or Playstation upgrade, you could be waiting longer than you might have thought—eight or nine years, even. Microsoft and Sony are in no rush to release anything new to customers, according to The New York Times. The reason? Cost. "It's less of a surprise that Nintendo is sticking to the traditional upgrade cycle than the fact that Microsoft and Sony are not," says Evan Wilson, a video game financial industry analyst with Pacific Crest Securities. "It speaks to the fact that Microsoft and Sony both lost so much money."
Another frickin' deals site. This month New York magazine will launch New York Deals, a weekly e-mail chock full of New York City deals for eating, shopping, events and activities. Curated by New York staffers, the magazine is also teaming up with Gilt City, Zozi, BuyWithMe and Lifebooker. More here.
The secret to Google's HR process. We've all heard stories about the luxurious lifestyle at the "Googleplex"—the gourmet cafeterias, the pools, and being allowed to bring your puppy to work—but getting the job is no easy task. Google only takes the brightest, most exceptional workers in the world and former Google CEO Eric Schmidt provides a little more insight. If you want to join Google's 24,400-plus employee family, get ready for a lot of interviews. Schmidt said Google has brought in candidates as many as 16 times before ultimately letting them in.
Amazon launches haute shopping site, MyHabit. Following in the footsteps of Gilt and Google's Boutiques.com, retail giant Amazon announced it's launching its own members-only fashion sales site today, MyHabit. The site will feature discounts up to 60 percent off of women's, men's, and children's fashion from designers such as Halston, Vera Wang, and Doo.ri. Headed up by Amazon's former accessories VP, Maria Renz, the site also boasts four-day free shipping, zoom-friendly photos, and high resolution videos of the clothes on real models (no wonky mannequins).