John Mitton Speaks on the Steps
to Start-up Success
HONOLULU —
John Mitton of JapanWorks took time out of his schedule to
visit JAIMS and speak to current Intercultural
Management Program (ICMP) students about his work with venture
capital businesses. Specifically his talk was about "Steps that
Successful IT Start-up Companies Take as They Grow Toward Profitability
and Eventual IPO or Acquisition."
Mitton, one of the three partners of JapanWorks,
outlined six stages of successfully starting a business: turning
ideas into a business, networking and promoting, structure/control,
raising capital, getting to work, and crossing the chasm. From defining
a business opportunity, to selecting a proper CEO, and even choosing
the right office space, Mitton brought up key decisions for each
stage that could determine the success or failure of a company.
In addition to outlining key issues for each
stage, Mitton brought up hurdles and mistakes of some companies
that he's seen fail. According to Mitton, Pride could be one of
the worst enemies for some companies. He discussed examples of where
CEO's who could no longer help their company grow, had to swallow
their pride and step aside for someone more qualified to take over,
or else watch their company eventually fail.
"Founders of the company need to remember that
they are a shareholder first, and employee second," Mitton said.
The same goes for friends, Mitton explained.
"Some of these companies, their CEO has friends working for them
that can no longer do anything for the company. They need to be
fired, and that's hard-that's really hard-but it's for the good
of the company and the shareholders."
After the session, Mitton took the time to speak
with ICMP students for possible internship at JapanWorks based in
Utah.
JapanWorks
Co., LLC was founded in 1992 to support technology relationships
between U.S. and Japanese partnerships. Since inception, the company's
focus has grown increasingly strategic with emphasis on bringing
development stage capital into U.S. startups and facilitating marketing
and technology partnerships. JapanWorks also acts as a general partner
in InterPacific Management Group, LLC and in Geode Venture Partners,
LLC, both Japan-sourced venture funds targeting U.S. technology
investments.
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