Despite the President Donald Trump by recently imposing a $100,000 application fee on latest H-1B visas, San Francisco stays magnet for international AI developers who want to reach the epicenter of innovation.
I was one of those wide-eyed entrepreneurs back in 2017 when I first packed my bags and moved from my native Ukraine to San Francisco to scale my startup, Animal ID. Unfortunately, I returned home demoralized and depressed as my trip led to many rejections.
But I eventually realized that the problem wasn’t my technology – I just didn’t understand the unspoken rules of Silicon Valley.
After years of trying to break into the Valley, all the pieces had finally turned around. Now as a startup mentor in Stanford University AND Alchemist Acceleratorand founder of Raisable Founders Hub, I made it my mission to help founders, especially immigrant entrepreneurs, avoid the unnecessary mistakes I was making.
My approach comes down to a few easy steps: change your way of pondering, build the right network, thoroughly confirm your idea, and then build a strategy. This is crucial for founders navigating today’s financial frenzy.
Here’s what I wish I knew when I first set foot in Silicon Valley:
Understand the rules by which the Valley lives
Silicon Valley is built on trust, and trust has to be earned. That’s why it is best to start building it well before you arrive: do your research and connect online with people you want to meet. Make sure you have something to offer. The Valley rewards those that contribute first.
Building a startup here is different from other places due to the extremely high costs, relentless competition, and overall much faster pace of motion. All this may test your ability to adapt – and this is a key skill that investors will listen to.
The right mindset can’t be bought, but it may well be developed by immersing yourself in the ecosystem and connecting with the right people.
Surround yourself with like-minded people
Silicon Valley is filled with individuals who challenge all the pieces you do from day one. The people you surround yourself with can either fuel your growth or dampen your momentum. Don’t waste time looking for general networking opportunities. Instead:
- Be intentional. Connect with communities that align with your mission – founders in your industry, other immigrants, AI enthusiasts, etc. who are steps ahead of you and have already walked your path, made their very own mistakes, and know the best path forward.
- Offer value first. Share your knowledge, participate in discussions and offer your participation or assistance in events. Don’t lead with questions, lead with insight.
- Engage correctly. Attend events where meaningful conversations are happening. Research the speakers, ask good questions and follow them with real interest.
The bottom line is this: focus on cultivating authentic connections that may lead to long-term collaborations.
Ask for advice first, then for an introduction
Many founders are obsessed with pitching to investors. But entering without proper preparation is a wasted opportunity.
Instead of focusing on warm introductions, focus on validating your ideas. Explain to everyone you meet how your solution solves a specific problem and why your team is the best at it. Take their feedback and use it as an opportunity to improve your presentation. Each discussion helps you understand how to articulate your value proposition more effectively. Look for great mentors. The best ones don’t provide you with answers – they enable you ask higher questions.
Finally, not every interaction has to lead to fundraising, the goal must be to build a sustainable business – so be open to any opportunities and connections that come your way. You never know, the next person you meet could turn out to be a future co-founder, advisor, client, or even a lifelong friend.