David Restrepo on Essential Tools and Resources for Entrepreneurs

By: David Restrepo (NYU Stern ’22) | Venture: Coachy

Starting a venture can feel like sailing into uncharted waters. As someone building Coachy, a gamified career development app, I understand the challenges and excitement of turning an idea into reality. Having the right tools, software, and resources can make all the difference in charting a successful course for your startup journey. In this blog, I’ll share the essential tools that have helped streamline processes for Coachy and provide advice for aspiring entrepreneurs embarking on their own adventures.

1. Investor Outreach Tools

Finding the right investors is crucial for securing funding. There are tools available that can help you identify and connect with potential investors more effectively.

Tools I Recommend:

  • Crunchbase Premium: Essential for finding contact information for investors. I searched for EdTech companies funded in the last six months and contacted their investors, knowing they were active and interested in similar subjects.
  • Marquee Equity: An unpopular but effective tip is to hire a company like Marquee Equity. They create fundraising campaigns and send them to thousands of investors worldwide. Although not all will be the right fit, this service saves you time by scheduling meetings with interested investors. I paid $3000 upfront and they take 1% of the amount raised through them. So far, I’ve built relationships with over 30 investors thanks to their efforts.

Advice: Use targeted searches and consider outsourcing some of the fundraising work to focus on building relationships with potential investors.

2. Content Creation and Automation Tools

Creating content and managing communications can be time-consuming, but with the right tools, you can streamline these processes significantly.

Tools I Recommend:

  • Invideo AI: This tool generates videos with AI, creating text, videos, and voiceovers based on your prompts. It’s perfect for scaling content production, running tests, and creating ads without needing a full production team.
  • Custom GPT with ChatGPT Premium: For $20/month, you can train a custom GPT with your data, mission, and solutions. This tool can become an extended version of you, reaching the point where you can ask the GPT to answer complex queries. For example, I used it to apply for an accelerator, and the application was almost entirely handled by my GPT, which helped me get accepted. While it requires some tweaking, it improves over time and becomes a valuable writing assistant.

Advice: Leverage AI tools to automate repetitive tasks and focus on strategic activities that drive growth.

3. Project Management Tools

When working at a company, you might be used to robust tools like Jira. However, in a startup, every decision comes with opportunity costs. There are excellent alternatives available for free or at a very limited cost.

Tools I Recommend:

  • Linear: A fantastic alternative to Jira, Linear is much simpler and crucial for keeping track of tasks, priorities, and owners. It helps streamline project management without the complexity of larger systems.

Advice: Start with a straightforward tool to manage your workflow and gradually introduce more advanced features as your team and projects grow.

4. Communication and Collaboration Software

Effective communication is essential for any startup. While Slack is a popular choice, consider more cost-effective alternatives that offer similar functionality.

Tools I Recommend:

  • Discord: A great alternative to Slack, Discord allows you to create channels, send documents, and manage communications effectively. At Coachy, we use Discord to send updates to the team and facilitate testing. For instance, once a developer merges their code, everyone receives a QR code in Discord to download the app and test it.

Advice: Establish clear communication protocols and regular check-ins to keep everyone aligned and engaged.

5. Mental Health and Mentorship

Starting a business can be mentally and emotionally challenging, especially during fundraising. Having a mentor you trust, a coach, or a therapist can help you maintain your mental health and stay resilient.

Advice: Asking for help is a sign of bravery. Regularly check in with a mentor or therapist to navigate the stresses of entrepreneurship and stay grounded.

Final Thoughts

Starting a venture is a thrilling yet challenging journey. Equipping yourself with the right tools and resources can help streamline processes and set a strong foundation for growth. Remember, the key to success lies in staying organized, maintaining clear communication, automating repetitive tasks, effectively reaching out to investors, and taking care of your mental health.

By leveraging these tools and seeking support, you’ll be better prepared to navigate the uncharted waters of entrepreneurship and steer your startup toward success. Happy sailing!

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