Transitioning from one startup to another.

About a month ago, I made the decision to close startup #10 (Terralingo), and transition to a new business startup (#11). This is often called a 'pivot', though in our case, only 3 of the original founding team came across.

I believe that many founders grapple with the questions & issues around 'viability', 'purpose' and 'motivation' on a daily basis. 

So for those of you that do, I thought I would share the 'transition' letter, which I sent to our team, with you, in the hope that it might just a few of you to a greater level of clarity. 

Not enough is written (yet) about these sorts of topics by founders (though I recommend http://www.tawheedkader.com/2014/02/it-takes-3-years/ and http://francispedraza.com), so I hope that this post can act as a catalyst for more writing on the topics, by other founders. 

"Hi guys,
I thought I would give you some insight into my thinking about how TerraLingo is still a real opportunity. 
I posted up a blog piece earlier in the week about it. 
http://thatstartupguy.blogspot.com.au/2013/12/startup-10-big-opportunity-with-social.html?m=1

As a AI/machine-learning language translation problem, its a big challenge, and would likely require a +$100m VC-backed funding solution. 
What I've realised is, that as big an opportunity as it is, and with all the effort required to de-risk,

A) it has too high a risk profile for my appetite, 

B) it might never hit 'pay day', and

C) as a part-time mature team, we would be unlikely to gain entrance to an accelerator, and therefore the resulting access to seed and VC funding.

In "creatively-resourcing" it, I realised that there's a larger problem, one that I'm much more passionate about, aligns perfectly with my skill set, and suits how my brain is wired. 

TerraLingo requires a much more engineering-focussed mind than mine. I'm all about people & communication (hence the attraction), but its at the intersection between personal mastery & business entreprenuership that my heart is at. 

It was however, the necessary vehicle for me to bring together a committed team of people. 

And in bringing you guys together, and then a larger team, which lead to identifying the resourcing issues, and all the problems that we would face in Australia, that the real idea was born.  - "StartUp Foundation". 

So whilst I'm not sure that I wanted to let go of TerraLingo completely, I've realised that my path is to build a different type of startup, & in doing so, setup a model from which I can help hundreds, or perhaps thousands of entrepreneurs just like me (and you).

So timely & resonating was the idea of an accelerator program for 30+ professionals, that we've now brought over all of the 20 consultants to SUF,  are creating a new advisory board, and an executive team that really believes in what we are doing. Which by the way, includes 2 of the original team, whom you met at the Fireside chat. 

Startup foundation is launching in early 2014, and will be focussed on helping 30+ professionals break free from their corporate career, & build capacity for their own startup, especially in the B2E space. As well, we'll bring in enterprise as investors, customers, partners & potential exits. 

We think that there is a completely different path possible to create a startup, one which leaves a lot more on the table for founders. So we'll test our assumptions in the market to prove it. 

And we already have our first 2 sponsors. 

So i have to extend my warmest thanks to you all in coming together in TerraLingo. 

Firstly, for having faith enough to join me; 2nd for helping to create something that we proved could work, and mostly because in following me, you helped me find my true purpose and passion again. 

I started StartUp Foundation for you, and the thousands of others like you. When you start thinking next about doing your own thing, or wanting to connect with other clever people who are, give me call, and I'll help you on your own path. 

Gentlemen, thank you to each of you."