Our take-aways from past mistakes

1. People make the difference. The difference between a good company and a great company is the people that comprise the two. If you are uncertain about the performance of the team do something about it sooner rather than later.

2. Have a global focus. Niche companies with a domestic or regional approach very seldom become very valuable (with few notable exceptions!).

3. Focus on operations and the building of a great company. Successful companies are always attractive. However, make the necessary connections early to position yourself for attractive exit routes. "Microsoft or Cisco will not call you out of the blue to offer a billion dollars for your company".

4. Commercial partnerships have no value before they start to deliver results. Strategic partnerships and OEM deals might seem impressive, but joint customer projects with real revenues are what counts.

5. It is important to give a company enough leeway to prove itself. Too many companies are undernurtured and have to focus on raising financing too often, which defocuses operational performance. However, we don't want to give anyone the false impression that there is money to last forever, focus on short-term performance should not be underestimated.

6. Be aware of changes in the industry. Be open to change your business model and your approach to the market due to changes the industry is undergoing.