This week on NVTC’s blog: on Feb. 18, the NVTC Small Business and Entrepreneur Committee sponsored a fireside chat entitled “Journey to Success: Overcoming Obstacles in Entrepreneurship.” Nate Miller, an assurance intern at Aronson LLC, shares the top tips from that event, which featured a fireside chat with Gary Shapiro, president and CEO of the Consumer Technology Association, and Scott Case, the founding CTO of Priceline.com and founding CEO of Startup America.
On February 18, the NVTC Small Business and Entrepreneur Committee sponsored a fireside chat entitled “Journey to Success: Overcoming Obstacles in Entrepreneurship.” The event was moderated by Gary Shapiro, President and CEO of the Consumer Technology Association, who interviewed Scott Case, the founding CTO of Priceline.com and founding CEO of Startup America.
The discussion focused on Case’s experiences throughout his lengthy career as a key member of several startup companies; Case also shared his thoughts on the potential pitfalls startup companies can fall victim to. Some of Case’s key points to attendees included:
- The time commitment required to be a successful entrepreneur.
- The importance of creating and expanding connections in a growing area such as the D.C.
- Overcoming failure repeatedly is a necessary trait to success.
- The importance of maintaining a valuable network with the appropriate resources.
Case’s entrepreneurial journey started with part time jobs as an assistant for a plumbing company and a well driller, and running a local lawn-mowing business, where he gained an understanding of mastering his trade, servicing customers, and constantly looking for the next opportunity. While attending college at the University of Connecticut, Case spent his free time developing an advanced flight simulator with fellow classmates only to discover that the startup could not generate sales due to a lack of marketing. As a result, a key lesson that Case carries with him to this day is the need to supplement a great product with a sales and marketing team and other supporting functions.
Undeterred, Case shunned more secure employment opportunities to continue working with startups and, following an introduction to Priceline.com Founder Jay Walker a few years later, joined Priceline as the founding CTO. During his tenure, Case’s team at Priceline developed a “name your own price” system in the early days of the internet that allowed the company to grow significantly and successfully undergo an IPO with an initial market capitalization of more than $12 billion. Case attributes his success at Priceline to his understanding of the available technology, as well as the ability to effectively market it and while creating a team willing to try a number of ventures without fear of failure.
Since leaving Priceline in 2000, Case has co-founded or led several other ventures focused on technology, entrepreneurship and philanthropy such as Main Street Genome, Startup America Partnership, Malaria No More, and most recently, Potomac Innovation, a new business travel purchasing company. Case stressed the need for entrepreneurs to remain connected to advisers, financiers, peers and customers if they are to be successful, and noted that incubators, such as 1776 in D.C. and others in startup hubs such as New York City and Silicone Valley, can greatly help a new entrepreneur. Case also stressed the importance of minimizing government regulation to allow new business owners to focus on their core activities, but noted that government can help by listening and responding to entrepreneurs’ needs – such as the recent decision by the city of Nashville, Tennessee to significantly increase its broadband access, which appears to be attracting entrepreneurs to the city.