When he was 19 years old, Cory Levy raised more than $1 million in funding from investors to start his company One[4], a mobile app that lets you know when somebody nearby shares similar interests.
Nearly five years after launching One, the app is connecting college students at Harvard, Yale, Princeton, and more than 20 other campuses. Levy serves as the company's chief operating officer.
He's also the founder of Silicon Valley's NextGen conference, which brings together future startup founders and seasoned entrepreneurs.
Levy's number one piece of advice for raising money for your own company? Ask for money, get advice. Ask for advice, get money.
Yes, it works. In fact, a few people who have given Levy money for his startup includes Gary Vaynerchuk of WineTV and Vayner Media; Keith Rabois of PayPal, LinkedIn, and Square; and Michael Dearing of eBay.
Not to mention, Levy was the inspiration for the opening lyric of Pitbull's single "Feel This Moment."[5]
Crazy, right? So what is Levy's secret? What does he do that makes him so special? How did a 19-year-old raise $1 million for his startup?
Here are the secrets of his success, in his own words.
Come across as a seasoned veteran
"When we started off in San Francisco, we weren't even raising money," Levy remembers. "We were just looking for advice on how to grow our company. After asking for advice from VCs and entrepreneurs, at the end of every conversation, they would ask, 'Are you raising money?' We'd tell them no, and they would ask, 'Why not?'"
Levy says the response surprised him.
"We were only out there looking for advice and people wanted to give us money," he says. "We realized pretty quickly that when you ask for advice, you get money, and when you ask for money, you get advice."
By asking for advice, investors are automatically placed into the realm of a seasoned veteran. You can disarm people by showing them that you appreciate their wisdom.
Surround yourself with people smarter than you
"In order to be successful, you must surround yourself with people smarter than you," Levy says. "By surrounding yourself with people you aspire to be, you'll eventually become one with your heroes."
Levi says this was his essential rule when building his company. It was his team's primary reason for setting up shop in San Francisco. Just as world-class venture capitalist Marc Andreessen says, "Go to the epicenter of your industry[7]," Levy agrees. That's why he realized it was critical to move to the Bay Area from the Midwest.
"I once overheard my co-founder giving advice to entrepreneurs in the Midwest," says Levy. "He said, 'You could grow a flower anywhere — you could grow a flower in a garbage can. But if you had the option, you would rather grow it somewhere else, such as in a beautiful garden.'"
Get your hands dirty
Levy answers without hesitation when discussing his controversial decision to drop out of college. With student loan debt at an all-time high[8], young people around the country are questioning whether college is worth it. Levy is one of them.
"Business is a lot like playing a sport," he says. "You can study a playbook — or go to class — until you've memorized every single detail of every single play — or textbook. But where you truly excel is on the field. Unless you've played the sport yoursel f— or ran your own business — it's difficult to study the playbook — or go to class — and stay engaged."
What's unique about Levy's advice is that it's effective. The message is simple — ask for money, get advice. Ask for advice, get money. It's powerful, and quite frankly, it works. It's transferable to other areas of life as well, such as, "Ask for a job, get advice. Ask for advice, get a job."
Who knows? You could raise $1 million, too.
Read the original article[9] on WeWork[10]. Copyright 2016. Follow WeWork on Twitter[11].
References
- ^ The cofounder of a $750 million startup says the most successful entrepreneurs have 3 things in common (www.businessinsider.com)
- ^ 9 startup lessons entrepreneurs would teach themselves if they could go back in time (www.businessinsider.com)
- ^ 20 entrepreneurs share the advice that made them successful (www.businessinsider.com)
- ^ One (www.whatis1.com)
- ^ "Feel This Moment." (www.youtube.com)
- ^ Flickr/Kevin Poh (www.flickr.com)
- < small>^ Go to the epicenter of your industry (pmarchive.com)
- ^ student loan debt at an all-time high (www.usnews.com)
- ^ original article (creator.wework.com)
- ^ WeWork (www.wework.com)
- ^ Twitter (twitter.com)
- ^ 6 traits that make the best entrepreneurs (www.businessinsider.com)
- ^ The 10 most awkward moments from the 2016 Grammy Awards (www.businessinsider.com)
