Iconic New York: Entrepreneurs and Cybersecurity Experts Share Insights and Strategies
Midtown Manhattan buzzed with the energy of innovation as CNBC and Inc. hosted Iconic New York, a conference bringing together entrepreneurs, investors, and industry experts for a day of insights and inspiration. The event, attended by hundreds of budding entrepreneurs seeking advice and guidance, featured panels, pitches, and one-on-one conversations, all geared towards building successful businesses in today’s competitive landscape.
One key takeaway from the conference was the importance of a well-crafted pitch. Alyssia Syrett, CNBC’s Power Pitch expert, emphasized the need for succinctness, covering key points like the company’s mission, market size, competitive advantage, funding needs, and traction points. “You really have to have your elevator pitch ready,” she advised, suggesting a seven-to-eight-sentence pitch that can be delivered in under a minute.
The event also highlighted the critical role of cybersecurity in today’s digitally reliant world. David Kennedy, founder and CEO of TrustedSec and Binary Defense, delivered a gripping presentation that showcased the vulnerabilities of modern technology. “It’s not just hackers in basements,” Kennedy emphasized, noting that nation-states and organized crime are increasingly involved in cyberattacks. The rising popularity of ransomware attacks, like the recent WannaCry scare, underlines the need for sophisticated cybersecurity solutions.
Kennedy shared practical advice for business owners, urging them to implement strong security measures and educate employees about the dangers of phishing and social engineering. “Humans are the number one target,” he stated, highlighting the need for individuals to be vigilant about their online activity and avoid clicking on suspicious links.
While Kennedy’s presentation offered a sobering perspective on the threats businesses face, he also underscored the role of ethical hackers in protecting individuals and organizations. He pointed to the case of a 22-year-old from the UK who single-handedly mitigated the WannaCry attack by registering a domain name that prevented the virus from spreading further.
The conference also provided a platform for successful entrepreneurs to share their strategies and experiences. Sarah LaFleur, founder and CEO of Swell, emphasized the importance of authenticity in building a brand, highlighting the value of investing in employees and creating a positive company culture. She cautioned against scaling too quickly, recommending that entrepreneurs build a solid infrastructure before aiming for rapid growth.
Kimberly Whitler, editor-at-large of Inc., spoke about the need for companies to disrupt established industries and create innovative solutions. She highlighted the example of Bobby Brown, the cosmetics mogul who built a successful business by catering to a consumer desire for natural-looking makeup.
Throughout the day, the conversations at Iconic New York underscored the importance of passion, resilience, and a willingness to learn from failure. By sharing their experiences and insights, entrepreneurs, cybersecurity experts, and industry leaders provided invaluable guidance for those seeking to navigate the challenges and opportunities of the modern business world.
ICONic New York: Entrepreneurs, Hackers, and the Future of Business
ICONic New York, a conference dedicated to celebrating and fostering the spirit of entrepreneurship, brought together a diverse group of visionaries, disruptors, and industry leaders in Midtown Manhattan. From the power of a well-crafted elevator pitch to the ever-evolving world of cybersecurity, the event provided valuable insights for budding and seasoned entrepreneurs alike.
Key Takeaways:
- Pitching Perfection: Alyssia Syrett, a seasoned investor, emphasizes the importance of a well-structured elevator pitch that succinctly articulates a company’s core value proposition, market size, competitive advantage, and funding needs.
- Non-Verbal Communication Matters: Beyond the words themselves, entrepreneurs should practice confidently delivering their pitch with a genuine smile and engaging eye contact. Adjusting attire to the event and audience is key, creating a sense of professionalism while also fostering a connection.
- The Power of Traction: When pitching to investors, highlighting key traction points like revenue generation, partnerships, and user growth can significantly increase the attractiveness of a venture.
- Cybersecurity: The New Reality: David Kennedy, a cybersecurity expert and founder of TrustedSec, warns that the digital world is facing a growing threat from ransomware attacks and nation-state sponsored hacking.
- Hackers Aren’t All in Hoodies: Kennedy champions a community of dedicated hackers who strive to protect individuals and businesses from cyber threats. He emphasizes the importance of multi-layered security systems and a robust defense-in-depth strategy to combat the evolving tactics of cybercriminals.
- The Power of Simplicity: Daymond John, renowned entrepreneur and investor, stresses the importance of simplifying complex technology in order to communicate its value to potential investors and customers.
- Build a Culture of Transparency: John advocates for fostering a company culture of openness and honesty, eliminating "brilliant jerks" who undermine colleagues and create a toxic environment.
- The Importance of Network and Seek Mentorship: Successful entrepreneurs rely on their networks to gain valuable insights and mentorship. Reaching out to industry leaders and seeking advice is crucial for navigating the challenges of building a business.
- Lean into Failure, Embrace Growth: Failure is an inevitable part of the entrepreneurial journey. Embracing a growth mindset and seeing setbacks as opportunities for learning is essential for achieving success.
Navigating the Pitch: Advice for Entrepreneurs
Alyssia Syrett, CNBC contributor and experienced investor, provided invaluable guidance for entrepreneurs looking to secure funding and create a successful business. She stressed the importance of preparation, structure, and nonverbal communication in delivering a compelling pitch.
Seven Sentences to Success
Syrett believes an effective pitch can be boiled down to seven to eight sentences, covering key elements such as:
- What exactly does your company do? Clearly define the core problem you solve or the need you fulfill.
- Who are you and your team? Highlight your expertise, experience, and any relevant credentials.
- What’s your competitive advantage? Articulate what sets your company apart from existing solutions.
- What is the market size you are targeting? Is the market substantial enough to warrant investment?
- Who is your ideal customer? Clearly define your target audience and how you reach them.
- What are your fundraising needs? Specify the amount of funding you are seeking and how it will be used.
- Any major attractions for the business? Highlight any significant partnerships, notable milestones, or revenue projections.
A Dash of Passion, A Touch of Confidence
Syrett emphasizes the importance of genuine passion in delivering your pitch. Investors are drawn to individuals who are deeply invested in their vision. Practice your pitch thoroughly to build confidence and minimize nervousness. A calm demeanor and genuine smile go a long way in establishing trust and rapport.
The Art of the Warm Introduction
While cold calling can sometimes be effective, Syrett highly recommends obtaining a warm introduction whenever possible. This can significantly increase the likelihood of a meeting and secure a more receptive audience.
Cybersecurity: A World of Opportunities and Threats
David Kennedy, founder and CEO of TrustedSec and Binary Defense, provided a sobering look at the growing challenges posed by cyberattacks.
Physical Security: Often Overlooked
Kennedy highlighted the vulnerabilities of physical security, demonstrating that accessing secure facilities can be surprisingly easy using simple techniques such as spoofing text messages or exploiting motion sensor loopholes.
The Need for A Defense in Depth
Kennedy stresses the importance of multi-layered security for businesses of all sizes. A defense-in-depth strategy involves using multiple security measures to protect sensitive information. This includes using encryption, firewalls, intrusion detection systems, and employee training to prevent breaches.
The Role of Security Professionals
Kennedy pointed out that while the cybersecurity landscape is increasingly complex, there is also a growing demand for skilled professionals who can help businesses navigate these challenges.
The Art of Scaling: From Bootsrapping to Growth
Sarah LaFleur, founder and CEO of Swell, shared her experience building a successful physical product business, navigating rapid growth, and maintaining a strong company culture.
Embracing the Unexpected
LaFleur’s journey demonstrates that success can arise from unexpected places. Her vision for Swell began not from a grand idea but from a simple yet unmet need during a hiking adventure.
Bootstrap Your Way to Success
LaFleur bootstrapped her business, initially investing her own savings. While accepting outside investment can sometimes accelerate growth, she believes in maintaining control and autonomy, which she considers essential for preserving company culture.
Building an Authentic Brand
LaFleur emphasizes the importance of building a brand with authentic values that resonate with customers. Swell’s commitment to quality, fashion, and philanthropy, along with its unique design aesthetic, have contributed to its success.
Scaling with Intention
LaFleur emphasizes the importance of scaling strategically to avoid overextending resources and compromising quality. She highlights the importance of building a strong infrastructure and creating a solid foundation for sustained growth.
Embrace the Power of Networking
LaFleur acknowledges the immense value of building a strong network to access mentorship, seek advice, and tap into diverse expertise.
Navigating the Uncertainties of Entrepreneurship
Erik Sherman, president and editor-in-chief of Inc.com, provided valuable insights for navigating the challenges and uncertainties of building a successful business. He emphasizes the importance of storytelling, seeking mentorship, and embracing a growth mindset.
Storytelling: The Heart of Entrepreneurship
Sherman stresses the power of storytelling in sharing your personal journey and building a connection with potential investors, partners, and customers. He encourages entrepreneurs to tell their stories authentically, highlighting their unique challenges, pivots, and accomplishments.
Mentorship: A Guiding Light
Sherman underscores the critical role of mentorship. Seeking guidance from experienced entrepreneurs who have navigated similar challenges can accelerate growth and provide valuable insights.
Embrace the Power of Growth Mindset
Sherman believes that embracing a growth mindset is essential for success. Failing is an inevitable part of the entrepreneurial journey. Seeing setbacks as opportunities for learning, adapting, and persevering will lead to greater resilience and enable you to navigate the inevitable hurdles.
Conclusion
ICONic New York serves as a powerful reminder that entrepreneurship is a vibrant force, fueled by innovation, resilience, and a commitment to building a better future. The event showcased the diverse perspectives and experiences of entrepreneurs from across various industries, providing a roadmap for individuals seeking to make their mark on the world. Whether you are a seasoned investor, a budding entrepreneur, or simply someone who admires the human spirit of innovation, ICONic New York offers a glimpse into the exciting and ever-evolving landscape of entrepreneurship.