Entrepreneur Paris de l’Etraz Inspires Young Entrepreneurs Through Venture Lab Accelerator Program
Paris de l'Etraz, PhD
Entrepreneur Paris de l’Etraz
Inspires Young Entrepreneurs Through Venture Lab Accelerator Program
This entrepreneur and professor
shares the importance of passion when it comes to spearheading a new business.
What
makes a startup business successful? While others would say an organized system
and strong customer focus, to entrepreneur and professor Paris de l’Etraz, the
answer is quite simple: it’s knowing the reason why you do what you do.
Since
his younger years, Paris always possessed a mind that is focused on business.
From selling lemonade to giving out newspapers, he always looked forward to
doing his job because he loved doing it. “It gave me a bit of excitement
because I got to meet people,” says Paris.
This
love for business actually lead him to working in investment banking for twenty
years. However, one day, when Paris turned forty-two, he had an epiphany. “I
said to myself, ‘you know what, I’m not passionate about banking anymore.’”
Then out of nowhere, a Japanese investor
asked him for help in bringing a Spanish soccer team to Japan, and that’s what
allowed him to start something of his own. In result, he was able to build his
first startup business that focused on sports.
Starting Venture Lab Accelerator
But
after eight years and five other startups, Paris wanted to give back to society
by sharing his knowledge to people. So, he decided to shift from business to
the academe, and become a full-time professor in IE Business School in Madrid,
Spain.
From
then, he founded IE Business
School’s startup accelerator named Venture Lab. Venture Lab is an academic
project that takes teams of students to train and prepare investor-ready
business ventures. Each team consists of one current student or alumnus/a,
where they receive mentorship and training from professors from IE to build the
best startup that will be eventually pitched and presented on Venture Day.
Venture Day is the culminating activity
wherein students get to showcase new ideas and skills that can be brought to
the market. Together
with Deputy Director Allison Rohe,
they are
responsible for fifty startup projects for Venture Days in Madrid that happen
twice a year.
Furthermore,
Paris is also responsible for organizing IE Venture Days in different countries
like Paolo, Mexico City, Bogota, London, Milan,
Dubai,
Shanghai, Tokyo, Singapore, Mumbai and Istanbul.
Advice to young entrepreneurs
When
it comes to starting a business, “An entrepreneur needs to have a why, that’s
not money,” says Paris. During his experience in teaching, he noticed that this
is the common mistake that most young entrepreneurs keep doing. Many focus on
building a business that earns money fastly. However, there is no reason why
they do what they do. “An entrepreneur is being committed to an idea.
There has to be a personal story on why
you do things. If you’re only doing something for the money, then you’re not an
entrepreneur, you’re just a business person.” says Paris.
To
have a great startup, Paris suggests that one should always have a reason to
why you do your business. Once you have your why, this will complete the
equation of your successful venture because you have the drive and passion to
keep it running.
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