Susan Beebe’s answer to Is there any point in tracking expenses in starting up a startup?

Yes, absolutely.

A startup is a business. As a business, you need to know how much money you are actually making in order to make effective decisions.

Additionally, you must present your company "financials" to a bank for funding; same is true for VC cash. Begin owning and operating your company as a "real" company from the start so you don't have to play catch up later to justify your financial needs. Furthermore, if you don't have a firm grasp of your operations you won't have the information YOU need to plan your company's future growth.

Is there any point in tracking expenses in starting up a startup?

#RIT48 Web Business Startup Competition - Final Pitches & Judging @RIT48 [Ustream VIDEO] #RIT University #ROC

The first ever RIT48 competition kicked off this weekend at RIT University where students from various majors came together and were challenged to do the following:  form a team, plan, design, develop and launch a new web startup in less than 48 hours!  There were 10 teams competing for cash prizes, awards and recognition for their efforts. I was honored to be selected as a Judge and Mentor throughout the weekend of March 19-20, 2010 for the first ever RIT48 event.  The teams all did a fantastic job of preparing Business Plans and Demoing their websites.  This was quite a treat for  me as I love to mentor and provide assistance to young startups.

"RIT48 aims to bring together RIT students from various disciplines to pitch, plan, develop and launch a startup in one weekend — or, as the name suggests, 48 hours."   - RIT48

I will be uploading more event pictures later, but in the meanwhile I thought I'd provide a link to the Ustream live feed Video that was taped during our final judging of the RIT48 competition.

See next page for video...

At the Judges' table (seated left to right):  Aaron Newman, Liz Lawley, Susan Beebe, Lee Drake and Jon Schull.

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