With over four decades of experience spanning industries such as software, technology, media, gaming, and transportation, David Solomont has earned a reputation as a seasoned investor, entrepreneur, and advisor. His wealth of experience working with startups, early-stage technology companies, and established firms has given him unique insights into what it takes to succeed in today’s fast-paced business world. Solomont’s journey, which includes founding ev Transportation Services, Inc (evTS) and other notable companies, demonstrates his strategic approach to building and growing businesses. In this article, we explore some of Solomont’s key pieces of advice for entrepreneurs aiming to launch and grow successful ventures.
1. Build the Right Team
One of the cornerstones of David Solomont’s philosophy is the importance of team building. In his view, no matter how brilliant an idea may be, its execution ultimately depends on the people behind it. Solomont stresses that successful entrepreneurs must surround themselves with individuals whose skills and experiences complement their own. A strong, motivated team that shares the founder’s vision can propel a company forward, particularly during its early stages.
“A great idea is only as good as the people behind it,” says Solomont. He advises entrepreneurs to take time in recruiting, finding individuals who not only have the technical skills but also align with the company’s values and mission. Solomont’s own ventures, such as evTS and Common Angels, have thrived due to the robust teams he assembled.
2. Focus on Strategic Planning
As an experienced advisor, Solomont emphasizes the importance of strategic planning from the outset. Entrepreneurs, particularly in the tech space, often get caught up in the excitement of launching innovative products without putting enough thought into long-term strategy. Solomont advises that while innovation and passion are critical, having a clear, well-structured plan is key to turning an idea into a scalable business.
“Innovation is important, but execution is paramount,” Solomont says, noting that a startup’s growth is directly linked to how well it executes a detailed, forward-looking business plan. For this reason, entrepreneurs must spend considerable time developing their business strategies—this includes outlining paths to funding, marketing, and scaling. Solomont’s experience as the CEO of evTS, a company revolutionizing transportation with electric utility vehicles, illustrates his strategic mindset. He meticulously plans for the company’s growth, including securing partnerships, investments, and positioning the company for market leadership.
3. Adapt to Change
Having worked across multiple industries, from software and e-commerce to media and gaming, Solomont understands the need to adapt in rapidly changing environments. In his experience, the companies that thrive are those that are flexible and willing to pivot when necessary. This is particularly true for technology startups, where market conditions, customer demands, and competitive landscapes can change rapidly.
Solomont encourages entrepreneurs to be open to evolving their business models or product offerings in response to feedback or industry shifts. “Don’t be afraid to pivot if the market tells you something different,” he advises. This mindset of adaptability has been a hallmark of his career, allowing him to successfully navigate the ever-evolving world of technology and entrepreneurship.
4. Develop a Strong Network
Throughout his career, David Solomont has placed great emphasis on networking. He has been actively involved with institutions like the Massachusetts Technology Leadership Council, the Museum of Science in Boston, and the Museum of Fine Arts in Boston. He encourages entrepreneurs to build relationships with mentors, investors, advisors, and industry peers.
Solomont notes that having a strong network can provide access to funding, partnerships, and advice at critical junctures. “Success in business often comes down to who you know,” he explains. Developing relationships with experienced mentors and industry experts can provide valuable guidance and open doors that might otherwise remain closed.
5. Secure the Right Funding
David Solomont is well-versed in the world of venture capital and funding, having founded Common Angels in 1998 to support early-stage companies. His advice to entrepreneurs is to secure funding at the right time and from the right sources. He recommends focusing on building relationships with investors who not only provide financial backing but also share a long-term vision for the company.
“Choose investors who align with your mission and who can add value beyond just capital,” Solomont advises. He believes that investors should act as partners in the company’s growth, providing guidance and support as the business scales.
Conclusion: A Legacy of Leadership
David Solomont’s advice to aspiring entrepreneurs is deeply rooted in his personal experience as a successful investor, founder, and advisor. His focus on team building, strategic planning, adaptability, networking, and securing the right funding has been key to his success over the last 40 years. Entrepreneurs who follow his guidance can benefit from a solid foundation for their ventures and be better equipped to navigate the challenges of launching and scaling a business.
From founding evTS to serving as a trustee for major institutions like the Massachusetts Technology Leadership Council, Solomont’s leadership continues to influence and shape the entrepreneurial landscape. His advice offers a clear roadmap for entrepreneurs who want to build resilient, successful companies in a competitive world.