What can you learn from playing poker for real-life situations and your startup?
Tino Engel and Mali M. Baum gave us a unique game theory insight yesterday at the Startup Coworking-Space of the SIBB e.V. and showed us that there are a lot of parallels between the startup world and the poker game and how you can transfer certain game situations to your own startup decision making process.
In poker, it is very important to evaluate and reflect on the game decisions of your fellow players. But you also must pay attention to small details of body language, facial expressions, and gestures in order to get as much information as possible about your fellow players, what strategy they are pursuing, and whether they are perhaps just bluffing.
Investors also look very closely not just at the startup idea and the potential, but also at whether the strategy you follow is consistent, and the team is trustworthy.
One of the many lessons learned yesterday was that you definitely have to pursue a strategy for your startup to be successful, and weigh up the risks, specifically if there is a great deal of uncertainty.
After the poker round, there was also the opportunity to exchange ideas with other founders in the Co-founders matching and to apply for the next batch of the SIBB Deep Tech Accelerator.
If you are a startup founder, want to bring your idea to life and get 2.000€ per month to work for it full time, than you can apply until August 17th, 2022 to be part of the next cohort. Start will be October 01, 2022.