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The start-ups that do well are the ones that are working all the time.

I got really excited about the idea of data-driven startup just as I was starting Kaggle.

I think many start-ups make mistakes because they are focusing on things that are farther ahead, and they haven't done the work that has built the foundation to support it.

Launching a start-up, you need to get a lot done quickly. Every day is different. Everyone pitches in with everything. It's easy for the founding team to say, 'We're flexible. We all help out with everything!' But when it comes to making decisions - that flexibility can spell inefficiency and disaster.

Startups are often very undercapitalised, but I found that to be very beneficial because it forces you not to throw money at problems. Instead, you learn all the nuts and bolts of what you're doing and become an expert.

In the early days, start-ups make the main mistake of hiring people to do the work that they could do themselves.

On the back end, software programming tools and Internet-based services make it easy to launch new global software-powered start-ups in many industries - without the need to invest in new infrastructure and train new employees.

History has proven time and again that downturns are the best time to invest in new start-ups. You get good deals and find a better environment for start-ups to grow.

In a startup, in the early days, it can be hard to explain what you do.