10.22.2011. Who Am I? Charleston SC Native Have been a part of several startups Worked as an...
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10.22.2011
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Who Am I?
• Charleston SC Native• Have been a part of several startups • Worked as an architect at Apple (OSX) and Microsoft (a bunch of
stuff)Skewlz: Umiami, Berkley, Stanford, UC
Davis Livermore
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Agenda
• What?• Why?• How?• When?• Next?
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What is a StartUp?
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What is a Startup?
“A startup is an entrepreneurial driven organization that is continually searching for a repeatable and scalable business model” ~ Mark Babbitt
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WOW – An Idea!
• Guess what?
– SO DOES EVERYONE ELSE.
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WOW – An Idea!
– A real time chat/msgr with 140 char limit (interest graph)
– A search engine based upon summing probability distributions over hyperlinks• PR(A) = (1-d) + d(PR(t1)/C(t1) + … +
PR(Tn)/C(Tn)– Affinity Graph that allows you to connect friends
based upon network theory:• (if A~ B) then (B~A) and (if A~B and B~C then
A~C)
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WHY?!
• Here are some reasons NOT to do it:
– You want to help people - there are a number of worthy charitable organizations out there
– You want to be as rich as the Facebook guy or some other rich person.
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WHY?!
Here are some reasons NOT to do it:– You want a job where you get to
hang out with your engineering friends -- form a hacker's club
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WHY?!
Here are some reasons NOT to do it:– You want a small business to
support a nice lifestyle for you and your family and you know your buddy's IT shop nets $2M a year.
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WHY?! Here are some reasons TO do it:
– You've always wanted to build your own company from the ground up -- you were that kid selling lemonade
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WHY?! Here are some reasons TO do it:
– You've been working on what you believe to be a great idea that will make money and you've gotten some smart people interested in doing it with you
– PASSION.
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WHY?! Should You?
– Willing to devote 100% for 0-5 years?• Everything you do revolves around moving
NewCo forward:– Take Care of you and others– Cut out all extraneous BS– Willing to live on reduced income etc
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WHY?! Should You?
– Take NO for an answer?• That is basically all that happens
– Passionate?• Do you lay in bed thinking about it?• Stay up trying to code the idea?
– Are you honest with yourself?• Otherwise you and everyone else will find out –
pronto.
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Steps
– Secure domain name– Familarize yo’sef with corp docs and
process– Get a great lawyer– Form company (c-corp)
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Steps
– Educate yourself on funding– Read Brad Felds book and Founders at
Work blog– Start working VC network– Do not form a board of directors– Iterate on everything code/ideas/money– Raise round while scaling– Close the round and keep raising
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Three T’s
•A Ranked list:–Talent – Who ?–Tech – How ?–Timing – When ?
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Talent
• AKA THE CREW
• A great team will turn a grade B idea into • a grade A idea and EXIT
• (Also companies buy startups for the team)
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Talent
• AKA THE CREW– At least TWO founders:
• One Operational or Business • Other technical
– Initial team needs to be a mix:• Nowadays KILLER front end and User Experience• Backend just as important• Some type of DataScience
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Talent
• Some words on Co-Founders– Get a great co-founder. This is too hard
to do alone. – If you're not technical but have good
domain knowledge in something you're passionate about, get a technical co-founder.
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Talent
• Some words on Co-Founders– Spend time up front learning if you can
trust this person because you will have to trust them, with everything.
– Second only to your spouse or partner, this is one of the most important relationships you will have.
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Talent
• “The only mistakes I regret are people mistakes.” ~ Brad Feld
• “Steve hires the best people.” ~ Bill
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Talent
• Create Advisory Board– Knowledge of funding process– Domain expertise– Track record of building startups– Able to listen to crying for hours
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Tech
• We know it We LOVE it…– Sorry we cannot just code we have to THINK– Nowadays no one really cares about the tech– Framework coding has ushered in a new era– Patents are still important– REALLY Novel algorithms and methods
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More Than Code• from numpy import *• from numpy.linalg import norm• from time import time• from sys import stdout
• def DoMyStartup (V,Winit,Hinit,tol,timelimit,maxiter):• """• (W,H) = DoMyStartup(V,Winit,Hinit,tol,timelimit,maxiter)• W,H: output solution (exit matrix)• Winit,Hinit: initial startup state• tol: tolerance for not being able to take it anymore (tolerance)• timelimit, maxiter: limit of time and iterations• #MajikHappens here… (eg rapid gradient descent to exit)
• return (H, grad, iter)
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Timing
• Everything in life is timing– Time is money ~ Money is Time– Kill bad ideas fast and furious– Apply to all incubators– Apply to all angel venture lists– Start prototyping - yesterday
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Process Stuff
• Ya gotta do it to make it– C-Corp Filing– NDAs– Offer Letters– One Pager– Convertible Note– CAP Table– Pitch Deck– Biz Plan
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C-Corp Filing
– Ok for some I can hear the groans Why not an LLC?
– I am continually asked by VCs of whom I make intros:• Are they Del Corp C
– Just get the 250.00 and do it
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CAP Table
– This is who has what equity and at what price
– Equity is the name of the game in a startup
– Must be VERY simple • Allows you and others to put in various
amounts of money raised and address dilution • Lists types of stock and outstanding shares
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Convertible Note
– Standard method for early stage– Angels understand it, good for
friends/family– Converts to institutional round stock– Get enough to complete customer
validation– Know the market: read blogs books toilet
paper rolls - everything
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Non Disclosure Agreement
– Or NDA:• Have one and attempt to have everyone
sign it• VCs wont so don’t• Board members/advisors/janitors• Although I have never seen anyone enforce
one
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Offer Letters
– There are various types• Above all do not make it complicated!• Complicated equals legal crap• Legal crap equals time• Time equals money• You don’t have any of the above
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One Pager
– This document is your faceplate• Discusses company snapshot• Founders• Industry• Business • Accountants• Current Investors• Market and Product• Board of Directors• Logo and Address
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The Pitch Deck
– This is the focus– Know it love it sleep with it– Important items:
• Team up front• Opportunity – Why your doing it• Market• What makes you novel• Competition• Amount of ask• 8-10 slides
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Business Plan
– While not that important in a seed/angel round
– Will come in handy to help you figure out what the hell your making and how to make money.
– Nowadays no one really reads them.
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Last words on Docs
– Please do not get fancy or make them overly complicated.
– You don’t have time.• Most who have done this before are not going to
screw you• They are in it to make money with a team as well
as change the world• If you run into someone who grinds on these items
– Drop them. They are not focused on the correct items.
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Now what?
– Test your idea•If its consumer then talk to “regular”
people about it
•If they don’t get it in two sentences or less refine the idea or explanation
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Now what?
– Test your idea•Prototype – liquid code•Backend or heavy laden systems take
deeper research•Kill it early if its not working
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Now what?
Test your idea
–Test early and often–Do not fall in love with tech–Fall in love with company–Do Customer validation through prototype
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Now what?
Test your idea
–Make some mockups (iMocks is killer) –Also wireframes via a great Ux person–Get feedback fast and hard
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Someone Loves Me!• OK so lets say you raised 50k:
• Get incorporated• Set up a HQ in an Epicenter• Buy a domain if you haven’t• Get a lawyer• Get a team hopefully for equity• Think simple.• Go Big.
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Someone Loves Me!
• When speaking with other angels VCs: Two sentences or less Be prepared to give pitch • (e) subject: email from ted tanner (no
canned emails)• If you are getting traction be choosy• Your lead investor is important
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GO BIG OR GO HOME
• You are what you build• Think BIG – bigger seperates the average
from cutting edge• Watch pennies except for talent• Iterate Iterate Iterate• Love to hear NO• .
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GO BIG OR GO HOME
• FOCUS FOCUS FOCUS FOCUS• Listen to your customer• Market your company and products• Simplicity is key: everything you do must
reduce friction• Sell something legal
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GO BIG OR GO HOME
• Fail Once Fail Many– WTF?– Yea guess what - Everyone fails– As a matter of fact if you haven’t failed and
tried again you’re not trying hard enough– In The Valley its expected
• .
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• Thank you for your time.• @tctjr