Start-up Weekend

7 things I’ve learned(slides with added notes)

January 2012, Bergen Norway

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1-3-1I come from Cambridge, live in London & I come from Cambridge, live in London & SF, done 5 start-ups, 1 exit 3 fails and 1 SF, done 5 start-ups, 1 exit 3 fails and 1 TBD, I love skiing, flying and filmTBD, I love skiing, flying and film

1. Team – Your key job as CEO is:1. Team – Your key job as CEO is:

“to hire and retain awesome talent.”

1. Team – Make sure your co-founder is 1. Team – Make sure your co-founder is complimentary to you, Huddle Co-Founders are complimentary to you, Huddle Co-Founders are a great examplea great example

1. Team – Follow your gut when hiring people 1. Team – Follow your gut when hiring people and hire slow, fire quicklyand hire slow, fire quickly

1. Team – Delegate. If someone can do 1. Team – Delegate. If someone can do something 70% as well as you, delegate it – something 70% as well as you, delegate it – unless it is hiring or fund raising !unless it is hiring or fund raising !

• Get a Co-Founder but better none than the wrong one!

• Issue Founder sharesand give generous share options to the team

• 70% rule: Delegateexcept for Fund raising & Hiring

• Hire slow, fire quicklyfollow your gut!

2. Focus – Do one thing well!2. Focus – Do one thing well!

2. Focus – playtxt did too much so it was hard to 2. Focus – playtxt did too much so it was hard to attract an initial market following.attract an initial market following.

Golden Rule:Golden Rule:Do 1 thing really well first.

2. Focus – Also focus on one platform2. Focus – Also focus on one platform

2. Focus – Too many platforms early stage 2. Focus – Too many platforms early stage means resources are diluted, iteration is slowedmeans resources are diluted, iteration is slowed

2. Focus – even big guys started off with focus2. Focus – even big guys started off with focus

better search, faster

2. Focus2. Focus

• Do one thing really well

• Be clear about the problem you’re solving!

• Don’t do too many platforms

3. Practise – Have a one line pitch, like “Jaws in 3. Practise – Have a one line pitch, like “Jaws in Space” for the Alien movie. Make sure its simple.Space” for the Alien movie. Make sure its simple.

3. Practise – allegedly it takes 10,000 hours to 3. Practise – allegedly it takes 10,000 hours to become an expert, so practise does make perfectbecome an expert, so practise does make perfect

4. Timing is everything – make sure your market 4. Timing is everything – make sure your market is ready for your amazing new thingis ready for your amazing new thing

2002 2003 2004 2008

4. Timing – beware of being in a bubble and 4. Timing – beware of being in a bubble and suffering the curse of knowledgesuffering the curse of knowledge

4. Timing is everything4. Timing is everything

Smart Phones

5. Fail fast5. Fail fast

• 4,000 signups• 70,000 signups

5. Fail fast5. Fail fast

Do you wantbetterrecommendations?

Yes.

..except No.

5. Fail fast – Read this great book5. Fail fast – Read this great book

6. Funding – it’s a marriage; get to know your 6. Funding – it’s a marriage; get to know your potential investor – go great drunk with them potential investor – go great drunk with them BEFORE you sign the deal!BEFORE you sign the deal!

5. Funding – it always take double to build and 5. Funding – it always take double to build and three times the time to raise money. three times the time to raise money.

@

£

7. Love what you do!7. Love what you do!

7. Love – can be a long road, I spoke to over 200 7. Love – can be a long road, I spoke to over 200 investors or Rummbleinvestors or Rummble

7. Love – Starbucks Founder spoke to 234 7. Love – Starbucks Founder spoke to 234 people before he got his first investmentpeople before he got his first investment

234

“ Never under-estimate the value of a good hangover”

@ and rewjscott

Feel free to contact me .

@ and rewjscott

and rew@ urbanhorizon.com