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Transcript of Lessons learned
Co-Founder and CWTFO of Garmz.com
Sorry for talking too fast.
Turning fashion upsidedown.
* Portfolios for Designers* Feedback by Customers* Production & Ecommerce for the best
Designers Publish Designs
Customers Feedback & Vote & Decide
If customer demand -> Production --> Shop
The Story so far
* Working since 2008* Founded in Jan 2009* Been through sh* Received FFG funding.* Inits funding Feb 2010 * Local Angelround June 2010* Trigger FFG funding* Launch July 2010* Move to UK Jan 2011* Very happy since then.
Seedcamp AlumniMember of 500Startups
We got no time for Warstories.
Read the Blog or my Editorial in www.theGap.at
Lessons.Things i need to say to every CEE entrepreneur.
What do you see?
What do you see?Europe.
What do you see now?
What do you see now?Europe + useless rectangle.
Dont be local
Dont restrict yourself touseless rectangles calledborders.
Go London.Go New York.Go Silicon Valley.
Build international network.
Dont found a GMBH.
Dont waste time,energy and money.
Dont risk the best VC deals or exits.
Go directly UK LTDor US Inc.
Pro-Tip: Hire Orrick.
Dont bind yourself locally.
You need to iterate fastand not fulfill agreed projects or budgets.
The burn/overhead is easy 20-40% (up to 70%) of the money given.
And its too slow money.
The most important thing ever
Anteile auf Raten.
eg. Founder has 20% of the company vesting 4 years. He leaves after 1 year -> gives back 15% - keeps only 5%. => Rest of the team is not [email protected]%ked.
All Teammembers.Even Founders.Especially external Experts.
Pro-Tip: Cliff Vesting
SWEAT EQUITY CONSULT MY ASS.NO EQUITY UPFRONT!
yo youngster, we connect you to VCs
i am an expert. you cant pay enough
hey geek, we write your business plan
we solve your biggest problems with our magic experience
if you give us 3%-10% (30%?) of your company nowand pay us 5k a month retainer and then well see.
ONLY WORK WITH SUCCESS BASED DEAL OR WITH A INVESTMENT DOWNSIDE FOR THEMOR DONT.
} Stand up & Run.
The Startup Game
is not about getting investors.
it is about gettingcustomers, users andtraction.
Pro-Tip:First build something worth growing & investing.Then worry about investors.
If i have1M
Sorry, we dont fundraise.
Too early fundraising takes time from building something awesome and gives you only the feedback of come back when you built something awesome.
Get in investors contact. Build network. Build product. Pro-Tip: Cherrypick Angels matching your product if you can.
Dont worry about investors because investors dont worry about you.
Run making your validations and proofs andinvestors will run after you.
Lean Startup is right.
Dont write a 40 pages Business Plan. Good Presentation is enough
Fit your business concept and financial model on a napkin.
Discover & Validate with your clients.
The sad truth:You suck in listening
when talking about your startup.
Dont sell but learn.
Pro-Tip:Get customer feedback.from Customers.(Less likely than you think)
About your productBuilding solutions is easy.Finding the core of it hard.
Because understanding the problems is hard.
What is really the coreof what you do?
If you strip off everythingwhat would you leave?
When your product rocks.
Dont apply for gettingthe money.
Apply for gettingthe best networkworldwide. - Its worth it.
Go to the worldwide best ones,nowhere else.
Pro-Tip: If you cant get in, search the best Angels (for your business domain) worldwide yourself.
Small but important tip:How to network.
Archive your contacts. * who, what, * where, when
Follow up quickly with call to actions.
Interlink your networkas often as possible.
Ask for intros.
Network is always for free.
Most important if you need help
Vesting,Bizdev & Legal -> Tamas Locher (Garmz)Fundraising -> Chris Kahler (Qriously)UK LTDs & Lean.st -> Lukas Fittl (efficientcloud)Social / Communication -> Luca Hammer (work.io)Product -> me.
Ask another entrepreneur not consultants.
Dear Startup Europe:Sorry for being
Thanks for listening.
Only team counts.
Good teams:* take a ok concept make a great company* leave a shit concept and make a new company
Bad teams:* take a great concept andmake nothing.
Invest in Teams.
i in team.
Lessons Learned - Andreas Klinger
you are here.