Strategy, execution, and a bit of luck - Startup Founder's Dream
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Transcript of Strategy, execution, and a bit of luck - Startup Founder's Dream
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Strategy, execution and a bit of luck.
The life of a startup founder
http://www.flickr.com/photos/rhinoneal/3907394091
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• STARTUP FOUNDER
• TWO EXITS (2009 – ALCATEL
LUCENT & 2014 – LIVEOPS
• EARLY STAGE ANGEL
INVESTOR
• MENTOR TO MANY STARTUPS
• RUNNER
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http://www.flickr.com/photos/gianpierre_soto/5505817770/sizes/l/in/photostream/
TOPICS1. STARTING
2. GROWING
3. EXITING
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http://www.flickr.com/photos/cedmars/6816878644/
team | validation | funding
STARTING
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http://cdn.api.warnerbros.com/WB_Portal_3.0/imageRequest?rendition=SmallThumbnail&contentId=087194
Team Make wise choices, including your co-founders
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http://www.flickr.com/photos/syume/4400844746/
FoundersCommitment, and a shared passion.
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http://www.flickr.com/photos/syume/4400844746/
Core TeamNever settle for anything less than A+ | Slow to hire & quick to fire.
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As a founder, you will wake up
in a puddle of your own sweat
realizing you are completely
******
http://sleepdisorders.dolyan.com/30-great-tips-what-can-help-me-sleep/
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Validation Your idea solves a problem
customers are willing to pay
money for
http://wallpapergravity.com/Image.php?ID=382174
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Validation Ensures you’re not heading
down the wrong path.
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Ignoring ValidationMeans your guessing and burning
cash
http://www.ipadwallpaperhd.com/fire_dollar-wallpapers.html
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FundingThe art of bootstrapping
http://www.flickr.com/photos/trippinlarry/5987691227/
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Bootstrappingretain control | no dilution
http://www.flickr.com/photos/tfpc/6139591124/
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http://www.flickr.com/photos/h-k-d/4490192739/
Bootstrapping• Get lean, at work and at home.
• Explore consulting or other work options.
• Leverage every dollar.
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http://farm1.staticflickr.com/93/281790898_c3240c02c4_o_d.jpg
LeverageR&D grants
New hire programs
Loans for sales & marketing
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http://upload.wikimedia.org/wikipedia/commons/thumb/8/87/WinonaSavingsBankVault.JPG/1280px-WinonaSavingsBankVault.JPG
Angel / SeedOnce you have a
validation, prototype, and
ideally paying customers
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Acceleratorsadvance your idea | scale | investors
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http://www.flickr.com/photos/minusbaby/3403178463/
Failure is from a lack of paying
customers, not funding
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http://www.flickr.com/photos/evoo73/6930638399/
planning | process | advisors
GROWING
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Planning“Some people skate to the puck. I skate to where
the puck is going to be.”Credit: Sporting News Archive
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PlanningWhen starting, doing is more important
than planning.
At some point you will need some
‘planning’ for growth
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Knowing when to hit the gas pedal is key.
Scaling awareness too quickly can spell disaster
http://www.flickr.com/photos/lanier67/4047779644/sizes/l/in/photostream/
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ProcessImportant, but balance that ‘startup’
culture. Above all else, ensure you
have a culture of employee
accountabilityhttp://farm1.staticflickr.com/91/269389847_e32f708b58_b_d.jpg
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AdvisorsImportant to you as a founder, and to your company
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http://www.flickr.com/photos/javi_velazquez/6908063653/
strategy | positioning | execution
EXITING
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http://commons.wikimedia.org/wiki/File:Maccari-Cicero.jpg
StrategyAre you an entrepreneur, or empire builder?
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http://www.flickr.com/photos/kellbailey/1805414461/
Lean Startup + Early Exita winning combination
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Val
idat
ion
Rai
se A
nge
l (o
wn
35
%)
Pro
du
ct /
M
arke
t Fi
t
Pro
ve
Mo
del
Trac
tio
n
3 Year Exit$25M at
65%
Seri
es A
(o
wn
40
%)
Seri
es B
(o
wn
25
%)
Mez
zan
ine
(o
wn
10
%)
2 to 3 years
5 to 7 years
IPO / Exit $150M at 10%
Source: “Exit Strategy for Startups”, VentureArchetypes, LLC
Which path is better?reducing time to exit = reducing risk + enhances IRR
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http://www.flickr.com/photos/uckhet/268319752/
Exit StrategyHave your “end game” exit
strategy on Day #1
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http://www.flickr.com/photos/beaconradio/5911999506/
Positioning• Tell a good story, with passion
• Specifics on potential of “together”
• Vision of “what could be” in the future
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http://www.gazprom.com/about/history/events/italy40/
Negotiation• Hire A+ finance & legal advisors
• Never piecemeal
• Clean house before diligence
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http://www.flickr.com/photos/gianpierre_soto/5505817770/sizes/l/in/photostream/
TOPICS1. STARTING
2. GROWING
3. EXITING
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It is a lonely adventure
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Balancing ActMost successful entrepreneurs have a good balance of execution intuition and luck.
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Failure is a real possibilityhttp://www.flickr.com/photos/kcnickerson/1008563510/
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Light at the end of the tunnel
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Recommended ReadingThe Founder’s Dilemmas| Lean Analytics | Running Lean
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Local AcceleratorsAccepting applications for their next cohort.
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Some of the photographs in this presentation were retrieved from Flickr and made available under a Creative Commons license. Please refer to each photograph for a link to the image source.
Contact Me:E-Mail: [email protected]
Twitter: @thomjeff