1. When I grow up I want
to be an entrepreneur
Augusto Fazioli
augusto.fazioli@gmail.com

2. •
•
•
•
Information Technology System Integrator
From 1 to 330 employees in less than 10 years
Valued 80ML€ at first VC round in year 2000
Sold to a listed company in 2003

3. Success
factors
Lessons
learnt

4. How it started
• When in the USA tried to
open a disco and later to
export tennis sport
accessories
• Early brainstorming at
Microsoft USA late 80’s
• The first 2 page business
plan had not even a name
• Abrubtly left Microsoft
and incorporated in Italy in
1991

5. Judo vs Sumo: we chose a
Judo strategy

6. We had a Mission & Priorities
• Mission
• «…At Iris we want to build something new, long lasting
and with no boundaries. We want to integrate processes
and technologies thanks to a consulting offering based
upon strong methodologies and competencies. We want
to build a group of people willing to grow and work in
armony…»
• Priorities year 2001
• Scalability
• Fast delivery
• Highly visible clients and projects

7. Think big, don’t be shy
• Credito Italiano
• DSS branch profitability
• Rinascente
• DSS buyer
• Sociètè Generale
• Treasury front end

8. We focused on the most
important asset
• 360° Performance review
• In search of organized chaos
• New arrivals presentation
• Barbeque
• Confession
•

9. We stopped and think more often
than our agenda would suggest
• The lake
• Corporate
retreat
• Workshop

10. We went over the speed limit
• Project IrisCube: Mission Possible!
• Revenues 40ML
• IPO
• 300 people
• Venture capital funding
• M&A and related difficulties
•
•
•
•
Acquired the wrong companies
People integration
Methodology
Values

11. The Internet bubble
explodes and the toy is
broken
• Many customers
cancelled entire projects
• Consultants back in the
office with no space for
everyone
• 8ML€ loss in 2002

12. When tackling tough problems, we
did not hesitate, the faster the
better
• Restructuring plan
• Massive layoff of almost 50% of the workforce
• Closing of Paris, Turin, Verona
• Sell off of software factory in Moldovia
• In less than 12 months back to a positive EBITDA…
• … restructuring debt however brought a negative
EBIT
• Sold the company in July 2003

13. Success factors
• Timing
• Judo vs sumo
• Mission & Priorities
• Think big, don’t be shy
• Focus on the most important asset
• Stop and think
• When tackling tough problems, the faster the better

14. Success
factors
Lessons
learnt

15. How do you start a new
business?
•
•
•
•
Brain storming
Selling your dream
Plan the unplanned
and design a Plan B
Give it a try with
smaller ventures
•
•
Timing
Luck
Business
Our success was due
It takes time, start now! to timing and 50%
50%
plan
to luck. The rest was
intelligence....
Jeff Bezos - Amazon

16. Why you start a business
To build
something
• Built to Last – Jim Collins
• The HP Way – David
Packard
?
Just to make
money

17. The 3 most important factors
• Choose the right people
• Choose the right people
• Choose the right people
• Right people is not necessarily the smartest but
thos in line with your values. If your team is made
up of the «right» people
• You might argue for insignificant details
• You argue NOT for the critical decisions

18. Other success factors
• A very good idea, not necessarily great and
certainly not necessarily unique
• Execution ability
• Be resilient, no matter of much stretegic planning
you have done, uncertainty is the norm

19. Think big even when you are
small
• Do not rest on «easy» customers
• Captive market
• Personal contacts
• Be brave, think big & international
• Dry run & Presentation scripts

21. Some reading
Augusto Fazioli
augusto.fazioli@gmail.com
• Maverick – Ricardo Semler
• Breakthrough Thinking: The Seven Principles of Creative
Problem Solving - Gerald Nadler & Shozo Hibino
• Beware the Naked Man Who Offers You His Shirt – Harvey
Mackay
• Emotional Intelligence – Daniel Goleman
• Lateral Thinking – Edward De Bono
• Built to Last – Jim Collins
• From Good to Great – Jim Collins
• Only the paranoid survive – Andy Groove
• The HP Way – David Packard
• The Long Tail – Chris Anderson