Diese Präsentation wurde erfolgreich gemeldet.
Wir verwenden Ihre LinkedIn Profilangaben und Informationen zu Ihren Aktivitäten, um Anzeigen zu personalisieren und Ihnen relevantere Inhalte anzuzeigen. Sie können Ihre Anzeigeneinstellungen jederzeit ändern.
Silicon Valley 2.0  Lots of Little Bets + Moneyball for Startups     Dave McClure        http://500.co            (@DaveMc...
Dave McClure                     Founding Partner & Troublemaker, 500 Startups00’s & 10’s:• Investor: Founders Fund, Faceb...
500 Startups            Global Seed Fund & Startup Accelerator• What is 500?   –   $50M+ under management   –   20 people ...
500 Startups: Global Seed Fund            startup investments in over 30 countriesLast 6 months added: Germany, Korea, Per...
Venture Capital 2.0: Lots of Little Betsaka “MoneyBall for Startups”
Changes in Tech Startups• LESS Capital required to build product, get to market   –   Dramatically reduced $$$ on servers,...
Web 2.0 + Lean Startup   1. Startup Costs = Lower.   2. # Users, Bandwidth = Bigger.   3. Transaction $$$ = Better. Build...
Think Different.
MoneyBall 4 Startups                    http://slideshare.net/paulsingh/moneyball-a-quantitative-approach-to-angel-investi...
500 Strategy: “Lots of Little Bets”*1) Make lots of little                                                 30%  bets pre-t...
Startup Investor Ecosystem                         Bootstrap, KickStarter,                             Crowdfunding       ...
Angel* List: It Rocks.         •   Startups & Investors         •   Activity & Metrics         •   Platform & APIs        ...
Early-Stage Risk Reduction•   1st Mtg: Crazy, Idiots, Liars or Crooks?•   Product: does it work? (crappy, not perfect)•   ...
Early-Stage Startups:      Your “Due Diligence” Is An Illusion(Better approach = write a quick, small check then wait ~6 m...
Bet on Singles, Not HomeRuns. (Look for Ichiros, Not Barry Bonds)
Platforms 2.0Search, Social, Mobile
Platform ViabilitySuccessful Platformshave 3 Things:          Features                        Features1) Features2) Users3...
Distribution PlatformsCustomer Reach: 100M+  • Search: Google, Baidu, Yahoo/Bing, Yandex  • Social/Games: Facebook, Twitte...
Web 2.0 Business Model:           KISS (“Keep It Simple, Stupid”)• 1) Re-invent Web 1.0 Businesses   – Make a Website, a W...
More Acquirers (tech + non-tech);          More & Smaller Acquisitions1. Mature Internet Platform Co’s:    – GOOG, MSFT, Y...
Lean Startup, Lean VC Customers, Metrics, Iteration.  Invest BEFORE Traction;    Double Down AFTER.
The Lean Startup•   Progress ≠ Features; Measure Conversion•   Talk to Customers; Discover Problems•   Focus on “Product/M...
Startup Incubators & Metrics    Lots of Little Bets. Most FAIL.        (but a few succeed :)
Incubator 2.0: Fast, Cheap, FAIL• Incubators = supportive startup ecosystem (+ angels, VCs)• Efficient use of investment c...
Incubator 2.0:  Education, Collaboration, Iteration• Success based on:  –   MANY, small experiments  –   common platforms,...
Education & Community•   Mentors, Investors•   Design, Data, Distribution•   Platform Partners•   Sponsors & Strategics•  ...
Product, Market, Revenue• Product: assess functional use, improve design/UX• Market: test usage, distribution channels• Re...
Hacker, Hustler, Hipster• Hacker: engineers & developers• Hipster: design & UX• Hustler: marketing & business1.Build funct...
Outlier Competition +     Modeling Success Behaviors•   You want min 3-5 “rockstars” to compete•   Rockstars to model succ...
Winners, Losers, Tweeners• Winners #WIN (with or without you)• Losers #LOSE (with or without you)• Tweeners #TWEEN  – They...
fbFund REVfbFund REV: Facebook “Social” Incubator: invest in startups, apps,  websites based on Facebook platform & Facebo...
The Lean VC:         Lots of Little Bets, Incremental InvestmentMethod: Invest in lots of startups using incremental inves...
Investment Stage #1:  Product Validation + Customer Usage• Structure   – 1-3 founders   – $25-$100K investment   – Incubat...
Investment Stage #2:   Market Validation + Revenue Testing• Structure   – 2-10 person team   – $100K-$1M investment   – Sy...
Investment Stage #3:             Revenue Validation + Growth• Structure   – 5-25 person team   – $1M-$10M investment   – S...
Going Local, Going Global  web gets bigger -> world gets smaller
Global Trends• Growth of Global Languages (see MyGengo.com)    – 1B+ speakers: Mandarin, English    – 300-500M+ spkrs: Spa...
Thanks • Want more info? Go visit:  – http://500startups.com (our company)  – http://500hats.com (my blog)  – https://ang...
Nächste SlideShare
Wird geladen in …5
×

Silicon Valley 2.0: Lots of Little Bets

26.011 Aufrufe

Veröffentlicht am

Veröffentlicht in: Business
  • Have u ever tried external professional writing services like ⇒ www.WritePaper.info ⇐ ? I did and I am more than satisfied.
       Antworten 
    Sind Sie sicher, dass Sie …  Ja  Nein
    Ihre Nachricht erscheint hier
  • Did u try to use external powers for studying? Like ⇒ www.WritePaper.info ⇐ ? They helped me a lot once.
       Antworten 
    Sind Sie sicher, dass Sie …  Ja  Nein
    Ihre Nachricht erscheint hier
  • DOWNLOAD THE BOOK INTO AVAILABLE FORMAT (New Update) ......................................................................................................................... ......................................................................................................................... Download Full PDF EBOOK here { https://urlzs.com/UABbn } ......................................................................................................................... Download Full EPUB Ebook here { https://urlzs.com/UABbn } ......................................................................................................................... Download Full doc Ebook here { https://urlzs.com/UABbn } ......................................................................................................................... Download PDF EBOOK here { https://urlzs.com/UABbn } ......................................................................................................................... Download EPUB Ebook here { https://urlzs.com/UABbn } ......................................................................................................................... Download doc Ebook here { https://urlzs.com/UABbn } ......................................................................................................................... ......................................................................................................................... ................................................................................................................................... eBook is an electronic version of a traditional print book THE can be read by using a personal computer or by using an eBook reader. (An eBook reader can be a software application for use on a computer such as Microsoft's free Reader application, or a book-sized computer THE is used solely as a reading device such as Nuvomedia's Rocket eBook.) Users can purchase an eBook on diskette or CD, but the most popular method of getting an eBook is to purchase a downloadable file of the eBook (or other reading material) from a Web site (such as Barnes and Noble) to be read from the user's computer or reading device. Generally, an eBook can be downloaded in five minutes or less ......................................................................................................................... .............. Browse by Genre Available eBOOK .............................................................................................................................. Art, Biography, Business, Chick Lit, Children's, Christian, Classics, Comics, Contemporary, CookBOOK, Manga, Memoir, Music, Mystery, Non Fiction, Paranormal, Philosophy, Poetry, Psychology, Religion, Romance, Science, Science Fiction, Self Help, Suspense, Spirituality, Sports, Thriller, Travel, Young Adult, Crime, EBOOK, Fantasy, Fiction, Graphic Novels, Historical Fiction, History, Horror, Humor And Comedy, ......................................................................................................................... ......................................................................................................................... .....BEST SELLER FOR EBOOK RECOMMEND............................................................. ......................................................................................................................... Blowout: Corrupted Democracy, Rogue State Russia, and the Richest, Most Destructive Industry on Earth,-- The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt Disney Company,-- Call Sign Chaos: Learning to Lead,-- StrengthsFinder 2.0,-- Stillness Is the Key,-- She Said: Breaking the Sexual Harassment Story THE Helped Ignite a Movement,-- Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones,-- Everything Is Figureoutable,-- What It Takes: Lessons in the Pursuit of Excellence,-- Rich Dad Poor Dad: What the Rich Teach Their Kids About Money THE the Poor and Middle Class Do Not!,-- The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness,-- Shut Up and Listen!: Hard Business Truths THE Will Help You Succeed, ......................................................................................................................... .........................................................................................................................
       Antworten 
    Sind Sie sicher, dass Sie …  Ja  Nein
    Ihre Nachricht erscheint hier
  • The "END OF GOUT" extensively goes over the nature-based solution that achieves just this. You'll be able to say goodbye to gout, and feel better than ever before, in just 7 days or less! ♥♥♥ https://url.cn/5MYrgAB
       Antworten 
    Sind Sie sicher, dass Sie …  Ja  Nein
    Ihre Nachricht erscheint hier
  • I wouldn't have suffered three years of gout misery if I'd known that… Thousands of people are now gout-free simply from eating foods found in their local supermarket – now I'm one of them! No meds, doctors or procedures – three years of pain gone in weeks. ■■■ https://url.cn/5sAm1gG
       Antworten 
    Sind Sie sicher, dass Sie …  Ja  Nein
    Ihre Nachricht erscheint hier

Silicon Valley 2.0: Lots of Little Bets

  1. Silicon Valley 2.0 Lots of Little Bets + Moneyball for Startups Dave McClure http://500.co (@DaveMcClure) January 2013 http://slideshare.net/dmc500hats
  2. Dave McClure Founding Partner & Troublemaker, 500 Startups00’s & 10’s:• Investor: Founders Fund, Facebook fbFund, 500 Startups• Companies: Mint.com, SlideShare, Twilio, WildFire, SendGrid• Marketing: PayPal, Simply Hired, Mint.com, O’Reilly80’s & 90’s:• Entrepreneur: Founder/CEO Aslan Computing (acq’d)• Developer: Windows / SQL DB consultant (Intel, MSFT)• Engineer: Johns Hopkins‘88, BS Eng / Applied Math
  3. 500 Startups Global Seed Fund & Startup Accelerator• What is 500? – $50M+ under management – 20 people / 10 investing partners – Silicon Valley HQ + Incubator – SF, NY, MEX, BRZ, IND, CHN, SE Asia – 800+ Founders / 200+ Mentors – 20+ confs/events per year – Focus: Design, Data, Distribution• 400+ Portfolio Co’s / 30+ Countries – Wildfire (acq GOOG, $350M) – Twilio – SendGrid – TaskRabbit – MakerBot – 9GAG – Viki
  4. 500 Startups: Global Seed Fund startup investments in over 30 countriesLast 6 months added: Germany, Korea, Peru; Russia & Turkey in Q1/13
  5. Venture Capital 2.0: Lots of Little Betsaka “MoneyBall for Startups”
  6. Changes in Tech Startups• LESS Capital required to build product, get to market – Dramatically reduced $$$ on servers, software, bandwidth – Crowdfunding, KickStarter, Angel List, Funders Club, etc – Cheap access to online platforms for 100M+ consumers, smallbiz, etc – A few big IPOs @ $1B+, but LOTS of small acquisitions (<$100M)• MORE Customers via ONLINE platforms (100M+ users) – Search (Google) – Social (Facebook, Twitter, LinkedIn) – Mobile (Apple, Android) – Local (Yelp, Groupon, Living Social) – Media (YouTube, Pinterest, Instagram, Tumblr) – Comm (Email, IM/Chat, Voice, SMS, etc)• LOTS of little bets: Accelerators, Angels, Angel List, Small Exits – Y Combinator, TechStars, 500 Startups – Funding + Co-working + Mentoring -> Design, Data, Distribution – “Fast, Cheap Fail”, network effects, quantitative + iterative investments
  7. Web 2.0 + Lean Startup 1. Startup Costs = Lower. 2. # Users, Bandwidth = Bigger. 3. Transaction $$$ = Better. Building Product => Cheaper, Faster, Better Getting Customers => Easier, More MeasurableIterative Product & Marketing Decisionsbased on Measured User Behavior
  8. Think Different.
  9. MoneyBall 4 Startups http://slideshare.net/paulsingh/moneyball-a-quantitative-approach-to-angel-investing-austin-tx-aug-2012 1. Make Lots Of Little Bets 2. Count Cards (Monitor Progress & Stats) 3. Double Down on Winners
  10. 500 Strategy: “Lots of Little Bets”*1) Make lots of little 30% bets pre-traction, Capital early-stage startups2) after 6-12 months, identify 70% top 20% performers and Capital double-down higher $$$3) conservative model assumes-5-10% large exits @20X ($50-100M+)-10-20% small exits @5X ($5-50M) 10 *See Peter Sims book: “Little Bets”
  11. Startup Investor Ecosystem Bootstrap, KickStarter, Crowdfunding Y-Combinator Angels & TechStars Incubators ($0-10M) SV Angel (Conway) SoftTech (Clavier) “Micro-VC” Funds Floodgate (Maples) ($10-100M) Felicis (Senkut) First Round True Smaller VC Funds Union Square ($100-500M) Foundry Group Atomico Andreessen Larger VC Funds (>$500M)Greylock Sequoia
  12. Angel* List: It Rocks. • Startups & Investors • Activity & Metrics • Platform & APIs • *ps – not just for Angels, or USA
  13. Early-Stage Risk Reduction• 1st Mtg: Crazy, Idiots, Liars or Crooks?• Product: does it work? (crappy, not perfect)• Market: are people using it? (not their mom)• Revenue: will people pay for it? (just a few)• Growth: how will it/they scale? (online? offline?)• Finance: what will it cost? – Q1: cost to get a customer? – Q2: how & when do you make money?
  14. Early-Stage Startups: Your “Due Diligence” Is An Illusion(Better approach = write a quick, small check then wait ~6 mo’s)• Problems in Early-Stage Due Diligence: – You Might Be Able to Detect Idiots & Liars, but… – Not much history, product, customers, or revenue (yet), so… – You probably can’t figure out Winners (yet).• The New Due Diligence = Incremental Achievements – “Due Diligence”  Trusted Referrals + History – “Great Team”  Functional Prototype + Usage – “Size of Market”  Evidence = Customers, Revenue• The Odds Are: They Suck, You’re Wrong – You’ll Be Wrong 4x out of 5x. (If U Don’t Suck). – In 6 Months, You’ll Know If They Don’t Suck. – In 1-2 Years, You’ll Know If They’re Awesome.
  15. Bet on Singles, Not HomeRuns. (Look for Ichiros, Not Barry Bonds)
  16. Platforms 2.0Search, Social, Mobile
  17. Platform ViabilitySuccessful Platformshave 3 Things: Features Features1) Features2) Users3) Money Growth Profit Nirvana .. Profitable Users Users .. Growth Money Money
  18. Distribution PlatformsCustomer Reach: 100M+ • Search: Google, Baidu, Yahoo/Bing, Yandex • Social/Games: Facebook, Twitter, LinkedIn, TenCent/QQ • Mobile: Apple (iOS), Android • Local: Yelp, Groupon, LivingSocial, FourSquare • Media: Video (YouTube), Blogs (Tumblr), Photos (Pinterest) • Comm: SMS, IM (WeChat, Line, WhatsApp, Kakao), Skype, Phone/Voice, etc
  19. Web 2.0 Business Model: KISS (“Keep It Simple, Stupid”)• 1) Re-invent Web 1.0 Businesses – Make a Website, a Widget, an App – Sell Stuff (Transactions, Subscriptions, Affiliate)• 2) add Web 2.0 Technology – Search, Social, Mobile, Local, Media, Comm – Google, Facebook/Twitter, Apple/Android, YouTube – Email, SMS, Ecommerce / Payments• 3) Get Customers, Make Money – Distribution, Distribution, Distribution – (Customer Acq’stn Cost) vs. ($Rev. Per Customer) – Low CapX + Profitable Web Businesses
  20. More Acquirers (tech + non-tech); More & Smaller Acquisitions1. Mature Internet Platform Co’s: – GOOG, MSFT, YHOO, EBAY, AOL, AMZN, AAPL, INTU, ADBE, FB, TW, LNKD, GRPN1. Non-Tech “BigCo” / Consumer Verticals buying tech startups (for distribution)• BigCo = Lots of Customers, $$$• BigCo = Bureaucracy, Innovator Dilemma• Outsource Innovation; Buy Talent / Products• Acquiring LOTS (Small) Startups• Great for Founders, Investors  * Mint acquired by Intuit in Sept 2009 for $170M
  21. Lean Startup, Lean VC Customers, Metrics, Iteration. Invest BEFORE Traction; Double Down AFTER.
  22. The Lean Startup• Progress ≠ Features; Measure Conversion• Talk to Customers; Discover Problems• Focus on “Product/Market Fit” (good solution)• Fast, Frequent Iteration (+ Feedback Loop)• Keep it Simple & Actionable
  23. Startup Incubators & Metrics Lots of Little Bets. Most FAIL. (but a few succeed :)
  24. Incubator 2.0: Fast, Cheap, FAIL• Incubators = supportive startup ecosystem (+ angels, VCs)• Efficient use of investment capital ($0-100K)• High fail rate (60-80%) => large initial sample size
  25. Incubator 2.0: Education, Collaboration, Iteration• Success based on: – MANY, small experiments – common platforms, customers, problems & solutions – physical proximity, open/collaborative environment – Domain-specific mentors & expertise – fast fail, iteration, metrics & feedback loop• Incremental investment; high-risk, but high-reward
  26. Education & Community• Mentors, Investors• Design, Data, Distribution• Platform Partners• Sponsors & Strategics• Marketing & Visibility
  27. Product, Market, Revenue• Product: assess functional use, improve design/UX• Market: test usage, distribution channels• Revenue: test cust acq cost, revenue, *timing*• Work on Pitch, Help Find Co-Investors, etc
  28. Hacker, Hustler, Hipster• Hacker: engineers & developers• Hipster: design & UX• Hustler: marketing & business1.Build functional prototypes2.Improve UX so people convert3.Scale customer acq & distribution
  29. Outlier Competition + Modeling Success Behaviors• You want min 3-5 “rockstars” to compete• Rockstars to model success for others• You can’t assume >20% rockstars• Therefore, pick 5x5 = 25 teams• 3-5 rockstar teams emerge, compete, win• 5-10 *other* non-rockstars learn• Prune losers quickly
  30. Winners, Losers, Tweeners• Winners #WIN (with or without you)• Losers #LOSE (with or without you)• Tweeners #TWEEN – They might win with your help – They might lose with your help – Be helpful, but don’t dally – Note: you might be wrong about the losers & tweeners, so don’t be an arrogant a-hole.
  31. fbFund REVfbFund REV: Facebook “Social” Incubator: invest in startups, apps, websites based on Facebook platform & Facebook Connect.• 22 startups @ ~$35K each (< $1M total)• 3 month program: Technology, Design, Marketing, Business topics• Success: 8 startups raised $500K –> 5 Series A -> 3 Series B (+ 3 small exits)• Wildfire Interactive acquired by GOOG for $350M (>50X) 
  32. The Lean VC: Lots of Little Bets, Incremental InvestmentMethod: Invest in lots of startups using incremental investment, iterative development. Start with many small experiments, filter out failures, and expand investment in successes… (Rinse & Repeat).• Incubator: $0-100K (“Build & Validate Product”)• Seed: $100K-$1M (“Test & Grow Marketing Channels””)• Venture: $1M-$10M (“Maximize Growth & Revenue”)
  33. Investment Stage #1: Product Validation + Customer Usage• Structure – 1-3 founders – $25-$100K investment – Incubator environment: multiple peers, mentors/advisors• Test Functional Prototype / “Minimum Viable Product” (MVP): – Prototype->Alpha, ~3-6 months – Develop Minimal Critical Feature Set => Get to “It Works! Someone Uses It.” – Improve Design & Usability, Setup Conversion Metrics – Test Small-Scale Customer Adoption (10-1000 users)• Demonstrate Concept, Reduce Product Risk, Test Functional Use• Develop Metrics & Filter for Possible Future Investment
  34. Investment Stage #2: Market Validation + Revenue Testing• Structure – 2-10 person team – $100K-$1M investment – Syndicate of Angel Investors / Small VC Funds• Improve Product, Expand Customers, Test Revenue: – Alpha->Beta, ~6-12 months – Scale Customer Adoption => “Many People Use It, & They Pay.” – Test Marketing Campaigns, Customer Acquisition Channels + Cost – Test Revenue Generation, Find Profitable Customer Segments• Prove Solution/Benefit, Assess Market Size• Test Channel Cost, Revenue Opportunity• Determine Org Structure, Key Hires
  35. Investment Stage #3: Revenue Validation + Growth• Structure – 5-25 person team – $1M-$10M investment – Seed & Venture Investors• Make Money (or Go Big), Get to Sustainability: – Beta->Production, 12-24 months – Revenue / Growth => “We Can Make (a lot of) Money!” – Mktg Plan => Predictable Channels / Campaigns + Budget – Scalability & Infrastructure, Customer Service & Operations – Connect with Distribution Partners, Expand Growth• Prove/Expand Market, Operationalize Business• Future Milestones: Profitable/Sustainable, Exit Options
  36. Going Local, Going Global web gets bigger -> world gets smaller
  37. Global Trends• Growth of Global Languages (see MyGengo.com) – 1B+ speakers: Mandarin, English – 300-500M+ spkrs: Spanish, Arabic• Smart Device Proliferation – mobile, tablet, TV, console, etc• More Young, More Old ($$$) Users Online• More Bandwidth, More Video, More Social, More Mobile• Wealthy Chinese + Indian, Web + IRL Globetrotters ($$$B)• Acceleration of Global Payment, E-Commerce• Dramatically Reduced Cost: Product Dev, Customer Acqstn• Global Distribution Platforms – US/EU: Apple, Facebook, AMZN, GOOG (Search, YouTube, Gmail, Android), Twitter – Asia: Baidu, Tencent, Alibaba, Sina, NHN, Yahoo-J, Softbank, Rakuten, DeNA, Gree
  38. Thanks • Want more info? Go visit: – http://500startups.com (our company) – http://500hats.com (my blog) – https://angel.co/500-startups-fund-ii (our fund)

×