The Startup Process Dan Gould Startonomics La 2009
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The document provides advice on starting a startup. It discusses finding a problem to solve, focusing on execution over ideas, hiring people better than yourself, prioritizing relentlessly, and focusing on products and sales to generate profits rather than seeing financing as the goal. Fundraising advice includes starting with friends and family, then pitching to angels and VCs, with the goal of getting a small amount from each to reach larger funding rounds.
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The Startup Process Dan Gould Startonomics La 2009
- 1. the startup process dan gould vp, technology fox interactive media (img cc flickr user karlequin)
- 2. you
- 3. here
- 4. startup
- 7. make money
- 8. (lots of easier ways)
- 10. (img cc flickr user noelleandmike)
- 11. (img cc flickr user casasroger)
- 12. need you
- 14. value
- 15. about:me
- 16. entrepreneur
- 19. corridor
- 20. failed
- 21. good
- 23. do
- 24. something
- 26. janitorial functions $$$ people idea marketing resources engineering
- 27. why?
- 28. metric: do you know your goal? (boolean)
- 29. idea
- 30. matters? yes
- 31. > execution? no
- 32. 100% * 100% = 100% 90% * 90% = 81% 100% * 0% = 0%
- 33. cc flickr user cayusa
- 35. niche niche niche niche niche niche niche niche niche
- 36. metric: can you show me your ideal user?
- 37. mission
- 38. quot;To serve the world's most engaged community.quot; (AOL 2006) dumb quot;To scout pro table growth opportunities in relationships, both internally and externally, in emerging, mission inclusive markets, and explore new paradigms and then lter and communicate and evangelize the ndings.quot;
- 39. A Computer on Every Desk and in Every Home (1975)
- 41. The World On Time
- 43. Organize All the World’s Information
- 45. people
- 46. rst 5-10 ==
- 47. don’t compromise
- 48. a -> a b->c c->d
- 49. metric: did i hire someone better than myself?
- 50. incentivize
- 51. options
- 52. CEO 5-10% COO 2-5% VP 1-2% (Ind) Board .5-1.5% Director 0.3-1.2% Lead Eng 0.5-1% 5+ exp Eng .33-.66% Mgr, Jr Eng 0.1-0.33% rough post-Series A
- 54. founders too
- 55. milestones
- 56. come up with a series of milestones and break down tasks to get there e.g., product design done rst customer test beta ready
- 59. types
- 60. right
- 61. consulting
- 62. lifestyle
- 63. cash ow
- 64. 50% of $1M or 5% of $20M
- 65. venture-backed
- 69. (img cc flickr user omnidirectional)
- 70. (img cc flickr user willie_901)
- 71. for most: VC==wrong (but it’s what I’m going to talk about)
- 72. fundraising
- 73. sex
- 74. (img cc flickr user irlandainquieta)
- 75. (some typical amounts) self ? 3Fs 10-100K angel 200K-1M vc (series a) 1-8M vc (series b) 5-25M mezz 25+M IPO $lots
- 76. friends & family
- 77. (img cc flickr user martin_hartland)
- 78. angels
- 79. successful entrepreneurs retired execs professional angels “trailblazers” angel groups
- 80. sophisticated
- 81. risk / reward
- 82. equity
- 83. Guy Kawasaki’s rule of thumb: $500K per engineer -$250K per MBA (said for series a in a better market)
- 84. convertible disappearing in this market disappeared
- 85. (last deals i saw for conv angel rounds w/1st-time entrepreneurs in this market before they stopped) 75% warrant coverage 50% discount 10% per month warrant coverage 20-30% discount in good market
- 86. vc
- 87. pensions, endowments carry
- 88. “sure bets”
- 89. success: 20 investments 13 op/sideways 5 2-3X 2 10X
- 90. 10Xes pay
- 92. 1000 plans 250 initial pitches 12 due dilligence 6 investments
- 93. (img cc flickr user protoflux)
- 94. (img cc flickr user bargas)
- 95. angel portfolio entrepreneur advisor lawyer CS profs
- 96. advisors
- 97. advice <-> $
- 98. pitch
- 99. practice
- 100. 10
- 101. 1 hour: 20 mins - VC late 20 mins - pitch 20 mins - questions
- 102. team
- 103. elevator pitch
- 104. revenue model
- 105. customer acquisition
- 106. competition/barriers
- 107. amount
- 108. milestones
- 109. customer traction
- 110. 1-page exec sum
- 111. deal
- 112. Company Value $2M
- 114. Cash in the bank $1M Company Value $2M
- 115. Cash in the bank $1M } $3M Company Value $2M
- 116. before = $2M 100% Your Share
- 117. after 33% = $2M 67% Your Share VC Share (but you did give up a bunch of rights)
- 118. eventual size discounted for time, risk, dilution
- 119. people risk market risk execution risk competition risk technology risk financing risk
- 120. competition
- 121. (img cc flickr user ohadby)
- 122. preferred shares vetoes over sales/stock iss liquidation preferences board seats protective provisions ratchets etc.
- 123. (img cc flickr user millzero)
- 124. nancing = work
- 125. success!= nancing
- 126. success=pro ts
- 127. pro ts products & sales
- 128. cc flickr user davestfu