A Day in the Life of a Startup Founder
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The document provides advice from a startup founder on starting, growing, and exiting a company. It discusses choosing a committed founding team and mentors. Validation involves proving customers are willing to pay for the problem being solved. Bootstrapping and leveraging funds is emphasized over raising capital initially. Having an exit strategy from the start and positioning the company for acquisition are advised for growing and exiting. Negotiation and advisors are important when exiting. Most startups fail due to founders giving up, so perseverance is key to success.
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A Day in the Life of a Startup Founder
- 1. a day in the life of a STARTUP FOUNDER http://www.flickr.com/photos/rhinoneal/3907394091
- 2. A BIT ABOUT ME⌠⢠CONSEROS FOUNDER ⢠STARTED IN 2006 ⢠100% EXPORT ⢠EXIT IN 2009
- 3. TOPICS 1. STARTING 2. GROWING 3. EXITING http://www.flickr.com/photos/gianpierre_soto/5505817770/sizes/l/in/photostream/
- 4. team | validation | funding STARTING http://www.flickr.com/photos/cedmars/6816878644/
- 5. Team Make wise choices, including your co-founders http://cdn.api.warnerbros.com/WB_Portal_3.0/imageRequest?rendition=SmallThumbnail&contentId=087194
- 6. Founders ⢠Committed & Passionate ⢠Ideal Number? Well: 1 < n ⼠3 Core Team ⢠Never settle for anything less than A+ ⢠Hire for culture fit & functional skills ⢠Be slow to hire & quick to fire Mentors ⢠Have founded a startup ⢠Available when needed http://www.flickr.com/photos/syume/4400844746/
- 7. You will wake up in a puddle of your own sweat realizing youâre completely fucked http://sleepdisorders.dolyan.com/30âgreatâtipsâwhatâcanâhelpâmeâsleep/
- 8. Validation Your idea solves a problem customers are willing to pay money for http://wallpapergravity.com/Image.php?ID=382174
- 9. Validation has never been easier, or more cost effective
- 10. Validation: If you donât do it, youâre burning cash by guessing http://www.flickr.com/photos/trip22nlarry/5984291227/
- 11. Funding The art of bootstrapping http://www.flickr.com/photos/trippinlarry/5987691227/
- 12. Bootstrapping retain control | no dilution http://www.flickr.com/photos/tfpc/6139591124/
- 13. Art of Bootstrapping ⢠Get lean â personally & professionally ⢠Explore work for equity options with core team ⢠Whatâs your Obama-O strategy? ⢠Leverage every dollar you have, or can get http://www.flickr.com/photos/hâkâd/4490192739/
- 14. Turning $1 into $2⌠NRC-IRAP (r&d) | ACOA (sales, bd, marketing) BNB (taps) | SR&ED (tax credit) http://www.flickr.com/photos/danielygo/6814491438/
- 15. Angel / Seed Once you have a validation, prototype, and ideally paying customers http://upload.wikimedia.org/wikipedia/commons/thumb/8/87/WinonaSavingsBankVault.JPG/1280pxâWinonaSavingsBankVault.JPG
- 16. Failure is from a lack of paying customers, not funding http://www.flickr.com/photos/minusbaby/3403178463/
- 17. process | planning | advisors GROWING http://www.flickr.com/photos/evoo73/6930638399/
- 18. Process Important, but donât have too many rules & procedures Balance with employee empowerment & that âstartupâ culture Ensure you have a culture of employee accountability http://www.flickr.com/photos/liberato/2292651755/
- 19. Planning When starting, doing is more important than planning. At some point you will need some âplanningâ for growth http://www.flickr.com/photos/jurvetson/21470089/
- 20. Advisors Important to you as a founder, and to your company
- 21. strategy | positioning | execution EXITING http://www.flickr.com/photos/javi_velazquez/6908063653/
- 22. Strategy Are you an entrepreneur, or empire builder? http://commons.wikimedia.org/wiki/File:MaccariâCicero.jpg
- 23. Lean Startup + Early Exit a winning combination http://www.flickr.com/photos/kellbailey/1805414461/
- 24. Which path is better? reducing time to exit = reducing risk + enhances IRR 3 Year IPO / Exit Exit$25M at $150M at 10% 65% Mezzanine  Product / Prove Series A Series B Raise Angel Market Fit (own 35%) Model (own 40%) (own 25%) Traction (own 10%) Validation 2 to 3 years 5 to 7 years Source: âExit Strategy for Startupsâ, VentureArchetypes, LLC
- 25. Strategy skate to where the puck will be & wrap yourself around acquirerâs axle Credit: Sporting News Archive
- 26. Exit Strategy Have your âend gameâ exit strategy on Day #1 http://www.flickr.com/photos/uckhet/268319752/
- 27. Positioning ⢠Tell a good story, with passion ⢠Specifics on potential of âtogetherâ ⢠Vision of âwhat could beâ in the future http://www.flickr.com/photos/beaconradio/5911999506/
- 28. Negotiation ⢠Hire A+ finance & legal advisors ⢠Never piecemeal ⢠Clean house before diligence http://www.gazprom.com/about/history/events/italy40/
- 29. Challenges Starting a company from here? http://www.flickr.com/photos/adamhenning/45704086/sizes/l/in/photostream/
- 30. There Are None! Stop making excuses: regardless of location, it isnât easy http://www.flickr.com/photos/mona_q/3595738923/
- 31. TOPICS 1. STARTING 2. GROWING 3. EXITING http://www.flickr.com/photos/gianpierre_soto/5505817770/sizes/l/in/photostream/
- 32. Most startups fail because the founders give up⌠http://www.flickr.com/photos/kcnickerson/1008563510/
- 34. Contact Me: E-Mail: jthompson@about.me Twitter: @thomjeff 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.