Strategy, execution, and a bit of luck - Startup Founder's Dream
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Strategy, execution, and a bit of luck - Startup Founder's Dream
- 1. Strategy, execution and a bit of luck. The life of a startup founder http://www.flickr.com/photos/rhinoneal/3907394091
- 2. • STARTUP FOUNDER • TWO EXITS (2009 – ALCATEL LUCENT & 2014 – LIVEOPS • EARLY STAGE ANGEL INVESTOR • MENTOR TO MANY STARTUPS • RUNNER
- 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 Commitment, and a shared passion. http://www.flickr.com/photos/syume/4400844746/
- 7. Core Team Never settle for anything less than A+ | Slow to hire & quick to fire. http://www.flickr.com/photos/syume/4400844746/
- 8. 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/
- 9. Validation Your idea solves a problem customers are willing to pay money for http://wallpapergravity.com/Image.php?ID=382174
- 10. Validation Ensures you’re not heading down the wrong path.
- 12. Ignoring Validation Means your guessing and burning cash http://www.ipadwallpaperhd.com/fire_dollar-wallpapers.html
- 13. Funding The art of bootstrapping http://www.flickr.com/photos/trippinlarry/5987691227/
- 14. Bootstrapping retain control | no dilution http://www.flickr.com/photos/tfpc/6139591124/
- 15. Bootstrapping • • • Get lean, at work and at home. Explore consulting or other work options. Leverage every dollar. http://www.flickr.com/photos/h-k-d/4490192739/
- 16. Leverage R&D grants New hire programs Loans for sales & marketing http://farm1.staticflickr.com/93/281790898_c3240c02c4_o_d.jpg
- 17. Angel / Seed Once you have a validation, prototype, and ideally paying customers http://upload.wikimedia.org/wikipedia/commons/thumb/8/87/WinonaSavingsBankVault.JPG/1280px-WinonaSavingsBankVault.JPG
- 18. Accelerators advance your idea | scale | investors
- 19. Failure is from a lack of paying customers, not funding http://www.flickr.com/photos/minusbaby/3403178463/
- 20. planning | process | advisors GROWING http://www.flickr.com/photos/evoo73/6930638399/
- 21. Planning “Some people skate to the puck. I skate to where the puck is going to be.” Credit: Sporting News Archive
- 22. Planning When starting, doing is more important than planning. At some point you will need some ‘planning’ for growth http://www.flickr.com/photos/jurvetson/21470089/
- 23. 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/
- 24. Process Important, but balance that ‘startup’ culture. Above all else, ensure you have a culture of employee accountability http://farm1.staticflickr.com/91/269389847_e32f708b58_b_d.jpg
- 25. Advisors Important to you as a founder, and to your company
- 26. strategy | positioning | execution EXITING http://www.flickr.com/photos/javi_velazquez/6908063653/
- 27. Strategy Are you an entrepreneur, or empire builder? http://commons.wikimedia.org/wiki/File:Maccari-Cicero.jpg
- 28. Lean Startup + Early Exit a winning combination http://www.flickr.com/photos/kellbailey/1805414461/
- 29. Which path is better? reducing time to exit = reducing risk + enhances IRR Mezzanine (own 10%) Series B (own 25%) IPO / Exit $150M at 10% Series A (own 40%) Traction Prove Model Product / Market Fit Raise Angel (own 35%) Validation 3 Year Exit$25M at 65% 2 to 3 years 5 to 7 years Source: “Exit Strategy for Startups”, VentureArchetypes, LLC
- 30. Exit Strategy Have your “end game” exit strategy on Day #1 http://www.flickr.com/photos/uckhet/268319752/
- 31. Positioning • • • Tell a good story, with passion Specifics on potential of “together” Vision of “what could be” in the future http://www.flickr.com/photos/beaconradio/5911999506/
- 32. Negotiation • • • Hire A+ finance & legal advisors Never piecemeal Clean house before diligence http://www.gazprom.com/about/history/events/italy40/
- 33. TOPICS 1. STARTING 2. GROWING 3. EXITING http://www.flickr.com/photos/gianpierre_soto/5505817770/sizes/l/in/photostream/
- 34. It is a lonely adventure
- 35. Balancing Act Most successful entrepreneurs have a good balance of execution intuition and luck. http://www.flickr.com/photos/classblog/5136926303/sizes/l/in/photostream/
- 36. Failure is a real possibility http://www.flickr.com/photos/kcnickerson/1008563510/
- 37. Light at the end of the tunnel
- 38. Recommended Reading The Founder’s Dilemmas| Lean Analytics | Running Lean
- 39. Local Accelerators Accepting applications for their next cohort.
- 40. 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.