Lost passwords to entrepreneurship
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The Lost Password to entrepreneurship Imre Hild
Transcript of Lost passwords to entrepreneurship
The Lost Passwordto entrepreneurship
Imre Hild
Tourism 1990-1993
Photo by zavero - Creative Commons Attribution-NonCommercial-ShareAlike License https://www.flickr.com/photos/19218974@N00 Created with Haiku Deck
Photo by Ken Lund - Creative Commons Attribution-ShareAlike License https://www.flickr.com/photos/75683070@N00 Created with Haiku Deck
Quick intro
2004-2008 Built two companies ($120 and $80M market cap)2009-2010 Entrepreneur in Residence at a Venture Fund2011-2015 iCatapult - HUF 140M invested into 4 startups2011 - Mentor for Seedcamp, StartupBootcamp, Pioneers2011 - Hungarian Venture Capital Association2013 - 1st Central European Startup Roadshow in New York City2014 - Hungarian Innovation Federation2015 - MIT Venture Lab Mentor2015 - Digital Factory Contributing Partner - 200M into 12 startups2015 - Global Platforms - Business Dev. for 8 startup/scaleups
Kezeket fel!
WHAT ARE YOU AT WORK?
A. Fast
B. Precise
C. Both
D. …what do you mean by work?
The dilemma
Design StudioCorporate Shop
SMALL BUSINESS
Platform StartupsSTARTUPS
Disruptive StartupsRI
SK
RETURN
Startup Operations – Running a gig
3/16/15
Idea FundingProduct
development
Sales
VALUE OF AN IDEA….
3/16/15
Identifyoppor-tunities
Prototype a solution
Test and iterate
Fund Scaling
THE PROPER WAY TO BUILD A LEAN STARTUP
In the beginning
VALUE PROPOSITION
Value is material, emotional or abstract benefit to user or client
VALUE PROPOSITION
Value is material, emotional or abstract benefit to user or client
VALUE PROPOSITION
Value is material, emotional or abstract benefit to user or client
Essential checklist for entrepreneurs:
What do you need for a venture?
2015. 08. 04.
+ 1. Entrepreneur
+ 3. Idea or concept
+ 2. Co-founder and team
+ 4. Capital
There are 3 important activities for an
entrepreneur/startup:
ASK
LISTEN
LEARN
Continuous Self-test
Is it a fact or an assumption…?
SELF TEST
+ Frequency of ‘in my opinion’ or ‘I’m sure..’
+ Frequency of asking follow up questions
+ Frequency of asking questions
+ Arguments based on facts versus beliefs
+ Willingness to talk about project (without asking)
STARTUP PIRATES
+ Willingness to communicate proactively (e-mail etc).
A STORY
A father and his son are mountain climbing.Both of them fall down and are injured.
One ambulance helicopter takes the father to a hospital in Györ, the other takes the son to a Budapest hospital.The son is rolled into the operating room in Budapest
immediately. The surgeon steps into the operating room, looks at him
and says: I can not operate on him, he is my son.- - ?? - -
WHAT ASSUMPTIONS DO TO US
Clouds one’s vision of known and unknown factsMake one think of complicated solutions
Keeps one guessingMakes one come up with additional assumptions
YOUR No.1. TASK AS AN ENTREPRENEUR
REPLACE ASSUMPTIONS WITH FACTS
THE SINGLE THING THAT HOLDS YOU BACK FROM SUCCESS
Lack of funding
Not good enough idea
Mixing Assumptions with Facts
Few Sales people
Not enough customers
Too much competition
Slow patent registration
Customers do not understand
High Mobile adoption
Carriers could support it
Software (app) protection
Fast Technology
Need for Information
PERFECT TIMING
WHAT DOES AN INVESTOR WANT?
A. Let them find you
or
B. Get a personal introduction
Company status for fundraising
• Hypothesis identification• Build based on facts• MVE• ‘MVP’• PMF• Customer retention• Viral Growth• …then Capital
m.dot story
2015. 08. 04.
Richest people on Earth
1. Bill Gates, Net Worth: $76 BSource of wealth: Microsoft
2. Carlos Slim Helu & family, Net Worth: $72 BSource of wealth: telecom
3. Amancio Ortega, Net Worth: $64 BSource of wealth: retail
4. Warren Buffett, Net Worth: $58.2 BSource of wealth: Berkshire Hathaway
5. Larry Ellison, Net Worth: $48 BSource of wealth: Oracle
6. Charles Koch, Net Worth: $40 BSource of wealth: diversified
6. David Koch, Net Worth: $40 BSource of wealth: diversified
8. Sheldon Adelson, Net Worth: $38 BSource of wealth: casinos
9. Christy Walton & family, Net Worth: $36.7 BSource of wealth: Wal-Mart
10. Jim Walton, Net Worth: $34.7 BSource of wealth: Wal-Mart
11. Liliane Bettencourt, Net Worth: $34.5 BSource of wealth: L’Oreal
12. Stefan Persson, Net Worth: $34.4 BSource of wealth: H&M
13. Alice Walton, Net Worth: $34.3 BSource of wealth: Wal-Mart
14. S. Robson Walton, Net Worth: $34.2 BSource of wealth: Wal-Mart
15. Bernard Arnault & family, Net Worth: $33.5 BSource of wealth: LVMH
Day 1
Contact and more info
www.imrehild.com
LinkedIn: hu.linkedin.com/in/hildimre/
This presentation available at:
http://www.slideshare.net/hildimre
