Startup Life (UNB TME)
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Transcript of Startup Life (UNB TME)
the joys of living
THE STARTUP LIFE
http://www.flickr.com/photos/rhinoneal/3907394091
SO WHO IS THIS GUY?• STARTUP FOUNDER
• EARLY STAGE ANGEL INVESTOR
• MENTOR (PROPEL/PLANET HATCH)
• I AM A RUNNER
http://www.flickr.com/photos/gianpierre_soto/5505817770/sizes/l/in/photostream/
TOPICS1. STARTING
2. GROWING
3. EXITING
http://www.flickr.com/photos/cedmars/6816878644/
team | validation | funding
STARTING
http://cdn.api.warnerbros.com/WB_Portal_3.0/imageRequest?rendition=SmallThumbnail&contentId=087194
Team Make wise choices, including your co-founders
FoundersCommitted & a fire in their belly.
Ideal Number? Well: 1 < n ≥ 3
Core Team Never settle for anything less than A+
Hire for culture fit & functional skills
Be slow to hire & quick to fire
MentorsSubject matter expertise
Available when needed
http://www.flickr.com/photos/syume/4400844746/
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/
Validation Your idea solves a problem
customers are willing to pay
money for
http://wallpapergravity.com/Image.php?ID=382174
Validation Ensures you’re not heading
down the wrong path.
Validation:If you don’t do it, you’re
burning cash by guessing
http://www.ipadwallpaperhd.com/fire_dollar-wallpapers.html
FundingThe art of bootstrapping
http://www.flickr.com/photos/trippinlarry/5987691227/
Bootstrappingretain control | no dilution
http://www.flickr.com/photos/tfpc/6139591124/
http://www.flickr.com/photos/h-k-d/4490192739/
Art of Bootstrapping• Get lean – personally & professionally
• Explore work for equity options with core team
• What’s your Obama-O strategy?
• Leverage every dollar you have, or can get
http://farm1.staticflickr.com/93/281790898_c3240c02c4_o_d.jpg
Leveraging MoneyLots of non-dilutive loan and grant programs to
support research & development, hiring, and
export market development.
http://upload.wikimedia.org/wikipedia/commons/thumb/8/87/WinonaSavingsBankVault.JPG/1280px-WinonaSavingsBankVault.JPG
Angel / SeedOnce you have a
validation, prototype, and
ideally paying customers
http://www.flickr.com/photos/minusbaby/3403178463/
Failure is from a lack of paying
customers, not funding
http://www.flickr.com/photos/evoo73/6930638399/
process | planning | advisors
GROWING
ProcessImportant, 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
PlanningWhen starting, doing is more
important than planning.
At some point you will need
some ‘planning’ for growth
http://www.flickr.com/photos/jurvetson/21470089/
AdvisorsImportant to you as a founder, and to your company
http://www.flickr.com/photos/javi_velazquez/6908063653/
strategy | positioning | execution
EXITING
http://commons.wikimedia.org/wiki/File:Maccari-Cicero.jpg
StrategyAre you an entrepreneur, or empire builder?
http://www.flickr.com/photos/kellbailey/1805414461/
Lean Startup + Early Exita winning combination
Val
idat
ion
Rai
se A
nge
l (o
wn
35
%)
Pro
du
ct /
M
arke
t Fi
t
Pro
ve
Mo
del
Trac
tio
n
3 Year Exit$25M at
65%
Seri
es A
(o
wn
40
%)
Seri
es B
(o
wn
25
%)
Mez
zan
ine
(o
wn
10
%)
2 to 3 years
5 to 7 years
IPO / Exit $150M at 10%
Source: “Exit Strategy for Startups”, VentureArchetypes, LLC
Which path is better?reducing time to exit = reducing risk + enhances IRR
Strategyskate to where the puck is going to be
wrap yourself around acquirer’s axleCredit: Sporting News Archive
http://www.flickr.com/photos/uckhet/268319752/
Exit StrategyHave your “end game” exit
strategy on Day #1
http://www.flickr.com/photos/beaconradio/5911999506/
Positioning• Tell a good story, with passion
• Specifics on potential of “together”
• Vision of “what could be” in the future
http://www.gazprom.com/about/history/events/italy40/
Negotiation• Hire A+ finance & legal advisors
• Never piecemeal
• Clean house before diligence
ChallengesStarting a company from
here? http://www.flickr.com/photos/adamhenning/45704086/sizes/l/in/photostream/
There Are None!Stop making excuses: regardless of location, it isn’t easy
http://www.flickr.com/photos/mona_q/3595738923/
http://www.flickr.com/photos/gianpierre_soto/5505817770/sizes/l/in/photostream/
TOPICS1. STARTING
2. GROWING
3. EXITING
Most startups fail because
the founders give up…
http://www.flickr.com/photos/kcnickerson/1008563510/
http://farm4.staticflickr.com/3747/9945353096_f2391c8030_b_d.jpg
Don’t give up too
early, but…
http://www.smallbiztechnology.com/archive/2012/07/learning-from-failure.html/
Recommended ReadingLean Startup | Lean Analytics | Running Lean
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.
Contact Me:E-Mail: [email protected]
Twitter: @thomjeff