Startups and public policy 090811
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Startups and Public Policy
Steve Blank
www.steveblank.com
Twitter: sgblank
Slides: www.slideshare.net/sblank
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Corporate Lifecycle,
Innovation, Startups,
Founders, Ecosystem
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Corporate Lifecycle,
Innovation, Startups,
Founders, Ecosystem
Why Should I Care?
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Why Start New Companies in Finland?
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Because Old Ones Die
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Corporate Lifecyclesare Getting Shorter
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Disruption
Technology, Globalization, Regulation, Consumer Taste
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Disruption
Technology, Globalization, Regulation, Consumer Taste,
Competition, etc.
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Job Growth From Existing Companies will decline
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Job Growth Will Come From New Companies
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Job Growth Will Come From New Companies
Startups
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First -
What’s A Startup?
Six Types of Startups
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Startup
Lifestyle Startups Work to Live their Passion
• Serve known customer with
known product
• Get paid for their passion
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Small Business
Startup
Small Business StartupsWork to Feed the Family
• Serve known customer with
known product
• Feed the family
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Small Business
Startup
Exit Criteria
- Business Model found
- Profitable business
- Existing team
< €100K in revenue
Small Business StartupsWork to Feed the Family
• known customer
known product
• Feed the family
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Scalable
Startup
Large Company
Scalable StartupBorn to Be Big
Goal is to solve for:
unknown customer and
unknown features
Search
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Scalable
Startup
Large Company
Exit Criteria
- Business model found
- Total Available Market > €300m
- Can grow to €50/year
Scalable StartupBorn to Be Big
Search Execute
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Scalable
Startup
Large Company
Scalable StartupBorn to Be Big
• A scalable startup is designed to grow big
•Needs “Risk capital”
•What Silicon Valley means when they say “Startup”
Search Execute
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Scalable
Startup
€3 to 30M Acquisition
Buyable StartupBorn to Be Sold
Goal is to solve for:
Internet, Mobile, Gaming Apps
Search Sell
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Scalable
Startup
€3 to e0M Acquisition
Buyable Startup
Goal is to solve for:
Internet and Mobile Apps
Search Sell
Sell to larger company
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TransitionLarge
Company
Scalable
Startup
Sustaining Innovation
• Existing Market / Known customer
•Known product feature needs
Large Company Sustaining InnovationInnovate or Evaporate
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Large Company
Sustaining Innovation
Large Company Sustaining InnovationInnovate or Evaporate
•Build
•Partner
•Acquire
- IP
- Talent
- Product
- Customers
- Business
TransitionScalable
Startup
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Large Company Disruptive Innovation
New Division
Large Company
Disruptive Innovation
•New Market
•New tech, customers, channels
Transition
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Large Company Disruptive Innovation
New Division
Large Company
Disruptive Innovation•Build
•Partner
•Acquire
- IP
- Talent
- Product
- Customers
- Business
Transition
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Large Non-Profit
Social Startup
Social Entrepreneurship Startups
• Solve pressing social problems
• Social Enterprise: Profitable
• Social Innovation: New Strategies
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Each of these startups
require different skills
They Can Not Be Taught the Same Way
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Each of these startups
require different
Government Policies
They Can Not Be Built the Same Way
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Scalable Startups Will Provide the
Highest Job Growth
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Scalable Startups Will Provide the
Highest Job Growth
They Require an Ecosystem You Do Not Have
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Entrepreneurs
Scalable Startup Ecosystem
• Take risk
•No funding
• Building product
• Thinking through business model
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Incubators
Entrepreneurs
Scalable Startup Ecosystem
• skills training
• mentoring = experience
• networking
• shared office
•small funding ~ €30K
•limited time ~ 6 months
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Incubators
Angel Funds Entrepreneurs
Scalable Startup Ecosystem
• it’s now a company
•searching for a business model
•limited funding ~ €300K
•mentoring
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Incubators
Venture
Capital Funds Entrepreneurs
Scalable Startup Ecosystem
• Large funding > €2000K
• Found a business Model
• Scale
• Multiple rounds of money
• Startup Experience outside of Finland
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Scalable Startup Ecosystem
• Current policies in:
-Capital Gains
- Immigration
• Cultural view of Risk and Failure
All actively discourage Scalable
Startups
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Each of These Steps
Must Require Risk
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Each of These Steps
Must Require Risk
For the Entrepreneur and
For the Investor
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Public Funding of Private Capital
Does Not Work
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Public Funding of Private Capital
Does Not Work
Each Party Needs to Have
Equal Risk
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The Goal of Public Funding Should be
to Create a Private Capital Ecosystem
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The Goal of Public Funding Should be
to Create a Private Capital Ecosystem
Fund and attract experienced
Incubators & Venture Capital
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And Put Yourself Out of Business
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Thank You