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Best Practices EVENT, 21/6/11

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  1. 1. Panos Vergos MScBA Entrepreneurship & New Business Venturing Rotterdam School of Management
  2. 2. <ul><li>Startup process </li></ul><ul><li>Idea </li></ul><ul><li>Team </li></ul><ul><li>Seed-capital </li></ul><ul><li>General Principles </li></ul><ul><li>Useful Tips </li></ul><ul><li>Q&A </li></ul>
  3. 3. <ul><li>Startup process </li></ul><ul><li>Definition </li></ul><ul><ul><li>A startup is a human institution designed to deliver a new product or service under conditions of extreme uncertainty </li></ul></ul><ul><ul><li>Nothing to do with size of company, sector of the economy or industry </li></ul></ul>
  4. 4. <ul><ul><li>Business model checklist </li></ul></ul><ul><ul><li>Opportunity where does the idea come from? </li></ul></ul><ul><ul><li>Innovation where is the innovation? </li></ul></ul><ul><ul><li>Customer who is the user/payer? </li></ul></ul><ul><ul><li>Competition niche market </li></ul></ul><ul><ul><li>Marketing inhouse & ad company </li></ul></ul><ul><ul><li>Revenue model ads in the beginning, change later </li></ul></ul><ul><ul><li>Web development outsource </li></ul></ul><ul><ul><li>Seed financing how much? When? </li></ul></ul><ul><ul><li>Liquidity sustainability </li></ul></ul>
  5. 5. <ul><li>Idea </li></ul><ul><li>“ The best way to have a good idea is to have many ideas” Linus Pauling </li></ul><ul><ul><li>Master Thesis : Innovation or Imitation in the Greek startup e-business </li></ul></ul><ul><ul><li>Result : Imitation  replicate a successful business model, adjust it to the Greek standards and apply it in Greece or Innovate and go global! </li></ul></ul><ul><ul><li> (Netherlands), (UK) </li></ul></ul><ul><ul><li>Brainstorm and purchase of the domain (June 2009) </li></ul></ul><ul><ul><li>Aug – Sep 2009 Business Planning </li></ul></ul>
  6. 6. <ul><li>Team “I invest in management, not ideas” </li></ul><ul><ul><li>Eugene Kleiner </li></ul></ul><ul><ul><li>In startups it’s all about the team </li></ul></ul><ul><ul><li>Great entrepreneurs create teams with the right synergy </li></ul></ul><ul><ul><li>U need multiple skills, diverse opinion, judgment and experiences </li></ul></ul><ul><ul><li>&++ friends for ever with a tight bond and a shared passion for the ultimate vision </li></ul></ul>
  7. 7. <ul><li>Seed Capital </li></ul><ul><li>The valley of death…you either do or die. </li></ul><ul><ul><li>3Fs </li></ul></ul><ul><ul><ul><li>Family </li></ul></ul></ul><ul><ul><ul><li>Friends </li></ul></ul></ul><ul><ul><ul><li>Fools </li></ul></ul></ul><ul><ul><li>Business Angels </li></ul></ul><ul><ul><li>VC’s </li></ul></ul>
  8. 8. <ul><li>Seed Capital </li></ul><ul><ul><li>Sep 2009-April 2010  9 months of extensive bootstrapping </li></ul></ul><ul><ul><li>Full commitment on your goal </li></ul></ul><ul><ul><li>Do not apply for a job </li></ul></ul><ul><ul><li>Doors will be closed, you only need one YES! </li></ul></ul><ul><ul><li>My investor is a combination of Business Angel & best friend! </li></ul></ul><ul><ul><li>Expertise on real estate industry, wide network of acquaintances + passion on the common goal! </li></ul></ul>
  9. 9. <ul><li>General principles of a good plan </li></ul><ul><ul><li>Start a venture with a long-term vision* </li></ul></ul><ul><ul><li>Raise sufficient capital </li></ul></ul><ul><ul><li>Work with the best and the brightest </li></ul></ul><ul><ul><li>Use the expertise of the management team (BA) </li></ul></ul><ul><ul><li>Focus on quality, build a state-of-the-art service </li></ul></ul><ul><ul><li>Create Buzz in the Press and the WEB. </li></ul></ul><ul><ul><li>Be patient and ready to change directions if necessary (pivoting differentiates good from bad startups) </li></ul></ul><ul><ul><li>Startups lack of experience and suffer from planning fallacy (be aware of your shadow believes) </li></ul></ul><ul><ul><li>*Change the way your customers are thinking </li></ul></ul>
  10. 10. <ul><li>Useful Tips </li></ul><ul><ul><li>Bootstrapping is essential </li></ul></ul><ul><ul><li>A complete Business Plan forces you into discipline thinking and keeps your feet on the ground </li></ul></ul><ul><ul><li>Think big, start small: niche market is the keyword </li></ul></ul><ul><ul><li>If you don ’ t know what the customer benefit is, the whole thing is a waste of time. </li></ul></ul><ul><ul><li>Be agile enough to recognize your weaknesses asap </li></ul></ul><ul><ul><li>E-ship after all is a management science </li></ul></ul>
  11. 11. <ul><li>What’s next </li></ul><ul><li>E-ship is addiction, once you start you can ’ t stop </li></ul><ul><li>POLLEX </li></ul>
  12. 12. <ul><ul><ul><ul><ul><li>Q&A </li></ul></ul></ul></ul></ul><ul><ul><li>“ There is nothing in the world as powerful as an idea whose time has come ” </li></ul></ul><ul><ul><li>Victor Hugo </li></ul></ul>