Starting a business in Silicon Valley Jose Luis Agell Innovalley, Inc. #NASF, December 2010 1
INDEX• Introduction. Background• Why Silicon Valley?• What are we doing?• Key learnings• Go for it! 2
INTRODUCTION • Industrial Engineering from UPC Barcelona • Business Sciences from UOC • UNITECH International Fellow. ETH Zürich • Business Development at 3scale, Inc. • Co-founder, Innovalley, Inc. 3
WHY SILICON VALLEY?• Stanford University: www.ecorner.stanford.edu• Talent• Entrepreneurial Culture• Networking• Venture Capital• Top Companies• Quality of life 4
WHAT ARE WE DOING? !""#$%&&(Our vision Innova&on: smart apparel as a by-‐product of (Innova&on) Fashion + TechnologyOur MissionTo provide fashion ﬁrms with innova&ve products & services, and access to cu>ng-‐edge technology 5
THE MITHS• Very Competitive• Very informal• Legal Barriers• All is achieved through Networking 10
GETTING STARTED• Found the company• Legalize my situation• Find a place to live/work• Hire staff• Partnership and commercial platform agreements• Fundraising 11
TEAM• Talent is the most powerful tool companies have• Assemble a diverse team• Huge premium for the ﬁrst leap• Make sure you technology is part of your DNA• Creativity and lateral thinking 12
FUNDRASING• Raise capital but not too much• If possible, avoid the 3Fs• Business Angels vs. VCs?• How do I get to know investors? 13
NETWORKING• Explain your project clearly and concisely• Talk to anyone, at any place and any time• Do not be overly protective with your ideas• Be humble and sincere• Be patient• Don’t forget your business cards! 14
¡Muchas gracias! Jose Luis Agell @joseluisagell email@example.com 15
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