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Il fantastico mondo delle startup, al Med-CHHAB dell'Università di Palermo
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Il fantastico mondo delle startup, al Med-CHHAB dell'Università di Palermo

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Mi hanno chiesto se avevo qualcosa da dire riguardo il mondo delle startup. Ho ripreso una presentazione già fatta in altro contesto (Pillole Digitali di Omar Cafini). Ho condito con qualche …

Mi hanno chiesto se avevo qualcosa da dire riguardo il mondo delle startup. Ho ripreso una presentazione già fatta in altro contesto (Pillole Digitali di Omar Cafini). Ho condito con qualche esercitazione pratica, spunti da libri di management e "riviste patinate" del settore e le 10+10 ore di lezione sono volate.

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  • 1. Progetto “Mediterranean Center for Human Health Advanced Biotechnologies (Med-CHHAB)” Palermo, 17-20 dicembre 2013
  • 2. "It took almost 4 years, a few business model changes and 348 investor pitches before...“ (1) Benvenuti nel fantastico mondo delle startup!
  • 3. Agenda • • • • • • Chi sono Introduzione – Cos’è una startup – In che contesto vive – Perché è una cosa seria La (mezza) maratona – L’idea – Il team – Parenti, amici e lo zio d’America Show me the money – Il percorso netto di una startup – Angel investor, venture capital ed exit strategy Consigli di lettura per la sera Domande e risposte
  • 4. Chi sono Floriano Bonfigli @io_floriano floriano.bonfigli@gmail.com
  • 5. Chi sono Teoria @ Pratica @
  • 6. Cos’è una startup? Revenue SME t
  • 7. Cos’è una startup? L’unica verità Revenue Startup SME t Fonte: Startup School, Università di Stanford
  • 8. In che contesto vive, dovrebbe vivere... Celebrating Tolerating failure Meritocratic Government Tax & Incentive Laws e.g., bankruptcy Demand Culture Economy Big companies Invention Universities Corporate R&D Entrepreneurs Funding Labor pool Education Network Infrastructures Physical Services Debt & Equity Full range of options
  • 9. Perché è una cosa seria? (2) (3)
  • 10. La (mezza) maratona
  • 11. L’idea – a chi viene 6 luoghi comuni da sfatare 1. They were the smartest and most high achieving people in the classroom. 2. Entrepreneurs are selfish and individualists. 3. Entrepreneurs are born, not made. 4. Entrepreneurs love risk. 5. Entrepreneurs are successful because they are charismatic. 6. Entrepreneurs are undisciplined. (2)
  • 12. L’idea – Parliamone, parliamone, parliamone... I am Floriano Bonfigli, founder and CEO of Collabobeat. Presentiamoci, è buona educazione... We are developing a digital platform helping doctors share visit notes with their patients. In fact, up to 80% of medical information provided to patients by healthcare practitioners is forgotten immediately. This is bad, very bad ,because patients feel lost and doctors loose their trust. Quale problema risolviamo? The market we are addressing is worth more than €60B and is growing at a 22% rate. ‘’$how me the money’’ We have a private beta and are looking for doctors willing to join our community of early adopters, people willing to influence and shape the solution, right from the beginning, together with us! Do you know some open minded doctor? Please, put me in contact with them. They will like Collabobeat, so will their patients! Call to action / Invito all’azione
  • 13. Il team
  • 14. Il team – Ma dove lo trovo? Houston, abbiamo un (primo) problema...
  • 15. Il team – Ma come lo trovo?
  • 16. Il team – Ce l’ho, quindi? Business Plan Business Model Canvas et similia =
  • 17. Parenti, amici e lo zio d’America Ovvero l’arte del bootstrapping 1/2 Bootstrapping is tough, but you're not alone! NEVER pay to pitch. EVER. EVER EVER. FOREVER EVER. cc How many of you like to sell? The rest of you, change your attitude or you're f*cked. Volunteer at conferences - you'll get in free, and have back-stage access Don't pay for stock photos, search flickr for creative commons. Buy Google AdWords against your competitor's name. Meeting at Starbucks? The cheapest item is tea. SMALL tea. Don't buy a fancy logo design, you can fix that later. Using the royal 'we' is perfectly acceptable when you're a oneperson team. Find a competitor's EULA and modify; don't pay to write your own. Also good for: Privacy Policy & contracts. Try it once, clarify, then succeed second time. The best "Social Proof" is paying customers. Push for coffee rather than lunch meetings. It's cheaper and easier to leave. Free is not a business model. The gap is from zero to one penny get people to pay anything.
  • 18. Parenti, amici e lo zio d’America Ovvero l’arte del bootstrapping 2/2 You should get to know personally your first 100 customers. Build a relationship and impress them. Fitness hack: run home from meetings (but not to them). Trust other people, you are in charge of quality. Google "XYZ coupon code" before you buy anything online. Build your "Buy Now" button before your product. If they won't click buy now, it's not worth building. Charge more than all your competitors when you start, to ensure your users love you. Events are a great source of the best kind of beer: FREE beer. Run or bike your commute. Don't pay for public transportation. Go to a different startup event every night - free pizza for life! Make friends in lots of cities so there is always a couch to crash on Have a cheesy trademark outfit that people will remember you by. VCs will fund that shit. In marketing, there are only 2 things that matter - who are your customers and where are they You will not succeed like Instagram, sorry about that! You'll never have all of the information. (6)
  • 19. Show me the money
  • 20. Chi ci mette i soldi? 200.000.000$ Il percorso netto Collocazione in Borsa Fatturato Cash-flow 2.000.000$ 200.000$ 20.000$ t (7)
  • 21. L’angel investor Imprenditori o manager che hanno fatto fortuna e che hanno voglia di... 1. ...ridare indietro al tessuto economico locale un po’ di quello che hanno ricevuto. 4. ...investire proprio capitale, ma solo quello che si è disposti a perdere, a non rivedere più. 2. ...provare l’emozione e l’orgoglio di lanciare un nuovo imprenditore. 5. …investire in qualcosa di cui ci si è perdutamente innamorati, team e/o prodotto. 3. ...imparare come va ora il mondo, dal neoimprenditore, stando dietro le quinte. 6. ...metterci tempo e faccia!
  • 22. L’angel investor From the startup perspective financing is not the central input of angels (8)
  • 23. Il venture capitalist Definition Financial intermediaries providing to privately held enterprises equity, risk sharing, managerial expense, contacts and reputation. Financing process, funnel Investment portfolio 1000 leads generated Defaults 60% Breakeven 12% Fire sales 10% Zombies 8% IPO/M&A 6% Good IPO/M&A 4% Wild Ones (IPO) 0% 150 meetings 70 pursued 8 financed (9)
  • 24. Il venture capitalist Esempio accademico Year 1 Year 0 Pre money Post money 0 $13.2M Step 1. Step 2. Step 3. Earnings Year 2 0 Year 3 Year 4 0 0 Year 5 Pre IPO Post IPO $5M x 20 = $100M $5M: earnings after 5 years when company goes public, number coming from your business plan 20: value multipler for this kind of company when going public, number coming from the market $100M: expected values of the company going public IF In 5 years value of the company will be $100M Then Now, the value of the company is $13.2M (some financial math applied) Venture Capital will ask 5/13.2= 38% to invest $5M (10)
  • 25. Storia di 4 exit, 100% made in Italy • Nel 1962 avvia una produzione nel garage della sua abitazione, fonda la Miraset. Nel 1964 muta la ragione sociale in Sterilplast. • Nel 1966 mette assieme un gruppo di tecnici e sviluppa un rene artificiale, tale divisione viene chiamata Dasco. Il rene è molto richiesto, l'azienda assume il nome di Dasco. Nel 1969 ne cede il controllo alla casa farmaceutica Sandoz. • Nel 1973, con l'appoggio degli amici-investitori storici, fonda la Bellco per produrre sistemi in concorrenza con la Dasco. Il successo della cessione di Dasco, lo convinsero a ripetere l'operazione nel 1977, vende la Bellco ad ENI. • Di nuovo riparte con una nuova azienda, la Dideco. Nel 1986 la cede al gruppo Pfizer. • Nel 1982 fonda la Darex in concorrenza con Dideco e la vende nel 1995 al colosso Tyco-Mallinkrodt. • L'ultima creatura di Veronesi è la Starmed, fondata nel 2003. Sulla destra, Mario Veronesi al MEDTEC Italy 2013 di Modena, del 3 ottobre 2013. (11)
  • 26. L’ultima IPO I fondatori di Twitter poco prima dell'IPO posseggono: @ev 12.0%, @jack 4.9% e @dickc 1.6% (CEO).
  • 27. Thanks included! @io_floriano floriano.bonfigli@gmail.com
  • 28. Consigli di lettura per la sera 1. Cos’è una startup – Annal Vital, How Many Times Should You Try Before Success? http://fundersandfounders.com/how-many-times-should-you-try/ 2. Cos’è una startup – Brett Martin, Postmortem of a Venture-backed Startup Lessons Learned from the rise and fall of @Sonar https://medium.com/p/72c6f8bec7df 3. Cos’è una startup – Paul Graham, Startup = Growth, http://paulgraham.com/growth.html 4. Parenti, amici e lo Zio d’America – Paul Graham, Do things that don’t scale http://paulgraham.com/ds.html 5. Parenti, amici e lo Zio d’America – Slava Akhmechet, 57 startup lessons http://www.defmacro.org/2013/07/23/startup-lessons.html 6. Il Venture Capitalist – George Deeb, Lesson #32: How to Value Your Startup Business http://redrocketvc.blogspot.it/2011/05/lesson-32-how-to-value-your-startup.html 7. IPO – Facebook S-1 http://www.sec.gov/Archives/edgar/data/1326801/000119312512034517/d287954ds1.htm#toc287954_7
  • 29. Riferimenti bibliografici (1) (2) (3) (4) http://fmineiblog.wordpress.com/2013/07/18/the-self-conscious-entrepreneur/ (10) http://ocw.mit.edu/courses/sloan-school-of-management/15431-entrepreneurial-finance-spring-2011/lecturenotes/MIT15_431S11_lec01.pdf http://youtu.be/M7VZIbeUrSU http://youtu.be/415iM8rr1X8 (11) http://it.wikipedia.org/wiki/Mario_Veronesi http://www.forbes.com/sites/groupthink/2013/07/10/six-whopping-lies-told-about-entrepreneurs-sometimes-by-entrepreneurs-themse (5) * Coppola, A. (2011) What investors want, and how to successfully pitch them. [Presentation] InnovactionLab, Spring 2011. (6) https://twitter.com/ramencamp (7) http://fundersandfounders.com/how-funding-works-splitting-equity/ (8) http://www.mit.edu/~aschoar/KLS-Angels-June2011.pdf (9) http://www.slideshare.net/mindthebridge/mtb-italytour-2011-alberto-onetti
  • 30. Flickr credits @ garrynight @ Raymond Larose @ Bob Xu @ apple_vinci @ Mathieu Thouvenin @ Håkan Dahlström @ miuenski @ Nick Grabowski @ ilmungo @ onigiri-kun @ Kimberly Kling (Joyful Roots) @ angelocesare @ davemmett @ Nardino