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10 Immutable Truths of Entrepreneurship (Updated Keynote)
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10 Immutable Truths of Entrepreneurship (Updated Keynote)

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These are UPDATED slides from a keynote I delivered on January 20, 2011 at GameOn Finance in Toronto. Enjoy! …

These are UPDATED slides from a keynote I delivered on January 20, 2011 at GameOn Finance in Toronto. Enjoy!

For an questions, please feel free to contact me on Twitter - @margaretwallace

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  • Some Partners & IP, Past & Present
  • Raised Money
  • Understanding the motivations and psychology of everyone you encounter as an entrepreneur.

Transcript

  • 1. 10 Immutable Truths
    of Entrepreneurship
    Margaret Wallace, CEO, Playmatics
    Twitter: @MargaretWallace
  • 2. About Me
    Entrepreneur
    Adviser
    Inventor
    Margaret Wallace, CEO, Playmatics
    Twitter: @MargaretWallace
    Tech, Media, Gaming Focus
  • 3.
  • 4. About
    Playmatics
    A company that creates highly engaging games, media, user experiences and applications on the Internet, as part of social media networks, and on a variety of connected platforms.
  • 5. Start-UpFunding Options(I’ve done them all!)
  • 6. Funding Options
  • 7. Funding Options
  • 8. Funding Options
  • 9.
  • 10. Funding Options
  • 11. $
    Raised $3.5 million in VC
    Copyright 2010. Margaret Wallace. Please Attribute Proper Credit if You Use These Slides
  • 12. Different Considerations
    Lessons Learned
    Sharpened Focus
    Takeaway: Experience is the Best Teacher.
  • 13. #1.
    Know Yourself
  • 14. What is your tolerance for risk?
    Is your business a lifestyle?
    What are the likely exit scenarios?
    Takeaway:
    Don’t Chase After The Money, Go Inside and Find Out What Makes You “Tick.”
  • 15. #2.
    Develop a keen
    sense of others.
  • 16. Gamify It!
  • 17. “User” Motivations
    Relationship Management
    Not Fixed in Time
  • 18. Example:
    Raising Venture Capital
  • 19. How VCs Rate Your Chances of Success
    Break-Out Success
    Break-Even
    #FAIL
    Takeaway: VC & Start-Up Goals Are Not Always in Alignment.
  • 20. “To the VC, 3x [exit] and a dead startup are essentially the same given the way they calculate their batting averages. At this point you have a problem.”
    Hillel Cooperman, Jackson Fish Market, Web startup in Seattle.
  • 21. Strength of Idea
    Market Size
    Strength of Team
    Competition
    Takeaway: VCs are all about managing risk. The more risk you remove, the more comfort they have with you.
  • 22. But it’s not that easy….
  • 23. “The Unspoken Language of Pitching Game”
    Good,Bad, Indifferent? *
    Instructions: I give you a few scenarios and you tell me if that’s good, bad or indifferent.
    * Based on Personal Experiences.
  • 24. The Unspoken Language of Pitching Game
    Scenario:
    First-time pitching this VC firm.
    You are incredibly detailed and on-point.
    You Leave No Stone Unturned.
    Good,Bad, Indifferent?
    (Bad!)
  • 25. The Unspoken Language of Pitching Game
    Scenario:
    Recently Made a Lot of Investments in Your Space
    Good,Bad, Indifferent?
    (Indifferent) *
    * Can Be A Bad Sign 
  • 26. The Unspoken Language of Pitching Game
    Scenario:
    First meeting with Partners.
    They offer you water and copious treats.
    Good,Bad, Indifferent?
    (Bad!)
  • 27. The Unspoken Language of Pitching Game
    Scenario:
    First meeting
    All the Partners are in the Room
    Meeting Lasts 1 hour
    Everyone Checking Their Blackberries/iPhone
    Mid-way through – start joking about girls in bikinis.
    Good,Bad, Indifferent?
    (Good!)
  • 28. The Unspoken Language of Pitching Game
    Scenario:
    An Associate of the VC Firm Calls You because they are impressed with your business and want to learn more.
    Good,Bad, Indifferent?
    (Bad!)*
    * Or KOD (Kiss of Death)
  • 29. The Unspoken Language of Pitching Game
    Scenario:
    Second Follow-Up Meeting:
    Person You’re Scheduled With Can’t Make it – Meeting with an Associate or Different Partner.
    Good,Bad, Indifferent?
    (Bad)!
  • 30. The Unspoken Language of Pitching Game
    Scenario:
    First meeting
    All the Partners are in the Room
    Meeting Lasts 2 hours
    Agree with Everything You Say
    Good,Bad, Indifferent?
    (Indifferent)
    * Was Bad for Us
  • 31. The Unspoken Language of Pitching Game
    Scenario:
    First meeting with a Partner
    Talking About Industry Gossip
    Meeting Lasts 1 hour.
    Good,Bad, Indifferent?
    (Bad!)
  • 32. #3.
    Understand the Impact of Funding Choices
  • 33. Funding Type Comparison
    Takeaway: The Roadmap for a VC-Funded Company Will Generally Be More Accelerated.
  • 34. Market Size & Competition
    Takeaway: VCs Will Want To See You’ve Thought Through Strengths, Weaknesses, Opportunities, Threats (SWOT).
  • 35. Growth & Staffing
    Takeaway: Structure your staffing plan to reflect your investment approach.
  • 36. #4.
    Know Your Weaknesses
  • 37. #5.
    Hire Superstars
  • 38. Staffing = Magical Alchemy
  • 39. #6.
    Nothing is Constant But Change
  • 40. #7.
    Know When to Pivot
  • 41.
  • 42. #8.
    You Only Have Yourself to Blame
  • 43. #9.
    Accept Failure Swiftly & Gracefully
  • 44. #10
    The “Truth” is Not Out There.
  • 45. “My” Immutable Truths
  • 46. “My” Immutable Truths
    When to Raise?
  • 47. “My” Immutable Truths
    How Much to Raise?
  • 48. “My” Immutable Truths
    When do you have the most negotiating power?
  • 49. “My” Immutable Truths
    Choose your Investor (or VC firm) carefully.
  • 50. “My” Immutable Truths
    Choose your individual VC carefully.
  • 51. “My” Immutable Truths
    VCs: Traditionally Not
    Founder-Friendly
  • 52. “My” Immutable Truths
    Choose your attorney carefully.
  • 53. “My” Immutable Truths
    Guard Board Composition with your Life!
  • 54. “My” Immutable Truths
    What do you say when you are asked about valuation?
  • 55. “My” Immutable Truths
    Options and Option Pool
  • 56. “My” Immutable Truths
    Summer – everything shuts down.
  • 57. “My” Immutable Truths
    Know when it’s time to go.
  • 58. Questions?
    Margaret Wallace
    margaret@playmatics.com
    @margaretwallace