Your SlideShare is downloading. ×
0
Joan herbigpresentation07.01.10
Joan herbigpresentation07.01.10
Joan herbigpresentation07.01.10
Joan herbigpresentation07.01.10
Joan herbigpresentation07.01.10
Joan herbigpresentation07.01.10
Joan herbigpresentation07.01.10
Joan herbigpresentation07.01.10
Joan herbigpresentation07.01.10
Joan herbigpresentation07.01.10
Joan herbigpresentation07.01.10
Joan herbigpresentation07.01.10
Joan herbigpresentation07.01.10
Joan herbigpresentation07.01.10
Joan herbigpresentation07.01.10
Joan herbigpresentation07.01.10
Joan herbigpresentation07.01.10
Joan herbigpresentation07.01.10
Joan herbigpresentation07.01.10
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Joan herbigpresentation07.01.10

294

Published on

0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total Views
294
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
14
Comments
0
Likes
1
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  1. Lessons Learned in Start-up Land<br />Presentation for the TAG/ATDC Entrepreneurs<br />July 1, 2010<br />Joan Herbig<br />CEO, ControlScan<br />www.controlscan.com<br />
  2. Agenda<br /><ul><li>Overview of Experiences
  3. What I’ve Learned
  4. Any Questions?</li></ul>2<br />
  5. Personal Background<br />Serial entrepreneur with > 23 years of experience in technology <br />B.A. in French and Masters in Computer Science<br />Serves on the Board of the Technology Association of Georgia (TAG)<br />Married for a long time (to a very patient man) with 2 children<br />Interests include traveling with family, cooking, hiking, and (someday I hope) wine collecting<br />3<br />
  6. Professional History<br />Digital Communications Associates (1987-1994)<br />Leader in PC to mainframe connectivity solutions (IRMA)<br />Began career in customer support, moved into marketing, product management, international marketing and product line management<br />DCA was acquired by Attachmate in 1994<br />“CULTURE”<br />XcelleNet (1995-2004)<br />Leader in mobile systems management<br />International Product Manager, then Vice President of Marketing, then President, then CEO<br />Company was sold to Sybase in 2004<br />“CHANGE”<br />Cambia Security (2005-2007)<br />Security change management solutions<br />Sold to nCircle in 2007<br />“MARKET”<br />ControlScan (2007-present)<br />PCI Compliance Solutions for small merchants<br />“BUSINESS MODEL”<br />4<br />
  7. Current Startup - ControlScan<br /><ul><li>ControlScan provides Payment Card Industry (“PCI”) security compliance solutions focused exclusively on the small- and medium-sized merchant market (“Level 4”)
  8. Founded in 2005
  9. Headquartered in Atlanta, GA; 44 employees
  10. Sell solutions to merchant banks and ISOs (“Acquirers”) to service their Level 4 merchant portfolios
  11. Level 4 merchants are those doing fewer than 1MM card brand transactions
  12. Customer base of nearly 80 Acquirers representing >350,000 merchants (>80,000 currently enrolled)
  13. Subscription-based model generates recurring revenue
  14. PCI Council Approved Scanning Vendor (“ASV”)
  15. Funded by Total Technology Ventures (“TTV”) in 2007; Harbert Venture Partners and Croft & Bender in 2010</li></ul>5<br />
  16. ControlScan Transition<br />Arrival - 2007<br />Direct customer acquisition; 1,500 merchant customers<br />Solution for e-commerce merchants only (15% of small merchant market)<br />No PCI story<br />No strategic partnerships<br />Fuzzy business model<br />Vision - 2008<br />Ride momentum/mandates in PCI market <br />Recruit experienced team to complement enthusiastic young talent<br />Recruit payment experts to the board to build credibility<br />Focus on small merchants, both e-commerce and brick and mortar<br />Sell to merchant banks to simplify distribution model<br />Now – 2010<br />> 80,000 merchants enrolled<br />Close to 80 partnerships<br />Break-even in sight<br />Recent funding event<br />6<br />
  17. Agenda<br /><ul><li>Overview of Experiences
  18. What I’ve Learned
  19. Any Questions?</li></ul>7<br />
  20. “The single biggest constraint on the success of any organization is the ability to get and hang on to enough of the right people.” - Jim Collins<br /># 10 - Get the right people on the bus<br />Surround yourself with people who are better than you<br />Check your insecurities (and your ego) at the door <br />Get the wrong people off the bus<br />Make tough people calls quickly <br />Your gut is usually right <br />Treat people well<br />8<br />
  21. #9 - Listen more than you talk<br />Hone your listening skills (with customers, investors, colleagues, competitors, peers)<br />Get comfortable with silence<br />Use “we” more than “I” <br />Practice the listening “Game”<br />“Watch, listen, and learn. You can't know it all yourself... anyone who thinks they do is destined for mediocrity.” - Donald Trump<br />9<br />
  22. #8 - Stay outside your comfort zone<br />Being uncomfortable is part of startup life – get comfortable with it<br />Be decisive – it’s far better to make the wrong call than to make no call at all<br />Expect many sleepless (and uncomfortable) nights<br /> “Takes risks: If you win you will be happy; if you lose you will be wise.” - Author Unknown<br />10<br />
  23. #7 - Live below your means<br />Raising money is hard<br />Raise as little as possible to capitalize on the opportunity<br />Best to raise it when you don’t need it<br />Not a rational process <br /><ul><li>Get to breakeven as quickly as possible</li></ul>Understand the evolving business model<br />Which dials to watch, which levers to pull<br />Also true in your personal life – allows you to take more risks <br />“Contrary to popular belief, frugality is the foundation of wealth.” - Thomas Stanley and William Danko<br />11<br />
  24. #6 - It’s the market, stupid<br />The most important key to success in a startup is the market opportunity<br />You can execute brilliantly in a bad market and not succeed<br />You can execute less brilliantly in a great market and succeed wildly<br />Get in the game; if the market is ripe (the market will tell you how to improve your products/services; how to price; etc.)<br />“Opportunities multiply as they are seized.” <br /> - Sun Tzu<br />12<br />
  25. #5 – Make new friends, but keep the old<br />Form strategic partnerships early<br />Build a company for greatness, but have the exit in mind<br />Most early stage companies will fail, and those that don’t will most likely be acquired<br />"Our success has really been based on partnerships from the very beginning.” - Bill Gates <br />13<br />
  26. #4 – Start, Stop, Keep<br />Great organizations aren’t all things to all people<br />Learn how to say “no”<br />Focus can be a differentiator<br />Doesn’t mean you shouldn’t have a hedge strategy<br /> “Those who built the good-to-great companies, however, made as much use of "stop doing" lists as "to do" lists. They displayed a remarkable discipline to unplug all sorts of extraneous junk.” - Jim Collins<br />14<br />
  27. #3 - Ask for help<br />Seek counsel from trusted advisors (especially those outside the organization)<br />Ask stupid questions, and then listen<br />Be a Curious George (“Hmmm, really? How did you do it?”)<br />Write someone every day and ask them for help<br /> “The important thing is not to stop questioning. Curiosity has its own reason for existing.” -Albert Einstein <br />15<br />
  28. #2 – Obsess on the customer<br />If you listen, the market will tell you where to go<br />Form a customer council<br />Make “the customer” part of the culture<br />Empower your people…to the customer they are the company<br /> “There is only one boss. The customer. And he can fire anyone from the chairman on down, simply by spending his money somewhere else.” - Sam Walton<br />16<br />
  29. “Ladies and gentlemen: Wear sunscreen. If I could offer you only one tip for the future, sunscreen would be it. The long-term benefits of sunscreen have been proved by scientists whereas the rest of my advice has no basis more reliable than my own meandering experience.” - Mary Schmich , Chicago Tribune<br />#1 - Wear sunscreen<br />Work Hard…Have fun!<br />Don’t take yourself too seriously<br />17<br />
  30. In Summary<br />Cash is king<br />Strive for 80%, not perfection<br />Avoid “wet logs” at all cost<br />This is not for the faint of heart<br />There are NO “Rock Stars”<br />18<br />
  31. Agenda<br /><ul><li>Overview of Experiences
  32. What I’ve Learned
  33. Any Questions?</li></ul>19<br />

×