Scaling Startups
September 12th 2013. London
#ScalingStartups @TalentPuzzle
Scaling Startups
Ben Fletcher, TalentPuzzle
@benfletch
#ScalingStartups @TalentPuzzle
Scaling Startups
September 12th 2013. London
#ScalingStartups @TalentPuzzle
Chris Tottman @NotionCapital
Building a winning team:
Recruiting Star Players
Chris Tottman @NotionCapital
FUNDS
6 Inv.
20 to go
9 Inv.
4 Fund Ret.
$30m $110m
2000 Cos Reviewed
Chris Tottman @NotionCapital
$1 billion
2k jobs
7yr Hot 100
Chris Tottman @NotionCapital
9yrs to build
9m users
20k customers
$150m revenues
$700m exit
0 to 650 people
MessageLabs
Chris Tottman @NotionCapital
30 Biggest SaaS providers solved the 3
biggest challenges facing every
founder/CEO:
• Acquiri...
Chris Tottman @NotionCapital
You must fill the gaps
with world class talent &
remain capital efficient
You have to continu...
Chris Tottman @NotionCapital
What we look for: Cultural View
Chris Tottman @NotionCapital
The Big Questions
 Early - Winners are always winners so tell me about your track
record of ...
Chris Tottman @NotionCapital
Top Tips
 Selling then Interviewing
 Exciting then formal (but always expressing
the entrep...
Chris Tottman @NotionCapital
Smart & a
little mad?
Big Market
& Big Pain?
Scalable
Business?
Let’s Talk
ctottman@notioncap...
Scaling Startups
September 12th 2013. London
#ScalingStartups @TalentPuzzle
Andy McLoughlin, Co-founder
Follow me @bandrew
Users in 100,000+
organizations
Content collaboration for
government & enterprise
London, San
Francisco, NYC, Washington
D...
International expansion,
culture and comms
(or how I learned to stop worrying
and love the 8 hour time zone difference)
REALLY
Do you
need to be there?
Everything I’ve learnt about
*international expansion in about
20 minutes
(* to the US generally and SF in particular)
Gaping void silicon valley
Navigating the US
http://gapingvoid.com/2008/08/05/silicon-valley-map/
Google map – SF to San Jose
San Francisco
(hipsters and winos)
Google map – SF to San Jose
Silicon Valley
(khaki and Googlers)
It’s kind of like Reading
(but with sunshine and palm trees)
Borrowed from http://www.orkposters.com/sanfran.html
For Huddle, it was always going to
be San Francisco
Location sorted. You’re on
your way!
• Create US entity
• Register to trade in
State of California
• US banking
• Visas
• ...
Regardless of where you
trade, incorporate in Delaware
• Generous tax benefits, well-defined body of case law
• Suck up th...
US banking for business
• They’re connected to
everyone in the valley
• Regular networking
events
• Venture debt and worki...
US banking for you
• Opening a personal US bank account is
easy but getting credit isn’t
• Every ATM charges a fee
• The a...
Company sorted!
Let’s get to work!
• Create US entity
• Register to trade in
State of California
• US banking
• Visas
• Hi...
FACT
It’s very naughty to come to the US and
work without a visa
With the ESTA you are allowed to stay for up
to 90 days, do business for your foreign
company (partner meetings, client me...
Many visas, many options
There are a ton of options (including
temporary and student visas) but the most
popular are:
• H1...
Hands up who likes
filling in forms?
Visa applications are paperwork-
intensive process and one slight
error will void you...
Premium processing L1-A
 You must be outside the US to apply
 You must attend the local embassy in person
 Entering the...
My visa hell experience (2010)
Submit application
and begin ‘business
trip’ to US [day 0]
Begin hassling
attorneys
[day 45...
Approved Petition
+
Passport with L1-A
+
Stamped I-94
=
Making your first US hires
• Create US entity
• Register to trade in
State of California
• US banking
• Visas
• Hiring + b...
International hiring 101
Hiring in the US is broadly the
same as hiring anywhere else.
Don’t hire people you might hate,
m...
(but if you do need a recruiter)
Connery Consulting (conneryconsultingllc.com)
have staffed for Salesforce.com, Zendesk an...
Gross generalisation #1
Hiring in the US is relatively easy
True! Firing is also easy. Get at-will
contracts from your law...
Gross generalisation #2
Valley people are more start-up savvy
True! It’s all about the options pool. Bonuses
less common. ...
Gross generalisation #3
British humour is always acceptable
False! Keep it out of interviews. No bad
taste jokes. Don’t as...
Gross generalisation #4
A great package of extras is expected
True! The more you offer, the more
attractive you will be. T...
Actual start-up snack room
Primer: US healthcare
• Healthcare with vision and dental is expected
• This will cost around $500 per employee (extra for...
The other stuff: US payroll,
social security, IRS etc
Like company formation and healthcare,
don’t even bother doing this ...
It’s f*cking expensive!
•$50k to get a team up and running (visas, flights, office,
accommodation, payroll, taxes, incorpo...
Dealing with
distance
Transplanting culture
• If you can, start with a founder
• Consider bringing a small number of
established team
• Bring wh...
Communicating with home
• You get up earlier (7am starts
are normal)
• UK team work later
• VOIP office phones
• Google Vo...
Thank you!
@bandrew | @huddle
Scaling Startups
September 12th 2013. London
#ScalingStartups @TalentPuzzle
Innovative approaches to recruitment and the roles of the founders
Alicia Navarro & Joe Stepniewski – Skimlinks founders
What have we done right?
• Currently have 66 employees
• Out of our current employees:
– 100% of people that started with ...
Hiring in early days…
Costs matters more Culture fit matters more
General skills matter moreSense of ownership matters more
Look in unlikely places
Make it hard to apply
Try to shock during interviews to find out the
truth
Look open-source & project involvement
Hire future entrepreneurs
Widen pool of potentials: become a visa sponsor
73
Personalised packages that show you listen & care
“Leithification”
Aim for a Rainbow Family
70% 30%
Ratio Men:Women
21 nationalities
Australia, Austria, Brazil, Canada, China,
France, Greece, Hungary, Irish, Italy,
India, Japan, Pakistan,...
CEO lunch
Be open-minded about matching people to roles
Blogger with no degree
Personal Assistant
Communications Manager
Marketing D...
Interns and grads are the lifeblood of a startup
15% of our current employees joined us as interns
Don’t hire too many or too quickly…
… else expect churn
Create traditions
Fleetwood Fridays Christmas parties
Welcome questions #skimlove
Understand and foster your culture
Make start-up education part of overall package
Celebrate wins, especially technology successes
Hire internal HR at about 20 people
100% of employees interviewed by a founder
Founders will spend 30% on hiring & retention
Alicia Navarro
@alicianavarro
alicia@skimlinks.com
Scaling Startups
September 12th 2013. London
#ScalingStartups @TalentPuzzle
Scaling Startups
September 12th 2013. London
#ScalingStartups @TalentPuzzle
Scaling Startups
September 12th 2013. London
#ScalingStartups @TalentPuzzle
The Secrets of Creating A Great Company
Culture
titus.sharpe@mvfglobal.com @titussharpe
MVF helps Companies Acquire New Customers Across the World.
278%
A B C
0-5 6-50 50+
How Many Staff In Your Company?
The Secrets of Creating A Great Company
Culture
1. The End Goal
2. Six Human Needs
3. Hiring Secrets
4. Scaling Culture Se...
The End Goal
a. Great Lifestyle Business
b. Exit from Trade or Float
The End Goal
Business Model Scale Culture
Business Model:
The Importance Of Gross Profit
Define the Culture You Need
To Achieve Your End Goal
MVF Culture
Energy & Ability to energise others
Passion
Gets the job done
Smart
Energetic and Smart Marketing Culture
MVF Culture
Energetic and Smart Marketing Culture
Energetic, Smart, Data Driven Sales & Marketing Culture
The Secrets of Creating A Great Company
Culture
1. The End Goal
2. Six Human Needs
3. Hiring Secrets
4. Scaling Culture Se...
We Are Apes98.8%
Six Human Needs
1. Connection & Love
2. Growth
3. Significance
4. Contribution
5. Variety
6. Certainty & Comfort
VS
Huge S...
Build A Family
Real World Gamification
• Employee of the Month
• Awards Ceremonies
• Big Gun Prizes
• Flags
Fact For Granny
• Awards
• Press
• Milestones
Celebrate Events
56p
£1
£14
Encourage the Extra Curricular
Six Human Needs
1. Connection & Love
2. Growth
3. Significance
4. Contribution
5. Variety
6. Certainty & Comfort
Build A F...
The Secrets of Creating A Great Company
Culture
1. The End Goal
2. Six Human Needs
3. Hiring Secrets
4. Scaling Culture Se...
A
2.2 Class
Geography
Cambridge University
1st Class
Geography
Bolton University
B
Energy
The Extra Mile
Sporting, Organisational, Intellectual
• Organised a Rock Concert
• Fulbright Scholar
• Captain of Local Fo...
Hire Slow, Fire Fast
• Never, Ever, Ever, Ever Rush A Full Time Hire
• Google’s Six Interviews
• Felix Dennis’ 30% Certain...
Hiring Grads
• Hire Aptitude, Over Experience
• Hire Energy, Brains and Passion
• Look For The Extra Mile
• Ensure Interes...
Hiring Techies
• Moving to London/UK for first time
• Give them their London/UK Community
• Gumtree
• Github & Stackoverfl...
Non-Execs
• Entrepreneurs Vs Financiers
• Private Equity and Venture Capital Networking
Cheap Job Posting
95%
Right People On The Bus,
Right People Off The Bus
The Secrets of Creating A Great Company
Culture
1. The End Goal
2. Six Human Needs
3. Hiring Secrets
4. Scaling Culture Se...
Hunt In Packs
The Big Jump
<50 100+
Hurdling The Big Jump
100+Making the Company Network Tighter
• Socials & Sports
• CEO & Management Lunches
• Company Buffe...
6 Levels
6.Executive
5.Senior
Executive
4.Manager
3.Senior
Manager
2.Head
1.Director
Management OR Specialist
Employee Survey
Hurdling The Big Jump: From Pivot to
Process
Commercial
Pivoters
Process
Builders
Timeline
Pivot
1
Pivot
2
£1m
£10
m
Main
...
The CEO’s Evolution
Timeline
Pivo
t1
Pivo
t2
£1m
£10
m
Product
Sales
HR
Comms
What They Do
Recruiter C-level Headhunter
Pr...
The Secrets of Creating A Great Company
Culture
1. The End Goal
2. Six Human Needs
3. Hiring Secrets
4. Scaling Culture Se...
Great White Sharks
Market Leaders vs Tuck Ins
£1,400,000,000
*Source - UK M&A Market – Experian CorpFinance
17
*Source - UK M&A Market – Experian CorpFinance
The Secrets of Creating A Great Company
Culture
1. The End Goal
2. Six Human Needs
3. Hiring Secrets
4. Scaling Culture Se...
Scaling Startups
September 12th 2013. London
#ScalingStartups @TalentPuzzle
Scaling Startups
September 12th 2013. London
#ScalingStartups @TalentPuzzle
Make the product do the work
Jasper Westaway
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
1
6
11
16
21
26
31
36
41
46
51
56
61
66
71
76
81
8...
Scaling = Year 4
Stressed & tired
Under-resourced
Distracted by new projects
Bored by existing project
Let the product do the scaling
Keep the product simple
Rethink your product as a virus
k = i * c
Focus on the product machine…
…not the sales team
• Delay building sales and marketing teams until
unavoidable
• Let the product be the sales engine
Let your culture be the product
When product does your work, users
do your work
Scaling Startups
September 12th 2013. London
#ScalingStartups @TalentPuzzle
www.schuch-associates.com
How founders can add the most value
to their businesses:
Focus on core, Delegate chore
Len Schuc...
www.schuch-associates.com
Len Schuch
Schuch Associates – Director
Ubiquisys - Co-Founder
Orange
Vodafone
BT
Other Stuff
167
www.schuch-associates.com
Why we do it!
168
www.schuch-associates.com
Ubiquisys Profile
• Three Founders: Len Schuch, Will Franks, Pete Keevill
• Investors: Accel Par...
www.schuch-associates.com
Turning an idea into reality
170
The Idea The Product
www.schuch-associates.com
How the technology worked
171
Copyright: Ubiquisys
www.schuch-associates.com
The changing environment
172
12 Months
2 Months
9 Months
6 Years +
From dining room….. to glass ...
www.schuch-associates.com
A Few Pre-Funding Activities for the Founders
173
www.schuch-associates.com
When you need help…….get it!
174
Its very easy to be overwhelmed
www.schuch-associates.com
Where to find your resources
Previous business colleagues
VC / Advisory Board contacts
Find / hi...
www.schuch-associates.com
Scaling the Company
176
Ubiquisys
Executive
CEO
Board
Chairman
Administrative
Sales & Marketing
...
www.schuch-associates.com
Evolution of the company structure
177
Growth Stage
Scaling the business
Establishment Stage
Def...
www.schuch-associates.com
The Founders
178
www.schuch-associates.com
Skills Audit
179
What are my skills?
Can I take the company to
its full potential?
Is this a $10...
www.schuch-associates.com
A founding CEO or a hired CEO
“Rich or King”
• Study by Noam Wasserman of Harvard Business Schoo...
www.schuch-associates.com
When to make the transition?
• Skill audit must be made from the start
• Bring in early to shape...
www.schuch-associates.com
Our decision to hire externally
182
Scale Visible that potential industry size would
be in $100m...
www.schuch-associates.com
Finding Roles for the Founders
183
Len
Will
Pete
CEO
Seed & A’ Round After A’ Round
CEO VP Busin...
www.schuch-associates.com
What brought us Success
• A strong bond between the founders - similar goals and vision
each bri...
www.schuch-associates.com
Thank You
Scaling Startups
September 12th 2013. London
#ScalingStartups @TalentPuzzle
Remaining agile and
repricing risk as you scale
Jonathan Quin
CEO, World First
@world_first
@jonathanquin
Agility
i. Why scale?
ii. What is agility?
i. Adapt rapidly
ii. Maintain/Improve efficiency
iii. Why by agile?
iv. Transfo...
Maintaining Agility
i. The stages of growth
ii. Adapting starts at the top
iii. Delegate, delegate, delegate
iv. The 5 tie...
Organisational Intelligence
i. HR manager
ii. Beermat Entrepreneur
“Product/Operations, Sales, Marketing
, IT, Finance, HR...
Organisational Progress
i. Need process people and project
people
ii. Jung, Myers-Briggs, Keirsey, Belbin
iii. Need balanc...
Designing for agility
i. Periodic redesign processes
ii. User Centred Design
iii. Bottom-up and Top-down
iv. Team “champio...
Being Objective
i. See the wood from the trees
ii. Can’t grow if fighting fires
iii. Understand how the business can
evolv...
Process [vs bureaucracy]
i. Locking the stationery cupboard
ii. Evolution vs planning
iii. Management Information and anal...
Risk (business)
i. “The biggest risk is not taking any
risk... In a world that is changing
really quickly, the only strate...
Risk (business)
i. Understand the risk, then de-risk it
ii. Can’t stay flat
iii. Calculate your risk threshold
iv. Get buy...
Risk (business)
i. The challenge for you isn’t coming up
with the great idea, it’s having the risk
appetite to follow it t...
Risk (business)
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
SME (<£5m) Medium (£25m+) Large Corporate (250m+)
Risk of Failure
Ri...
Risk (business)
i. Coca Cola
ii. Apple
iii. Yahoo
iv. TomTom
v. World First
Risk (personal risk)
i. Risk ≠ Reckless
ii. Nervous… or excited?
iii. Gut instinct
iv. Listening to others vs taking decis...
Summary
i. Be agile or die
ii. Risk Reward
iii. Take a risk but de-risk it
iv. Regret
v. Questions
Scaling Startups
September 12th 2013. London
#ScalingStartups @TalentPuzzle
Scaling Startups
September 12th 2013. London
#ScalingStartups @TalentPuzzle
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Scaling Startups

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Hosted by TalentPuzzle.
From the incredibly successful Scaling Startups event held at the Kia Oval on the 12th September 2013.
Delegates enjoyed talks from Tom Allason- Shutl, Titus Sharpe- MVF Global, Alicia Navarro- Skimlinks and many more.

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  • Notion to date
  • Pre-2008
  • MessageLabs data – suggest adding staffing and staff growth figures to this perhaps?
  • Bessemer 5 Cs of Cloud FinanceCommitted Monthly Recurring Revenue, Annual Recurring Revenue, Annual Run Rate RevenueCas
  • It’s what we look for, so do the candidates
  • I would avoid obvious stuff and go for experience based insights
  • I would avoid obvious stuff and go for experience based insights
  • You raise your first VC round. What then? Mo’ money mo’ problemsInvestors mean you aren’t in total control. Spend spend spend!You have to hire people to hold your baby. Only hire A players.Building culture. What we do. Genuine example above! Schwag, parties, food, drinks – make it feel like a family. Make it a place you would want to work.
  • * First question - do you need to expand? * Type of business - not everyone needs to be in the US, or SF. * Where are your customers? Where are your partners? * Not everyone does. Don&apos;t be sucked in. * Not the entire team * Examples of amazing businesses who haven;t expanded internationally - Supercell, Moshi Monsters * Next: If you are going to expand, where? Not necessarily west coast? Lyst example/
  • Why London is an amazing place to start a business – but you already know that
  • This should be the very first question you ask yourself. Is it really worth the time, expense and distraction?
  • Silicon valley is the Mecca for tech – Google, HP, Apple, Oracle, SiebelMultibillion dollar exits and IPOsAngelgate @ Bin 38Esther Dyson caltrain story
  • San Francisco is a big(ish) city and affords everything that a big(ish) city provides – great bars and restaurants, parks, culture, architecture, homelessness and crime
  • Mountain View and Palo Alto are the heart of Silicon Valley proper and home to companies like Oracle, Facebook, Apple and HP.  However, if you’re looking at moving a several-thousand person company out here they’re probably the only way to go.I feel they lack soul, non-generic shops and decent places for the all-important post-work pint. 
  • The buzz of the city is palpable (especially compared to identikit business parks found further south) and the city’s SOMA district – with its vast warehouses and loft apartments – is home to hundreds of start-ups, creative companies and social media consultants.  Throw a stone from anywhere in the district and you’ll hit at least one person creating “x for twitter”.  There are also great spaces available downtown, around South Beach and in the Mission district. Access to caltrain.
  • If you want to trade or hire in the US you’re going to need a US entity.  The vast, vast majority of US companies incorporate in Delaware (regardless of where they are actually based) thanks to the state’s generous tax benefits and well-defined body of case law.  Once you have your Delaware Corp you’ll need to get it ready to trade in the State of California.  It’s probably best to get a lawyer to help with all of this as the paperwork will make your eyes bleed.There are pros and cons of cost for equity- like lower upfront cost to you, but then locked into the lawyer and also potentially gave away valuable equity.
  • Unlike the US, setting up a bank account in the US is actually quite simple.They aren&apos;t the best bank, but for the simple remote stuff it was good.  HSBC might also be a good option. 
  • Talk about coming and going, Ben Way,
  • H1-b is one yearL1-A is up to 7 years, can be extended in countryO-1 is for people like scott rutherfordThere are several options for your visa but (in our opinion) the best in terms of the time-to-apply / time-you’ll-be-allowed-to-stay ratio is the L-1 intercompany transfer visa.
  • Expect to wait at least a month and a half from when you first submit to your interview at the US embassy (unless you pay $1,500 for some kind of Easyjet-style speedy boarding pass, in which case you’re looking at 15 working days) and bear in mind you have to be outside the US to apply and receive your visa.  Entering the US during your visa application is technically allowed but frowned upon so if you are travelling make sure you have proof that you’ll be leaving the country again shortly, a copy of your application and something proving that you are indeed employed by a non-US company and are just visiting for meetings.  Not to work.  Oh no.
  • Social security = credit = mobile phone on contract etc
  • Unless you’re hiring engineers in SF, in which case you’re screwed.
  • People in the US - especially the Valley - are a lot more savvy when it comes to their equity options.  In Europe, people tend to work for cash compensation and are happy with that.  There is a lot more flexibility in terms of what you offer employees here, but they also know their market value.  Typically you will have to have a more generous option pool in the US.  Bonuses, probably not expected quite as much.  
  • People - especially engineers in the Valley have been very well taken care of and expect to be pampered...the more you can throw into the benefit the better off you&apos;ll be at recruiting.  This means amazing heathcare, lots of food in the office, free lunches and dinners, gadgets, Aeron chairs, etc... 
  • In 2007 we made decision Go big or go home.What does a good VC bring? Money, connections, experience.Raised our first round December that year with Eden ventures. Had to learn the VC game from scratch. Spoke with every VC informally before we kicked off the process.The dance!
  • Ellie – make this a more fun unstructured page that shows off the title of the talk and still mentions our company name and logo somewhere.
  • GumtreeCooperations with universitiesMeetups like Silicon MilkroundaboutKeep an eye on bankrupt companies
  • Focus on cover letter more than CVAsk questions in job spec to weed out those who don’t read requirements fullyInclude practical tests
  • I deliberately swear in interviews to test “openness”I ask them to tell me their favourite jokeWe ask “How weird are you and why”
  • Open Sourced/ Extra curricular projects
  • MBA by experience
  • Means you can easily hire people from outside EUCan be attractive to bring someone from US to have a few years in London
  • Climbing wall club membershipEasyjet vouchersGymboree vouchers for someone with new childAshwin as he was moving flats we gave voucher for furniture storeZoo membership
  • Invest in your offer letterMake them feel valuable and excitedShow we careThat our vision is exciting, relevant, they can really make an impact
  • Show picture of Angelina and Brad’s Rainbow FamilyCount number of nationalities and women
  • Experience isn’t everything, you can teach people a lot of aspects about a job but you can’t teach spark, dedication, initiative etc. E.g. Mark and Hannah and Hardip and Tom and Jo and CatherineJob rotation and retentionCertain roles, product management, pub dev, merchant, better to hire juniors and train them as you want it. Interns and grads are lifeblood of a startup.Balance this with great leaders.Data entry interns, Cath, Geoff and Amy are all now superstars. Keep an eye on people you bring in at junior roles, give opportunity
  • Concentration of hiresQuestion each hireBe prepared for higher churn rates in cohorts of high concentrations of hires
  • Fleetwood FridayChristmas Party Treasure HuntsWelcome questions#Skimlove
  • In the early days, we don’t need to define it, you just hire people that ARE your culture.You should dictate what the culture is, but let it evolve organically from about 12ish onwards, and then use what come naturally as the basis for future hires and for team bonding indentify… Skimlove
  • Brown bag lunchesTerm sheet explanationsBoard meeting debriefsExplain the “why” along with the “what”
  • Bring in temp inhouse recruiters in need
  • All apart from internsCultural niggle is a showstopper
  • By the time your user base starts to scale your team will be…
  • Companies that scale very fast (typically American) have a simple philosophy – let the product take the strain of scale.These companies aren’t geniuses at sales and marketing – so how are they growing?
  • Measure everything in early adopter phaseUse A/B testing even physical e.g. http://www.crowdery.com/Then you know what doesn’t workBe more concerned about what isnt necessary as…Growing user base demands features.Instead remove features and see if they stay. New features are :DistractingComplicate adoption by early majority3.You havnt got much resource so cant afford to be bogged down bug fixing No more than one hard problem3rd party librariesSalespeople have the phrase, “Get the buyer to the ‘no’”
  • What is this?You already have engaged users... That is why you are at the scaling stageThere are different ways of measuring viralitybut need to focus onK factor + cycle rateInfection rate vs conversion rateAddress books, fb etc, social sign inshttps://docs.zoho.com/sheet/published.do?rid=y0e29704d6b6ede984e5d8b7209cd37ae3eb9
  • Focus on building the best product engine possible:Engineers, product managers, product marketersMake product team efficientEvery day ask yourself “what can I do to remove friction”Yammer prod management mission statement: “Speed up engineering”Outsource all non-productHiring is hard work &amp; distractingHiring is high risk Use 3rd parties e.g. ODesk, AMT, uTest
  • Delay building sales and marketing teams until unavoidableSales teams need a lot of supporting resourceSalesmen are big egos and hard to manageSales and marketing only do what is familiarPut aside budget to experiment with marketingLots of ways to oursource:ResellersPartners e.g. BAe3rd party sales eg Mansfield Sales Partners– build the product your hypothetical sales and marketing will want to sell!- borde.rs branding example
  • Mountain biking analogy: Do the things the product wants you to do.Build the team and culture that the product wantsCONWAYS LAWThere will be failuresWhen failures occur, review your culture, not your processMake gut hires - but fire fast &lt;provide examples&gt;Don’t put too much emphasis on domain perfection
  • Scaling startups have an unfair advantage: engaged users. You have done your learning. You have the data. Use it.They will…Write your specificationDo your QAGenerate new usersProvide new-user education
  • Transcript of "Scaling Startups"

    1. 1. Scaling Startups September 12th 2013. London #ScalingStartups @TalentPuzzle
    2. 2. Scaling Startups Ben Fletcher, TalentPuzzle @benfletch #ScalingStartups @TalentPuzzle
    3. 3. Scaling Startups September 12th 2013. London #ScalingStartups @TalentPuzzle
    4. 4. Chris Tottman @NotionCapital Building a winning team: Recruiting Star Players
    5. 5. Chris Tottman @NotionCapital FUNDS 6 Inv. 20 to go 9 Inv. 4 Fund Ret. $30m $110m 2000 Cos Reviewed
    6. 6. Chris Tottman @NotionCapital $1 billion 2k jobs 7yr Hot 100
    7. 7. Chris Tottman @NotionCapital 9yrs to build 9m users 20k customers $150m revenues $700m exit 0 to 650 people MessageLabs
    8. 8. Chris Tottman @NotionCapital 30 Biggest SaaS providers solved the 3 biggest challenges facing every founder/CEO: • Acquiring capital • Consuming customers • Hiring the best talent We believe category leadership is a talent driven economy…
    9. 9. Chris Tottman @NotionCapital You must fill the gaps with world class talent & remain capital efficient You have to continue to out hire the competition in each area YoY
    10. 10. Chris Tottman @NotionCapital What we look for: Cultural View
    11. 11. Chris Tottman @NotionCapital The Big Questions  Early - Winners are always winners so tell me about your track record of winning?  Early - Whats the gap btw what we need and where you're strong? (needs analysis)  Middle – Deeper analysis of the above  Final - How will you transform our business? (whats in it for us)  Final - How will you migrate into our business over 100 days?
    12. 12. Chris Tottman @NotionCapital Top Tips  Selling then Interviewing  Exciting then formal (but always expressing the entrepreneurial personality)  Make it competitive  Direct & Recruiters (an extension of your Exec)  Design the Org in detail & then hire explicit to that (don't design jobs around people)  They have to be world class in 3 or 4 areas not good at a long list of areas  Everyone can blackball any candidate with good reason  Loads of formal and soft references all the way through  Go for a pint / dinner
    13. 13. Chris Tottman @NotionCapital Smart & a little mad? Big Market & Big Pain? Scalable Business? Let’s Talk ctottman@notioncapital.com www.notioncapital.com
    14. 14. Scaling Startups September 12th 2013. London #ScalingStartups @TalentPuzzle
    15. 15. Andy McLoughlin, Co-founder Follow me @bandrew
    16. 16. Users in 100,000+ organizations Content collaboration for government & enterprise London, San Francisco, NYC, Washington DC Founded in London in late 2006 170 staff across four offices in two countries Raised $40M in venture capital across three rounds Investors include Eden Ventures, Matrix Partners, Jafco Ventures, DAG Capital, In-Q-Tel and Webex founder Subrah Iyar.
    17. 17. International expansion, culture and comms (or how I learned to stop worrying and love the 8 hour time zone difference)
    18. 18. REALLY Do you need to be there?
    19. 19. Everything I’ve learnt about *international expansion in about 20 minutes (* to the US generally and SF in particular)
    20. 20. Gaping void silicon valley Navigating the US http://gapingvoid.com/2008/08/05/silicon-valley-map/
    21. 21. Google map – SF to San Jose San Francisco (hipsters and winos)
    22. 22. Google map – SF to San Jose Silicon Valley (khaki and Googlers)
    23. 23. It’s kind of like Reading
    24. 24. (but with sunshine and palm trees)
    25. 25. Borrowed from http://www.orkposters.com/sanfran.html For Huddle, it was always going to be San Francisco
    26. 26. Location sorted. You’re on your way! • Create US entity • Register to trade in State of California • US banking • Visas • Hiring + benefits
    27. 27. Regardless of where you trade, incorporate in Delaware • Generous tax benefits, well-defined body of case law • Suck up the cost and get a lawyer to sort this • Valley lawyers often willing to defer costs until VC financing and trade cost for equity
    28. 28. US banking for business • They’re connected to everyone in the valley • Regular networking events • Venture debt and working capital facilities • Set up US accounts from the UK • Now also offer UK banking www.svb.com/accelerator
    29. 29. US banking for you • Opening a personal US bank account is easy but getting credit isn’t • Every ATM charges a fee • The answer = HSBC Premier • Free, instant transfers between international accounts, all ATM fees repaid, credit card based on UK credit • Accounts can be opened from the UK
    30. 30. Company sorted! Let’s get to work! • Create US entity • Register to trade in State of California • US banking • Visas • Hiring + benefits
    31. 31. FACT It’s very naughty to come to the US and work without a visa
    32. 32. With the ESTA you are allowed to stay for up to 90 days, do business for your foreign company (partner meetings, client meetings, board meetings, conferences) and perhaps take a holiday. But you absolutely cannot work for a US company. Oh no.
    33. 33. Many visas, many options There are a ton of options (including temporary and student visas) but the most popular are: • H1-B (Highly skilled migrant) • L1-A (Intercompany transfer) • O-1 (Alien of extraordinary ability) • E-2 (Investor visa)
    34. 34. Hands up who likes filling in forms? Visa applications are paperwork- intensive process and one slight error will void your application so use an attorney! Suhi Koizumi & Olivia Serene Lee Minami Tamaki LLP 360 Post Street, 8th Floor San Francisco, CA 94108 www.MinamiTamaki.com
    35. 35. Premium processing L1-A  You must be outside the US to apply  You must attend the local embassy in person  Entering the US during the visa application is allowed but frowned upon. Make sure you can prove the trip is temporary! Company Submits Petition Application [day 1] Petition Approved [day 20] Submit Visa Application Online [day 21] Embassy Interview [day 25] Passport Returned [day 30]
    36. 36. My visa hell experience (2010) Submit application and begin ‘business trip’ to US [day 0] Begin hassling attorneys [day 45] Lose temper and cancel 1st application [day 50] Re-apply, paying for premium processing [day 51] Learn colleague’s application approved. Lose shit. [day 52] Application returned with Request for Extra Information [day 66] Submit Extra Information [day 75] 3 month visa expires, leave US quickly [day 89] Application approved. [day 95]
    37. 37. Approved Petition + Passport with L1-A + Stamped I-94 =
    38. 38. Making your first US hires • Create US entity • Register to trade in State of California • US banking • Visas • Hiring + benefits
    39. 39. International hiring 101 Hiring in the US is broadly the same as hiring anywhere else. Don’t hire people you might hate, make sure they can do the job, use your network, use LinkedIn, hire an in-house recruiter at scale, avoid agencies etc.
    40. 40. (but if you do need a recruiter) Connery Consulting (conneryconsultingllc.com) have staffed for Salesforce.com, Zendesk and many others. Betts Recruiting (bettsrecruiting.com) specialise is sales, marketing and business development. They throw fun parties.
    41. 41. Gross generalisation #1 Hiring in the US is relatively easy True! Firing is also easy. Get at-will contracts from your lawyers. 3 month probation period and let go early if not working.
    42. 42. Gross generalisation #2 Valley people are more start-up savvy True! It’s all about the options pool. Bonuses less common. 15 days vacation. More flexibility but people know their market value and expect to be looked after.
    43. 43. Gross generalisation #3 British humour is always acceptable False! Keep it out of interviews. No bad taste jokes. Don’t ask people their age or personal questions. If you think it might be inappropriate, it probably is and you may get sued for it. Just don't.
    44. 44. Gross generalisation #4 A great package of extras is expected True! The more you offer, the more attractive you will be. This means great healthcare, lots of snacks in the office, lunch (and dinner) provided, Aeron chairs...
    45. 45. Actual start-up snack room
    46. 46. Primer: US healthcare • Healthcare with vision and dental is expected • This will cost around $500 per employee (extra for spouses and children) • Even the best health insurance only covers 90% of cost of an accident • Most popular plans in CA are Anthem Blue Cross, Blue Shield, Cigna, Kaiser • We chose Anthem Blue Cross EmployeeElect (with $20 copay) • Use an HR partner to coordinate (unless you’re a masochist) • Trusted local partners include Advisor (advsor.com) and TriNet (trinet.com)
    47. 47. The other stuff: US payroll, social security, IRS etc Like company formation and healthcare, don’t even bother doing this yourself. It’s a massive, massive distraction. Again, Advsor or TriNet are recommended.
    48. 48. It’s f*cking expensive! •$50k to get a team up and running (visas, flights, office, accommodation, payroll, taxes, incorporation) •5-10% of this cost to cheat 
    49. 49. Dealing with distance
    50. 50. Transplanting culture • If you can, start with a founder • Consider bringing a small number of established team • Bring what’s best about your company • Be prepared to spend a lot of time with your new team outside of the office • Try and make each new office better than the last
    51. 51. Communicating with home • You get up earlier (7am starts are normal) • UK team work later • VOIP office phones • Google Voice for cheap calls via your mobile • Weekly all-hands with video conferencing
    52. 52. Thank you! @bandrew | @huddle
    53. 53. Scaling Startups September 12th 2013. London #ScalingStartups @TalentPuzzle
    54. 54. Innovative approaches to recruitment and the roles of the founders
    55. 55. Alicia Navarro & Joe Stepniewski – Skimlinks founders
    56. 56. What have we done right? • Currently have 66 employees • Out of our current employees: – 100% of people that started with us in 2008 are still with us – All but 1 person that started with us in 2009 are still with us – All but 3 people that started with us in 2010 are still with us – 100% of people that started with us in 2011 are still with us
    57. 57. Hiring in early days… Costs matters more Culture fit matters more General skills matter moreSense of ownership matters more
    58. 58. Look in unlikely places
    59. 59. Make it hard to apply
    60. 60. Try to shock during interviews to find out the truth
    61. 61. Look open-source & project involvement
    62. 62. Hire future entrepreneurs
    63. 63. Widen pool of potentials: become a visa sponsor
    64. 64. 73 Personalised packages that show you listen & care
    65. 65. “Leithification”
    66. 66. Aim for a Rainbow Family
    67. 67. 70% 30% Ratio Men:Women
    68. 68. 21 nationalities Australia, Austria, Brazil, Canada, China, France, Greece, Hungary, Irish, Italy, India, Japan, Pakistan, Poland, Portugal, Singapore, South Africa, Sweden, Ukraine, United Kingdom, United States
    69. 69. CEO lunch
    70. 70. Be open-minded about matching people to roles Blogger with no degree Personal Assistant Communications Manager Marketing Director CS grad with no experience Data input intern Business Development Product management Grad with no experience Account Management Business Development Future CEO CS grad with no experience Categorisation intern Operations Manager QA Manager
    71. 71. Interns and grads are the lifeblood of a startup 15% of our current employees joined us as interns
    72. 72. Don’t hire too many or too quickly… … else expect churn
    73. 73. Create traditions Fleetwood Fridays Christmas parties Welcome questions #skimlove
    74. 74. Understand and foster your culture
    75. 75. Make start-up education part of overall package
    76. 76. Celebrate wins, especially technology successes
    77. 77. Hire internal HR at about 20 people
    78. 78. 100% of employees interviewed by a founder
    79. 79. Founders will spend 30% on hiring & retention
    80. 80. Alicia Navarro @alicianavarro alicia@skimlinks.com
    81. 81. Scaling Startups September 12th 2013. London #ScalingStartups @TalentPuzzle
    82. 82. Scaling Startups September 12th 2013. London #ScalingStartups @TalentPuzzle
    83. 83. Scaling Startups September 12th 2013. London #ScalingStartups @TalentPuzzle
    84. 84. The Secrets of Creating A Great Company Culture titus.sharpe@mvfglobal.com @titussharpe
    85. 85. MVF helps Companies Acquire New Customers Across the World. 278%
    86. 86. A B C 0-5 6-50 50+ How Many Staff In Your Company?
    87. 87. The Secrets of Creating A Great Company Culture 1. The End Goal 2. Six Human Needs 3. Hiring Secrets 4. Scaling Culture Secrets 5. Acquisition Culture Secrets
    88. 88. The End Goal a. Great Lifestyle Business b. Exit from Trade or Float
    89. 89. The End Goal Business Model Scale Culture
    90. 90. Business Model: The Importance Of Gross Profit
    91. 91. Define the Culture You Need To Achieve Your End Goal
    92. 92. MVF Culture Energy & Ability to energise others Passion Gets the job done Smart Energetic and Smart Marketing Culture
    93. 93. MVF Culture Energetic and Smart Marketing Culture Energetic, Smart, Data Driven Sales & Marketing Culture
    94. 94. The Secrets of Creating A Great Company Culture 1. The End Goal 2. Six Human Needs 3. Hiring Secrets 4. Scaling Culture Secrets 5. Acquisition Culture Secrets
    95. 95. We Are Apes98.8%
    96. 96. Six Human Needs 1. Connection & Love 2. Growth 3. Significance 4. Contribution 5. Variety 6. Certainty & Comfort VS Huge Salary
    97. 97. Build A Family
    98. 98. Real World Gamification • Employee of the Month • Awards Ceremonies • Big Gun Prizes • Flags
    99. 99. Fact For Granny • Awards • Press • Milestones
    100. 100. Celebrate Events 56p £1 £14
    101. 101. Encourage the Extra Curricular
    102. 102. Six Human Needs 1. Connection & Love 2. Growth 3. Significance 4. Contribution 5. Variety 6. Certainty & Comfort Build A Family Real World Gamification Fact For Granny Celebrate Events Encourage The Extra Curricular Happier Staff Lower Salaries
    103. 103. The Secrets of Creating A Great Company Culture 1. The End Goal 2. Six Human Needs 3. Hiring Secrets 4. Scaling Culture Secrets 5. Acquisition Culture Secrets
    104. 104. A 2.2 Class Geography Cambridge University 1st Class Geography Bolton University B
    105. 105. Energy
    106. 106. The Extra Mile Sporting, Organisational, Intellectual • Organised a Rock Concert • Fulbright Scholar • Captain of Local Football Team • Completed an Iron Man • Organises Coding Dojos • Published in Scientific Journal As An Undergraduate • Won Commonwealth Silver Medal
    107. 107. Hire Slow, Fire Fast • Never, Ever, Ever, Ever Rush A Full Time Hire • Google’s Six Interviews • Felix Dennis’ 30% Certainty Rule for External Hires vs Internal
    108. 108. Hiring Grads • Hire Aptitude, Over Experience • Hire Energy, Brains and Passion • Look For The Extra Mile • Ensure Interest in Digital Media (if Internet Start-Up)
    109. 109. Hiring Techies • Moving to London/UK for first time • Give them their London/UK Community • Gumtree • Github & Stackoverflow • 1+ years experience @ quality company
    110. 110. Non-Execs • Entrepreneurs Vs Financiers • Private Equity and Venture Capital Networking
    111. 111. Cheap Job Posting 95%
    112. 112. Right People On The Bus, Right People Off The Bus
    113. 113. The Secrets of Creating A Great Company Culture 1. The End Goal 2. Six Human Needs 3. Hiring Secrets 4. Scaling Culture Secrets 5. Acquisition Culture Secrets
    114. 114. Hunt In Packs
    115. 115. The Big Jump <50 100+
    116. 116. Hurdling The Big Jump 100+Making the Company Network Tighter • Socials & Sports • CEO & Management Lunches • Company Buffets • Yammer vs Google+ • Employee Survey • OMMA – Once Monthly Management Assemblies • All Directors & Managers Run Training Programs • Cross Company Mentoring • Performance Management/Objective Setting Systems • Structured Company Levels
    117. 117. 6 Levels 6.Executive 5.Senior Executive 4.Manager 3.Senior Manager 2.Head 1.Director Management OR Specialist
    118. 118. Employee Survey
    119. 119. Hurdling The Big Jump: From Pivot to Process Commercial Pivoters Process Builders Timeline Pivot 1 Pivot 2 £1m £10 m Main Business New Ventures
    120. 120. The CEO’s Evolution Timeline Pivo t1 Pivo t2 £1m £10 m Product Sales HR Comms What They Do Recruiter C-level Headhunter Product Manager Product Strategist Salesman Public Face 1on1s Management/Board Meets Everything Delegate
    121. 121. The Secrets of Creating A Great Company Culture 1. The End Goal 2. Six Human Needs 3. Hiring Secrets 4. Scaling Culture Secrets 5. Acquisition Culture Secrets
    122. 122. Great White Sharks
    123. 123. Market Leaders vs Tuck Ins
    124. 124. £1,400,000,000 *Source - UK M&A Market – Experian CorpFinance
    125. 125. 17 *Source - UK M&A Market – Experian CorpFinance
    126. 126. The Secrets of Creating A Great Company Culture 1. The End Goal 2. Six Human Needs 3. Hiring Secrets 4. Scaling Culture Secrets 5. Acquisition Culture Secrets titus.sharpe@mvfglobal.com @titussharpe
    127. 127. Scaling Startups September 12th 2013. London #ScalingStartups @TalentPuzzle
    128. 128. Scaling Startups September 12th 2013. London #ScalingStartups @TalentPuzzle
    129. 129. Make the product do the work Jasper Westaway
    130. 130. 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 1 6 11 16 21 26 31 36 41 46 51 56 61 66 71 76 81 86 91 96 101 106 111 116 121 126 131 136 141 146 151 156 161 166 171 176 181 186 191 196 201 206 211 216 221 226 User growth (weekly, 5%) Year 2 Year 3 Year 4 1,204 users 192,460 users 100 users Year 1 15,223 users 2,433,240 users
    131. 131. Scaling = Year 4 Stressed & tired Under-resourced Distracted by new projects Bored by existing project
    132. 132. Let the product do the scaling
    133. 133. Keep the product simple
    134. 134. Rethink your product as a virus k = i * c
    135. 135. Focus on the product machine…
    136. 136. …not the sales team • Delay building sales and marketing teams until unavoidable • Let the product be the sales engine
    137. 137. Let your culture be the product
    138. 138. When product does your work, users do your work
    139. 139. Scaling Startups September 12th 2013. London #ScalingStartups @TalentPuzzle
    140. 140. www.schuch-associates.com How founders can add the most value to their businesses: Focus on core, Delegate chore Len Schuch September 2013
    141. 141. www.schuch-associates.com Len Schuch Schuch Associates – Director Ubiquisys - Co-Founder Orange Vodafone BT Other Stuff 167
    142. 142. www.schuch-associates.com Why we do it! 168
    143. 143. www.schuch-associates.com Ubiquisys Profile • Three Founders: Len Schuch, Will Franks, Pete Keevill • Investors: Accel Partners, Advent Venture Partners, Atlas Venture, 5 Continents Consulting Group, Pacific venture partners, Sercomm Corp, UMC Capital Corp, Yasuda Enterprise Dev Co. T-Mobile Ventures (Past Investors include Google and NEC) • Consistently Rated No. 1 in Industry Rankings • Staff: 120 • Customers across Europe, Asia, Middle East, Americas • Key Partners: NEC, NSN, Cisco, Intel, Broadcom, 169 • Leader in Intelligent multimode LTE / 3G / WiFi small cells deployed by operators around the world. • Pioneers on a $billion industry • Founded in 2004
    144. 144. www.schuch-associates.com Turning an idea into reality 170 The Idea The Product
    145. 145. www.schuch-associates.com How the technology worked 171 Copyright: Ubiquisys
    146. 146. www.schuch-associates.com The changing environment 172 12 Months 2 Months 9 Months 6 Years + From dining room….. to glass fronted office
    147. 147. www.schuch-associates.com A Few Pre-Funding Activities for the Founders 173
    148. 148. www.schuch-associates.com When you need help…….get it! 174 Its very easy to be overwhelmed
    149. 149. www.schuch-associates.com Where to find your resources Previous business colleagues VC / Advisory Board contacts Find / hire a trusted HR consultant 175
    150. 150. www.schuch-associates.com Scaling the Company 176 Ubiquisys Executive CEO Board Chairman Administrative Sales & Marketing Sales Marketing Technical Sales Business Development Partnerships & Channels Finance & Legal Finance Legal Purchasing HR Programme Management Manufacturing Technical Network Systems Engineering RF Systems Engineering Software Development SW integration Testing SW Production Test SW Development Management System Hardware Development Firmware Development Firmware Testing Customer Trial
    151. 151. www.schuch-associates.com Evolution of the company structure 177 Growth Stage Scaling the business Establishment Stage Defining of processes & roles Nascent Stage “All hands on deck” CompanySize Time • Established Departments • Procedures / systems in place • Design for Efficiency • Transformation of culture
    152. 152. www.schuch-associates.com The Founders 178
    153. 153. www.schuch-associates.com Skills Audit 179 What are my skills? Can I take the company to its full potential? Is this a $10m or a $100m+ company? Can I carry the investors & board?
    154. 154. www.schuch-associates.com A founding CEO or a hired CEO “Rich or King” • Study by Noam Wasserman of Harvard Business School • 460 start-ups since 2000 • Founders predominantly maximised value of their equity stakes by giving up CEO position and Board control • Another Study of 212 start-ups • Less than half of founders were still CEO after 3 years • Less than a quarter reached IPO 180
    155. 155. www.schuch-associates.com When to make the transition? • Skill audit must be made from the start • Bring in early to shape the business: • Product • Organisation • Influence on Culture • Still be able to Bond with the Founders • Prior experience to scale the company Source: Essay on Entrepreneurship by Reid Hoffman: 2013
    156. 156. www.schuch-associates.com Our decision to hire externally 182 Scale Visible that potential industry size would be in $100m’s (is now a $billon industry) Investment Successive funding rounds required - 5 rounds in total Partners Global partners and customers – contacts at CEO level Engineering Breakthrough engineering required Strategic Strategic thinker for a new paradigm
    157. 157. www.schuch-associates.com Finding Roles for the Founders 183 Len Will Pete CEO Seed & A’ Round After A’ Round CEO VP Business Development Chris CEO Chief Technology Officer VP EngineeringVP Engineering Chief Technology Officer
    158. 158. www.schuch-associates.com What brought us Success • A strong bond between the founders - similar goals and vision each bringing a different but compatible skill to the venture • Being open and honest – creating a culture of respect • Succeeding at what we did know, gaining help for the things we didn’t. • Hiring a heavyweight and visionary CEO at the right time – not too early – not too late • Bringing in appropriate advisors when required • Delivering the best in breed technology • Continuous Innovation – keeping us ranked at No1. • 101 other things 184
    159. 159. www.schuch-associates.com Thank You
    160. 160. Scaling Startups September 12th 2013. London #ScalingStartups @TalentPuzzle
    161. 161. Remaining agile and repricing risk as you scale Jonathan Quin CEO, World First @world_first @jonathanquin
    162. 162. Agility i. Why scale? ii. What is agility? i. Adapt rapidly ii. Maintain/Improve efficiency iii. Why by agile? iv. Transform and reinvent
    163. 163. Maintaining Agility i. The stages of growth ii. Adapting starts at the top iii. Delegate, delegate, delegate iv. The 5 tiers of potential managers v. Employees must understand growth plans vi. 26% vii. The weekly meeting viii.The PA
    164. 164. Organisational Intelligence i. HR manager ii. Beermat Entrepreneur “Product/Operations, Sales, Marketing , IT, Finance, HR” iii. Hire for now, 1-year and 3-years’ ahead iv. 6-monthly management assessment
    165. 165. Organisational Progress i. Need process people and project people ii. Jung, Myers-Briggs, Keirsey, Belbin iii. Need balanced teams iv. Role definitions = less fluid v. Understand your strengths and weaknesses vi. Hire to complement you
    166. 166. Designing for agility i. Periodic redesign processes ii. User Centred Design iii. Bottom-up and Top-down iv. Team “champion” v. Business change vi. Technology vii. STP/APIs
    167. 167. Being Objective i. See the wood from the trees ii. Can’t grow if fighting fires iii. Understand how the business can evolve iv. Your role >1 month v. Total discipline vi. Think!
    168. 168. Process [vs bureaucracy] i. Locking the stationery cupboard ii. Evolution vs planning iii. Management Information and analysis iv. All about balance
    169. 169. Risk (business) i. “The biggest risk is not taking any risk... In a world that is changing really quickly, the only strategy that is guaranteed to fail is not taking risks.” (Various - recently borrowed by Mark Zuckerberg)
    170. 170. Risk (business) i. Understand the risk, then de-risk it ii. Can’t stay flat iii. Calculate your risk threshold iv. Get buy-in v. Must be material – don’t be distracted by small risks vi. Don’t mix up systemic risk and growth risk
    171. 171. Risk (business) i. The challenge for you isn’t coming up with the great idea, it’s having the risk appetite to follow it through. ii. Failure: UK vs US iii. Calculating risk iv. 70% v. Bailing out
    172. 172. Risk (business) 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% SME (<£5m) Medium (£25m+) Large Corporate (250m+) Risk of Failure Risk Appetite
    173. 173. Risk (business) i. Coca Cola ii. Apple iii. Yahoo iv. TomTom v. World First
    174. 174. Risk (personal risk) i. Risk ≠ Reckless ii. Nervous… or excited? iii. Gut instinct iv. Listening to others vs taking decisions v. Understand your motivation vi. Can you live with the worst case outcome?
    175. 175. Summary i. Be agile or die ii. Risk Reward iii. Take a risk but de-risk it iv. Regret v. Questions
    176. 176. Scaling Startups September 12th 2013. London #ScalingStartups @TalentPuzzle
    177. 177. Scaling Startups September 12th 2013. London #ScalingStartups @TalentPuzzle
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