Co-Founders - short lessons learned

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Co-Founders - short lessons learned

  1. Co-Founders Lessons Learned @andreasklinger
  2. Co-Founders#1 searching#2 considering#3 joining#4 working(short lessons learned)
  3. @andreasklinger TL;DR: I do startups…LOOKK.com, die.socialisten.at, seedcamp mentor, leancamp fanboy Slides: http://www.slideshare.net/andreasklinger
  4. #1 searching @andreasklinger
  5. Searching sucks.
  6. Waiting sucks.
  7. Being dependent sucks.
  8. If I find a technicalco-founder…
  9. There is no “if” inentrepreneurialgrammar.And there istoo much stuff to doto wait or just search…
  10. Startup phases… Discovery Validation Efficiency Scale AcquisitionProblem/Solution Company building Product/Market Source: Steve Blank’s Customer Development
  11. Startup phases… Discovery Validation Efficiency Scale Acquisition Problem/Solution Company building Product/Market “Talking” Land(problem validation, first customers)
  12. Startup phases… Discovery Validation Efficiency Scale Acquisition Problem/Solution Company building Product/Market “Talking” Land “Public Hacked(problem validation, Prototype Land” first customers) (solution validation, more customers)
  13. Startup phases… Discovery Validation Efficiency Scale Acquisition Problem/Solution Company building Product/Market “Talking” Land “Public Hacked “Fix that crap” Land(problem validation, Prototype Land” (Becoming a real first customers) (solution validation, product and more customers) company, Fixing legacy, Channel optimization)
  14. Startup phases… Discovery Validation Efficiency Scale Acquisition Problem/Solution Company building Product/Market “Talking” Land “Public Hacked “Fix that crap” Land “Mystery Land”(problem validation, Prototype Land” (Becoming a real (Fighting Dragons, first customers) (solution validation, product and Saving princesses, more customers) company, etc) Fixing legacy, Channel optimization)
  15. Startup phases… Discovery Validation Efficiency Scale5-7 Months 3-5 Months Source: Startup Genome Project
  16. Startup phases…Discovery Validation Efficiency Scale Enough time to kill your first startup idea. You can do dozens ofiterations of your potential problem and solutionwithout ever touching code. Source: Startup Genome Project
  17. How to kill yourfirst 100 startupideas…CustDev is themost efficient way visualizing the solutionto kill your dreams. without biasing customersEver. committing customers testing the solution ( www.Keynotopia.com )
  18. Learncoding.Coding is not a sacred art, it’s a craft.
  19. Learncoding.Coding is not a sacred art, it’s a craft.Everyone can learn to code on“hacky prototype level”.
  20. GetClients.Money talks.
  21. GetTraction.There are millions of reasonsfor not having traction.But none of them is an excuse.
  22. Good problemsto have:“I got clients’ money, I need developmentsupport” (real)“My hacked-together prototype gets toomuch traffic, can you help me” (concrete)
  23. #2 considering @andreasklinger
  24. Beforeyou join:Write downyour first impressions and concerns.Positive and negative.Revise this every two weeks.People don’t change &Your gut is always right.
  25. Beforeyou join:Have a VERY honest talkabout WHY each of youwants to do that startup.
  26. Keeping the product abstracthelps in that talk.Goal: Find real intrinsic motivation
  27. E.g.Becoming known in the startup “scene”.Making money.Being known worldwide.Building software people use.Coding in that new language.Being innovativeHelping underdogs.Sounds more fun than my agency job.Play the VC/Startup game.
  28. Why?Intrinsic Motivationaffects Values and Comfort Zone.Both affect Strategies.People only do what people like to do.
  29. See finding a co-founderas hiring process.It’s the most expensive jobof the company. (equity intense)Still people spend less time on assessingtheir co-founders than their employees.Why?
  30. StartLoose…Loose projects…Loose contracts…Loose hopes…Loose (but honest) or no promises…
  31. #3 joining @andreasklinger
  32. Co-Founding~= Marriage54% of all marriages end in divorce.
  33. Co-Founding~= Marriage54% of all marriages end in divorce.Set up vesting.
  34. Co-Founding~= Marriage54% of all marriages end in divorce.Set up vesting (with 6-12 month cliff).
  35. Co-Founding~= Marriage54% of all marriages end in divorce.Set up vesting (with 6-12 month cliff).(seriously do it)
  36. #4 working @andreasklinger
  37. ClearLeadership“Some startup founder teams have a unified vision. Most have one strong leader.” ~ Devin Hunt
  38. ClearLeadership“Some startup founder teams have a unified vision. Most have one strong leader.” ~ Devin HuntBe clear who defines (and changes) the vision.Be clear about who decides in the end, if needed.Don’t confuse common agreement with democracy.
  39. Make communicationa habit.Daily calls.Weekly progress check.Clear process for each of them
  40. Make communicationa habit.Daily calls.Weekly progress check.Clear process for each of themE.g. Daily calls(only one person talks at a time, 10 mins max, discussions are done in a seperate call):1) What did i do today2) What am i going to do tomorrow3) Problems i face4) Announcements5) Ways i found to improve (e.g. myself) [idea by buffer]
  41. Co-Founders#1 searching#2 considering#3 joining#4 working(short lessons learned)
  42. recommended presentations by @robfitz on custdev/lean: http://leanca.mp/2012/01/intro-to-lean-startup-with-no-buzzwords-by-robfitz/http://thestartuptoolkit.com/blog/2012/05/how-to-do-and-what-to-expect-from- early-stage-customer-development-sales/ Pictures by “Where the Wild Things Are” by Warner Bros http://www.imdb.com/title/tt0386117/
  43. And if they haven’t killed each other they are livinghappily ever after… @andreasklinger
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