Lessons learned

Lessons Learned

Andreas KlingerCo-Founder andCWTFO of Garmz.comSorry for talking too fast.

GarmzTurning fashion upsidedown.* Portfolios for Designers* Feedback by Customers* Production & Ecommerce for the bestwww.Garmz.com

DesignersPublish DesignsCustomersFeedback & Vote & Decide

If customer demand -> Production --> Shop

The Story so far…* Working since 2008* Founded in Jan 2009* Been through sh…* Received FFG funding.* Inits funding Feb 2010* Local Angelround June 2010* Trigger FFG funding* Launch July 2010* Move to UK Jan 2011* Very happy since then.Seedcamp AlumniMember of 500Startups

Russia WTFness Silicon Valley Fashion Models Drugs VCs ProductionWe got no timefor Warstories. Read the Blog or my Editorial in www.theGap.at

Lessons.Things i need to say to every CEE entrepreneur.

What do you see?

What do you see? Europe.

What do you see now?

What do you see now?Europe + useless rectangle.

Don‘t be „local“Don‘t restrict yourself touseless rectangles calledborders.Go London.Go New York.Go Silicon Valley.Build international network.

NO GMBH.Don‘t found a GMBH.Don‘t waste time,energy and money.Don‘t risk the bestVC deals or exits.Go directly UK LTDor US Inc.Pro-Tip: Hire Orrick.

NO STATEFUNDS.Don‘t bind yourselflocally.You need to iterate fastand not fulﬁll „agreed“projects or budgets.The burn/overheadis easy 20-40% (up to70%) of the moneygiven.And it‘s too slow money.

The most important thing ever…Vesting„Anteile auf Raten“.eg. Founder has 20% of thecompany vesting 4 years.He leaves after 1 year -> givesback 15% - keeps only 5%.=> Rest of the team is not f@%ked.All Teammembers.Even Founders.Especially external Experts.Pro-Tip: „Cliff Vesting“

SWEAT EQUITY CONSULT MY ASS.NO EQUITY UPFRONT! }„yo youngster, we connect you to VCs…“„i am an expert. you can‘t pay enough…“ Stand up & Run.„hey geek, we write your business plan…“„we solve your biggest problems withour magic experience…“„…if you give us 3%-10% (30%?) of your company nowand pay us 5k a month retainer and then we‘ll see.“ONLY WORK WITH SUCCESS BASED DEALOR WITH A INVESTMENT DOWNSIDE FOR THEMOR DON‘T.

The Startup Game…is not aboutgetting investors.it is about gettingcustomers, users andtraction. i w USD 1M avePro-Tip: If i ill… hFirst build somethingworth growing & investing.Then worry about investors.

„Sorry, we don‘t fundraise.“Too early fundraising takes time from building somethingawesome and gives you only the feedback of„come back when you built something awesome“.Get in investors contact. Build network. Build product.Pro-Tip: Cherrypick Angels matching your product if you can.Don‘t worry about investorsbecause investors don‘t worry about you.Run making your validations and proofs andinvestors will run after you.

Lean Startup is right.Don‘t write a 40 pagesBusiness Plan. GoodPresentation is enoughFit your business conceptand ﬁnancial model on anapkin.Discover & Validate withyour clients.http://steveblank.comhttp://lean.st

The sad truth:You suck in listening……when talking about yourstartup.Don‘t sell but learn.Pro-Tip:Get customer feedback.from Customers.(Less likely than you think…)

About your product…Building solutions is easy.Finding the core of it hard.Because understanding theproblems is hard.What is really the coreof what you do?If you strip off everythingwhat would you leave?

When your product rocks.Accelerate.Don‘t apply for gettingthe money.Apply for gettingthe best networkworldwide. - It‘s worth it. WhitebearGo to the worldwide best ones, Yard.nowhere else.Pro-Tip: If you can‘t get in, search the best Angels(for your business domain) worldwide yourself.

Small but important tip:How to network.Archive your contacts.* who, what,* where, whenFollow up quicklywith call to actions.Interlink your networkas often as possible.Ask for intros.Network is always for free.

Most important if you need help…Vesting,Bizdev & Legal -> Tamas Locher (Garmz)Fundraising -> Chris Kahler (Qriously)UK LTDs & Lean.st -> Lukas Fittl (efﬁcientcloud)Social / Communication -> Luca Hammer (work.io)Product -> me.Ask another entrepreneur not consultants.

Dear Startup Europe: Sorry for being over-time.Thanks for listening. @andreasklinger ak@garmz.com

Only team counts. Good teams: * take a ok concept make a great companyi in team. * leave a shit concept and make a new company Bad teams: * take a great concept and make nothing. Invest in Teams.

of your company. Metrics 3: Awesomeness Revenue Metrics 2: Traction/Trafﬁc Metrics 1: Learningsx you are here. Lessons Learned - Andreas Klinger

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Lessons learned

by Andreas Klinger on May 28, 2011

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