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Lessons learned


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  • 1. Lessons Learned
  • 2. Andreas KlingerCo-Founder andCWTFO of Garmz.comSorry for talking too fast.
  • 3. GarmzTurning fashion upsidedown.* Portfolios for Designers* Feedback by Customers* Production & Ecommerce for the
  • 4. DesignersPublish DesignsCustomersFeedback & Vote & Decide
  • 5. If customer demand -> Production --> Shop
  • 6. 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
  • 7. Russia WTFness Silicon Valley Fashion Models Drugs VCs ProductionWe got no timefor Warstories. Read the Blog or my Editorial in
  • 8. Lessons.Things i need to say to every CEE entrepreneur.
  • 9. What do you see?
  • 10. What do you see? Europe.
  • 11. What do you see now?
  • 12. What do you see now?Europe + useless rectangle.
  • 13. Don‘t be „local“Don‘t restrict yourself touseless rectangles calledborders.Go London.Go New York.Go Silicon Valley.Build international network.
  • 14. 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.
  • 15. 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.
  • 16. 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“
  • 17. 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.
  • 18. The Startup Game…is not aboutgetting is about gettingcustomers, users andtraction. i w USD 1M avePro-Tip: If i ill… hFirst build somethingworth growing & investing.Then worry about investors.
  • 19. „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.
  • 20. 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.com
  • 21. 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…)
  • 22. 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?
  • 23. 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.
  • 24. 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.
  • 25. Most important if you need help…Vesting,Bizdev & Legal -> Tamas Locher (Garmz)Fundraising -> Chris Kahler (Qriously)UK LTDs & -> Lukas Fittl (efficientcloud)Social / Communication -> Luca Hammer ( -> me.Ask another entrepreneur not consultants.
  • 26. Dear Startup Europe: Sorry for being over-time.Thanks for listening. @andreasklinger
  • 27. 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.
  • 28. of your company. Metrics 3: Awesomeness Revenue Metrics 2: Traction/Traffic Metrics 1: Learningsx you are here. Lessons Learned - Andreas Klinger