Transcript of "Lessons Learned: Pace, Focus, Niche and Investments - Startup Live Vienna"
LessonsLearned #sulvienna13 – @andreasklinger
The hype of“Startups”[ ] Do magic landing page[ ] Build your thing[ ] Go to shit-loads of conferences[ ] Get Investment[ ] Get on Techcrunch[ ] Get viral[ ] Get rich[ ] … or fail and start an acceleratorThere is too much noise…We tend to believe the “rockstar” sh*tSome lessons from someone beenthere.
INVESTORS Carmen Busquets Dave McClure Eden Ventures Sherry Coutu Tom Hulme Seedcamp 500 Startups LOOKK Social Discovery &Shopping of emerging Fashion Designers.
OK June 2008 GO June 2010 Sept. 2011 May 2012 2.0ext QUIT Oct 2012 @andreasklinger
No time forWar-stories.Read: www.klinger.ioor: http://www.thegap.at/autoren/autor/redakteur/andreas-klinger/@andreasklinger#sulvienna13slides: http://slideshare.net/andreasklinger
Don’t rush ahead. Typical patterns something is wrong: “We need more customers” “We just need an investment” “We are looking for a VC” “How do i scale” … but no market proofﬂickr: good_day #howtoweb – @andreasklinger
Startups have phases. Scale into Find Find Get eﬃcient similar problem/ product/ in Cust-acq. markets and solution market products Always be aware - Which phase are you? Act accordinglyfoto: LEAN LA #howtoweb – @andreasklinger
E.g. Marketing Stunts, PR Campaigns Without a proven product you get thousands people on your product. They will not stick. Just slide oﬀ. Teﬂon Marketing Usually biggest reason your product doesn’t sell: It’s not solving the customers problem. Focus on customer retention not acquiring more.ﬂickr: neilarmstrong2 #howtoweb – @andreasklinger
Scale into Find Find Get eﬃcient similar problem/ product/ in Cust-acq. markets and solution market products Qualitative Quantitative Validation ApproachesThere is nothing you learn from 1000 or 10.000potential customers, you wouldn’t learn from 10 or 100. #howtoweb – @andreasklinger
Focus your product.Dont confuse long-termvision with short-termstrategy.What is really the coreof what you do?Start with that and nothingelse.Plan outcomes not tasks
What’s your product’s job.Do guys get racing cars justto drive to work?Read about Jobs to be doneframework by ClaytonChristensenUnderstanding the real job:- better value description- better focus- better product differentiation
Marry a problem, not a solution Space Problem ,- current | solutionﬂickr: bombeador #sulvienna13 – @andreasklinger
When we speak withcustomers…We bias them…Please watch Rob’s Talk:http://bit.ly/rf-custdev
Find your global niche We are trained to niche regionally. Find your global’s best… Customers, Partners, Advisors Get traction in your niche before you extend.ﬂickr: jdhancock #sulvienna13 – @andreasklinger
Money is either… For prooﬁng - you need surprisingly little For growing - did you proof? Try not to mix them up.ﬂickr: bombeador #sulvienna13 – @andreasklinger
“We are talking to VCs” It’s easy to get a meeting. VCs have “Radar” people. “Associates.” Nothing but a time-sink. Don’t think of investments as a milestoneﬂickr: bombeador #sulvienna13 – @andreasklinger
How to approach investment: Draft your company’s topics community hotels marketplaces global scale Find the best possible advisors for each topic. Global people. Try to get them commit in time ﬁrst, then in investment.ﬂickr: nasamarshall #howtoweb – @andreasklinger
B-level peoplegive C-level adviceWork with the best accelerators andincubators to get network to advisors.Risk-takers need guidance.Best incubators:YCombinator500 StartupsTech StarsSeedcampAngelpad
Avoid the typical mistakes… “There is no* NO GMBH Heimvorteil in* NO STATEFUND investment…”* DO VESTING* FUNDRAISE GLOBALLYﬂickr: eole #sulvienna13 – @andreasklinger
Summary: Don’t rush, be aware of your phase Focus. Get traction by global niching Be strategic about investmentﬂickr: good_day #sulvienna13 – @andreasklinger