Sh*t   I wishI’d known  before.    StartupLessons Learned.                   #swsofia – @andreasklinger
Andreas KlingerCWTFO of LOOKK.com@andreasklinger#swsofiaSlides: http://slideshare.net/andreasklinger
I am one of the Co-Foundersof a Fashion Startup calledLOOKK.comDoing Startups since 2008Previously Garmz.comMentor @ Seedc...
LOOKK = Network to helpemerging fashion designers toget to market.* reach a larger audience* build relationships* monetize...
INVESTORSCarmen Busquets Dave McClure Eden Ventures Sherry Coutu  Tom Hulme   Seedcamp  500 StartupsTEAM (11 fulltime)  Ta...
INVESTORSCarmen Busquets Dave McClure Eden Ventures Sherry Coutu  Tom Hulme   Seedcamp  500 StartupsTEAM (11 fulltime)  Ta...
Half the team in Sofia.   Stefan Kanev Veselin Todorov         > Radoslav Stankov  Anguel Lazarov   Plamen Stoev    Hackers...
Sh*t   I wishI’d known  before.    StartupLessons Learned.                   #swsofia – @andreasklinger
Who wants  to start a startup?(or is currently in his first)
Who wants  to start a startup?(or is currently in his first)            yay!
LessonsLearnedEurope          #swsofia – @andreasklinger
What do you see here?
What do you see here?   EUROPE.
What do you see here?
What do you see here?EUROPE + useless rectangle.
Avoid the typical mistake:Don’t be “local”Lesson: Don’t restrict yourselfto useless rectangles called borders.Go LondonGo ...
Avoid the typical mistake:Don’t be “local”Lesson: Don’t restrict yourselfto useless rectangles called borders.Go LondonGo ...
Avoid the typical mistake:Don’t be “local”No local legal entities.GmbH, SARL, OOD, DOO, LTDa, A, BVO,Sp. Zoo, SRO, TAA or ...
LessonsLearnedStages ofStartups            #swsofia – @andreasklinger
Startups have different stages.In which different actions are needed.Read: The Startup Owners Manual - Steve BlankOr: Custde...
Startups have different stages.Each stage: Different challenges.Read: Startup Genome Report by Bjoern Herrmann and Max Marme...
Startups have different stages.#1 Mistake by all (70%) founders:Following the patterns of startups in later stages.Read: ht...
Usually the main challenge:“the hard part is finding the right problemto solve.” - Kevin Systrom, Instagram(Which includes ...
LessonsLearnedInvestors            #swsofia – @andreasklinger
Don’t worry about Investmentuntil traction.The job of low-level employees at VCs is it to keepcontact with you (email, cal...
Don’t worry about Investmentuntil traction.The job of low-level employees at VCs is it to keepcontact with you (email, cal...
Seed investors,You,         Incubators,                                        AngelsFFF            Angels                ...
Don’t try to “poker” too much - play along these values - or you will waste time:                                         ...
Lesson LearnedYour Team            #swsofia – @andreasklinger
Teams                                                 Single Founders                                                 can ...
Lessons  LearnedYour Product               #swsofia – @andreasklinger
Never plan further thanyou can throw…You assumptionsand therefore your plansare usually wrong.You can’t parallelise your r...
Fuck your additional features.Fuck your engineering.Ship crap to learn gold.Don’t try to push product by addingfeatures or...
What is the core of yoursolution?Example: Bufferapp.com linked theirpayment button to an 500-error pageuntil people complai...
Founders always think                                                 they are further along.                             ...
5-7 Months         3-5 Months                          5-6 Months               7-9 Months             Sh*t needs time.   ...
Your Goal   for StartupWeekend  Sofia            #swsofia – @andreasklinger
Do this - in instead of 5-7 months -                                       Source: Startup Genome Project & Custdev.com
Do this - in instead of 5-7 months -in 2 days.                                       Source: Startup Genome Project & Cust...
Do this - in instead of 5-7 months -in 2 days.                                       Source: Startup Genome Project & Cust...
SWSofia Tasks Cheatlist:* Find a problem* Have 5 customers with this problem* Write down your potential solution   * (Custo...
Thanks       for listening :)      (Sorry for being overtime)       @andreasklingerhttp://slideshare.net/andreasklinger   ...
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Sh*t I wish I'd known before - Startup Lessons Learned

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Sh*t I wish I'd known before - Startup Lessons Learned

  1. 1. Sh*t I wishI’d known before. StartupLessons Learned. #swsofia – @andreasklinger
  2. 2. Andreas KlingerCWTFO of LOOKK.com@andreasklinger#swsofiaSlides: http://slideshare.net/andreasklinger
  3. 3. I am one of the Co-Foundersof a Fashion Startup calledLOOKK.comDoing Startups since 2008Previously Garmz.comMentor @ Seedcamp.LeanCamp Evangelist.
  4. 4. LOOKK = Network to helpemerging fashion designers toget to market.* reach a larger audience* build relationships* monetize(Think community + shop)
  5. 5. INVESTORSCarmen Busquets Dave McClure Eden Ventures Sherry Coutu Tom Hulme Seedcamp 500 StartupsTEAM (11 fulltime) Tamas Locher Andreas Klinger Gilbert Wedam > Simone Ospelt Katy RichardsonTammy Ksseibiova Stefan KanevRadoslav Stankov Veselin Todorov Anguel Lazarov Plamen Stoev
  6. 6. INVESTORSCarmen Busquets Dave McClure Eden Ventures Sherry Coutu Tom Hulme Seedcamp 500 StartupsTEAM (11 fulltime) Tamas Locher Andreas Klinger Gilbert Wedam > Simone Ospelt Katy RichardsonTammy Ksseibiova Stefan Kanev Veselin TodorovRadoslav Stankov Anguel Lazarov Plamen Stoev
  7. 7. Half the team in Sofia. Stefan Kanev Veselin Todorov > Radoslav Stankov Anguel Lazarov Plamen Stoev Hackerspace INITLAB.org
  8. 8. Sh*t I wishI’d known before. StartupLessons Learned. #swsofia – @andreasklinger
  9. 9. Who wants to start a startup?(or is currently in his first)
  10. 10. Who wants to start a startup?(or is currently in his first) yay!
  11. 11. LessonsLearnedEurope #swsofia – @andreasklinger
  12. 12. What do you see here?
  13. 13. What do you see here? EUROPE.
  14. 14. What do you see here?
  15. 15. What do you see here?EUROPE + useless rectangle.
  16. 16. Avoid the typical mistake:Don’t be “local”Lesson: Don’t restrict yourselfto useless rectangles called borders.Go LondonGo New YorkGo Silicon ValleyMost important: Go Online(Blog, OpenSource, Twitter)Lesson: Build international network andreputation. Being “local” in Austria
  17. 17. Avoid the typical mistake:Don’t be “local”Lesson: Don’t restrict yourselfto useless rectangles called borders.Go LondonGo New YorkGo Silicon ValleyMost important: Go Online(Blog, OpenSource, Twitter)Lesson: Build international network andreputation.Best example - this location… Adel Zakout www.openbuildings.com Being “local” in Austria
  18. 18. Avoid the typical mistake:Don’t be “local”No local legal entities.GmbH, SARL, OOD, DOO, LTDa, A, BVO,Sp. Zoo, SRO, TAA or OOOOtherwise: Extra legal costs, worse Investorinterest, Suboptimal exits.Mark my words: You will flip the companyand it will cost you loads of money.Lesson: Incorporate UK LTD or US INC rightfrom the start.No local state funds.State funds are usually made for SMEs.You will try to compromise all the time thatwill slow you down.Lesson: Read above. Being “local” in Austria
  19. 19. LessonsLearnedStages ofStartups #swsofia – @andreasklinger
  20. 20. Startups have different stages.In which different actions are needed.Read: The Startup Owners Manual - Steve BlankOr: Custdev.com by Patrick Vlaskovits and Brant Cooper Source: Custdev.com
  21. 21. Startups have different stages.Each stage: Different challenges.Read: Startup Genome Report by Bjoern Herrmann and Max Marmer Source: Startup Genome Project Report
  22. 22. Startups have different stages.#1 Mistake by all (70%) founders:Following the patterns of startups in later stages.Read: http://prezi.com/nfvyxijdmj7v/startup-lifecycle-by-fred-destin/ (!!!) Source: Startup Genome Project Report
  23. 23. Usually the main challenge:“the hard part is finding the right problemto solve.” - Kevin Systrom, Instagram(Which includes finding the customer)Lesson: Focus on Customer->Problem->SolutionWatch: http://ecorner.stanford.edu/authorMaterialInfo.html?mid=2738Read: http://www.slideshare.net/saintsal/000-custdev-robfitz Source: Startup Genome Project Report
  24. 24. LessonsLearnedInvestors #swsofia – @andreasklinger
  25. 25. Don’t worry about Investmentuntil traction.The job of low-level employees at VCs is it to keepcontact with you (email, call, interest, meet).They are their radar. “Talking” ain’t “talking”.Lesson: Have a “we don’t fundraise” attitude until youhave validated your customer demand with actualtraction.
  26. 26. Don’t worry about Investmentuntil traction.The job of low-level employees at VCs is it to keepcontact with you (email, call, interest, meet).They are their radar. “Talking” ain’t “talking”.Lesson: Have a “we don’t fundraise” attitude until youhave validated your customer demand with actualtraction.Exception: Look for domain expert advisors est eb hthat can become angels. ot p ly t rs ap bato uException: If you are first time entrepreneur i ncget experience in via incubators and accelerators.Read: http://andrewchenblog.com/2011/06/21/video- Whitebearthe-anatomy-of-a-fundable-startup-by-naval-ravikant-of-angellist/ Yard. Source: Startup Genome Project Report
  27. 27. Seed investors,You, Incubators, AngelsFFF Angels VC Investors Focus on raising when you have traction in your stage. Not earlier. In general: Try not to raise if you don’t need to. (Builds up interest) Source: Custdev.com
  28. 28. Don’t try to “poker” too much - play along these values - or you will waste time: <- After Problem/Solution FitExpect 5-15% equity for the incubator roundAnd 20-25% for Seed and VC rounds.Remember: It’s more about the people you can get into yourteam (angels) and time you don’t waste on fundraising. Thanoptimizing your funding.Read: http://www.slideshare.net/dmc500hats/silicon-valley-20-lean-startup-lean-vc-12956096 Source: Custdev.com
  29. 29. Lesson LearnedYour Team #swsofia – @andreasklinger
  30. 30. Teams Single Founders can do discovery and validation stage alone. Mid/Long term they will be too slow. Vesting should always be used.One founder alone is too slow… Vesting = you get your shares over time not all when you join. Thus when you leave you don’t take 25% of your company with you. Read: http://blog.simeonov.com/2010/04/25/ founder-agreements-vesting/ Balanced Teams “Balanced (Tech/Biz) Founding Teams have had more user growth[…]” - Startup…but more founders => more insecure decisions. Source: Startup Genome Project Report
  31. 31. Lessons LearnedYour Product #swsofia – @andreasklinger
  32. 32. Never plan further thanyou can throw…You assumptionsand therefore your plansare usually wrong.You can’t parallelise your rolloutplan. You can’t already “work ahead”.You won’t launch “in one month”.Images: A guy who wants to rebuildSpaceship EnterpriseProject Plan Timeline: 20 years.Dude…Still: He is less crazy than most founders i met.
  33. 33. Fuck your additional features.Fuck your engineering.Ship crap to learn gold.Don’t try to push product by addingfeatures or “get ready to scale”.Lesson: Validate your assumptionsearlier by shipping earlier.Read: http://www.startuplessonslearned.com/2009/08/minimum-viable-product-guide.htmlRead: The Lean Startup - Eric Ries
  34. 34. What is the core of yoursolution?Example: Bufferapp.com linked theirpayment button to an 500-error pageuntil people complained.Lesson: Try to focus only on the core ofyour solution.Read: http://blog.bufferapp.com/idea-to-paying-customers-in-7-weeks-how-we-did-it Source: Googe Images & Bufferapp.com
  35. 35. Founders always think they are further along. They try to push user growth artificially (“Sales”, “marketing”). Instead: Create personal relationships (to learn more) not bulk acquisition/sales operation. Lesson: You need 1->10->100 customers. Lesson: Focus on retention not acquisition. Read: http://www.ashmaurya.com/ 2011/10/the-10x-product-launch/Startups that behave inconsistent with theirstage accelerate short term through aggressiveuser acquisition but lose long term. Source: Startup Genome Project Report
  36. 36. 5-7 Months 3-5 Months 5-6 Months 7-9 Months Sh*t needs time. But you see if you are on the right track early. Read: The Startup Genome Project Report Source: Startup Genome Project & Custdev.com
  37. 37. Your Goal for StartupWeekend Sofia #swsofia – @andreasklinger
  38. 38. Do this - in instead of 5-7 months - Source: Startup Genome Project & Custdev.com
  39. 39. Do this - in instead of 5-7 months -in 2 days. Source: Startup Genome Project & Custdev.com
  40. 40. Do this - in instead of 5-7 months -in 2 days. Source: Startup Genome Project & Custdev.com
  41. 41. SWSofia Tasks Cheatlist:* Find a problem* Have 5 customers with this problem* Write down your potential solution * (Customer -Problem-Solution)* Call your 5 customers tonight * Ask them if it is the right solution * Ask about the problems * Don’t sell* Improve your solution* Write down your improved solution * (Customer -Problem-Solution)* Build the solution* Make them use it* Always improve as early as possible* Do Magic* Survive* Win
  42. 42. Thanks for listening :) (Sorry for being overtime) @andreasklingerhttp://slideshare.net/andreasklinger More to read: http://www.klinger.io
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