Lead to Win Confessions of a Serial Entrepreneur July, 2009 Dave Vicary
Lessons Learned <ul><li>Don’t be afraid to fail </li></ul><ul><li>Build a plan </li></ul><ul><li>Adapt and execute </li></...
Don’t be Afraid to Fail Slide  LED A 600 PERSON TEAM 2000 2005 2010 HIGH SCHOOL – EXPELLED/QUIT CAREER CHOICE – A&P CLERK ...
Lessons Learned <ul><li>Don’t be afraid to fail </li></ul><ul><li>Build a plan </li></ul><ul><li>Adapt and execute </li></...
Build a Plan <ul><li>Knowing the other and knowing oneself, </li></ul><ul><li>In one hundred battles no danger. </li></ul>...
The First Company <ul><li>Nakina Systems </li></ul><ul><ul><li>Founded in 2002 </li></ul></ul><ul><ul><li>VC financed </li...
Learning - The Cost of Money <ul><li>Find a better way </li></ul><ul><ul><li>Change the business model </li></ul></ul><ul>...
The Founder’s Dilemma – VC Backed <ul><li>Financing commitments: </li></ul><ul><ul><li>Build a product </li></ul></ul><ul>...
Learning - Geographic Perceptions <ul><li>The Bay Area Startup </li></ul><ul><ul><li>Business acumen – A </li></ul></ul><u...
You Couldn’t Pay Me Enough  <ul><li>To build another company backed by Canadian venture capital </li></ul><ul><ul><li>The ...
Lessons Learned <ul><li>Don’t be afraid to fail </li></ul><ul><li>Build a plan </li></ul><ul><li>Adapt and execute </li></...
Adapt and Execute <ul><li>Cornerstones of a business plan </li></ul><ul><ul><li>You need something to sell </li></ul></ul>...
The Current Company <ul><li>Weyes Eyes </li></ul><ul><ul><li>Founded in 2008 </li></ul></ul><ul><ul><li>Self financed with...
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Day 1 Evening - Confessions Of A Serial Entrepreneur Dave Vicary

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Day 1 Evening - Confessions Of A Serial Entrepreneur Dave Vicary

  1. 1. Lead to Win Confessions of a Serial Entrepreneur July, 2009 Dave Vicary
  2. 2. Lessons Learned <ul><li>Don’t be afraid to fail </li></ul><ul><li>Build a plan </li></ul><ul><li>Adapt and execute </li></ul>Slide
  3. 3. Don’t be Afraid to Fail Slide LED A 600 PERSON TEAM 2000 2005 2010 HIGH SCHOOL – EXPELLED/QUIT CAREER CHOICE – A&P CLERK UNIVERSITY - MATURE STUDENT UNIVERSITY – EXPELLED/QUIT CAREER CHOICE - BNR RESIGNED - NORTEL COFOUNDED NAKINA SYSTEMS FIRED GRADUATED – TOP OF CLASS CHANGE IS GOOD 1975 1990 1980 1995 1985 HIGH SCHOOL – EXPELLED/QUIT HIGH SCHOOL – EXPELLED/QUIT <ul><li>Fear of failure </li></ul><ul><li>Unwillingness to try new things </li></ul><ul><li>Unwillingness to commit </li></ul><ul><li>Embracing excuses </li></ul><ul><li>I think I can </li></ul><ul><li>Embrace change/risk </li></ul><ul><li>Commit to a plan </li></ul><ul><li>Work relentlessly towards a goal </li></ul>SOMETHING HAD TO CHANGE LTW DISOLVED MILLIONS IN REVENUES COFOUNDED RouteIP COFOUNDED WEYES EYES FOUNDED VICS PICKS
  4. 4. Lessons Learned <ul><li>Don’t be afraid to fail </li></ul><ul><li>Build a plan </li></ul><ul><li>Adapt and execute </li></ul>Slide
  5. 5. Build a Plan <ul><li>Knowing the other and knowing oneself, </li></ul><ul><li>In one hundred battles no danger. </li></ul><ul><li>Not knowing the other and knowing oneself, </li></ul><ul><li>One victory for one loss. </li></ul><ul><li>Not knowing the other and not knowing oneself, </li></ul><ul><li>In every battle certain defeat </li></ul><ul><ul><li>Sun Tzu – The Art of War </li></ul></ul>Slide … AND KNOW THE TERRAIN <ul><li>Strengths, weaknesses, opportunities, and threats </li></ul><ul><li>Know yours </li></ul><ul><li>Know theirs </li></ul>
  6. 6. The First Company <ul><li>Nakina Systems </li></ul><ul><ul><li>Founded in 2002 </li></ul></ul><ul><ul><li>VC financed </li></ul></ul><ul><ul><li>Domain – Telecom </li></ul></ul><ul><ul><li>Product – Multi-vendor Network Management </li></ul></ul><ul><ul><ul><li>Price - $millions/copy </li></ul></ul></ul><ul><ul><li>Customers – Verizon, AT&T, Bell Canada etc. </li></ul></ul><ul><ul><li>Competition – Equipment Vendors and in-house solutions </li></ul></ul><ul><ul><ul><li>Price – Free </li></ul></ul></ul><ul><ul><li>Terrain - Tech bubble burst </li></ul></ul>Slide WITHIN MY DOMAIN EXPERTIZE
  7. 7. Learning - The Cost of Money <ul><li>Find a better way </li></ul><ul><ul><li>Change the business model </li></ul></ul><ul><ul><li>Reduce the Time to Market </li></ul></ul><ul><ul><li>Cut the “Proof of Concept” costs </li></ul></ul>Time to ROI Time to Market Return on Investment Cost of Money Personal Finances VC Friends & Family Angel Government Debt Financing <ul><li>Costs as measured by: </li></ul><ul><li>Expected return </li></ul><ul><li>Control of the company </li></ul>Soprano's Lending Services
  8. 8. The Founder’s Dilemma – VC Backed <ul><li>Financing commitments: </li></ul><ul><ul><li>Build a product </li></ul></ul><ul><ul><li>Build a team </li></ul></ul><ul><ul><li>Build a customer base </li></ul></ul><ul><ul><li>Build revenues </li></ul></ul><ul><ul><li>Build a business </li></ul></ul><ul><li>And if you are successful </li></ul>Company Maturity Founder’s Importance … work yourself out of a job Initial financing secured
  9. 9. Learning - Geographic Perceptions <ul><li>The Bay Area Startup </li></ul><ul><ul><li>Business acumen – A </li></ul></ul><ul><ul><li>Technology acumen – B </li></ul></ul><ul><li>The Venture Capitalist </li></ul><ul><ul><li>Top Quartile </li></ul></ul><ul><ul><li>Incentive to win </li></ul></ul><ul><li>Go-to-market </li></ul><ul><ul><li>Prototype the concept </li></ul></ul><ul><ul><li>Market the concept </li></ul></ul><ul><ul><li>Refine the product </li></ul></ul><ul><li>The Ottawa Startup </li></ul><ul><ul><li>Business acumen – B </li></ul></ul><ul><ul><li>Technology acumen – A </li></ul></ul><ul><li>The Venture Capitalist </li></ul><ul><ul><li>Novice and unproven </li></ul></ul><ul><ul><li>Incentive not to lose </li></ul></ul><ul><li>Go-to-market </li></ul><ul><ul><li>Develop the product </li></ul></ul><ul><ul><li>Test/refine the product </li></ul></ul><ul><ul><li>Introduce the product </li></ul></ul>TRUE OR FALSE – PERCEPTION IS REALITY
  10. 10. You Couldn’t Pay Me Enough <ul><li>To build another company backed by Canadian venture capital </li></ul><ul><ul><li>The money is too expensive </li></ul></ul><ul><ul><li>Capital allocation by stage is inefficient, financings are too small </li></ul></ul><ul><ul><li>Their contacts/relationships do not exist </li></ul></ul><ul><ul><li>Their “help” is plentiful </li></ul></ul><ul><li>To build another Telecom company </li></ul><ul><ul><li>The customer is too large </li></ul></ul><ul><ul><li>The market development costs are too high </li></ul></ul><ul><li>To build a product with a $millions price tag </li></ul><ul><ul><li>The sales cycle is to long </li></ul></ul>Slide MYTH BUSTING – VC MONEY IS SMART MONEY
  11. 11. Lessons Learned <ul><li>Don’t be afraid to fail </li></ul><ul><li>Build a plan </li></ul><ul><li>Adapt and execute </li></ul>Slide
  12. 12. Adapt and Execute <ul><li>Cornerstones of a business plan </li></ul><ul><ul><li>You need something to sell </li></ul></ul><ul><ul><ul><li>A product or service </li></ul></ul></ul><ul><ul><li>You need someone to buy </li></ul></ul><ul><ul><ul><li>Preferably a growing demographic </li></ul></ul></ul><ul><ul><li>You need a plan to market </li></ul></ul><ul><ul><ul><li>Minimizing time to market </li></ul></ul></ul><ul><ul><li>You need an operating plan </li></ul></ul><ul><ul><ul><li>Focusing on repeatability </li></ul></ul></ul>Slide <ul><li>Technology vs. Market Plan </li></ul><ul><li>Windows vs. Linux </li></ul><ul><li>Microsoft vs. Apple </li></ul><ul><li>Nortel vs. … </li></ul>MAXIMIZE FOOTPRINT
  13. 13. The Current Company <ul><li>Weyes Eyes </li></ul><ul><ul><li>Founded in 2008 </li></ul></ul><ul><ul><li>Self financed with government and university assistance </li></ul></ul><ul><ul><li>Business model – Software as a Service </li></ul></ul><ul><ul><li>Domain – Information Technology – Video </li></ul></ul><ul><ul><li>Market – SMBs and Consumer </li></ul></ul><ul><ul><li>First product – not disclosed </li></ul></ul><ul><ul><ul><li>Application – security & surveillance </li></ul></ul></ul><ul><ul><ul><li>Price - $30/month </li></ul></ul></ul><ul><ul><li>Competition – Third party service providers </li></ul></ul><ul><ul><ul><li>Price – $30/month </li></ul></ul></ul><ul><ul><li>Differentiation – not disclosed </li></ul></ul><ul><ul><li>Corporate focus – market introduction </li></ul></ul><ul><ul><ul><li>Channel Development </li></ul></ul></ul>Slide AND EXECUTE…
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