Colin Kinner presentation - Innovation Centre Sunshine Coast - 13 June 2012
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Colin Kinner presentation - Innovation Centre Sunshine Coast - 13 June 2012

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Colin Kinner's presentation - Innovation Centre Sunshine Coast - 13 June 2012 - "The Five Most Common Startup Mistakes"

Colin Kinner's presentation - Innovation Centre Sunshine Coast - 13 June 2012 - "The Five Most Common Startup Mistakes"

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Colin Kinner presentation - Innovation Centre Sunshine Coast - 13 June 2012 Colin Kinner presentation - Innovation Centre Sunshine Coast - 13 June 2012 Presentation Transcript

  • The five most common startup mistakes Colin Kinner Innovation Centre Sunshine Coast 13 June 2012
  • 1. Single founder• Strongest correlation with startup failure – Too much work for one person – No alternative views -> myopia – Hard to stay motivated – Limited skill set• Two founders ideal: 1 x technical, 1 x business• Three or more: Risk of committee-style decision making
  • Diversity is vital Common Ideal Tech BusinessTech Tech Other (eg. sales / marketing)
  • Finding a co-founder• You probably already know the ideal person• Networking events• Cofounder speed dating events eg. www.cofounderspeeddate.com.au• Co-founder matching services eg. www.founder2be.com
  • Co-founder dynamics• 50/50 (or 33/33/33) intuitively seems fair• BUT: – More than half of all startup founding teams end up dysfunctional – Impossible to predict value contribution at outset – Risk appetites vary – Life circumstances change• Alternative approach: “Hire” your co-founder(s) – 10%-30% equity plus modest salary – Involve fully in running business – Retain right to terminate
  • 2. Business plan mania
  • Perspectives on business plans• “Most business plans don’t survive first contact with a customer” . . . Steve Blank• “I want to know that the founder has written a business plan. . . but I don’t intend to read it” . . . Silicon Valley VC
  • Lean Startup approach• Rapid prototyping• MVP• Talk to customers!• Iteration• Learn and feedback• Pivot if needed
  • Business Model Canvas www.businessmodelgeneration.com
  • 3. Can’t communicate value proposition• I’m [name] from [Company]• The problem we’re solving is. . .• Our solution is. . .• This is a big opportunity because. . .• Our target market is. . .• We will acquire customers by. . .• We make money by. . .• Our main competition is. . .• We’re better because. . .• Our team is. . .• What we’ll do next is. . .• Currently we are seeking. . .• Summaryhttp://pollenizer.com/universal-startup-pitch-deck/
  • Elements of an investor pitch• 30 second pitch• 5 minute pitch (6 slides)• 20 minute pitch (12 slides + extras)• 1-page executive summary• 1-page cashflow forecast (incl. use of funds)
  • 4. Aiming too low, growing too slowly• “If I invested ten times what you’re asking, could you grow the company ten times faster?” – Competition is global – Most parts of the world an apply risk capital faster and in larger amounts than in Australia • US has 16 times more VC per capita than Australia
  • 5. Inability to pivot• Deal with poor-fit or underperforming people• Listen to customer feedback – even if you don’t like what you hear• Listen to investor feedback – but apply a filter• YouTube – started as a video dating site• Flickr – started as a multiplayer game
  • Funding trends
  • Funding trends• Crowdfunding – US: Kickstarter (US$230 million; 23,000 projects) – Australia: Project Powerup, iPledg, Pozible• Seed accelerators• Angels• Super-angel funds• Venture capital• ASSOB?• Government funding (CA, R&D tax)
  • 116 8827 62
  • Thank youColin Kinneremail colin@spikeinnovation.com.auPh 0411 122 976www.spikeinnovation.com.au @colinkinner http://au.linkedin.com/in/colinkinner