1993<br />2010<br /><ul><li>MessagePad: first series of personal digital assistant devices developed by Apple in 1993. Introduced in March 1994. Abandoned in April 1995.
Ipad: not the 1st trial. introduced in April 2000. Huge Success. </li></li></ul><li>Failure<br />90% of startups fail within the first five years. <br />Fail Fast, Fail Early, Fail Cheap<br />Failure is an option, but fear is not.<br />
Ideas are just Multipliers<br />=<br />X<br />http://www.oreillynet.com/onlamp/blog/2005/08/ideas_are_just_a_multiplier_of.html<br />
Never Sell AN Idea TOO Early<br /><ul><li>Drug Development Process in the U.S. Equivalent to the growth of a business. Idea -> Prototype -> Validation -> Growth -> Exit
With more validation, risk goes down, value goes up.
Prototypes, customer MOU, partnership with suppliers </li></li></ul><li>Cost of starting a business<br />Cleantech<br />Biotech<br />Semiconductor<br />Internet<br />Mobile<br />Software<br />
Bootstrapping<br /><ul><li>Why bootstrap: cannot find external money or no need for external money.
Benefits of bootstrapping: control of the company, less short-term pressure from investors, no pre-mature product launch, more focused on marking a profit.
Free resources are abundant: open source software, MBA interns, etc…
Bootstrap examples. SmugMug.com, online photo sharing service. bootstrapped their way to $10 million worth of revenue and 19 employees</li></li></ul><li>Case study of a real startup<br /><ul><li>Guy Kawasaki – UCLA Alumnus
Pivoting<br />Basketball . <br />To keep one foot in place while holding the ball and moving the other foot one step in any direction.<br />Business. <br />To change a startup’s business model based on validated learning<br />
Goal: to find the product-market fit. </li></ul>Source: Eric Rieshttp://theleanstartup.com/<br />
Case Study<br />1st: Beamed payments from Palm Pilots. <br />2nd: Online Feature person-to-person payments for Auction sites. Acquired by Ebay. <br />3th: A universal online payment system with open API used by Walmart.com, Buy.com, Overstock.com, etc..<br />