10 Lessons I Learned from Starting Companies in Downturns

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    10 Lessons I Learned from Starting Companies in Downturns - Presentation Transcript

    1. 10 LESSONS I LEARNED FROM STARTING COMPANIES IN DOWNTURNS Francine Hardaway BIL, February 2009
    2. IT DOESN’T MAKE ANY DIFFERENCE No one lends to startups anyway   Focus and you won’t notice
    3. DOWNTURNS CAN BE GOOD They force you to be clever   They teach you to do more with less  Over funding often kills companies
    4. YOU DON’T NEED TO OWN PEOPLE Don’t hire  You’re going to hire incorrectly anyway Partner and outsource
    5. DON’T RENT SPACE You don’t need it   Bring the work to the people, not the people to the work
    6. FORGET FUNDING You won’t get it anyway, and you will waste a lot  of precious time looking for it  Downturn in VC  Frightened angels  Diminished discretionary spending for the rich
    7. TURN DOWN MONEY Draconian terms for startups   Loss of control  Exit of the founder with boot in his butt
    8. YOU NEED LAWYERS Ycombinator has outsourced its documents   Document everything  Run the docs by a lawyer when you are finished  Set your company up to be big
    9. GET AN IMMEDIATE CUSTOMER And make that customer pay   If you can’t, re-examine whether you actually have a product anyone wants
    10. QUIT AND CHANGE YOUR MODEL Seth Godin’s “Dip”   If you can’t get any traction, there’s a time when you should stop  Not after they have foreclosed on your home
    11. ONLY PROTECT YOUR IP IF IT MATTERS This is a discussion for an attorney.   An IP attorney, not your mom’s divorce lawyer

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