Fail Conference 2012: Leo Exter

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  • We had this huge pile of money. And that money comes with expectations – on the timing of our exit. So, we added people and added people some more to speed things up – before we actually had the reasonable product that we could actually sell.
  • Wait. Be sure.
  • Fail Conference 2012: Leo Exter

    1. 1. Three very,very expensive lessons for startupentrepreneurs Leo Exter
    2. 2. You can’t reallychoose what youdo…But you can findthe way to do itthat will work.
    3. 3. Back in the days of the Bubble, there was this company…Image: Good Wallpapers
    4. 4. Our mission:“copyrightclearance”
    5. 5. €20,000,000,000That’s how huge our market was!
    6. 6. The company raised a massive pile of money: € 7,500,000Image: images of money
    7. 7. Created 23 jobs:CEO6 in Sales9 Developers2 Legal2 in Marketing3 in Operations
    8. 8. Sold 2 years laterfor € 300,000
    9. 9. So far ahead of the curve that we weren’t even on the road…Image: Ann Cantelow
    10. 10. #fail nr. 1:We built a productfor 1 customer,then tried to sell it.
    11. 11. #lesson nr. 1: Do more research, find a common problem. Then solve it.Image: Chris Koertgen
    12. 12. #advice nr. 1: Read this book, do as it says.http://www.runningleanhq.com/
    13. 13. #fail nr. 2:We grew too fast.
    14. 14. #lesson nr. 2: Don’t raise funds till you know how to invest wisely.Image: phantomswhife
    15. 15. #advice nr. 2:Be patient.
    16. 16. We went for apivot…
    17. 17. It didn’t workeither.
    18. 18. 30 millionregistered users.585,000 paidsubscribers,$99.99 a year ormore...
    19. 19. #fail nr. 3: Missed target market.Image: rgmcfadden
    20. 20. #lesson nr. 3: #lesson nr. 3: It’s a big planet. Someone will buy It’s a big planet. your stuff. Someone will buy your stuff, If you can reach eventually. them.Image: NASA
    21. 21. #advice nr. 3:Keep an openmind when doingyour research.
    22. 22. Thank you!leo@westartup.euwww.westartup.eu@leoexter
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