Success Story You Will Never Repeat – But Should Still Try

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История успеха проекта, которую вам никогда не повторить – но вы должны все равно пробовать. …

История успеха проекта, которую вам никогда не повторить – но вы должны все равно пробовать.

Success story you will never repeat: but should try anyway.

1. Хронология успешного проекта.
a. Построение отношений между основателями
b. Поиск людей, которые будут работать на Вас, и поиск партнеров, которые будут работать с Вами
c. Сотрудничество с юристами, менторами, советниками, и консультантами для продвижения вперед
d. Сбор всей своей интеллектуальной собственности в одну корзину (компанию)
e. Подход к инвесторам
f. Переговоры с инвесторами, основные недостатки и ошибки
g. Инвесторы вошли в Вашу компанию – как теперь ею управлять
2. Фатальные ошибки, которые собъют Ваш бизнес при взлете
1. A timeline of a successful project.
a. Forming relationship among founders
b. Finding people to work for you and finding partners that would work with you
c. Working with lawyers, mentors, advisors, and consultants to move forward
d. Gathering of all of your intellectual property in one basket (company)
e. Approaching investors
f. Negotiations with investors, main shortfalls and mistakes
g. Investors are in – how do I run my business now?
2. Critical mistakes that shot down many projects at the takeoff

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  • 1. Success Story You Will Never Repeat – But Should Still Try by Dmitri Dubograev © 2013
  • 2. The story of Pinxter™
  • 3. 1. Inception (DOs) 1  Birth of the Idea (March 8, 2013!!!)  Need to think through, live and improve the idea  “I would use it” – merge the two worlds  “Other people would use it”  It solves a specific problem with ease  Could be a unique problem but (better!) you should offer a unique solution!  It does not need to be YOUR problem. But you need to know people whose problem it is.  Solution has to be better or (better!) – simple!!!
  • 4. 1. Inception (DOs) 1  Things that women need (and men don’t want to deal with)
  • 5. 1. Inception (DON’Ts) 1  Failed ideas of other projects:  Assumes it solves a problem (but there is none)  “I would not use it but someone should”  Easy to replicate (but not always!). Run fast!  No focus, no need, no goal  No monetary value (time, money or fun)  too much work with little resources  Don’t assume “so simple – somebody probably did it”. What if you are wrong?
  • 6. 2. Building the Team (DOs) 1 2  April: connections, conferences, word of mouth  Trust is important  DO NOT SAY TOO MUCH until Term Sheet/NDA  Skill Дешева рибка - погана юшка ©  Do your due diligence, track record, their ideas  Manage expectations Partner/salary/investor – again, put on paper/email  Make sure they have “skin in the game” or be ready to pay them or push them away
  • 7. 2. Building the Team (DON’Ts) 1 2  Failed Teams in other pojects  too much disparity in approach (one focus) But you do not need the same skill  NOT a partner/founder – ask for $$ every day If there is a discussion “how much you will pay me” in first weeks – this is not a partner  signing stupid papers at initial stages giving away/disclosing too much IP Misunderstanding re ownership %% (think in raitio me/you 3:1, rather than you will have 25%)
  • 8. 3. Architecture/Shape (DOs) 1 2 3  Company (Pinxter Inc. formed on June 3 in US)  Formation is the key USA/EU v. “Laundromats” (v. ридна ненька Украина?)  Scalable and set for growth (no “restructure”)  Company is also to protect you (limited liability)  Relationship b/w founders (understanding) Necessary votes to act, issue new shares/new team members Veto re important issues, how do we sell the project Adjustments if one works/the other does not
  • 9. 3. Architecture/Shape (DON’Ts) 1 2 3  Failed structures  “offshore” – focus on making more money for yourself and NOT on paying less taxes  bad jurisdictions and problems: can lose everything (creeping nationalization - Cyprus) Money sending/receiving, certificates, bad rep  NO UNDERSTANDING AMONG PARTNERS AS TO THEIR POWER DISTRIBUTION  if you can afford attorney/advisor – this is the time to get it to avoid serious issues
  • 10. 4. The “Filler”/IP (DOs) 1 2 3 4  EVERYTHING MUST GO to the COMPANY  All of ideas and IP: Developed BEFORE (assignment) Transfer AT THE TIME of formation (assignment) Becomes property on “click” of the keyboard of each developer in the FUTURE –software development agt “Alien code”:  GPL, GNU, “copyleft”, LGPL, “hippy code” - LICENSE it!  “Well, there is some code that I used for other project” - make sure that your developer licenses it to the company (or vice versa)  Copyrights, Patents, Trademarks and trade secrets
  • 11. 4. The “Filler”/IP (DOs) 1 2 3 4  by June 10 - Pinxter filed for TM (intent to use), ©, patent is in the process plus NDA with ALL
  • 12. 4. The “Filler”/IP (DON’Ts) 1 2 3 4  lost or uncertain IP  “leaking” vessel cannot float (nor financed/sold)  copyright not registered  – hard to prove, hard to match  Descriptive or generic TM are bad:  “Best Race”, “Good Farm”, facebook (need a lot money to defend!)  Must be:  fanciful (Playzum, Fozium, Alawar, Playrix, Luxand, Pintrest)  Arbitrary (BlueTooth, Gaijin, Oxygen)  Suggestive (Pinxter, Apple, SkyOdds, ToonBox, ZBrainy)  More read at: IT Grabli: how to choose the name for you product wp.me/p2AI6A-1n via @femidaUS
  • 13. 5. MONEY (DOs) 1 2 3 4 5 By June 21, Pinxter gets 1 round of financing from a consortium of angels: Truly smart money (=connections)  Investment Funds are spent on Development Marketing Legal Protection Founders chose NOT to take any salary…
  • 14. 5. MONEY (DOs) 1 2 3 4 5 Polished Product before release
  • 15. 5. MONEY (DOs) 1 2 3 4 5  Big role: existing company, IP, agreements  fair deal:  Veto, restrictive covenants, board seat  Minimum day-to-day interference (if all goes as planned)  minimum changes to the EXISTING agreements  Maximum help (almost as much as with founders)
  • 16. 5. MONEY (DON’Ts) 1 2 3 4 5
  • 17. 5. MONEY (DON’Ts) 1 2 3 4 5 You have to be ready to take the money Danger areas: Don’t make investors do YOUR job Don’t give out too much Perform as promised Put things on paper/agreement Protect you IP
  • 18. 6. Release (DOs) 1 2 3 4 5  July 22, App is released 6
  • 19. 6. Release (DOs) 1 2 3 4 5  Test on users and then full blown marketing  By August 31 – three new updates
  • 20. 6. Release (DON’Ts) 1 2 3 4 5 6 LEGAL FAILURES: Privacy terms of use licenses DMCA  Dangerous/weak agreements (exclusive etc.)  Complete mess with the contractors, employees and consultants
  • 21. 7. Accelerate and expand… 1 2 3 4 5 6 7 September 1: Second round of investment… …. from the SAME group of investors  BUILDING on TRUST and PERFORMANCE It’s not the ‘success‘ yet… …but it’s ready for one
  • 22. Contact information Need your feedback! email: dd@femida.us blog: facebook.com/femidaUS skype: ddFemida ph: 1.703.739.9111