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Startup and  Funding - Idea to Billionaire
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Startup and Funding - Idea to Billionaire

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    Startup and  Funding - Idea to Billionaire Startup and Funding - Idea to Billionaire Presentation Transcript

    • From Invention To Startup Roadmap for the startup company
    • The Process
      • Find some collaborators
      • Noodle on your idea and refine it
      • Figure out who the customer is and what problem you are solving for them
      • Test your idea (talk to a half-dozen potential customers)
      • Get serious: form a company and decide on ownership
      • Write it down (customer, problem, solution, business structure)
      • Re-test your idea (talk to a dozen or more potential customers)
      • Find out if it is fundable (i.e., test it with potential investors)
      • Build something you can demonstrate
      • Test it with potential customers and investors
      • Raise some money
      • Develop the product
      • Build a go-to-market plan
      • Launch!
    • The scientific method
    • Ideas are cheap
      • Executing on an idea is hard work
        • Forming the team
        • Raising the money
        • Creating a good product
        • Selling the product
    • Who is the customer?
      • How can you reach them?
      • How do they purchase?
      • How many of them exist?
    • What’s the category?
      • What are the key attributes of the category?
      • Which attribute is your specialty?
      • Is it an existing one or one you invented?
      • What attribute is most important to your prospective customers?
      • What attributes do your competitors already claim?
    • Value Proposition
      • What is the compelling reason your customers have to buy your product?
      • Two fundamental reasons:
        • Saves cost
        • Makes money
      • Figuring this out sets boundaries on your pricing structure
    • Rate of Adoption of Innovation
      • Perceived attributes
        • Relative advantage
        • Compatibility
        • Complexity
        • Trialability
        • Observability
      • Type of decision
        • Optional
        • Collective
        • Authority
      • Communication channel (interpersonal or mass)
      • Nature of social system (norms, interconnectedness,…)
      • Effort of change agent
      • Perceived attributes account for half or more of the variance in adoption rate
    • Raising Money
      • Plan for multiple rounds
      • Each round should follow a decrease in:
        • Product/technology risk
        • Market risk
        • People risk
      • Understand VC investment sizing
      • VC investment is a thin market that is highly subjective as to value
    • Building a Go-To Market Plan
      • Target tightly within a bigger market
      • Consider a sequenced approach to the broader market
      • Develop a dominant selling idea
    • Target
    • Sequence
    • Dominant selling idea
      • What will you be #1 at?
      • Why is it important to prospective customers?
      • Is your idea credible?
      • Is it memorable?
      • Can you show evidence that it really performs as promised?
    • Example: Aldus
      • Founded 1984
      • Four developers, one GM (with customer knowledge)
      • DSI: desktop publishing
      • The road to DTP
      • Luck & timing: the Apple Laserwriter
      • Financing
      • Exit
    • Example: Visio
      • Founded in 1990
      • Three technically-trained founders, added four developers quickly
      • DSI: Drag & Drop Drawing
      • The impact of Windows 3.0—making the right bet
      • Financing
      • Exit
    • Example: Trumba
      • Founded in 2003
      • Three founders, added four developers quickly
      • DSI: Active Calendar Service
      • Riding the “software as a service” wave and the move towards finding things online
      • Financing
    • Bibliography
      • Technology Ventures, Dorf & Byers, 2005
      • Diffusion of Innovation , Rogers, 1962--2003
      • Crossing the Chasm , Moore, 1991, 1999, 2002
      • Why Johnny Can’t Brand, Schley, 2005
      • Built To Last, Collins & Porras, 1997
    • Questions?