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

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  • 1. From Invention To Startup Roadmap for the startup company
  • 2. 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!
  • 3. The scientific method
  • 4. Ideas are cheap
    • Executing on an idea is hard work
      • Forming the team
      • Raising the money
      • Creating a good product
      • Selling the product
  • 5. Who is the customer?
    • How can you reach them?
    • How do they purchase?
    • How many of them exist?
  • 6. 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?
  • 7. 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
  • 8. 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
  • 9. 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
  • 10. 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
  • 11. Target
  • 12. Sequence
  • 13. 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?
  • 14. 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
  • 15. 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
  • 16. 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
  • 17. 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
  • 18. Questions?