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

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