Your SlideShare is downloading. ×
Montreal Startup Camp 2011
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×

Introducing the official SlideShare app

Stunning, full-screen experience for iPhone and Android

Text the download link to your phone

Standard text messaging rates apply

Montreal Startup Camp 2011

5,024
views

Published on

Powerpoint deck from my keynote presentation to the Montreal Start-up Camp #7. The subject was Failure!

Powerpoint deck from my keynote presentation to the Montreal Start-up Camp #7. The subject was Failure!

Published in: Technology

0 Comments
8 Likes
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total Views
5,024
On Slideshare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
61
Comments
0
Likes
8
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide
  • Failure comes in many forms. Mistakes should be routine and used to build knowledge and context for your evolution. Protecting yourself from Epic Failure is too often the way people think of mistakes. In my experience, the failure to seize opportunities is the biggest tragedy. Design your start-up to have the agility, ears and the attitude to assess and seize opportunities.
  • You’ll look at your idea differently as you live it, you’ll add color. Chances are you’ll chop it up and reassemble it into a new shape and add real life texture. The value of an idea is only realized when it’s been applied, deconstructed and reconstructed in real life. Don’t hold onto the idea, it holds back your value creation.
  • Transcript

    • 1. My Mistakes.Some advice from a well-worn path. Startup Camp Montreal #7January 20, 2011
      Perry Evans
    • 2. I’m not a startup junkie.
      I just reject working for someone else, or working on someone else’s ideas.
      I could stop anytime.
      If only I could turn off those little voices inside my head.
    • 3. I hope I can help you deal a little better with your little voices.
      Been where, done what?
      • Led raising of $80M in capital
      • 4. $1.5B cumulative investor value creation
      Closely, Inc.
      A personal angel network
      7-person team
      Collaborative work space
      A pristine cap table <insert angelic voices>
    • 5. I started late on start-ups…
      Marketing Mgr. for consumer trial.
      • Home shopping
      • 6. Home banking
      • 7. Online yellow pages
      • 8. Interactive games
      Product Management,
      Enhanced Communication Services
      VP/GM New Media
      • CD-ROM & Apple Newton
      • 11. Travel, Local Directory
    • Behind every success…
      I left MQ pre-IPO to do my own thing, leaving 2% unvested equity.
      12 months later MQ exited to AOL for $900M, all vesting accelerated.
      I exchanged a 6-month old 2-person start-up for 4% of a $80M public company.
      I agreed to lock up my shares for 12 months: $6 > $24 > $2
      I let a company shift from a product business into a services-driven business: customer driven, easy revenue
      Reduced exit value and narrowed choices
      I bought into the strategy of growth via acquisition
      In most cases, this is an excuse for not fixing your current business
      I didn’t force a shift from platform to application stack when a golden opportunity presented itself
    • 12. Failure and success are intertwined.
      Indecision and success are incongruent.
    • 13. Missed opportunity is the biggest tragedy
    • 14. To some degree your start-up
      idea is fatally flawed.
      Failure is imminent.
      An entrepreneur’s job is to fix the idea and convert it into value.
    • 15. VALUE
      ACHIEVED
      START-UP
      DEVELOPING
    • 16. the path to failure is on the exact same terrain as the path to success
    • 17. Equipment for the journey
      Your navigation dashboard
      Adapting to the elements
      ADAPT
      NAVIGATE
      EQUIP
    • 18. People Are Your Equipment
      EQUIP
      The single biggest lever to value creation
      Balance “known teams” and critical knowledge
      Quality of attitude trumps
      Share values
    • 19. The [overlooked] Inner Circle
      EQUIP
      You will have moments of:
      • doubt & fear
      • 20. personal exposure
      You have to fearlessly lead the team, you are afraid to show weakness to investors, where do you turn?
      Build your inner circle:
      Mentors, Advisors, Independent Board Members
    • 21. Your capital structure will determine the quality of your exit.
      The terms of EVERY round impact your choices on the next one.
      Take a moment of time to sanity test the relationship before you take money.
      Disconnect the capital from the person on the other side of the table.
      Don’t be embarrassed by what you don’t know. Don’t sign until you understand.
      Love your lawyer.
      Capital Equipment
      EQUIP
    • 22. Your Value Navigation Dashboard
      NAVIGATE
      A large share of start-up decisions are “off map”, unintentionally
      Document the assumptions you’ve made that drive your value creation
      Build your value dashboard, record your proxies
      Write it on a piece of paper, and attach it to your monitor
      Circle the 2-3 things you (down deep) worry about the most
      Ruthlessly test and evaluate their achievement
      Connect it to your resource priorities
      Convert proxies to data
    • 23. NAVIGATE
      Consumers will check-in in great numbers when the right discount offers are available.
      Proxies
      • Existing stats on check-in growth
      • 24. People love deals, see GroupOn
      • 25. The network effect of critical mass
      Test:
      • Observe, track behavior at a dozen actual restaurants when deals are present
      • 26. Iterate on how consumers get to know, dive into characteristics of best performance
      • 27. Refine and optimize
      Resource Connection
      • Define sweet spots for product priority
      What if results don’t impact check-in behavior?
    • 28. Customers
      Competitors
      Market Actions
      Investors
      Adapting to the Swirling Elements
      ADAPT
    • 29. ADAPT
      Stubbornness and passion are not the same.
      Proving yourself right is the enemy of value creation.
      Center your team on agility.
      Ears are the most attractive start-up body part.
    • 30. Fast Failure & Pivoting
      ADAPT
      Make mistakes early, cheaply
      Listen very closely
      Absorb the input
      Gather as much data as you can for your value dashboard before you ask for money
      Don’t follow blindly, customer research is one verycritical signal, but not the only one.
    • 31. ADAPT
      Pivoting
      A medicine for chest pain, sildenafil, was ineffective in treatment during the market trial, and exhibited certain side effects.
    • 32. the incredible [& annoying] rightness of venture capital
      ADAPT
      Extract yourself, think for your business.
      As annoying as it can be: listen, learn, adjust
      They may not know your business, but you often ARE missing something.
      Usually it’s on a critical value driver
      • Attractiveness of market
      • 33. How you fit in the food chain
      • 34. Ill-conceived go-to-market blueprints
      • 35. Unproven or incomplete team
      • 36. Exit visibility or practicality
    • Homework?
      Audit yourself:
      Check your equipment
      Sketch out your value dashboard
      Check how well your resources and priorities map to your value drivers
      How well are your equipped for the journey
      How well have you de-risked the deal for your investors?
    • 37.
    • 38. Connect Anytime:
      Follow: twitter.com/perryevans
      Email: perry.evans@gmail.com