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What founders should worry about

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A presentation on the key characteristics of a fundable startup and the ways founders should pitch their company (and how they should not do it).

A presentation on the key characteristics of a fundable startup and the ways founders should pitch their company (and how they should not do it).

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    What founders should worry about What founders should worry about Presentation Transcript

    • What startups should worry aboutPhilipp MoehringPrincipalSaturday, 25 May 13
    • 1/25CONFIDENTIALCONFIDENTIALWe see a lot of startups2Saturday, 25 May 13
    • 1/25CONFIDENTIALCONFIDENTIALWe work with a lot of startups3Saturday, 25 May 13
    • CONFIDENTIALWe know what founders...4are proud ofare excited aboutlike to spend time onSaturday, 25 May 13
    • CONFIDENTIALAlso what they...dismiss as unimportanttry to hide but can’tworry about5Saturday, 25 May 13
    • 1/25CONFIDENTIALCONFIDENTIALWhat’s important?6Saturday, 25 May 13
    • CONFIDENTIALFounders are constrained by7Time&MoneySaturday, 25 May 13
    • 8Time will always be scarceMoney is accessible when things go wellSaturday, 25 May 13
    • 1/25CONFIDENTIALCONFIDENTIAL 9Solution:Be faster!Saturday, 25 May 13
    • 1/25CONFIDENTIALCONFIDENTIALNaval Ravikant"People spend a surprising amount oftime on things that will contribute little orno value to getting them to a seed round"10Saturday, 25 May 13
    • 1/25CONFIDENTIALCONFIDENTIALWhat you shouldactuallyworry about11Saturday, 25 May 13
    • CONFIDENTIALWhat makes a fundable startup?121. Traction - Customers and users2. Team - You and your people3. Product - MVP or more4. Social Proof - From other investors & advisors5. Pitch/Presentation - Talking about the right thingsSaturday, 25 May 13
    • CONFIDENTIALShow traction. Any traction.We don’t expect:We have 2 million in recurring revenue.We have 200.000 paid downloads for £ 20 eachThis might be good:We have 5 customers who use our product across the company200 beta testers have invited more than 40 people each.An investment offer from our first trial customer.13Saturday, 25 May 13
    • CONFIDENTIALExplain why your team is specialBad:We are all really smart. Look at this joke I made. You’re goingto love us. Also, Tim Ferris is my Idol.Good:We’ve been working for the industry leader for 3 years. All ofus learned to code, and built the prototype in 2 months.14Saturday, 25 May 13
    • CONFIDENTIALBuild a product. Even a small one.Bad:You have no technical cofounderYou “just need money to build this”You haven’t even hacked together a prototypeGood:A basic prototype (even paper or email) someone usesA beautiful, but simple first version15Saturday, 25 May 13
    • CONFIDENTIALSocial proof is a forcing functionBad:An “angel investor” owns 65% of the business.We’re using our previous employers’ IP and codeGood:We’re building an email startup. Paul Buchheit is an advisor.I convinced 2 facebook cofounders to quit and work with me(not the Vinklevoss Twins)16Saturday, 25 May 13
    • CONFIDENTIALPitch: Work on your description17Transferwise is a Seedcamp companyBad:We are a a B2C and B2B peer to peer FX platformmatching mid market rates across the EMEA market.Good:We are the cheapest and easiest way to exchange currency.Saturday, 25 May 13
    • CONFIDENTIALPitch: show market numbersBad:The FX industry is 45 trillion dollars big*. If we just take 1%, weare rich.Good:There are < 2m UK residents who send more than £ 1.000 toEurope each month. We can save them £ 50 per transaction.18* I made this up for the presentationSaturday, 25 May 13
    • 1/25CONFIDENTIALCONFIDENTIALSome more best practices19Saturday, 25 May 13
    • CONFIDENTIALBuild a processReach outMake a first meeting countFollow up professionally and fastDrive decision as much as you canDon’t lean back and wait20Saturday, 25 May 13
    • CONFIDENTIALMake a market21Test drive the pitchUnderstand the investor (!)Pitch investors simultaneouslyFind a lead early and treat them wellLeverage commitmentsUse the right toolsSaturday, 25 May 13
    • CONFIDENTIALGrow internationally22Be international - show potentialTravel international - be top of mindHire international - build a first class teamPartner international - more customers and co valueFundraise international - better investors, money, exitsSaturday, 25 May 13
    • CONFIDENTIALCONFIDENTIALCLOSE and get back to work!23Saturday, 25 May 13