Building Ten $1MM Tech Startups in Portland by 10/2010
Portland’s tech startup scene has two problems: Investors: “There aren’t enough fundable startups” Founders: “There’s not enough seed funding”
It’s a chicken and egg problem: Investors don’t fund companies until they clearly demonstrate potential to deliver ROI Founders struggle to commercialize high-growth opportunities without investor support
Of the 3 main participants in the startup ecosystem, which is most likely and able to act first to change this? GEEKS FOUNDERS INVESTORS
To answer that question, it’s important to recognize the main role each plays: Build cool technology Identify and pursue a commercializable opportunity Fund a capable team with traction that can generate ROI GEEKS FOUNDERS INVESTORS
We believe founders create viable opportunities for geeks & investors, so our work begins there. Build cool technology Identify and pursue a commercializable opportunity Fund a capable team with traction that can generate ROI GEEKS FOUNDERS INVESTORS
Portland Ten’s answer to strengthen our local startup community is work with founders– to strengthen their ability to identify, pursue, and manage commercializable opportunities.
Our philosophy is simple: An engine is required for driving a car; fancy paint, however, is optional.
The core functions of an early-stage tech startup, what we call, “the engine”— look something like this from a 10,000 foot view…
Exposure to a demographic or industry with monetizable problems & gaps Problem need Gap unmet Define rev model Founder(s) Committed Able get specs from user Scope Project Identify test users Deploy Basic Sales Process Milestones MVTeam MVTimeline MVResources Litmus Test Cap Liabilities Prove Team Gauge Metrics Get pre-commitments: P.O., LOI, Down Payment Create usable wireframes that produce/deliver value Define Minimum Viable Concept/Prototype Rapid development & release of MVP Exchange value Get testimonial Public Launch! Scalable need exists We can deliver Let’s do v 2.0 (Closed) Launch of alpha/beta MVP Built Launched Works Used Value $ Trans. Feedback OPS SALES DEV UX MKTG FIN. ITER Clarify concept 3 rd P A R T Y Prove concept LAUNCH Confirm need Refine value prop Apply Resources Prep v 2.0 Ops in place Runway in place Triage Concept Engineer Solution Team built
For founders with limited experience and funds, juggling everything is pretty daunting— It can be difficult to successfully take a viable project through the commercialization process.
We help founders: Clarify and align their concept Commercialize and manage a project at the $1MM or more level. Plan and execute milestones in 90-day increments Internalize and apply best practices from venture capital, bootstrapping, and project management methodologies.
Our metrics for success is to assist ten founders in getting to $1MM in revenue by October 2010. “10 by 2010.” We require that participating founders commit to this goal, and we commit our own resources, network, and reputation to reach this goal.
Basics of The Program <ul><li>First 3 Months </li></ul><ul><li>Weekly Founder's Group </li></ul><ul><li>Metrics Board Tracking Sales/Market Validation </li></ul><ul><li>2 Task Sessions/Week </li></ul><ul><li>Weekly 1-on-1 Check in </li></ul><ul><li>Special guests & events </li></ul><ul><li>Monthly Friends & Family Social </li></ul><ul><li>Monthly Founder’s Lunch </li></ul><ul><li>Monthly Startup Checkup </li></ul><ul><li>3 startup books & an Uncalendar </li></ul><ul><li>90 Day Milestones </li></ul><ul><li>Google group </li></ul>15 Months Post-Incubation Follow Up 3 Months of Advisor Check Ins 12 Month Milestones Google group Closing board meeting 15 Months Metrics tracking Alumni pass to all future P10 events Monthly Founder's Group Access to P10 network
Timeline/Founder Commitments <ul><li>Timeline </li></ul><ul><li>Applications accepted: </li></ul><ul><li>beginning May 11 </li></ul><ul><li>Candidates selected: </li></ul><ul><li>by June 1 </li></ul><ul><li>12 week session: </li></ul><ul><li>June 8-August 30 </li></ul>Founder Commitments Program tuition: $500/month for 3 months Participation commitment: 6-8 hours per week for 12 weeks 10 by 2010 commitment: Founders commit to the goal of generating $1MM in revenue by October 2010.
What Our Founders Say <ul><li>Ben Parzybok, WalkerTracker </li></ul><ul><li>“ From the perspective of having successfully put together a </li></ul><ul><li>boot-strapped product, I was particularly interested in </li></ul><ul><li>Portland Ten to learn about taking the project to a new level. </li></ul><ul><li>My short term goals include working through the enterprise </li></ul><ul><li>sales cycle, understanding best-of-breed practices for startups </li></ul><ul><li>and connecting with a community that is undergoing the same </li></ul><ul><li>process. Portland Ten has been an invaluable help as Walker </li></ul><ul><li>Tracker re-envisions its objectives and gets on task." </li></ul><ul><li>Kenneth Beare, Lingofeeds </li></ul><ul><li>“ Portland Ten is driving me to understand Lingofeeds from all </li></ul><ul><li>angles. It’s exhilarating, challenging in the extreme, and </li></ul><ul><li>brutally honest at all times. Most importantly, it is helping me </li></ul><ul><li>put the pieces together to form a successful online venture." </li></ul>John Metta, Hydrasi "Portland Ten is a group focused on razor sharp honesty. You call them reasons and learn that they are excuses. You call them obstacles and learn that they are your own fears. You call them gold and learn that they are just really horrible, horrible ideas. It’s hard and often painful, but so is starting a company and I’d rather take the hard knocks in a room full of peers than one full of angry investors who learned too late that there’s no market for my product.“ Dave Miller, Giftofile "First and foremost Carolynn Duncan’s Portland Ten bootcamp is a hell of a deal. The training is fun, challenging, and comprehensive, with plenty of one-on-one problem solving. I’m learning a ton and having a great time doing it."
Staff & Advisors <ul><li>Carolynn Duncan, Director </li></ul><ul><li>Serial entrepreneur and subject matter </li></ul><ul><li>expert in venture capital and angel </li></ul><ul><li>investment. Hundred </li></ul><ul><li>Dollar Business, FundingUniverse.com, </li></ul><ul><li>Eastern Idaho Entrepreneurial Center. </li></ul><ul><li>Rob Wiltbank, Advisor </li></ul><ul><li>Angel investment expert, Wilamette </li></ul><ul><li>University MBA program professor, and </li></ul><ul><li>partner at Buerk, Dale, Victor venture fund. </li></ul>Mark Grimes, Advisor Serial entrepreneur and experienced angel investor. NedSpace, Ned.com, and Better World Media Network. Josh Friedman, Advisor Serial entrepreneur. Better World Media Network, NedSpace, Eleven Wireless, Starveups.
We enjoy working to strengthen Portland’s startup, tech, and investment communities. If you’d like to get involved with Portland Ten or recommend a founder for the 10 by 2010 bootcamp, please contact us . You can also follow updates via Twitter or our blog . To apply for the current summer session, submit an application at http://www.portlandten.com/apply
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