© Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org
Sep 20, 2013
Seed Fund & Accelerator in Silicon Vall...
© Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org
• Born in Almaty Kazakhstan, 20 years in Haifa Israe...
© Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org
StartupMonthly Ecosystem
3
Entrepreneurs Mentors
Inv...
© Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org
Managing Partners
Yuri Rabinovich
Managing Partner S...
© Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org 5
Investment Focus
Customer Channel Domain Vertical
...
© Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org
Sourcing
• Referrals – investors, accelerators, foun...
© Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org
Let’s build a Startup
© Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org
“a startup is a temporary organization designed to
s...
© Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org
Idea Team Founders Pre-Seed
9
From IDEA to a COMPANY...
© Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org
• Founder with just an idea
• Initial customer devel...
© Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org
Problem + Solution:
• New solution
• New market
• Ne...
© Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org
• Passion to change the world and solve a problem
• ...
© Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org
• Share idea with people
• Search for like minded an...
© Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org
• Complementary skills
• Previous track record, work...
© Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org
• Identify your customer
• Interview and ask the rig...
© Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org
• Use rapid prototyping tools (JavaScript)
• Release...
© Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org
• Seed the MVP to the right early adopters
• Define ...
© Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org
• Validate your assumptions
• Update Business Model ...
© Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org
Why:
• Leave your full-time job
• Learn (Startup Acc...
© Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org
When:
• Live prototype
• Validated the customer need...
© Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org
When:
• Proven growth
• Proven business model
• Read...
© Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org
• Take Money from Experts (Smart Money)
• Mentorship...
© Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org
When:
• One of the top 3 players in the market
• Str...
© Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org
Why Startups Fail?
• Bad execution - co-founding tea...
© Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org
Join StartupMonthly Moscow Events
• Sep 22 – SmartMo...
© Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org
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From zero to company

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Презентация Юрия Рабиновича с рабочих выходных Harvest 09/13

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From zero to company

  1. 1. © Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org Sep 20, 2013 Seed Fund & Accelerator in Silicon Valley
  2. 2. © Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org • Born in Almaty Kazakhstan, 20 years in Haifa Israel, 4 years in Silicon Valley California • B.Sc/M.Sc Information Systems • Worked in IDF, IBM Research, Startups • Entrepreneur: StartupMonthly.org, StartupSocials.com, SmartMoney.io, Hack4Good.io, ExoticHack.com, SocialGood.io, SupperConnector.org, SocialExchange and many failed • Mentor and advisor for early stage startups • Mentor and advisor for accelerators and funds • Super connector in Silicon Valley • Investor: 10 active investments 2 Yuri G. Rabinovich
  3. 3. © Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org StartupMonthly Ecosystem 3 Entrepreneurs Mentors Investors Partners 15K+ GLOBAL NETWORK – entrepreneurs, investors, serial entrepreneurs, domain experts, partners and professionals.
  4. 4. © Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org Managing Partners Yuri Rabinovich Managing Partner SF Founder and CEO at Startup Monthly, Entrepreneur, Research Scientist and Team Lead at IBM Research Haifa, Software Architect at Oxygen Cloud, Ensuant, Particle Code, IDF MSc IS at Technion, Israel Vadim Slavin Managing Partner SF Co-founder and COO at Startup Monthly, Entrepreneur, Senior Research Scientist and Program Manager at Lockheed Martin Advanced Technology Center MSc CS at Brown, USA Ziv Yoash Managing Partner NY Co-founder at Startup Monthly, Entrepreneur, Israel Practice Group Co-Chair at Perkins Coie LLP, Emerging Companies Advisor and Attorney, Angel investor LL.B. Law Degree, B.A. IT, Israel
  5. 5. © Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org 5 Investment Focus Customer Channel Domain Vertical B2C Web Big Data Gaming B2B Mobile Analytics Consumer Web B2B2C Big Screen Business Intelligence Enterprise Smart Cars Recommendations User Engagement Developer Tools Monetization Payments
  6. 6. © Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org Sourcing • Referrals – investors, accelerators, founders, partners • Venture partners (Future) • Startup elevator/showcase programs • Direct application Due Diligence • Partner meetings • Business due diligence • Tech due diligence • Legal due diligence • Term sheet Accelerator • Coaching • Business strategy and roadmap • Product architecture and user experience • Partnerships • Marketing and BizDev • Access to capital 6 Investment Process
  7. 7. © Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org Let’s build a Startup
  8. 8. © Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org “a startup is a temporary organization designed to search for a repeatable and scalable business model.”, Steve Blank Organization - co-founders + employees Search tools: • business model canvas • customer development • agile development 8 What is a STARTUP?
  9. 9. © Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org Idea Team Founders Pre-Seed 9 From IDEA to a COMPANY Viable Idea Seed Rounds A,B,C,D EXIT Death Valley
  10. 10. © Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org • Founder with just an idea • Initial customer development • Build a co-founding team • Customer Development • Identify Early Adopters • Engage and build relationships • Collect feedback, usage metrics and learn • Test business models • Rapidly Prototype – Lean Startup • UX – YES • MVP – YES (test, add/remove features based on feedback) • Scalability - NO • Iterate and pivot if needed 10 From IDEA to a COMPANY
  11. 11. © Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org Problem + Solution: • New solution • New market • New geography • Better solution • Strategic acquirer need Idea worth ZERO without a team that can build solution that customers need 11 Idea = ZERO
  12. 12. © Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org • Passion to change the world and solve a problem • 100% Committed • Hustler • Risk taking • Leadership • Charismatic • Opportunistic • Optimistic • Crazy 12 Entrepreneur
  13. 13. © Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org • Share idea with people • Search for like minded and complementary co- founders • Listen to feedback and learn the market • Be efficient while networking • Ask friends for referrals • Date for couple of months • Attract the right people (A Players) • Hire A Players 13 Build a Team
  14. 14. © Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org • Complementary skills • Previous track record, worked on big projects • Domain and technical expertise • Have shared passion to solve the same problem • Clear definition of roles (CEO, CTO, etc) • Can backup each other if needed • Synergy • Can pivot without loosing team members • Have the right incentives (% and $) 14 An “A Team”
  15. 15. © Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org • Identify your customer • Interview and ask the right questions • Get feedback, suggestions, prioritize • Business Model Canvas • Show fake products/mockups • Concierge service • Collect emails and contacts of early adopters • Try to get paid customers • Iterate and summarize lessons learnt • Pivot if necessary 15 Customer Development
  16. 16. © Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org • Use rapid prototyping tools (JavaScript) • Release quickly to early adopters • User Experience is a must • Scalability is not important • Collect every metric possible • Analyze and learn • Customer Development • Add/Remove features • Pivot if necessary 16 Build Minimal Viable Product
  17. 17. © Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org • Seed the MVP to the right early adopters • Define metrics (number of users, $, etc.) • Collect and analyze – conversions, engagement • Surveys and interviews with engaged customers • Improve user engagement and value proposition • Create WORD of MOUTH • Growth? – build product that customers LOVE • Not traction - Lessons learnt • Pivot if necessary 17 Generate Traction
  18. 18. © Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org • Validate your assumptions • Update Business Model Canvas each time you make a change (keep versions) • How do you monetize? – Subscription – Pay per use – Free (Ads, In-App purchase) – Learn from similar services • Validate your revenue model – User acquisition cost – Number of paying customers – Retention, why people come back? – $ spent by the customer per lifetime 18 Business Model
  19. 19. © Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org Why: • Leave your full-time job • Learn (Startup Accelerators, Events, Workshops) • Focus 100% on your venture Source: • Personal savings • Friends, Family and Fools • Grants • Accelerators • Angels • Sell your car and apartment  19 Pre-Seed (up to $100K) - TEAM
  20. 20. © Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org When: • Live prototype • Validated the customer need • Initial Traction (user growth, revenues, retention) • Initial business model/paying customers Why: • Scale the product • Hire 2-3 employees/consultants • Marketing • Operations (Office, Travel, etc) • Validate business model • Rent apartment and buy Toyota  20 Round Seed ($500K-$1.5M) - STARTUP
  21. 21. © Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org When: • Proven growth • Proven business model • Ready to scale sales • Revenue Why: • Scale your product (scalability, features) • Scale your team (Management, Engineering, Marketing, Biz Development, Sales, Operations, HR) • Marketing $ => $$$ • Operations (Office, Travel, etc) • Buy a house and BMW  21 Round A, B, C, D, E ($3M+) - COMPANY
  22. 22. © Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org • Take Money from Experts (Smart Money) • Mentorship/Coaching • Network (Early adopters, Partners, Recruiting, etc.) • Strategy and roadmap • Board of directors/advisors • Money • Type of investment • Angel - Convertible notes with/out Cap or common stock • Pre-Seed - $20K-$50K, 3%-10% common stock, convertible n. • Seed - $500K - $1.5M, 20%-30% • Round A - $2M – $10M, 20%-30% • Round B, C, D, E - 20%-30% • When you EXIT you will have 10%-20% 22 Investments
  23. 23. © Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org When: • One of the top 3 players in the market • Strategic acquirer enters the market • Leader growth • Leader in the market - IPO Why: • Founders are ready to sell • Investors want to cash out • Founders are tired • Become a public company • Buy a bigger house and Ferrari  • Retire or become an angel investor or start your next startup 23 EXIT – 1 in 1000
  24. 24. © Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org Why Startups Fail? • Bad execution - co-founding team synergy, fights, lack of talent, bad incentives • Business knowledge and experience • Lack of funding at the right time • Bad $$$ management • Timing to market (too late or too early) • Wrong market and customers • Wrong product • Don’t change direction, stubborn. • Patent violation, stronger competitors • No competitive advantage
  25. 25. © Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org Join StartupMonthly Moscow Events • Sep 22 – SmartMoney Roundtable for investors (30+ investors) • Sep 23 – Startup Elevator for startups with mentors and investors (MUST have LIVE product) • Sep 26 – aahWINE Venture Capital Reception Moscow (Investors, executives and business professionals) • Sep 29 – Startup Social Moscow at Stariki Bar (200+ guests, $10 - $20)
  26. 26. © Startup Monthly (2013). All Rights Reserved yuri@startupmonthly.org Questions
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