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Getting Started - Startup Lessons & Realities

by Robert Pease

Presentation delivered to University of Washington Entrepreneurial Strategy 510 class on 11/09/10.

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2-3 page Executive Summary: have something to send somebody when they ask. A .pdf file and understand this may be all they read. Do not request an NDA to share itProforma P&L: understand your cost drivers, revenue streams and paths to scale your businessPowerpoint (or similar) presentation: say it in 10 slides…with pictures. You will use this often and there are lots of good frameworks out there
Have a plan and make changing it painfulKnow it and recite it
Technical Risk – does it work?Market Risk – does anybody care…and will they pay for it?
Talk to them oftenThey won’t want to hurt your feelingsBefore->During->AfterWrite a narrative…That people care aboutAnd you can cost-effectively reach themIdentify and plan for latent vs. realized demand
Powerpoint liesExcel tells the truth (or makes it harder to lie)Measure everything and know:Cost of customer acquisition- Burn rate and what drives it (including what you can turn off quickly)- Cost of support- cost of delivery
Always hire better (1.1x)Rising tides lift all boatsFavor work ethic and passion over credentialsAmbiguity reigns

Getting Started…University of WashingtonEntrepreneurial Strategy 510November 9, 2010
Robert Pease
Vice President of Marketing
Gist, Inc.
robert@gist.com
@RobertAtGist
206.327.0397
Last Slide First
Be both optimistic and realistic in your plan
Understand distribution
Measure and learn
Hire better than yourself
What marketing can (and can’t) do for you
Always build your professional network
You need 3 things
Plan vs. Reality
Twice as long, half as much
Mitigate technology AND market risk
Know your target customer….by name
Instrument your business
Powerpoint lies…
…Excel tells the truth (mostly)*
*T.A. McCann
Always hire better than yourself
1.1
n
Meet the man in the chair…
What was it you wanted to sell me?
http://www.youtube.com/watch?v=nXG7zYWKHGU
Relationships Matter…
Customers, prospects, advisors, investors, competitors, journalists, vendors, partners, mentors, strangers, classmates, etc., etc.
How do you manage
Contacts?
Connect …
How Gist works…
Gist everywhere…
Questions?
Please try Gist and tell us what you think:
www.gist.com
Robert Pease
Vice President of Marketing
robert@gist.com
@RobertAtGist
206.327.0397