Steve Barsh Of Dream It Ventures On De Risking For Wharton Entrepreneurship Club February 2009

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    Steve Barsh Of Dream It Ventures On De Risking For Wharton Entrepreneurship Club February 2009 - Presentation Transcript

    1. De-Risking and Acceleration Steve Barsh, Managing Partner steveb@dreamitventures.com * 215.888.2101 dreamitventures.com barshbits.com sbarsh 1 Dreamitventures.com Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.
    2. Agenda • DreamIt Ventures • De-risking & discovery • Q&A 2 Dreamitventures.com Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.
    3. Help great people with great ideas build great companies • 3 month Startup Accelerator • Pre-Seed investment • Expertise • Mentorship 3 Dreamitventures.com Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.
    4. Entrepreneurs Receive Mentoring Professional Services Expert Speakers Team Members Community Software + Resources Capital 4 Dreamitventures.com Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.
    5. Premises & Observations • Money too early • Validation from investors • Key risks • Out-of-box techniques • De-risk before • Pitching • Building the product 5 Dreamitventures.com Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.
    6. 3 – 7 Key Assumptions 6 Dreamitventures.com Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.
    7. De-Risking Goals • Convert assumptions into knowledge • At lowest cost • As quickly as possible • Decrease assumptions to increase value • Consume intellectual capital before significant outside capital • Succeed or fail quickly 7 Dreamitventures.com Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.
    8. Common Assumptions Positioning / dierentiation Demand Market size Feature set Competition Pricing / business model Sales / adoption cycle Team Product development Execution Marketing Financials & forecasts Financial needs Enterprise value Dreamitventures.com 8 Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.
    9. Common Problems Key assumptions not captured and no time table Little discussion with potential customers Little primary research Weak demand Pricing a guess Marketing field of dreams Strategy alignment Dreamitventures.com 9 Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.
    10. Stop Waving, Start Pointing! Dreamitventures.com 10 Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.
    11. 100% Sure? • Plans • Presentations • Pitches • Financial models • Forecasts • Estimates • Things with numbers or graphs Dreamitventures.com 11 Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.
    12. Experiment • Hypotheses • Prove or Disprove • Build -- Release, measure, learn, iterate • Research • Valid proxies 12 Dreamitventures.com Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.
    13. Key Investment Questions • Key assumptions, dependencies, and timetable? • Evidence we are looking for? • Assumptions de-risked before further investment? • Success criteria (e.g., market uptake; revenue; impact, financials, etc.)? Dreamitventures.com 13 Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.
    14. 3 Main Takeaways 1. Key assumptions 2. Experiments 3. Convert assumptions into knowledge 14 Dreamitventures.com Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.
    15. More Info • Redeye VC Blog: Failing Cheaper by Josh Kopelman, First Round Capital. • Common Mistakes Made by Entrepreneurs by Mark Henricks. • How To: Raise Money in a Down Economy by Eric Ries at KPCB. • Discovery-Driven Growth: A Breakthrough Process to Reduce Risk and Seize Opportunity (March 2009) by Rita McGrath and Ian MacMillan (Wharton) 15 Dreamitventures.com Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.
    16. Agenda • DreamIt Ventures • De-risking & discovery • Q&A 16 Dreamitventures.com Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.
    17. De-Risking and Acceleration Steve Barsh, Managing Partner steveb@dreamitventures.com * 215.888.2101 dreamitventures.com barshbits.com sbarsh Supporters 17 Dreamitventures.com Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.

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