Startupfest 2012 - Chasing big ideas

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In 2003, along with co-founders Erik Swan and Rob Das, Michael Baum set out to solve a big problem. The world was filling up with machine data, and humans needed ways to mine through it quickly. Nearly a decade later, Splunk’s IPO gave it a market cap of $3B. There’s no doubt today that Big Data is big money; but how do you see that coming years in advance? Even today, it’s a confusing term. Ask ten people what “Big Data” means and you’ll likely get ten different answers. Splunk’s founding CEO will talk about chasing big ideas, growing a multi-billion-dollar business and changing the world – all starting with a simple idea.

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Startupfest 2012 - Chasing big ideas

  1. chasing big ideas Michael Baum Founder & CEO SplunkPartner Rembrandt Venture Partners michael@baum.com
  2. what’s a big idea?
  3. about me. 6 start-ups 1 IPO 5 acquisitions > 1,000 jobs created > 100 millionaires$3.5B in wealth creation 25 years
  4. #6 is a charm.$250M $3.4B Splunk Startups 1 to 5
  5. what was different?
  6. a big problem.>$500B spent annually manag
  7. tons of research. 3 founders 5 prototypes 12 months 62 customers $50,000 a lot of insights
  8. App Logs Network Traffic Web Logs Server Logs User Access Security Events BigData VoIP Audio Video Click Stream Order Data Customer Data a simple solution.SocialMedia
  9. build an “A” team. “good enough” is not good enoughthe average hiring mistake costs $500k 50% of hires are mistakesgreat recruiters make fewer than 10% who are your recruiters? how do they recruit “A” people? how does your “A” team work?
  10. drive in reverse.
  11. ignore competition. picked a big problem
  12. blow things up (regularly) .
  13. Entrepreneurs are never satisfied, because fulfillment comes fromparticipation, rather than reaching a fixed destination. Entrepreneurship is not a job, nor even a calling but a hunger to change the world.

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