15 lessons from 5 mic boostcamps to create an it startup

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  • XL
  • Accounting: 00:35-00:40 - XavierYou have on your left all the revenues of your company.On the right, all the spending.The Blue is the purpose of your business: PROFIT
  • Financial Plan : 00:51-00:52 - Xavier
  • Funding : 00:55-01:10 - MartinFriends Family and FoolsNext: LEO
  • Valuation : 01:15-01:20 - XavierConvertibles bonds, sharelholder’s agreement, made-to-measure
  • Valuation : 01:20-01:25 – XavierNext: MartinNow, you have to convince yourself, your partners and business angels to invest in your project
  • Violonist case
  • Awesome pitches are about breaking convention. About being different. About being outstanding.However… it’s important to learn how to walk before you start running. Or flying, for that matter.
  • 15 lessons from 5 mic boostcamps to create an it startup

    1. 1. 15 advices to launchyour start-upBen Piquard, directeurMicrosoft Innovation Center Benpiquard
    2. 2. Ben@mic-belgique.bewww.mic-belgique.beTwitter @benpiquardMobile +32 477 36 01 64
    3. 3. Entrepreneurs BoostcampsLe Boostcamp : 4 mois pour démarrer une entreprise ! 150 – Le Boosctamp est un programme d’accélération au démarrage d’entreprises emplois innovantes du secteur IT. Concentré sur 4 mois, le Boosctamp proposent quelques 20 journées de formation intensive, des ateliers thématiques, des rencontres avec des 30 Start-ups experts et des conférences inspirantes en complèment des autres outils existants en Wallonie. 80 participant s – Les anciens Boostcampers sont réunis dans le Club des Alumni à travers lequel ils continuent à participer aux conférences et ateliers. Le Club des Alumni est également l’occasion de réunir des pairs et de réseauter. 800 Rencontres expert Je recommande le Boostcamp qui est une opportunité unique de recevoir des conseils avisés de la part d’experts et d’être encadrés par des personnes expérimentées. Le MIC m’a permis d’évoluer Boostcamps plus vite et d’avoir confiance en mon projet. Etre supporté par le MIC apporte énormément de crédibilité auprès des clients potentiels. Guillaume Tilleul, Numerizik BILAN 2009-2011 MIC WALLONIE
    4. 4. 100 startups and 5 Boostcamps later… Before Starting 6 key Dimensions Business Model Marketing Sales Finance Technology * Pitches And now ?Let’s share thinkings… 1H ???
    5. 5. Before Starting…
    6. 6. Why Tools are critical ? A quoi servent les outils ? - Parler le même langage - Gagner du temps - Travailler ensemble Outils de toutes sortes: Accounting, strategie, HR, organisation, finance, time management,… des CENTAINES d’OUTILS !!!http://www.wordle.net
    7. 7. Must 1 : value chain; Greiner Model; paradigm shifts Explosion du concept Move to 6 ? Externalisation Breaking the Chasm !
    8. 8. Must 2 : as basic as XL !!! XL: -Abs / Related -Name -What If analysis Business Plan Stability • Assumptions stability • Cash Flow ? (2/3 bankrupt) • ROI  measure sensibility and hold them !
    9. 9. Limits of tools: Michael Porter • Strategy = define and keep a sustainable advantage • 3 ways – Best – Cheap – Different• Invented end of 80’ – Information speed – Individual value: €, social, sustainable
    10. 10. Must 3 : Time management ! Why do you do something ? SMART Think Visual 4D  emails management
    11. 11. Ton’s of MUST… • Voyagez ! • Parlez de nombreuses langues !
    12. 12. Conclusions : Learn to Learn• Kill your TV• Go to Cinema From working Hard…• Subscribe to To working smart… – À Harvard Business Review – 123 Manage – Wikipedia – Amazon.com – …
    13. 13. 100 startups and 5 Boostcamps later… Before Starting 6 key Dimensions Business Model Marketing Sales Finance Technology * Pitches And now ?Let’s share thinkings… 1H ???
    14. 14. Contribution to your wisdom…
    15. 15. Invent or Innovate ?
    16. 16. Intro* to Business Models…
    17. 17. BusinessModelGeneration.com
    18. 18. Thinking 1 What are the business of Microsoft? Apple ? Salesforces.com ? FaceBook ?
    19. 19. • Microsoft is a software company with ww market • Local adaptation • 1000€  720€ back to LSE • 40% of jobs in IT WW are Msft Related • Partner based model – 750.000 partners ww – 4800 in Belgium • Strong in G2MFOOTPRINT • Own & Partners innovation
    20. 20. Apple • Consummer model (low SMB, Enterprise) • End-to-end • Captive : web cam, iPhone,… • Reccuring : G5 (backward), Mac.com vs Me,... • Premium Market (High End, €$, Design) • Why is iPhone « that » a success ?  App Store Revolution in distribution But - pre-finance dev - Volume needed - % fee for Apple DIFFERENT
    21. 21. • B2B via Web• Subscription based• Segmented : High end, middle range and individual/SMB• Direct or Partners : cost of sales aligned to margin; from 1 platform• Platform : web 2.0 : user generated configuration• Gain on – Subscription – Services• Leverage community : app-ecchange ALIGNMENT
    22. 22. • Advertising model –they know you !!! (subscription ?) • Border line of Profitability • Stupid basic functionality – User Profile – Friends – Board – Share photos / Video • But … facebook API…MONETARIZE
    23. 23. 100 startups and 5 Boostcamps later… Before Starting 6 key Dimensions Business Model Marketing (in IT !!!) Sales Finance Technology * Pitches And now ?Let’s share thinkings… 1H ???
    24. 24. Thinking 2 How old are FaceBook ? Twitter ? Fikket ? Resto.be ? Immoweb.be ?
    25. 25. 50% of IT today did not exist 3 years ago ! • Business = transaction, added value • From – 1-1 – Value Chain (software, integrator, hoster, customer) – Distributed / Clouds • How do you gain money ? – Software – Service – INfrastructure – Web • Subscription • Adverstising • % transaction • How do you go to market (G2M) ? – B2B, B2C, B2Web – Direct, Indirect ? • How do you finance your cashflow ?
    26. 26. Tom Siebel : ww leader in CRM • Ex Oracle • Has a Vision on next generation CRM • First group a Board – 5 customers « early adopters » – 3 Partners – 1 bankers – 1 Nasdaq investor – Marketing team – Business Dev / Sales / Partner Team  Fully paid, 6 month « time for true ? » • 1 year : release 1 • Direct Sales, B2B + Partners • License based : cash + maintenance • 600mio$ in 4 years • Purchased by Oracle for 5.85 Bi$ after 7 years…
    27. 27. What can we learn from all this ? 1. Time to market is more important than features 2. Inventing the appropriate business model (you can copycat, danger of being the first one,…) 3. Align costs and revenue (Siebel vs HR) 4. Manage risk in time 5. Don’t he$itate to partner if time 2 market is in danger : VC, Bank, public funds*, sales partner, implementation, hosting,…  Make or buy question ? 6. Which distributed value chain do you accept ? Michael Porter : best, cheapest or the other one 7. Have a clear value model (open ERP)
    28. 28. 100 startups and 5 Boostcamps later… Before Starting 6 key Dimensions Business Model Marketing Sales Finance Technology * Pitches And now ?Let’s share thinkings… 1H ???
    29. 29. What’s the difference between a company and succesful company ? « THE ABILITY TO EXECUTE » KENICHI OHMAE
    30. 30. How can you do 1 Mio € in 2 Years ?Example : SMS game, pay per SMS10c / sms; 500k€ de cout / an • Stratégy 1 : Think "Big" • Stratégy 2 : Repeatable Business Case • Stratégy 3 : Socialisation • Stratégy 4 : Indirect / Prescriptor • Stratégy 5 : web 2.0 • Stratégy 6 : Pure Services
    31. 31. 100 startups and 5 Boostcamps later… Before Starting 6 key Dimensions Business Model Marketing Sales Finance Technology * Pitches And now ?Let’s share thinkings… 1H ???
    32. 32. Finance for StartupsMartin van WunnikXavier Corman
    33. 33. Creativity levelFinance & Accountinglevel
    34. 34. 5• Company Setup• Accounting• Financial Plan• Funding your startup• Valuation / Dilution
    35. 35. Why should I create a company ? Limit your liabilities ! Professional touch Fiscal 34% (24% for 3y) Succession ... Formalities & some costs (bank, notary, KBO/CBE, social secretary) Double entry accounting Revisor for in-natura contributions 41
    36. 36. Accounting: Profit & Loss (P&L) COGS (Cost of Sales) Personnel Costs Gross margin Revenues (Sales…) General Expenditures Added Value Depreciation EBITDA Financial cost Profit
    37. 37. Financial Plan / Profit & Loss Revenues (Sales…) COGS (Cost of Sales) General ExpendituresCOSTS Personnel Costs Financial cost Depreciation CASH CASH-FLOW IF NEGATIVE DRAIN Profit
    38. 38. http://www.ideaowl.com/blog/2011/06/microconf-2011-3-surprises-and- learnings-from-best-conference-ever/
    39. 39. How to finance your start-up ? FFF Clients BA Suppliers VC Banks CrowdShareholders Equity LT Debts ST Debts Public Banks Shareholders
    40. 40. Valuation Exit Money Sweat MoneyYear 1 Year 2 Year 3 Year 4 Year 5 Year 6
    41. 41. Valuation - What is dilution ?
    42. 42. Next Workshops06/03/2012 | 18:30 – 20:30 • Company Setup20/03/2012 | 18:30 – 20:30 • Accounting17/04/2012 | 18:30 – 20:30 • Financial Plan15/05/2012 |18:30 – 20:30 • Funding29/05/2012 |18:30 – 20:30 • Valuation Venues still to be defined (Brussels)
    43. 43. On possible way for a Belgian IT startuptype B2B: 20k€ Idea : 4 weeks POC : max 6 months Clear Proposal Value Where is the money First run = max 1 year Pre-activity funds Business plan 2nd run : (12.500€) Build or buy Build a technical POC FFF + Find 150k€ max 24 months 3rd run : max 36 Show this to 2 early 2 persons months adopter customers Find 250k€ Distribution Partner model Channels 10 persons (PAM vs Direct Sales) Find 1Mio€ Indirect Web 2.0 branding 20 peoples Target Target : • 5 distributors Indirect • 3 distributors, • 100 customers Target • 25 customers • 2 moi€ • 10 distributors • 500k€ • 300 customers • 10 Mioi€ Sell ? Sell ? No Revenue Sell ? True business
    44. 44. 100 startups and 5 Boostcamps later… Before Starting 6 key Dimensions Business Model Marketing Sales Finance Technology * Pitches And now ?Let’s share thinkings… 1H ???
    45. 45. The SaaS opportunity• Costs of your IT resources are simplified as commodity• Advantages – Possible Costs alignments on Revenue streams – No upfront investments – Backing SLA on Microsoft – New « revenue model possible » • Can turn decision from Capex to Open in Buyer eyes • Cf 7 revenue models (infra)
    46. 46. Variant = Affiliations ?
    47. 47. The SaaS opportunity• Costs of your IT resources are simplified as commodity• Advantages – Possible Costs alignments on Revenue streams – No upfront investments – Backing SLA on Microsoft – New « revenue model possible » • Can turn decision from Capex to Open in Buyer eyes • Cf 7 revenue models (infra)
    48. 48. 100 startups and 5 Boostcamps later… Before Starting 6 key Dimensions Business Model Marketing Sales Finance Technology * Pitches And now ?Let’s share thinkings… 1H ???
    49. 49. Deux exemples de pitches
    50. 50. Contribution to your wisdom
    51. 51. 100 startups and 5 Boostcamps later… Before Starting 6 key Dimensions Business Model Marketing Sales Finance Technology * Pitches And now ?Let’s share thinkings… 1H ???
    52. 52. The MIC’s Boostcamps Microsoft Innovation Center asbl Parc Initialis Boulevard Initialis, 1 7000 Mons - Belgique Tél: +32 65 95 03 95 Fax: +32 65 95 03 96 Email: info@mic-belgique.be@micbelgique Groupe mic.fikket.be www.facebook.com/micbelgique Site web: http://www.mic-belgique.be micbelgique
    53. 53. My contribution to your Wisdom today…© 2012 - ben@mic-belgique.be
    54. 54. Are you an app builder or planning to become one? Stay updated and in the know through Microsoft.be/ISVCheck out our ISV team at the Microsoftbooth and get your entrance bracelet for the Microsoft Partner Drink here at TechDays!
    55. 55. Roald SieberathHOPE MIC Belgique
    56. 56. We’re going to talk about :
    57. 57. Who am I ?I used to : I studied business at :I (co-)launched startups : I work with startups :
    58. 58. Main ideasWhat is a business model Why it’s importantBuilding blocks Startup is a different animalExemples & TEST !
    59. 59. Violonist story Earned : 32$
    60. 60. Violonist story II (the revenge)Joshua Bell
    61. 61. Lessonfor Joshua (& gifted developers) Talent is not enough
    62. 62. Some building blocks…missing
    63. 63. Why Business Model matters ?
    64. 64. The winner is……not the one …but the onewith the best with the besttechnology business model
    65. 65. Introducing…
    66. 66. Business Model : 9 building blocks
    67. 67. Customer segments
    68. 68. Value proposition
    69. 69. Channels
    70. 70. Customer relationships
    71. 71. Revenue streams
    72. 72. Key Resources
    73. 73. Key Activities
    74. 74. Key Partners
    75. 75. Cost structure
    76. 76. Recap
    77. 77. Full model
    78. 78. All right,what do I make of it ?
    79. 79. Use it as a toolbox !
    80. 80. Business Models need to be designed
    81. 81. Business model canvas
    82. 82. It’s visual
    83. 83. It’s fun
    84. 84. It’s a communication toolDevelopers Marketersare from are fromMars Venus
    85. 85. You get to work with Post-It
    86. 86. It’s becoming a lingua franca
    87. 87. An easy way to share, discuss, adjust
    88. 88. It’s…everywhere !
    89. 89. Introducing… (Part 2)
    90. 90. We used to think: a startup is a company, just smallerAnd should be managed in a similar way
    91. 91. RealityA startup is a different animalManagement scienceshouldn’t be completely the same
    92. 92. Another view: Steve Blanka company a startupsolves a solves anknown unknownproblem problem
    93. 93. Waterfall modelProblem: known Solution: known
    94. 94. Agile Development (XP)Problem: knowncustomer Solution: unknown
    95. 95. Customer Development Data, feedback, insightsProblem: unknown Solution: unknownHyp, experiments, insights
    96. 96. Generate multiple hypotheses
    97. 97. TEST the hypotheses !
    98. 98. Customer Development
    99. 99. Lean startup cycle
    100. 100. Adjust until you can prove it works !
    101. 101. What is a “proof” ?
    102. 102. a signed deal !
    103. 103. So: get out of the building !
    104. 104. Search (and find)the right business model Only then, “execute” !
    105. 105. Pivot !
    106. 106. Exemple : Djengo Cool startup Young founders Cool concept
    107. 107. Djengo v.0.5 : C2C car-sharing(may 2010)Carsharing concept :- Between individual users- From anywhere to anywhere- ‘clearinghouse’ + social
    108. 108. Djengo was going into a wall
    109. 109. So Djengo pivoted…
    110. 110. Djego v.1.0 : event car-sharingValue prop:Fixed destinationCustomers:Event organizersBMC : changedBetter !
    111. 111. Djengo v.2.0 : B2B car-sharing• Changed again : – car-pooling for employees – Value proposition for companies – Different partners, relationships,• …
    112. 112. Djengo : they now have a business !
    113. 113. Business Model innovation Many sectors can be challenged & changed. Not so much technologically, But on their business model.
    114. 114. Business Model innovationENIACFirst commercialcomputer15 Feb 1946
    115. 115. Lessons(recap)
    116. 116. 1. Business Model can win or kill your business
    117. 117. 2. You need to design yourBusiness Model
    118. 118. 3. Use it as acommunication tool
    119. 119. 4. TEST your hypotheses
    120. 120. 5. …by getting out of thebuilding !
    121. 121. 6. PIVOT (if needed)
    122. 122. 7. only then, execute !
    123. 123. Understand this to avoid crashes
    124. 124. Thank you !
    125. 125. 30-second pitcheveryone can understand Leo Exter, founder @ westartup
    126. 126. Because clarity ofspeech requiresclarity of thought.
    127. 127. Not everyoneknows as much asyou do.
    128. 128. 1. Short words everyone knows 1. Zero fluff2. No vague words: forget about “platforms” and “solutions”3. Zero fluff
    129. 129. • What it is (smartphone app)• Whose problem it solves (engineering students)• What problem it solves (find cheap second-hand books)• With which secret ingredient (Dropbox-like recruitment of buyers and sellers)
    130. 130. leo.exter@westartup.euwww.westartup.eu Got questions?@leoexter
    131. 131. Anatomy of aCOMPETENT 5-minute pitchLeo Exter, founder @ westartup

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