Coppola lecce

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Investor Package - Il come e il perchè del fare startup

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Coppola lecce

  1. 1. Startup: dal perchè al per come In meno di due ore Augusto Coppola Lecce, 15.11.2013
  2. 2. 2 My background
  3. 3. 3 My first startup: reactions friends boss specialists
  4. 4. 4 My first startup: a success
  5. 5. What I mean by “success” 60x 5
  6. 6. 6 What my investors told me Dear smart guy!
  7. 7. 7 My second startup: reactions friends specialists investors
  8. 8. 8 My second startup was a failure
  9. 9. What I mean by “failure” 0x 9
  10. 10. 10 What my investors told me @#*WTF@]+!!
  11. 11. 11 Director at LVenture LUISS ENLABS Accelerator
  12. 12. 12 InnovAction Lab co-founder More than 30 startups spawned in 3 years
  13. 13. Startup: un dubbio
  14. 14. 14 Il panorama startup in Italia ieri
  15. 15. 15 Il panorama startup in Italia oggi ...
  16. 16. 16 Il dubbio Le startup sono una moda o una necessità?
  17. 17. Prime riflessioni
  18. 18. 18 Il 50% delle startup chiude in 5 anni
  19. 19. 19 Nessuno ci capisce nulla http://en.wikipedia.org/wiki/Bessemer_Venture_Partners
  20. 20. 20 Conclusione Ma allora è una moda?
  21. 21. 21 No!
  22. 22. La parola ai dati
  23. 23. 23 Una necessaria precisazione Non esistono i fatti, ma solo le interpretazioni (F. Nietzsche) G: Pensa, ogni volta che respiro muore un uomo! A: Hai provato a prendere qualcosa per l’alito? (Gigi ed Andrea)
  24. 24. 24 Scegliere un impiego Il mondo dei pregiudizi, delle scelte facili è terminato
  25. 25. 25 Italia vs USA: un confronto Dato PIL (miliardi di $) Occupati (milioni e %) PIL per lavoratore USA Italia Ratio 14.704 2.172 6,77 141 (46%) 23 (38%) 6,13 104.000 94.000 1,10 Fonte: www.imf.org (23.08.2012)
  26. 26. 26 Dove viene creato lavoro in USA? Fonte:http://www.kauffman.org/newsroom/u-s-job-growth-driven-entirely-by-startups.aspx
  27. 27. 27 Quali posti di lavoro? Azienda hc Ricavi ($bn) Mkv ($bn) Mkv/hc ($M) PIL x Telecom 82.900 37,4 12,7 0,15 1,60 Oracle 115.000 37,2 144,4 1,26 12,11 Microsoft 94.000 76,01 285,7 3,04 29,23 Apple 72.800 169,1 391,8 5,38 51,73 Google 53.900 53,5 296,4 5,50 52,88 LinkedIn 3.800 1,11 21,0 5,52 53,07 Facebook 4.900 5,5 58,9 12,02 115,57 Fonte: http://finance.yahoo.com/ 06.07.2013
  28. 28. 28 Visione spicciola Tutti abbiamo almeno una startup: noi stessi
  29. 29. 29 Idea
  30. 30. 30 Business idea initial structure Vision Mission
  31. 31. No kidding, I’m perfectly seriuous Our challenge is to assertively network economically sound methods of empowerment so that we may continually negotiate performance based infrastructures (generated by Dilbert ‘s Mission Generator) 31
  32. 32. 32 The story of the lazy patent office clerk A solution with no perspective goes nowhere
  33. 33. 33 Vision: why are we doing it? Understanding trends to anticipate value
  34. 34. 34 Great visions: examples Microsoft, 1975 A computer on each single office desk My first startup, 1997 New services will be enabled and provided by Internet My second startup, 2002 Money will not be the only currency
  35. 35. 35 Visions can be humble and still work Real case, 2009 Japanese food will be a major trend in Italy
  36. 36. 36 Good vision 4 qualities 1. Short (and written in plain English) 2. Easy to understand (also if arguable) 3. Comes true quite rapidly (less than 5 years) 4. Persistent (it lasts for decades)
  37. 37. 37 A man with a vision: a sad story What is the market pain you’re addressing?
  38. 38. 38 Mission: what we do? For whom? Microsoft, 1975 Developing one easy to use operating system for any HW platform vendor My first startup, 1997 Developing a billing system for Internet services delivered by Telco operators My second startup, 2002 Developing a new Telco platform to price and charge any possible good by taking into account any possible combination of currencies
  39. 39. 39 Vision and mission keep you focused Collect and organize data about pros and cons
  40. 40. 40 What market should we address? Large and quickly growing markets (CAGR > 10%)
  41. 41. 41 Jot down your initial business idea 1. What are the emerging trends we are noticing? 2. What does our product/service do? 3. Who will buy it? 4. Why will they buy it? 5. What is the forecasted size of our market? 6. How will our opportunity window last? Jot down everything in less than 200 words and start pitching your targets
  42. 42. 42 Now the bad news The world is plenty of good ideas (not to mention the silly ones)
  43. 43. 43 Turning ideas into profitable businesses To do it, you need 3 key elements 3. Team 2. Team 1. Team
  44. 44. 44 Team
  45. 45. 45 The fundamental question Can we do it?
  46. 46. 46 How to recognize a great team? Microsoft Corporation, 1978
  47. 47. 47 Spotting the weak element in your team You
  48. 48. 48 The key quality of a great entrepreneur Discipline Discipline is the refining fire by which talent becomes ability (R.L. Smith)
  49. 49. 49 Discipline is not a trait of character The more I practice, the luckier I get (G. Player)
  50. 50. 50 Most critical discipline Learning
  51. 51. 51 What do you know about your market? Nothing Entrepreneurs live in world of surprises, they cannot afford the luxury of prejudices
  52. 52. 52 Understanding your errors is critical Fail fast and cheap (and move on)
  53. 53. 53 Second most critical discipline Team Making
  54. 54. 54 Understanding forces behind people And you still behave like a five-year-old child. People gather, scatter. They go left and right following their interests. (Akira Kurosawa, Kagemusha)
  55. 55. 55 Keep bad learners out Those who think they are the best part of the human race Those who don’t know how to deal with “no!”
  56. 56. 56 Leaders on board since the beginning The best decision is the right decision. The next best decision is the wrong decision. The worst decision is no decision. (S. McNealy)
  57. 57. 57 Questions about your teammates • • • • Is every team member 100% committed? Do you have agreed roles and duties? What is each person going to do all day? Are you the right team to do it? • • • • How are you going to divide equity? Who is going to take a salary? How much? What if you run out of money? What if they are offered a job at Google?
  58. 58. 58 Unpleasant issues Grey zones must be carefully discussed
  59. 59. 59 Questions about founders • Where are the founders from? What have they accomplished in the past? • What is their reputation? Whom do they know? • Who else needs to be on the team? Are they prepared to recruit high-quality people? • How realistic are they about the venture chances? How will they respond to adversity? • Do they have the mettle to make the inevitable hard choices that have to be made? • How committed are they to this venture? What are their motivations?
  60. 60. 60 Working in a team means also... ...be sure of what you know, but actively looking for different points of views to challenge your...
  61. 61. 61 ...in other words... ... understanding that harsh criticism is a value for your startup
  62. 62. 62 Business and friendship The startup making is not about making friends… …but friendship is a by-product of well designed teams A friendship based on business is better than a business based on friendship (J. Rockefeller)
  63. 63. 63 Third most critical discipline Market Focus
  64. 64. 64 Market
  65. 65. 65 What do you know about your market? Everything You don’t know what your market will be BUT you perfectly know what your market is
  66. 66. 66 Market size estimation: TAM Available data and reports Bottom up analysis Examples: Total Addressable Market Revenue if you have a monopolistic control ice-creams in USA ($10bn) Billing systems for telco operators ($30bn)
  67. 67. 67 Market size estimation: SAM Business Model Serviceable Addressable Market TAM you can get with your current business model Examples: ice-creams in supermarkets ($6bn) Billing systems for telco operators with IP services ($15bn)
  68. 68. 68 Market size estimation: SoM Examples: Business Plan Share of Market SAM part you can reach in the near future ice-creams in supermarkets in NYC ($240M) Billing systems for new European operators with IP services ($6bn)
  69. 69. 69 Investors and Errors
  70. 70. 70 A tale of 4 people, 2 flies and 1 bench
  71. 71. 71 Competitors: you have to perfectly know them No excuses
  72. 72. 72 If you have a market, you have competitors They are those who are eating your cake
  73. 73. 73 The King of stupid errors Your ideal world: • EBITDA/Revenue > 70% Real world: • Amazon: 4.5% • Wal Mart: 24.7% • Pfizer: 29.2% • AT&T: 30.6% • Apple: 32.0% • Google: 38.3% • Microsoft: 42.9% • Hogwarts school of witchcraft and wizardry : 45.0%
  74. 74. 74 Alla natura umana manca la volontà di agire, più che la forza o il tempo (Sallustio)
  75. 75. 75 Like us on www.facebook.com/InnovActionLab More on us on www.innovactionlab.org About me: www.facebook.com/augusto.coppola http://twitter.com/5anatre
  76. 76. Augusto Coppola augusto.coppola@luissenlabs.com www.luissenlabs.com @enlabs www.facebook.com/LuissEnlabs

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