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Startup Life (UNB TME)

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Presentation to UNB TME class.

Presentation to UNB TME class.

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  • 1. the joys of living THE STARTUP LIFE http://www.flickr.com/photos/rhinoneal/3907394091
  • 2. SO WHO IS THIS GUY? • STARTUP FOUNDER • EARLY STAGE ANGEL INVESTOR • MENTOR (PROPEL/PLANET HATCH) • I AM A RUNNER
  • 3. TOPICS 1. STARTING 2. GROWING 3. EXITING http://www.flickr.com/photos/gianpierre_soto/5505817770/sizes/l/in/photostream/
  • 4. team | validation | funding STARTING http://www.flickr.com/photos/cedmars/6816878644/
  • 5. Team Make wise choices, including your co-founders http://cdn.api.warnerbros.com/WB_Portal_3.0/imageRequest?rendition=SmallThumbnail&contentId=087194
  • 6. Founders Committed & a fire in their belly. Ideal Number? Well: 1 < n ≥ 3 Core Team Never settle for anything less than A+ Hire for culture fit & functional skills Be slow to hire & quick to fire Mentors Subject matter expertise Available when needed http://www.flickr.com/photos/syume/4400844746/
  • 7. You will wake up in a puddle of your own sweat realizing you are completely ***** http://sleepdisorders.dolyan.com/30-great-tips-what-can-help-me-sleep/
  • 8. Validation Your idea solves a problem customers are willing to pay money for http://wallpapergravity.com/Image.php?ID=382174
  • 9. Validation Ensures you’re not heading down the wrong path.
  • 10. Validation: If you don’t do it, you’re burning cash by guessing http://www.ipadwallpaperhd.com/fire_dollar-wallpapers.html
  • 11. Funding The art of bootstrapping http://www.flickr.com/photos/trippinlarry/5987691227/
  • 12. Bootstrapping retain control | no dilution http://www.flickr.com/photos/tfpc/6139591124/
  • 13. Art of Bootstrapping • • • • Get lean – personally & professionally Explore work for equity options with core team What’s your Obama-O strategy? Leverage every dollar you have, or can get http://www.flickr.com/photos/h-k-d/4490192739/
  • 14. Leveraging Money Lots of non-dilutive loan and grant programs to support research & development, hiring, and export market development. http://farm1.staticflickr.com/93/281790898_c3240c02c4_o_d.jpg
  • 15. Angel / Seed Once you have a validation, prototype, and ideally paying customers http://upload.wikimedia.org/wikipedia/commons/thumb/8/87/WinonaSavingsBankVault.JPG/1280px-WinonaSavingsBankVault.JPG
  • 16. Failure is from a lack of paying customers, not funding http://www.flickr.com/photos/minusbaby/3403178463/
  • 17. process | planning | advisors GROWING http://www.flickr.com/photos/evoo73/6930638399/
  • 18. Process Important, but balance that ‘startup’ culture Above all else, ensure you have a culture of employee accountability http://farm1.staticflickr.com/91/269389847_e32f708b58_b_d.jpg
  • 19. Planning When starting, doing is more important than planning. At some point you will need some ‘planning’ for growth http://www.flickr.com/photos/jurvetson/21470089/
  • 20. Advisors Important to you as a founder, and to your company
  • 21. strategy | positioning | execution EXITING http://www.flickr.com/photos/javi_velazquez/6908063653/
  • 22. Strategy Are you an entrepreneur, or empire builder? http://commons.wikimedia.org/wiki/File:Maccari-Cicero.jpg
  • 23. Lean Startup + Early Exit a winning combination http://www.flickr.com/photos/kellbailey/1805414461/
  • 24. Which path is better? reducing time to exit = reducing risk + enhances IRR Mezzanine (own 10%) Series B (own 25%) IPO / Exit $150M at 10% Series A (own 40%) Traction Prove Model Product / Market Fit Raise Angel (own 35%) Validation 3 Year Exit$25M at 65% 2 to 3 years 5 to 7 years Source: “Exit Strategy for Startups”, VentureArchetypes, LLC
  • 25. Strategy skate to where the puck is going to be wrap yourself around acquirer’s axle Credit: Sporting News Archive
  • 26. Exit Strategy Have your “end game” exit strategy on Day #1 http://www.flickr.com/photos/uckhet/268319752/
  • 27. Positioning • • • Tell a good story, with passion Specifics on potential of “together” Vision of “what could be” in the future http://www.flickr.com/photos/beaconradio/5911999506/
  • 28. Negotiation • • • Hire A+ finance & legal advisors Never piecemeal Clean house before diligence http://www.gazprom.com/about/history/events/italy40/
  • 29. Challenges Starting a company from here? http://www.flickr.com/photos/adamhenning/45704086/sizes/l/in/photostream/
  • 30. There Are None! Stop making excuses: regardless of location, it isn’t easy http://www.flickr.com/photos/mona_q/3595738923/
  • 31. TOPICS 1. STARTING 2. GROWING 3. EXITING http://www.flickr.com/photos/gianpierre_soto/5505817770/sizes/l/in/photostream/
  • 32. Most startups fail because the founders give up… http://www.flickr.com/photos/kcnickerson/1008563510/
  • 33. Don’t give up too early, but… http://farm4.staticflickr.com/3747/9945353096_f2391c8030_b_d.jpg
  • 34. http://www.smallbiztechnology.com/archive/2012/07/learning-from-failure.html/
  • 35. Recommended Reading Lean Startup | Lean Analytics | Running Lean
  • 36. Contact Me: E-Mail: jthompson@about.me Twitter: @thomjeff Some of the photographs in this presentation were retrieved from Flickr and made available under a Creative Commons license. Please refer to each photograph for a link to the image source.