Old cats rock

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WIT 2011 Debate

WIT 2011 Debate

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  • 1. Old Cats Rock! Why young people don’t know squat AND Actually THEY suck at startups
  • 2. Who would you trust?• Timothy in College • Bi Ying in College
  • 3. Credentials Startup Success• Timothy • Bi Ying• 10+ under my belt.• Shhh modesty • Well she has worked prevents me from damned hard. listing them here…..• OK here’s one – a small online travel • That would be … agency from the one? Seattle area
  • 4. These Guys Know Startups“Research that my team conducted, ”…Younger CEOs are probably easierbased on a survey of 549 entrepreneurs to push around. Wet-behind the earsin high-growth industries, showed that and inexperienced, young CEOs arethe average founder of a high-growth probably far more likely to signcompany launched his venture at age 40. onerous term sheets out of sheerWe also learned that these founders are gratitude for getting funded. Old guyslikely to be married and have two or know better than to sign a term-sheetmore kids. They typically have six to ten loaded with a nasty double-triggeryears of work experience and real-world option acceleration that would consignideas. They simply got tired of working the founders to indentured servitudefor others and wanted to rise above their for years after a liquidity event.”middle-class heritage.”
  • 5. There’s More• ….entrepreneurs in their late 20s and early 30s did create the most new businesses, as usual. But the under-35 cohort made up just 19.1 percent of "total entrepreneurial activity,“ Global Entrepreneurship Monitor,• ….between 1995 and 2005, when venture capitalists were plentiful in Silicon Valley, the 20-to-34 age bracket produced fewer companies than older age brackets did. The average age of a tech startup founder was not 19 or 27 but a respectable 39. And there were twice as many entrepreneurs older than 50 than younger than 25. Kaufman Foundation• …older… better at actualizing their business plans, finding adequate funding, keeping their young companies going, and creating new jobs. Young people might start more companies. But check in a few years later, and it is the older entrepreneurs companies that are still around Kaufman Foundation
  • 6. Who would you trust?• Timothy Now • Bi Ying Now
  • 7. Success in Startup land is…• Pure Intellectual • Experience Horsepower • Context• A great freekin’ idea • Understanding• Customers • Passion• Contacts • Patience• Money • Cojones• Luck • Hard Work• A great team
  • 8. George Bernard ShawYOUTH IS A WONDERFUL THING.WHAT A CRIME TO WASTE IT ON CHILDREN.
  • 9. timothyo@t2impact.com aka @ProfessorSabenaPEACE AND LOVE