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Introduction - The wonderful world of startups | 2011

Introduction - The wonderful world of startups | 2011



My visiting lecture at Aalto Mikkeli IB Campus on 3rd March 2011.

My visiting lecture at Aalto Mikkeli IB Campus on 3rd March 2011.



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    Introduction - The wonderful world of startups | 2011 Introduction - The wonderful world of startups | 2011 Presentation Transcript

    • The wonderful world of startups and Aalto Venture Garage as a seed accelator
      Aalto Venture Garage
      Ville Simola
    • My Agenda
    • Agenda
      • What is a startup?
      • What it takes to build a startup?
      • Aalto Venture Garage as a co-working space and seed accelator
    • Definitions
    • Definition #1
      “A startup company or startup is a company with a limited operating history. These companies, generally newly created, are in a phase of development and research for markets. “
      - Wikipedia
    • Definition #2
      “A startup is NOT every new business venture (actually, it is but this is not the way we use the term anymore). It is a new tech venture, internet related mostly, that has the potential of rapid  growth through servicing new market segments and/or offering new product/services”
      - Quote taken from Quora.com
    • Definition #3
      ”A startup is the organization used to search for a scalable business model”
      – Steve Blank
    • Some comparisons
    • Comparison #1(Steve Blank)
      Small businesses
      Business model found
      Profitable business
      Existing team
      Not all the businesses of internet age are ”scalable startups”
      Scalable startup
      Designed to grow big
      Huge uncertainty
      Typically needs risk capital
      These companies are the real startups
    • Comparison #2(Steve Blank)
      Traditional accounting
      Balance sheet
      Cash flow statement
      Income statement
      Startup metrics
      Customer acquisition costs
      Customer lifetime value
      Monthly burn rate
    • Comparison #3(Steve Blank)
      Business plan
      ”No business plan survises the first customer contact”
      Focus on planning not execution
      Business model
      Can be iterated quickly
      Shows how company creates, delivers and captures value
      Focus on execution and how to make money
    • The idea
    • Idea #1
      Importance is usually overemphasized
    • Idea #2
      Will pivot during the journey
    • Idea #3
      Is something that should not be hidden
    • The team
    • Team #1
      Is the most important asset
    • Team #2
      Should combine a different skillset
    • Team #3
      Needs to have high and passionate vision
    • To be successful?
    • Success #1
      Technology is nice but it’s all about the value
    • Success #2
      Planning is good but execution wins the war
    • Success #3
      Great companies are not born they are built
    • Success #4
      Grow or die!
    • Recommended readings
    • Aalto Venture Garage
    • Background
    • The start
      The Garage started with grassroot initiatives by a group of students and entrepeneurs at Aalto University
    • Why?
      We saw the need for change in the entrepeneurship ecosystem in Finland. This was the fall of 2009. The garage was empty.
    • Numbers
      LicensingRevenue for ResearchInstitutions
      <3 M€
      Seed, Startup, EarlyGrowth VC
      ~ 83M€
      Public Investment
      on R&D 2010
      PrivateInvestment (GEM2009)
      2.000 M€
      Companiesseeking for growth (GEM 2009)
      Fast-growthcompanies (≈20)
      Lähteet: GEM 2009 Global Report, Deloitte Technology Fast 50 & Fast 500 EMEA (2009, 2010), FVCA (2010), PwC MoneyTree, NVCA (2010), IVA (2010), Tilastokeskus (2010), Center for Venture Research (2009), Tekes (2009, 2010)
    • Activities
    • Co-working
    • Grass root initiatives
      Pitching events
      Open Mics
      Talkoot workshops/
      Startup weekends
    • Grass root initiatives
      Inspiring speakers
      Tuli-talks w/ research based start-ups
    • Enternship
      10-week Entrepreneurial internship
      is aimed for students interested in startups and high growth companies
      no restrictions when it comes to school or nationality
      Applications taken in from 4th of March
    • Startup programs
    • Summer of Startups
      10-week start-up program targeted for students
      Teams areprovided:
      1) Coaching, mentoring & keynotes from the best serial entrepreneurs, VCs, PR professionals etc.
      2) 24/7 working space
      3)Pre-seed funding for the selected team
    • Startup Sauna
      More mature start-up program targeted for advanced companies from the Baltic region running 2 times a year
      Teams are provided:
      1) Garage coach network
      2) 24/7 working space
      3) Office space and trip to Silicon Valley for the three best ones
    • Some case startups
    • Key success factors
    • Key factors #1
      Culture of venturing from grass roots: Aaltoesetc.meaning that we have best students and researchers interestedto
      a) start b) work on startups
    • Key factors #2
      Ideas and teams coming not only from Aalto or rest of Finland but from whole Baltics and Nordics: only way to get good enough people and ideas
    • Key factors #3
      experienced serial entrepreneurs with international success and failures as coaches to work with the selected startups from very beginning: our coaches
    • Key factors #4
      Exposure for the best startups to real markets, competitors, investors and specially to culture of doing business:  3- 4 months in the valley, in future Israel and china
    • Key success factor?
      SISU (FIN)
      “Special strength and stubborn determination to continue and overcome in the moment of adversity. It's a combination of stamina, courage, and obstinacy held in reserve for hard times.”
    • My contacts
    • aaltovg.com
      Ville Simola
      +358 44 070 0520