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

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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
    Static-document
    ”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
    http://www.vimeo.com/16458062
  • 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€
    #51/54
    Companiesseeking for growth (GEM 2009)
    #53/54
    Fast-growthcompanies (≈20)
    Sub-contractors
    Resourceintensive
    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)
    30
  • 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
    Hackatrons
  • 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
    aaltoes.com
    facebook.com/aaltovg
    facebook.com/aaltoes
    Ville Simola
    ville@aaltovg.com
    +358 44 070 0520