Don't be a F'in Wantrepreneur - Startup Island Hvar Keynote #startupisland
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Don't be a F'in Wantrepreneur - Startup Island Hvar Keynote #startupisland
- 2. K E E N P R I N T. C O M +Investor C E E D . V C
- 3. corporate people startup people P experts in one area P years climbing ladder P stable lifestyle P real responsibilities P life balance P generalists P early start P cheap lifestyle P nothing to lose P nothing else matters
- 5. so what THE F*** is a startup?
- 6. A STARTUP IS... an experiment in search of a business model- steve blank
- 7. SCALABLE STARTUP transition company business model found product/market fit repeatable sales model managers hired break-even profitable rapid scale new senior management ~150 people “a startup is not a smaller version of a large company”- steve blank
- 8. A STARTUP IS A COMPANY THAT IS CONFUSED ABOUT: 1. WHAT ITS PRODUCT IS, 2. WHO ITS CUSTOMERS ARE, 3. HOW TO MAKE MONEY - DAVE MCCLURE
- 9. “A STARTUP’s default state is #failure. as a founder, you have to work to unfail it.”- VITALY M. GOLOMB
- 11. THE Ballmer peak
- 12. why would you want to start a company?
- 13. get good grades go to a good college get in a good company get regular promotions retire, play golf, die normal career
- 14. startup career -if successful- what people think it looks like what it really looks like
- 15. entrepreneurship is a mental disorder
- 16. but it takes a little crazy... to change the world
- 17. so, why are youdoing it?
- 18. for the money?
- 19. for the IPO money?
- 20. 50 100 150 200 250 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 number of tech ipos since 1999 26 <26
- 21. funded startup success rate 30% fail 30% unprofitable 30% somewhat profitable 10% big success
- 22. by the way... #failure in startups is overgloried
- 23. failure is for losers - Beck
- 24. 1st time founder 18% repeat failed founder 20% repeat successful founder 30% the odds are against you
- 25. you’ll get acquired if you are lucky and good
- 26. freedom?
- 28. startup: every user is your boss
- 29. have a family? they will suffer
- 30. “as a startup ceo, i slept like a baby. i woke up every 2 hours and cried.” - ben horowitz
- 32. founder and team morale jess lee - “why startup founders are always unhappy”
- 33. good news: you can improve your chances
- 34. find a problem you can’t live without solving
- 35. don’t build technology looking for a problem to solve solve a painful problem
- 36. what is all this lean bullshit?
- 37. lean = quick iterations
- 38. more chances to solve the problem
- 39. more chances to #unfail
- 40. so what’s a goodstartup?
- 41. firstthingsfirst
- 42. nothinG matters more than traction
- 43. solves a painful problem for a specific customer
- 44. how can you be sure you’re solving a problem?
- 45. how is it currently being solved?
- 46. no competitors = no problem = no market
- 47. stop coding get out of the building talk to your customers face your fears validate assumptions
- 49. F’IN
- 50. ANDGROWINGFAST
- 51. what’s your business model?
- 53. asymmetric 3rd party pays for customer
- 54. DOES IT scale?
- 55. $1,000,000 $2,000,000 $3,000,000 $4,000,000 Craigslist Apple Google Facebook Amazon McDonalds revenue per employee$3.6M $2.15M $1.25M $1.1M $691K $64K
- 56. don’t forget: you are building a repeatable business
- 60. hiring is hard
- 61. O much money O stability O support structure O a long-term plan P stock P flexibility P chance to make a difference what you don’t have what you do have
- 63. what is your unfair advantage?
- 67. 2001 DOT COM CRASHUS VC FUNDS RAN AWAY FROM EUROPE few, STRONG EUROPEAN VC FUNDS SURVIVED
- 76. INVESTINTHESEEDROUNDSOFTOPEUROPEAN STARTUPSWITHSPECIALEMPHASISONTHE HIGH-POTENTIALCEEMARKET MISSION
- 80. MEDIANCASH-ON-CASH $100M+EXITMULTIPLE 4.5X US 7.2X EUROPE 2005-2011 SOURCE: EARLYBIRD, DOW JONES VENTURE SOURCE
- 81. REPEATENTREPRENEURS INVCFUNDEDCOMPANIES SOURCE: EARLYBIRD GLOBAL ENTREPRENEURSHIP REPORT 1 9 9 8 2 0 0 7 93%NEW 7%REPEAT 50%NEW 50%REPEAT
- 82. FUND+ECOSYSTEMDRIVER INVESTMENTSCONFERENCES & EVENTS EDUCATIONAL PROGRAMS LEADINGSTARTUP GATHERINGINCEE BRIDGE TO SILICON VALLEY REAL VALUE ADD physicalpresence,establishednetwork and partnershipswithtopinvestors, platforms,andmajorenterprises hands-onmarketingandgrowth consultingforportfoliocompanies connectiontoaworldofmentors
- 84. want the slides? follow @vitalyg