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So You Want To "Do" A Startup
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So You Want To "Do" A Startup

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Startup fundamentals. Finding the right idea. Building the team. Customer development. Finding funding. Not failing. Video of the talk: https://vimeo.com/73662626

Startup fundamentals. Finding the right idea. Building the team. Customer development. Finding funding. Not failing. Video of the talk: https://vimeo.com/73662626

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So You Want To "Do" A Startup So You Want To "Do" A Startup Presentation Transcript

  • SO YOU WANT TO “DO” A STARTUP SEPTEMBER 2013 VITALY M. GOLOMB @VITALYG
  • 367 Addison avenue Palo Alto, California
  • hewlett-packard garage
  • award-winning ecommerce platform - $640B print industry largest startup conference in central and eastern Europe VITALY M. GOLOMB www.golomb.net | @VITALYG
  • so what THE F*** is a startup?
  • A STARTUP IS... an experiment in search of a business model- steve blank
  • 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
  • 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
  • “A STARTUP’s default state is #failure. as a founder, you have to work to unfail it.”- VITALY M. GOLOMB
  • so what’s a goodstartup?
  • solves a painful problem for a specific customer
  • how can you be sure you’re solving a problem?
  • stop coding get out of the building talk to your customers face your fears validate assumptions
  • Jared Spool @jmspool Unintentional self genius activity- focused design paradigms SWEET SPOT
  • why would you want to start a company?
  • get good grades go to a good college get in a good company get regular promotions retire, play golf, die normal career
  • startup career -if successful- what people think it looks like what it really looks like
  • entrepreneurship is a mental disorder
  • but it takes a little crazy... to change the world
  • so, why are youdoing it?
  • for the money?
  • for the IPO money?
  • 50 100 150 200 250 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 number of tech ipos since 1999 17
  • funded startup success rate 30% fail 30% unprofitable 30% somewhat profitable 10% big success
  • by the way... #failure in startups is overgloried
  • failure is for losers - Beck
  • 1st time founder 18% repeat failed founder 20% repeat successful founder 30% the odds are against you
  • you’ll get acquired if you are lucky and good
  • freedom?
  • normal job: one boss
  • startup: every user is your boss
  • have a family? they will suffer
  • “as a startup ceo, i slept like a baby. i woke up every 2 hours and cried.” - ben horowitz
  • feeling defeated yet?
  • good news: you can improve your chances
  • find a problem you can’t live without solving
  • don’t build technology looking for a problem to solve solve a painful problem
  • how is it currently being solved?
  • no competitors = no problem = no market
  • choose a BIGproblem
  • lifestyle businesses are those that don’t scale
  • what do you mean scale?
  • $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
  • venture capital business model 90% of investments fail 10% return entire fund + profit
  • for example: a $100M VC fund invests for 5 years + harvests for 5 years $500k-$2M 20-30 initial investments $2M-$6M 5-10 follow-on investments
  • angel investors invest $25K-$250K 5-20+ investments per year get in earlier at lower valuations exit earlier profitable at lower exit values
  • main ingredient: team
  • BUSINESS DESIGN ENGINEERING balanced startup team
  • 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
  • hiring is hard
  • 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
  • founder and team morale jess lee - “why startup founders are always unhappy”
  • a little distraction
  • THE Ballmer peak
  • advisors help you avoid mistakes & make connections for a little equity
  • silicon valley ukraine P six generations of tech entrepreneurs P complete ecosystem P 50%+ of total VC money P 25% of world GDP P 15,500 new c.s. graduates yearly P lower cost of living P virgin market P less competition
  • funding
  • bootstrapping
  • friends, family, and foOls
  • angel investors
  • accelerators
  • venture capitalists
  • don’t forget: you are building a repeatable business
  • measure everything
  • what’s your business model?
  • symmetric customer pays for experience
  • asymmetric 3rd party pays for customer
  • internet-driven customer acquisition
  • nothinG matters more than traction
  • get to customers asap
  • what is all this lean bullshit?
  • lean = quick iterations
  • more chances to solve the problem
  • more chances to #unfail
  • - mark zuckerberg
  • want the slides? follow @vitalyg