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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  • 1. SO YOU WANT TO “DO” A STARTUP SEPTEMBER 2013 VITALY M. GOLOMB @VITALYG
  • 2. 367 Addison avenue Palo Alto, California
  • 3. hewlett-packard garage
  • 4. award-winning ecommerce platform - $640B print industry largest startup conference in central and eastern Europe VITALY M. GOLOMB www.golomb.net | @VITALYG
  • 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
  • 10. so what’s a goodstartup?
  • 11. solves a painful problem for a specific customer
  • 12. how can you be sure you’re solving a problem?
  • 13. stop coding get out of the building talk to your customers face your fears validate assumptions
  • 14. Jared Spool @jmspool Unintentional self genius activity- focused design paradigms SWEET SPOT
  • 15. why would you want to start a company?
  • 16. get good grades go to a good college get in a good company get regular promotions retire, play golf, die normal career
  • 17. startup career -if successful- what people think it looks like what it really looks like
  • 18. entrepreneurship is a mental disorder
  • 19. but it takes a little crazy... to change the world
  • 20. so, why are youdoing it?
  • 21. for the money?
  • 22. for the IPO money?
  • 23. 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
  • 24. funded startup success rate 30% fail 30% unprofitable 30% somewhat profitable 10% big success
  • 25. by the way... #failure in startups is overgloried
  • 26. failure is for losers - Beck
  • 27. 1st time founder 18% repeat failed founder 20% repeat successful founder 30% the odds are against you
  • 28. you’ll get acquired if you are lucky and good
  • 29. freedom?
  • 30. normal job: one boss
  • 31. startup: every user is your boss
  • 32. have a family? they will suffer
  • 33. “as a startup ceo, i slept like a baby. i woke up every 2 hours and cried.” - ben horowitz
  • 34. feeling defeated yet?
  • 35. good news: you can improve your chances
  • 36. find a problem you can’t live without solving
  • 37. don’t build technology looking for a problem to solve solve a painful problem
  • 38. how is it currently being solved?
  • 39. no competitors = no problem = no market
  • 40. choose a BIGproblem
  • 41. lifestyle businesses are those that don’t scale
  • 42. what do you mean scale?
  • 43. $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
  • 44. venture capital business model 90% of investments fail 10% return entire fund + profit
  • 45. 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
  • 46. angel investors invest $25K-$250K 5-20+ investments per year get in earlier at lower valuations exit earlier profitable at lower exit values
  • 47. main ingredient: team
  • 48. BUSINESS DESIGN ENGINEERING balanced startup team
  • 49. 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
  • 50. hiring is hard
  • 51. 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
  • 52. founder and team morale jess lee - “why startup founders are always unhappy”
  • 53. a little distraction
  • 54. THE Ballmer peak
  • 55. advisors help you avoid mistakes & make connections for a little equity
  • 56. 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
  • 57. funding
  • 58. bootstrapping
  • 59. friends, family, and foOls
  • 60. angel investors
  • 61. accelerators
  • 62. venture capitalists
  • 63. don’t forget: you are building a repeatable business
  • 64. measure everything
  • 65. what’s your business model?
  • 66. symmetric customer pays for experience
  • 67. asymmetric 3rd party pays for customer
  • 68. internet-driven customer acquisition
  • 69. nothinG matters more than traction
  • 70. get to customers asap
  • 71. what is all this lean bullshit?
  • 72. lean = quick iterations
  • 73. more chances to solve the problem
  • 74. more chances to #unfail
  • 75. - mark zuckerberg
  • 76. want the slides? follow @vitalyg