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Starting A New Tech Venture in Silicon Valley 102413

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"Starting A New Tech Venture in Silicon Valley". This talk will cover the key factors to consider and best practices involved in starting a new tech venture, followed by a Q&A session. Areas of …

"Starting A New Tech Venture in Silicon Valley". This talk will cover the key factors to consider and best practices involved in starting a new tech venture, followed by a Q&A session. Areas of discussion will include Idea-Generation, Market-Research, Team-Building, Market-Validation, Business-Model and Funding

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  • Update on Nexus Program
    Discuss Plans for 2012
    More Nexus Meetups, Workshops (+ Accelerator)
    More Countries
    Other Sectors
  • The next key element in the SV Ecosystem are Incubators
    Incubators have traditionally been government-funded non-profits with a weak track-record.
    Over the past few years a dozen Incubators have been established that have led to a significant increase in the number of high-quality startups at the Seed Stage
    Incubator programs cover Concept -> Launch and generally include ….
    Y-Combinator (includes $150k funding, excludes Co-Working, SV-based)
    Founder Institute (Curriculum-centric, excludes Funding and Co-Working, 22 cities worldwide)
    PnP (Co-Working Centric)
    Vator.tv (Online-Media Centric)
    I am a mentor at Founder Institute and PnP
    Question: What are the Incubators in Malaysia and Region?
    Answer: Domain-specific (eg. TPM, Biotech)
    Question: What is their operating model?
    Answer: Co-Working Centric (low-rent)
    Question: What is working and not-working?
    Answer: Not enough mentorship
    Summary
    There are opportunities to connect the MSC Companies with Incubators in SV
    There are opportunities to setup Regional Incubator in Malaysia
  • Investment is usually Bootstrapped or Friends/Family
    Convince yourself that the venture is viable for the next Stage
    Question: How many MSC companies at Stage #1
    Questions?
  • Key-Factors for Investment in Stage #2
    Founders
    MVP Traction
    Social-Proof (Mentors, Key-Users, Lead Investor, Co-Founder)
    Question: How many MSC companies at Stage #2
    Questions?
  • Key-Factors for Investment in Stage #3
    Complete Team
    Market Traction
    Revenue Model
    Question: How many MSC companies at Stage #3
    Questions?
  • Angels & Incubators: around $100k
    Seed Funds: around $500k
    Small/Large VC Funds: around $2-3m
    Question: What are the types of Investment Funds in Malaysia and Region?
    Answer: Startup Funding + VC Funding
    Question: Are there any foreign VCs in Malaysia?
    Answer: Walden
    Question: Where are the gaps in Investment?
    Answer: Seed funding (RM $1-2.5m)
    Summary
    There are opportunities to connect MSC companies to VCs in SV
    There are opportunities to introduce Foreign Angels/VCs to Malaysia
  • Update on Nexus Program
    Discuss Plans for 2012
    More Nexus Meetups, Workshops (+ Accelerator)
    More Countries
    Other Sectors
  • Transcript

    • 1. Meetup MPBA Tech Talk “Starting a New Tech Venture in Silicon Valley” Winston Choe
    • 2. Emerging Ventures Wearables Skully Pristine Meetup Mobile Cubit Enterprise Gaming Tangible Play Big Data Warwick Twitch TV Digify
    • 3. Venture Lifecycle Meetup IPO Bridge / Mezzanine Series-A Crunch Later Stage VC M&A Acqui-Hire Corporate / Strategic Early Stage VC Seed / Micro VC Angels / Crowds Savings, Friends & Family
    • 4. Idea Generation Meetup Sources Evaluation Criteria •Market Trends (eg. Mobile, Cloud) •Venture Trends (eg. Enterprise, Wearables) •Research & Labs •Personal Pain Points •Hackathons •Market Potential •Lifestyle vs Feature/Business •Market Disruption •Differentiation •Viability
    • 5. Market-Research Meetup Market-Size: Largest potential Value-Proposition: Most compelling problem Customer Acquisition: Lowest-cost channel Competition: Disruption or Asymmetry
    • 6. Market Size Characterize the Market • • consumer, business, advertiser, devices, industry, etc start with more; focus on largest Find industry-reports • usually not as relevant Learn how competitors size the Market • web-site, press-release, blog Validation • • test assumptions surveys, interviews, focus-groups Meetup
    • 7. Value-Proposition Characterize the Problem • • • are you focusing on the most compelling problem? is the problem Real and Urgent Avoid: “Your Solution Is Not My Problem” Clarify the Value-Proposition • • • how are users solving the problem today? why is your solution much better? how often would they use your solution? Validation • • test assumptions Prototype, Alpha Meetup
    • 8. Customer-Acquisition Meetup Characterize the Channels to Market • • Direct, Channel, Online, Social, Mobile, etc start with more; focus on lowest cost Benchmark Customer-Acquisition • Sales-cycle, Deal-cycle, Search-Advertising, Social-Media, Mobile-downloads Learn from Competitors Market-Traction • • • • which channels did they use? how long did they take to get to X users? how much funding did they burn through? do you really think you can do better?
    • 9. Competition Meetup
    • 10. Team Building Meetup • Who do you need for the next 2 milestones? (eg. Seed, Series-A) – Engineers, Designers, Marketing, Sales, Operations • Agree with Founders on: – Roles/Responsibilities + Commitment + Timeframe • Pre/Post Incorporation Shares • Advisors
    • 11. Silicon Valley Incubators Meetup
    • 12. Business Model Meetup Freemium Subscription •Can we sufficiently scale Free users? •Are there other ways to monetize Free users to cover costs? •Are the Premium conversion incentives strong enough? •Consumer-market •Enterprise-market, Cloud-services Licensing •Enterprise-market, Desktop-SW •Technologies, Royalty-based Revenue-Share •App-Stores •Time-Horizon, Exclusivity Advertising + Affiliates •Do we have sufficient scale? Hardware •Devices, Accessories, Supplies
    • 13. Investor Pitch Title • Elevator Pitch Problem • Real and Urgent Solution • Clear Value-Prop and ROI Business-Model • Validation Underlying Magic • Sustainable, Measurable Competition • Defensible, Asymmetric, Disruptive Meetup Sales & Marketing • Bottom-up TAM • Strong Strategy, Sound Tactics, Realistic Plan Finance • 3-year Forecasts, Key-Metrics, Comparables Team • Track-record, Differential Insight, Cohesive Status • Use-of-funds, Traction, Invest Now!
    • 14. Preparation •10/20/30 = Slides/Minutes/Font •3 most important things for Investor? •Why did Investor give us a meeting? •Special questions, issues, landmines? •Investor organizational and people background? •Investor’s current efforts? •Pitch 10 times to friendlies & refine •Qualified introduction to the Investor •Goal of 1st meeting -> To get 2nd meeting Meetup
    • 15. Meetup MPBA Tech Talk “Starting a New Tech Venture in Silicon Valley” winston.choe@inno-scape.com