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I’ve Got A Great Idea! "lessons learned"
1. Huh? What if I . . . . Do you really think that . . . I know. We should . . . Some Stories About Starting Business, Chasing Dreams, and Learning Along The Way I’ve Got A Great Idea!”
2. Where Does “It” Start? You Have A Great Idea You Think You Have A Great Idea Someone Tells You That You Have A Great Idea You Convince Yourself You Have A Great Idea You Fall In Love With Your Great Idea You Read Your Own Press Clippings Then . . . “Something Happens.” And then . . . You Find Out Just How Great Your Idea Is! Henry Doss, EIR, T2VC 2
3. Great Idea # 1 Founded July, 1985 Folded, February 1986 “Computerized Imaging for the Built Environment” Very early adaptation of imaging software. Very “cool” and “novel.” Left everyone impressed and excited. But “why”? Henry Doss, EIR, T2VC 3
4. The “Strategy” What Could We Do With It? Make Cool Images Use to Sell Zoning Changes, Etc Architect Sales Pitches Animate and “Reveal” Structures How Could We Make Money? IP? Franchise? Guess. Henry Doss, EIR, T2VC 4
5. What We Did Raised $100K; then we stopped. (Mistake!) Developed a “Center Franchise” Model Built Demo Center Opened Three Offices Hired Sales Staff Started “Doing Stuff.” Henry Doss, EIR, T2VC 5
6. What Happened Business Model Floundered Legal Expense No Sales to Potential Franchisees No Selling No Clear Product To Sell Revenue Limited to Our Own Consulting Team Dynamics Poor No “Alignment” to Outcomes Poor Communication Unfocused “Accountability” Poor, Weak Leadership (Me) Constantly In Search of “Who Are We?” Henry Doss, EIR, T2VC 6
7. The Fallout Ran Out of Capital: Quickly No Plan for Low/No Capital Situation Total Collapse of Business Months of “Digging Out” “Car Sale” A Total “Failure” Henry Doss, EIR, T2VC 7
8. Lessons Learned Plan for Capital, and Raise Capital to Plan You Do Not Have Enough Capital. Period. “Tech Stuff” = Baubles: Don’t Get Distracted by “Cool Things.” It’s about what the customers want, not what you think they need. Focus on people: Alignment; Conversation. EVERYTHING is About People Henry Doss, EIR, T2VC 8
9. Great Idea #2: Sales Force Automation Intrepreneurship: 1989 -1996 Internal Build at Large Commercial Bank The Idea: Build internal SFA (SalesForce) The Bigger Idea: Link SFA Platform to Data Mining User Friendly Function Across thousands of locations, dozens of job groups, hundreds of products, millions of customers Build w/out “authorization.” Henry Doss, EIR, T2VC 9
10. What We Did One person, build one screen, test. Add one functionality, sell to small group. RCT; Constant Revision; Constant Feedback. Simultaneously: Build Platform Build Data Mining Build “Culture” Sell Henry Doss, EIR, T2VC 10
11. What Happened World Class SFA/CRM World Class Data Mining Broad/Deep Adoption; “Real Results” Paine Webber: “The best sales force automation system of any bank in the world.” Still the core platform at Successor Entity. “Sold” Consulting Services: Henry Doss, EIR, T2VC 11
12. Lessons Learned Have A Clear, Clear Vision. Align People and Teams – One At A Time. Constantly Sell and Re-Sell Your Vision. Be Ready to Change/Adapt At A Moment’s Notice. Listen. Bring In People Smarter/Better Than You. Henry Doss, EIR, T2VC 12
13. Great Idea #3: Telecom Well, not really a “great idea.” (Current) Take “mediocre” existing telecom entity. Re-engineer business model. Grow company from X to 3X for sale. Leverage existing tech, but migrate where necessary to newer/innovative tech. Take business components and leverage. Henry Doss, EIR, T2VC 13
14. Telecom: What We Did (Do) Transform from “retail” to “business” provider. Transform from “phone company” to “communications provider.” Attrite and harvest retail customer base. Build business products. Build out B2B sales force. Optimize call center, service provision. Financial discipline. Henry Doss, EIR, T2VC 14
15. Telecom: What Happened Third year revenue up significantly. (Post second year dive.) ARPU trending upward. CAPEX increased and “strategically managed.” EBITDA from “seriously negative” to positive. Two small accretive acquisitions. Leadership team expanded with new talent. Beginning valuation discussions. Henry Doss, EIR, T2VC 15
16. Lessons Learned Starting with small existing company, same as starting from scratch – strategically. Again, what is the “vision”? (Retail to Business.) Frame your vision inside clear numbers. Lead “from” people; manage “to” numbers. Its not about the technology; it’s about what the customers do with the technology. Henry Doss, EIR, T2VC 16
17. Great Idea # 4: Marketing and Data Mining for “The Masses” Bring “Big Guy” Tools and Capabilities to SME. Hit the “Sweet Spot”: (Intersection of mobile, data and “the cloud”) Focus on “insight” delivery and practical value- add. “Be The Customer.” “Think Like The Customer.” Henry Doss, EIR, T2VC 17
18. What We Are Doing Have a clear, differentiating vision. “Insight” Mass Customization Ease Broad, But Clear Road Map for Development. Three Years Three Major Releases Platform “Management” “Insight” Sales Discipline, from Day One Manage the Numbers as if Life Depends on Them; It Does. Align, Align, Align. Henry Doss, EIR, T2VC 18
19. What (Will) Happen Slog Through Tight Times; Inspire; Lead Manage Dollars Prep for Series A Exit in 3 – 5 years Henry Doss, EIR, T2VC 19 But, really, who knows? Isn’t that half the fun!?!?
20. Lessons Learned Spend the majority of your time with and forpeople. Whatever you give away comes back. Power. Money. Time. Everything. Give away freely. Really: “Failure is a badge of honor.” If you think of business as a zero sum game, every conversation is about “who’s going to lose.” This is not inspiring. There’s a difference between “quitting” and folding a losing hand. All business is conversation. Most of your success will be about luck, as will “non-success.” So when you lose, be less hard on yourself. And when you win, be appropriately humble. After all, you probably got lucky! Henry Doss, EIR, T2VC 20
21. Thank You! Henry Doss, EIR, T2VC 21 Henry H. Doss, Executive-in-Residence henry@t2vc.com henrydoss@mac.com 1+ 336 489 0053 Once-upon-a-time retired, former banker, oftentimes rock guitarist/composer, sort-of data geek, serial “attempter” at multiple adventures, master meeting/conversation facilitator, won-some/lost-some, been there/done that, community leader/volunteer, idea-generator.