Starting up - Presentation at IEEE

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The presentation was shown during a workshop on "Entrepreneurial Thinking" at IEEE Chennai Chapter on 29th Dec 2012

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  • http://www.istockphoto.com/stock-photo-14132981-chicken-driving-a-school-bus.php?st=fc7b72c
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  • http://www.crowdsourcing.org/document/finland-begins-crowdsourced-legislation/12821http://autoinsurancepress.com/2012/03/how-allstate-used-crowdsourcing-to-tune-up-its-car-insurance-business-wall-street-journal-blog/
  • http://www.crowdsourcing.org/document/finland-begins-crowdsourced-legislation/12821http://autoinsurancepress.com/2012/03/how-allstate-used-crowdsourcing-to-tune-up-its-car-insurance-business-wall-street-journal-blog/
  • Starting up - Presentation at IEEE

    1. 1. :-)Learnings for starting-up!sitash & manikco-founders
    2. 2. quick intro
    3. 3. Sitash & Manik graduated their college management school together where the idea of Jade Magnet was born Jade Magnet helps businesses getcreative marketing and design solutions workfrom a network of over 7,000 designers using crowdsourcing. Jade Magnet has been chosen by TiEas one of the top 4 companies in India in the TiE ecosystem. college It was selected by Business Today as one of India’s Hottest Startups. It won the Most Innovative technology work startup award at Global Technology Summit, Palo Alto, California Jade Magnet was chosen as a NASSCOM EMERGE company in 2011 startup
    4. 4. @ Jade Magnet a new creative paradigm crowd imagination crowd flexibility on-demand increase/decrease of team size add skill-sets on-demand crowd expertise
    5. 5. numbers 1,000 customers 2,000+ projects 28% repeat business 30% project profitability Tracking $500,000 revenue for 2012-13
    6. 6. some startup facts
    7. 7. Most successful startups begin in wilderness You can never be sure how you will navigate the jungle … there are customers who don’t know50,000 fewer startups began their journey in the UK in 2008 compared you and predatory competitors who do.to the previous year Image credits: http://brajeshwar.com/2008/open-source-startups/ Image credits: http://brajeshwar.com/2008/open-source-startups/
    8. 8. Only 9% of businesses started in Who’s driving!?1992 are still running Have you prepared yourself enough to unlearn whatever your cushy, high-paying corporate job taught you? Startups ain’t for sleepy chickens!
    9. 9. Simple Rule It’s all about footwork CCA < CLV When you do cool things, people talk about CCA = Cost of Customer Acquisition CLV = Customer Lifetime Value you. You get more press, more blog posts, more stuff on Twitter. That leads to more business. – Brain Kaiser
    10. 10. Less than 5% entrepreneurs are able to manage with 6 hours ofTaste freedom ? daily sleep.Oh yeah … you can sleep all you want sinceyou are not in a “job” anymore ... that is, ifyou can sleep at all !!
    11. 11. what to start
    12. 12. look for megatrends Petrol Cost of Human prices Technology nature
    13. 13. u like problems?What??!!Incomplete work!? Too many decisions! Expensive solutions Unorganized sector
    14. 14. which problems can u solve Can u make Which problems are you money? passionate about! Begin small
    15. 15. find global examples Allstate Insurance Kickstarter has helped in the US, is using creatives raise more than crowdsourcing for $130 million in about 3 “big-data-analysis” to years by crowdfunding study insurance risks about 17,000 projectsRangDe.org Shekhar Kapurhas raised more is launching “Qyuki”than $1.5 mn for for crowdsourcing ofover 12,000 entertainmentborrowers in India content
    16. 16. taking the leap Lifestyle adjustments Bank balance Family situation Backup plans 
    17. 17. business plan 101
    18. 18. revenue streams 1, 2 or 3
    19. 19. assumptions Market behavior (target) Customer behavior Vendor costs People costs Marketing strategy Travel costs Legalities
    20. 20. cost vs. revenue Year 1 profit/loss Year 2 profit/loss Year 3 profit/loss Funding needs
    21. 21. starting the process
    22. 22. INCORPORATIONPrivate Limited, LLP, Partnership, Sole Proprietorship
    23. 23. Advertising | Marketing Strategy | Product Placement | Publicity | Branding | Sales Promotion | Pricing |Research | Direct Marketing
    24. 24. TEAMHiring, Delegation, Retention and Motivation
    25. 25. Cash FlowManaging the cash flow is thebiggest challenge
    26. 26. Governance- Quarterly Audit- Regular Board Meetings- Taxation- Legal Documentation- Financial Documentation
    27. 27. Connect with Jade Magnetcontact@jademagnet.com facebook.com/jademagnet @jademagnet sitash@jademagnet.com manik@jademagnet.com Global A NASSCOM Innovator A TiE-EAP EMERGE of 2011 @ Company company for GTS, 2012 Silicon Valley www.jademagnet.com

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