Murdoch University Master Class - Entrepreneurship
Aim High! Atte Miettinen12 November 2012
Me• Mountaineer - summited Mt Everest on 19.05.2012• Completed the Seven Summits a month later as first person from Finland• MBA & previously four start-up’s in IT/telecoms• US$450m in funding & business in +50 countries
Everything Starts with an Idea• An opportunity for a product or service or maybe a new business model• Key to be open minded and to expose yourself to new things• The environment and creativity• What’s the vision?• Keep it simple
Do you have any other ideas?• Founded by Sabeer Bhatia and Jack Smith• Met Steve Jurvetson @ Draper Fisher• Launched Hotmail on 4th of July, 1996• Sold to Microsoft 18 months later for US$400m• Today Hotmail has 324m users and it’s world’s largest web-based email service
Is this the Right Timing?• For you to become an entrepreneur?• For the idea to become successful?• Leading edge vs. bleeding edge
Business Plan• What is the company going to do?• What is the business model?• What skills, resources, tools and partners are needed?• You need good general management skills to create the plan• Find someone that’s done it before!• Don’t assume – challenge and qualify the assumptions• Be flexible
Right People / Team• Recognise that a successful business is a team effort• Are you the right person to be CEO?• Identify the expertise and experience required and surround yourself with people that complement you• Hire the best & trust them• Be ready to share the benefits
Funding• Do I need additional investment, how much, how much value am I going to create, how much ownership am I willing to give up?• Own savings, friends and family, bank, venture capital?• Raising external funding is often a much longer process than you think• Don’t be discouraged with the first no – use this opportunity to get feedback, learn and refine your plan
Believe you can change the world. Work quickly, keep the tools unlocked, work whenever. Know when to work alone and when to work together. Share – tools, ideas. Trust your colleagues. No politics. No bureaucracy. (these are ridiculous in a garage.) The customer defines a job well done. Radical ideas are not bad ideas. Invent different ways of working.Make a contribution every day. If it doesn’t contribute, it doesn’t leave the garage. Believe that together we can do anything. Invent.
Execution• Use your time effectively - Focus on the right things• Trust the team – no micromanagement• Listen to customers, partners, colleagues• Recognise that you have to take risks to succeed• Surprises are part of life - Persevere and have faith• Maintain objectivity - Don’t get bogged down !• Manage your costs• Manage Stress by maintaining a balance
Angry Birds• Developed by rovio, founded in 2003• The company developed +50 games without much success• Apple iphone and appstore in 2007/2008• Angry Birds was game try #52 and launched on 11.12.2009• 50m downloads in first 12 months• One billion downloads by May 2012• Today, the company is worth ~US$6 billion
Summary• Success in business, like on mountains, is not guaranteed• Right attitude: think big & aim high!• Right timing: know your summit window• Right idea: Keep it simple• Right people: hire the best people and trust them• If you don’t enjoy it, don’t do it!