Building a High Growth Startup in Buffalo, NY

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Buffalo BarCamp #7 - Building a High Growth Startup in Buffalo, NY. A non-comprehensive run down of the people, places, and things you need to know before launching a company in Western New York.

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Building a High Growth Startup in Buffalo, NY

  1. 1. Building a High Growth Startup in Buffalo Survivalist Entrepreneurship
  2. 2. What do you need? Money, Power, Respect.
  3. 3. Money OPM Grants Savings
  4. 4. Other People’s Money Friends and Family • Bank of Mom & Dad • Part-Time Contracting Incubators • Z80 Labs • STOR (UB) • D!G (BNMC)
  5. 5. Other People’s Money Angels • Western New York Venture Assoc. • Buffalo Angels (part of WNYVA) • Rochester Angel Network Venture Capital & Banks • You’re probably not ready -- yet.
  6. 6. Other People’s Money Vocabulary • Equity • Liabilities (Debt) • Assets • Pro Forma Financial Statements • Common stock • Preferred stock • Break Even Point
  7. 7. Other People’s Money Vocabulary • Convertible Promissory Note • Seed Round • A-Round • Term Sheet • Exit • Acquisition (M&A) • Initial Public Offering (IPO) • Out of Cash (OOC)
  8. 8. Grants New York State • Startup-NY • UB Center for Advance Technology • National Grid • 43North (Not really a Grant) Federal • SBIR • STTR
  9. 9. Savings Pros: • Maintain Equity • Skin in the game • You’ve already done the work Cons: • 100% of nothing is less than 30% of something • 3 out of 4 - Startups Fail
  10. 10. Power People Place Planning Promotion Monopoly on Violence
  11. 11. People Founders: • Friends • Family Partnerships are likely to fail.
  12. 12. People Contractors: • Lawyer • Book Keeper • Developers • Designers • Product/Project Managers If it’s not your core competency and you have cash, outsource it. Trade with people.
  13. 13. Place Co-working • Co-Work Buffalo • The Loft • D!G Incubators • Z80 • STOR • D!G
  14. 14. Planning Internal Documents • Strategic Plan • Mission • Vision • Values • Whatever people with money ask you for. External Documents • Business Plan Summary (6 Pages) • Pitch Deck (10 Slides) • Executive Summary (1 Page) • Elevator Pitch (30 Seconds)
  15. 15. Promotion Public Relations • Buffalo News • Business First • Art Voice • Block Club • Spree • Networking Events Marketing • Social Media • Trade Shows Advertising • SEM
  16. 16. Monopoly on Violence Taxes • Federal • State • Estimated Quarterly • Self-Employment (15.3%) • Sales Get a Tax Lawyer – “There’s no such thing as accountant-client privilege”
  17. 17. Monopoly on Violence Types of Entities • S-Corp • Taxes Pass-through & <100 shareholders • C-Corp • Possible Double Taxation & >100 shareholders • Benefit Corporation • Maximize Social Good not necessarily Shareholder Value • Limited Liability Company(LLC) • Doing-Business-As (dba) Get a Lawyer. All of these have assorted fees, requirements, benefits, and drawbacks.
  18. 18. Respect Mentors Advisors Customers Other Companies Additional Reading Me
  19. 19. Respect Mentors: • Tell you what to expect • Review your work • Connect you with their networks Advisors: • All of the above • Invest in your company
  20. 20. Customers Customers: • Tell you why you suck • Break your products in new and interesting ways • Are your Boss/Gods • Pay you money • Allow you to exist
  21. 21. Other Companies Startups: • Commiserate with you • Allow you to learn vicariously • Give you hope Strategic Partners: • Are bigger than you • Use your product or resell it (OEM) • Are better than you at building a part of the solution you’re selling • May acquire you
  22. 22. Additional Reading Books: • Finance for Non-Financial Managers • Dead on Arrival: How to avoid the legal mistakes that could kill your start-up • The Lean Startup • Four-Hour Work Week • Crush It Blogs: • TechCrunch • StartupBuffalo.org • Seth Godin • Kevin Kelly’s “1,000 True Fans” Education: • UB’s Center for Entrepreneurial Leadership
  23. 23. Slides available: slideshare.net/clarkdever

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