What's a good startup ? - Founder and Investor Point of View

Jeremie Berrebi
Jeremie BerrebiCo-Founder at Kima Ventures
What’s a good 
startup? 
Investor and Founder point of view 
Jeremie Berrebi (@jberrebi) 
November 2014 
www.berrebi.org
About Jeremie 
Born in Paris, Jeremie Berrebi is one of 
the most famous French entrepreneurs in 
the high tech industry who began his 
carrier as a journalist for ZDNet and 
founded, or cofounded, 11 companies to 
date. 
Since 2010, Jeremie is considered the 
most active angel investor in the world. 
Having invested directly, or indirectly 
via Kima Ventures, in more than 300 
companies in 25 countries. 
He’s still investing 1 to 3 companies a 
week all over the world. 
Jeremie was voted the ‘Best Seed/ 
Angel Investor’ in Europe in 2014 at 
The Europas. 
Jeremie has already sold companies 
to Google, OpenTable, LinkedIn, 
OutBrain, Jive Software, Incomm, 
ShareThis, Naspers, Fotolia, TNS etc… 
Jeremie Berrebi is living in Bnei Brak, 
the main Jewish Orthodox city in 
Israel and part of the Charedi 
Community.
Having a real and 
big vision/story
Be passionate about a VERY 
LONG (5 to 10 years) journey 
more than the money 
FORGET ABOUT EXITS!
Find an idea related to a 
passion you love and 
that helps a lot of people
Answer a very big need 
that you have yourself!
“I find out what the world needs, 
then I proceed to invent.” 
Thomas Edison
Think and talk about 
benefits for your 
customers, not features
Execution is Key 
Idea => 5%
Make an Awesome 
Product
Think about a potential 
Business Model (Acquisition 
Cost<Potential Revenues) with 
potential for very big and fast 
growth
Build the right team 
• Find the right cofounders you already know well 
• Define exactly what’s the role of each one. 
• Write a Cofounder agreement. 
• Begin with a test period 
• Build a Killer, Experienced and Passionate Team 
who shares your vision. (Don’t hire robots)
Create Barriers to Entry
Ready?
Multiple types of startups 
• If you’re launching an app or software 
• If you’re building a new complicated technology 
• If you’re building a hardware company/IoT
If you’re launching an 
app or software
Bootstrap as much 
as you can 
• No paid office to begin 
• Be a coder yourself! and use Freelancers for difficult tasks 
(Odesk) 
Avoid employing people! 
• Build a Minimum Viable Product (MVP) => Remove as many 
features as possible 
• All productivity tools are now free (Google Docs, Skype)… You 
just need a computer! 
• Most of big companies have a Startup Program (SVB, ZenDesk, 
Amazon, Google, RackSpace etc…)
It’s taking a lot of time to 
find the real product fit 
• Don’t raise money too early 
• Iterate, iterate and iterate 
• Measure and write down your 3 KPIs (including 
RETENTION) every DAY!
But what if I’m really 
working on building a 
new technology?
New Tech Financing 
• Build an awesome cofounding team+top Advisory 
Board 
• Find potential awesome employees ready to jump 
• Try to build and show an awesome prototype 
• Show your experience and expertise in the current 
field 
• Raise enough money to launch your product in the 
market.
What about a hardware/ 
IoT company?
Hardware company 
• Build a team who have already built hardware 
• Develop a prototype 
• Find potential customers/channels ready to pre-order 
• Launch your product on Kickstarter and Indiegogo 
• Raise at least $1M after your successful 
campaign. Hardware is hard & expensive
Raising Money
When do I need to raise 
money? 
• When you’ve found that you’re answering a real 
need with a real product (and resolve retention 
problems) 
• When you want to push the accelerator in ONE 
direction 
• When you need more people to serve your 
customers.
When do I need to NOT 
raise money? 
• When you’re still iterating, iterating, iterating… 
• When you still don’t know what your company 
will look like in 1 year 
• When you have no very satisfied customers… 
• When you need to raise only because you need 
a salary
What is an investor checking 
before investing in a company? 
• How nice is your deck? How big and clear is your vision? 
• Are you answering to a real need? => Are potential customers and users waiting for 
you? 
• Do you know how to promote/sell the product? (Potential chicken and egg 
problems) How much money do you need? 
• How innovative is the technology? 
• What’s the entry barrier? 
• Did I find the right and best team to make this company big? 
• How many months of runway will the company have with the current investment? 
What will be their status after all these months? 
• How do you plan to use the money raised? (big salaries, great sofas, big office, 
hiring an expensive sales guy, lots of travel…)
Don’t lie to your investors 
before or after a round! 
NEVER!
Consider your investors’ 
money as yours
Update your investors with 3 to 5 
lines every week 
They will be your best ambassadors
Good luck! 
– Jeremie Berrebi (@jberrebi) 
www.berrebi.org 
Thanks to Michel Sassano & Vincent Jacobs for their comments
1 of 30

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What's a good startup ? - Founder and Investor Point of View

  • 1. What’s a good startup? Investor and Founder point of view Jeremie Berrebi (@jberrebi) November 2014 www.berrebi.org
  • 2. About Jeremie Born in Paris, Jeremie Berrebi is one of the most famous French entrepreneurs in the high tech industry who began his carrier as a journalist for ZDNet and founded, or cofounded, 11 companies to date. Since 2010, Jeremie is considered the most active angel investor in the world. Having invested directly, or indirectly via Kima Ventures, in more than 300 companies in 25 countries. He’s still investing 1 to 3 companies a week all over the world. Jeremie was voted the ‘Best Seed/ Angel Investor’ in Europe in 2014 at The Europas. Jeremie has already sold companies to Google, OpenTable, LinkedIn, OutBrain, Jive Software, Incomm, ShareThis, Naspers, Fotolia, TNS etc… Jeremie Berrebi is living in Bnei Brak, the main Jewish Orthodox city in Israel and part of the Charedi Community.
  • 3. Having a real and big vision/story
  • 4. Be passionate about a VERY LONG (5 to 10 years) journey more than the money FORGET ABOUT EXITS!
  • 5. Find an idea related to a passion you love and that helps a lot of people
  • 6. Answer a very big need that you have yourself!
  • 7. “I find out what the world needs, then I proceed to invent.” Thomas Edison
  • 8. Think and talk about benefits for your customers, not features
  • 9. Execution is Key Idea => 5%
  • 10. Make an Awesome Product
  • 11. Think about a potential Business Model (Acquisition Cost<Potential Revenues) with potential for very big and fast growth
  • 12. Build the right team • Find the right cofounders you already know well • Define exactly what’s the role of each one. • Write a Cofounder agreement. • Begin with a test period • Build a Killer, Experienced and Passionate Team who shares your vision. (Don’t hire robots)
  • 15. Multiple types of startups • If you’re launching an app or software • If you’re building a new complicated technology • If you’re building a hardware company/IoT
  • 16. If you’re launching an app or software
  • 17. Bootstrap as much as you can • No paid office to begin • Be a coder yourself! and use Freelancers for difficult tasks (Odesk) Avoid employing people! • Build a Minimum Viable Product (MVP) => Remove as many features as possible • All productivity tools are now free (Google Docs, Skype)… You just need a computer! • Most of big companies have a Startup Program (SVB, ZenDesk, Amazon, Google, RackSpace etc…)
  • 18. It’s taking a lot of time to find the real product fit • Don’t raise money too early • Iterate, iterate and iterate • Measure and write down your 3 KPIs (including RETENTION) every DAY!
  • 19. But what if I’m really working on building a new technology?
  • 20. New Tech Financing • Build an awesome cofounding team+top Advisory Board • Find potential awesome employees ready to jump • Try to build and show an awesome prototype • Show your experience and expertise in the current field • Raise enough money to launch your product in the market.
  • 21. What about a hardware/ IoT company?
  • 22. Hardware company • Build a team who have already built hardware • Develop a prototype • Find potential customers/channels ready to pre-order • Launch your product on Kickstarter and Indiegogo • Raise at least $1M after your successful campaign. Hardware is hard & expensive
  • 24. When do I need to raise money? • When you’ve found that you’re answering a real need with a real product (and resolve retention problems) • When you want to push the accelerator in ONE direction • When you need more people to serve your customers.
  • 25. When do I need to NOT raise money? • When you’re still iterating, iterating, iterating… • When you still don’t know what your company will look like in 1 year • When you have no very satisfied customers… • When you need to raise only because you need a salary
  • 26. What is an investor checking before investing in a company? • How nice is your deck? How big and clear is your vision? • Are you answering to a real need? => Are potential customers and users waiting for you? • Do you know how to promote/sell the product? (Potential chicken and egg problems) How much money do you need? • How innovative is the technology? • What’s the entry barrier? • Did I find the right and best team to make this company big? • How many months of runway will the company have with the current investment? What will be their status after all these months? • How do you plan to use the money raised? (big salaries, great sofas, big office, hiring an expensive sales guy, lots of travel…)
  • 27. Don’t lie to your investors before or after a round! NEVER!
  • 28. Consider your investors’ money as yours
  • 29. Update your investors with 3 to 5 lines every week They will be your best ambassadors
  • 30. Good luck! – Jeremie Berrebi (@jberrebi) www.berrebi.org Thanks to Michel Sassano & Vincent Jacobs for their comments