Materials from Silicon Vikings discussion during Oslo Innovation Week 2012

1. Innovation from Silicon Valley
15 October 2012
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2. Silicon Valley Ecosystem
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3. What Makes Silicon Valley Work
• Entrepreneurs are risk-taking super heroes
• Diversity in ideas, culture and background is the
norm
• Socialize ideas, network and share
• Ideas are everywhere – execution leads to success
• Mentors and coaches are essential
• 80% is often enough to move forward
• Fail fast, learn and move forward
• Culture of driven, bright people willing to ‘pay it
forward’ to support the entrepreneurial spirit
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4. There are Opportunities
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5. Top Mistakes in US Market Entry
1. Underestimate requirements for success
2. Lack compelling unique value proposition
3. Do not fully leverage available partners
4. Sales execution
5. Timing – market opportunities are short-lived
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6. Norsk Entrepreneurs' Obstacles
• Desire for perfection before
market launch
• Lack of ‘sales mentality’
• Naivety in building effective
partnerships
• Underestimate time to
market requirements
• Focus on funding instead of
customer acquisition
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7. Best Practices for Success
• Spend time in Silicon Valley - build network with
local service providers, angels and companies
• Refine ideal target market and your value to that
market
• Approach market with open mind – listen, listen,
listen
• Understand how customers want to buy and build
sales strategy around desires
• Plan and budget appropriately
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8. Plan Appropriate Time for Success
Define Market Need/Issue
Month Define and Understand Target Market
1
Build/Validate Value Proposition
Month Conduct Prospective Customer Research
2-3
Month Build Marketing and Sales Recruitment
4-6
Month Initial Sales Process
6-12
Month
12 and Revenue Generation
ongoing
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9. Next Step Delivers Revenue
Take your company to the Next Step through:
o Definition of US Marketing / Sales Strategy and Business
Plan.
o Business development and contacts in Silicon Valley.
o Creation of marketing materials and lead generation for
US market.
o Hiring and development of US Sales Team.
“Through work with Next Step’s team and support from
“Through work with Next Step’s team and support from
Alliance Venture we started with focused approach, build
Alliance Venture we started with focused approach, build
effective partners and with persistence completed aa
effective partners and with persistence completed
lucrative M&A with PlumChoice in March 2011.”
lucrative M&A with PlumChoice in March 2011.”
Johan Attby, Founder, TiFiC AB
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10. Innovation from Silicon Valley
Jennifer Vessels
Next Step
650.361.1902
jvessels@nextstepgrowth.com
www.nextstepgrowth.com
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