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From zero to exit: a full startup journey

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Presentation about my startup (Map2app) from the founding in 2011, till the exit in 2015.
I will present all the different aspects of building a product, running a business, flying to Silicon Valley and come back, being acquired by lastminute.com group

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From zero to exit: a full startup journey

  1. 1. FROM ZERO TO EXIT: A FULL STARTUP JOURNEY Michele Orsi 1
  2. 2. 2 Why this presentation?
  3. 3. 3 2016 - R&D in London
 new software projects 2008 - Master degree
 in Software Engineering 2011 - Co-Founded Map2app
 .. in Bologna, with two friends 2009 - European Space Agency
 (especially proud to be in the Rosetta team!) 2015 - Map2app acquired
 .. by lastminute.com group Who am I?
  4. 4. 4 Two perspectives Our reality Not in selling /funding mood “Give back” attitude Why is this presentation different?
  5. 5. Map2app overview What platform for creating mobile travel apps Who 3 co-founders with different backgrounds Where Bologna, San Francisco, Chiasso (CH) How paying customers + FFF + 2 investments When started in 2011, acquired in 2015 5
  6. 6. 6 The startup engine: co-founders, ..
  7. 7. Met with co-founders 2008, March Founded Map2app2011, January 7 Acquisition End of stocks plan (Co-founder relationship) 2015, February 2017, February
  8. 8. 8 .. investors and advisors, ..
  9. 9. 9 .. employees .. A difficult mix!
  10. 10. 10 Knowledge in the domain Experience but not too much New market emerging in popularity An “obsession” in all discussions The myth of “idea”
  11. 11. 11 Bologna Smart City app: a real product How we started: the first paying customer Municipality of Bologna Good: the money (30k) Bad: not real validation
  12. 12. 12 STARTER FREE Revenue sharing iOs app Android app Fixed app price map2app logo Professional $500+ Full revenue The market: our first business model iOs app Android app Free or payed app White label
  13. 13. 13 FAIL ’C’ Attitude Content Opportunity Problem vs solution Revenuesharing Customer lifetime value Support .. and the first “storm”
  14. 14. 14 Market niche Early adopters Big projects Startup network .. a little umbrella that moves us forward..
  15. 15. 15 “Good” metrics, but ..Ready to scale, but .. Working, but .. Idea implemented, but .. Technical frustration
  16. 16. 16 Design for validation focus on market fit Long term vision money will arrive Find “secret sauce” do not rely on ads Be a small company focus on saving time Some lessons learnt
  17. 17. 17 The difficult part is in the visibility (of the “good” part) The bad times (beginning of 2012 for us)
  18. 18. 18 Won Mind the Bridge first seed funding: 50k Late 2012: the BIG opportunity Incubation period me as biz “front-man”
  19. 19. 19 San Francisco
 the context Accelerator
 advisors, entrepreneur, events The lean startup
 get out of the building! B2B solution
 subscription Pitch elevator
 found the “value proposition” New investments
 50k (instead of 300k) Silicon Valley accelerator https://www.youtube.com/watch?v=vDE1sVPCHHg
  20. 20. 20 Data driven decision Insight & KPI drive features Move fast and (do not) break things Good enough code for validation The iterative new process
  21. 21. 21 Availability eager to help Difficulties raising money High competition top universities and startups US centric lack of knowledge Tight network of recommendations american track record Outsider .. together with Silicon Valley disillusion
  22. 22. 22 European market
 was the biggest one America Europe Asia / Other 30% 60% 10% Italy, the return
  23. 23. 23 The incubator no events or advisors Funds stick with Italy Our growth
 20% per month B2B growth with big publishers Trade fair travel specific Champions are resellers Italian package
  24. 24. 24 new, smart and more efficient Travel promotion better experience for tourists Curated content app creation Fast and cheap 600 apps and 2M downloads Distribution channel Map2app: our real values ..
  25. 25. 25 .. and the acquisition “How many 'no' are you able to say?”
  26. 26. 26 Rapidly growing
 Chiasso, Madrid, London, Bangalore Big OTA
 one of the biggest in Europe Tourist centric
 deliver the best experience What is ?
  27. 27. 27 THANK YOU! https://ch.linkedin.com/in/micheleorsi @micheleorsi Keep in touch: https://github.com/micheleorsi Work with us: http://careers.lastminutegroup.com

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