1. so you wanna do a
startup, eh?
bwahahahahahahahahahahahaha...sucka...
http://www.flickr.com/photos/rhinoneal/3907394091

2. startups are hard.

3. startups are really hard.

4. startups are really fucking hard.

5. startups are heartbreaking.

6. startups are soul crushing.

7. startups are life shortening.

10. fact:
this is not reality.

11. 5 myths about startups
1. Startups cost nothing to build
2. The average tech startup founder is a
25 year old male ivy league dropout
3. Startups get funded on a napkin
sketch and passion
4. A good idea wins every time
5. Location doesn’t matter*

12. myth #1:
startups are cheap to build

13. reality:
lean or not, it costs money to
build something significant.
and savings run out.

14. stuff that costs $$
as if you didn’t already know this
• hiring amazing people - and you need A
level amazing people in startups (they like
to be paid even if they believe in you)
• infrastructure - yes. It’s cheaper than it
was, but those EC2 bills are still a bitch.
• marketing - you can do a LOT for free in
the beginning, but there is a bunch of
noise to cut through today.

15. fact:
4 out 5 people who use the phrase “it’s
cheap to build a startup” have never
built a startup (and probably never
will)...the remainder are independently
wealthy.

16. myth #2:
the average tech co-founder is
a 25 yr old male ivy league
dropout

17. Average founder:
40 yrs old
Married
With Children
6-10 yrs work experience
Male = yes
(4% of tech startups funded have female
founders - while 40% of small businesses
are owned by women)
White = yes
(6% of tech startups funded have non-
white founders)
Ivy League? Meh. Dropout?
Not at all.
Educated - bachelors or higher - but not
necessarily Stanford, Harvard, etc.

18. fact:
startup founders look a LOT like
themselves (and can come from ANY
background). looking for patterns is
the antithesis of innovative thinking.

19. myth #3:
all you need is a napkin plan
and a bunch of passion and
you’ll get money

20. reality:
the examples that are told around
startup campfires (i.e. techcrunch)
are the outliers...and there is way
more than passion + napkins involved.

21. a week in the life
of a startup founder

22. monday

23. tuesday

24. wednesday

25. thursday

26. friday

27. saturday
http://www.flickr.com/photos/milkyworld/3128291642/sizes/l/in/photostream/

28. sunday

29. fact:
you will wake up in a
puddle of your own sweat
several nights a week
because you realize you are
completely fucked.

30. how to deal:
1. know that you will be rejected.
2. understand that you will underestimate the
number of times you will be rejected and how
long it will take you to raise $$. (insert
completely fucked night sweats here)
3. ask rejectors for feedback (REAL feedback)
4. ignore most of said feedback*
5. seek mentors and allies (note: this is the
most important point I make this entire
presentation)
* knowing what to ignore is not easy

31. the worst advice EVAR:
ppl that tell you to do this are idiots.
1. when you are rejected, ask for a
referral
dude! IF they do this, they will explain to their
contact why they passed...BAD intro.
2. when you are rejected, don’t take no
for an answer
this is just awkward. move on.
3. when you are rejected too often,
rethink your business (i.e. pivot)
it’s not you, it’s them (mostly)

32. conviction
http://www.businessinsider.com/pandora-vc-2010-7

33. three freakin
hundred!!!!

34. common vc rejections
aka. “we’re just not that into you.”
• “we think you are too early for us.”
• “we have too many deals in our pipeline.”
• “we don’t understand the market.”
• “we’d like to see some local investment.”
• “we’d like to see some interest from a US firm.”
• “you are raising too much.”
• “you are raising too little.”
• “if only you did a + b, we’d be a better fit...”

35. what they tell us they know...

36. the reality...

37. fact:
YOU build the
goddamned future.
“The best way to predict the future is to invent it.”
Alan Kay 1989

38. myth #4:
a good idea wins every time

39. closer to the truth:
a good idea, good
execution, good timing,
perseverance and balls of
steel* will win.
* I hate these masculine metaphors, but boobs of steel just didn’t sound right.

40. desire to
delusional A change the
status quo
D
C B
audacity
A. those that go postal
B. dictators
C. serial killers
D. startup entrepreneurs

41. the key to #winning:
find your product/market
fit before you run out of
money.
T. IS. ALL.
THA

42. really freakin awesome
creative ways to not go broke
• take the bus (Greyhound has wifi!)
• use microfunding (Indiegogo/
Kickstarter) creatively
• use AirBnB - AND - rent your place
out on it while you travel
• speaking of AirBnB...

43. “Paul Graham only invested in us, when he heard about the Obama O's
story. And he figured, well these guys are like really creative,
smart entrepreneurs; they'll probably change their idea.”
AirBnB Founder, Brian Chesky

44. Hey CEO’s!
Your ONLY job is to keep
the company going until you
find product/market fit.
ONLY job.*
Your
* Okay, that AND 10 gabillion other things. But this is the most important.

45. more funding ideas
• Friends & Family - your network is stronger than you
know (we raised $192,000)
• Go lean - how can you pare down your operations and
personal lifestyle? Do it early. Lower the burn.
• Hold a fundraiser - make it awesome. What are your
Obama-O’s?
• Sell your stuff on eBay - It’s a short term sacrifice.
• Make $$ in your free time - Pixazza, TaskRabbit,
TaskHire, deliver pizza (Alfred from Zappos did this),
etc. (make it simple, mindless tasks)
• Million Dollar Homepage? What else could you do that is
simple but could bring in good $$.
• Hire a Grant Application specialist - they often work
off of commission and there are small biz grants.

46. Are you ready to
make the ultimate
sacrifice? nly one
ther e is o
a nswer

47. myth #5:
where you build your
startup doesn’t matter

48. WARNING:
this is the part where I
get seriously unpopular.

49. why Canada sux4
startuping
1. barrier for valley funds (especially at seed stage)
2. local funds are miniscule compared to valley funds
3. most of the ‘successful’ startups move to the
valley, so aren’t seen as shining Canadian examples
4. most of the amazing A level talent we want to hire
move to the valley (or US in general) + we compete
for those few left
5. Canadians are more risk averse in general
6. Population density is an issue for markets

50. why Canada is PERFECT
for startuping
1. there is nothing to do here during our long
winter but work
2. we have a high tolerance to pain
3. it is cost-effective to develop here
4. free health care, small biz benefits, etc make
for lower burn rates
5. our dollar is strong + economy solid (yes, I
know it’s because we aren’t reckless cowboys
like those yanks)

51. what we need to change
1. encourage/educate more investment firms to invest in web
startups
2. support one another better. Share intros. Work together.
CROSS country (not just city)
3. invest REAL money into Canadian startups. Where is the
series A?
4. recruit the talent up HERE. KEEP the talent that we have by
appreciating them BEFORE they freakin leave!
5. create entrepreneurial programs for our universities + catch
boys and girls at a young age to encourage
6. host more events in Canada, showcasing our startup scene -
attract investors from the US to see what we have locally
7. get the press doing more pieces on Canadians state side and
Canadian startups
8. reward for risk more. celebrate entrepreneurship in general.

52. bonus myth:
the startup world is a meritocracy

53. it’s not just about
working hard.
(though there is hard work involved)

54. there is nothing
fair about this
path.

55. both brilliant +
both contributed SO
much to science
tesla died broke edison died rich

56. and what of those
with better ideas
but without resources
who weren’t heard
at all?

57. 1880s or 2010s, this
hasn’t really
changed.

58. you can do
EVERYTHING right and
still die broke.

59. I know. I’m a real
downer.

60. but true entrepreneurs
aren’t in it for the fame
and fortune, are we?
hope fo r both)
(th ough we

61. q: so why are we
doing this again?

62. a: fuck if I know.

63. but here I am.
and I can’t imagine doing
ANYTHING else.
it’s an unhealthy, but
beautifully necessary
obsession.

64. because without us crazy,
delusional people who do
this the world would be a
boring, stagnant place.

65. “Crazy Ones” Apple Think Different Campaign, 1997
Agency: TBWAChiatDay

66. thank you for being
crazy. xo

67. Tara
(@missrogue)
Hunt
ceo/co-founder, Buyosphere
tara@buyosphere.com
514-679-2951
www.buyosphere.com
www.horsepigcow.com