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2011 0718 teens in tech (updated)


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I put these slides together in about an hour for a presentation for the Teens In Tech. I was really impressed with their questions. The entrepreneurs were 15-18 and they asked better questions than I've heard from MBAs. I was really impressed.

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2011 0718 teens in tech (updated)

  1. 1. 10 Things I’ve Learned In 10 Years In Tech Rob Bailey VP of Business Development SimpleGeo Follow Me: @robmbaileyMonday, July 18, 2011
  2. 2. 1. Momentum > Anything Else • Real & perceived momentum are both important • Its a VCs second favorite thing to hear about • Momentum is about real #s (revenues, users) • With momentum, (just about) everything else is forgiven 2Monday, July 18, 2011
  3. 3. 2. Great Tech Cos Run by Engineers 3Monday, July 18, 2011
  4. 4. 3. Investor Dynamics Are Like 8th Grade Dances • You’re either really popular or standing by punchbowl • A lot of fear about being first onto the dancefloor • 3rd favorite thing for a VC: others interested in you •Fine line between being popular and getting around 4Monday, July 18, 2011
  5. 5. 4. Hire More Slowly, Fire Faster • Making a bad hiring decision can be very expensive • California is really, really employee friendly • Do your homework when you hire someone 5Monday, July 18, 2011
  6. 6. 5. Marketing Is Not A Four Letter Word • Know your 5 Ps: (Product, Price, Place Promotion, People ) • Lots of free tools (Twitter, Facebook, LinkedIn, etc) • To be good at marketing, tell a story 6Monday, July 18, 2011
  7. 7. 6. Make Sure You Are A Founder Or On A Rocket Ship • In an ideal world, you want to have both • Rocket ships: Zynga, LinkedIn, Square, Dropbox • 10% of Nothing < .002% of Zynga 7Monday, July 18, 2011
  8. 8. 7. Pixie Dust Is Important • What you’ve done + who you know + who knows you • Most VCs won’t look at deals unless they are referred • Success and press coverage are the best sources 8Monday, July 18, 2011
  9. 9. 8. VCs Care About Big Markets • With VC fund dynamics, 5x returns & $20M exits = boring • Raise less, you can sell for less and still make $$$ • Big markets = room for lots of winners • If you’re not going after a big market, go home 9Monday, July 18, 2011
  10. 10. 9. You Have To Earn Right To Ignore Your Customers • Make sure you are talking to lots of customers • Listen to what customers do more than what they say • Customers may lie, but A/B testing tells the truth 10Monday, July 18, 2011
  11. 11. 10. Start A Company--Worst Outcome Is A Cooler Job Than Your Friends • Starting a company is an incredible learning experience • Way more useful than studying business 11Monday, July 18, 2011
  12. 12. 10 Steps For A BD Deal 1. Understand your market 2. Find a mentor 3. Identify your targets (and write them in a spreadsheet) 4. Put together the pitch (what problem do you solve?) 5. Get your foot in the door 6. Talk to decisionmakers 7. Email them with general deal points 8. Get a good (and inexpensive lawyer) 9. Once you agree on deal points, go to contract 10. Try to close the deal quickly! 12Monday, July 18, 2011