Getting Started - Startup Lessons & Realities

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Presentation delivered to University of Washington Entrepreneurial Strategy 510 class on 11/09/10.

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  • 2-3 page Executive Summary: have something to send somebody when they ask. A .pdf file and understand this may be all they read. Do not request an NDA to share it
    Proforma P&L: understand your cost drivers, revenue streams and paths to scale your business
    Powerpoint (or similar) presentation: say it in 10 slides…with pictures. You will use this often and there are lots of good frameworks out there
  • Have a plan and make changing it painful

    Know it and recite it
  • Technical Risk – does it work?

    Market Risk – does anybody care…and will they pay for it?
  • Talk to them often

    They won’t want to hurt your feelings

    Before->During->After

    Write a narrative…

    That people care about

    And you can cost-effectively reach them

    Identify and plan for latent vs. realized demand
  • Powerpoint lies

    Excel tells the truth (or makes it harder to lie)

    Measure everything and know:

    Cost of customer acquisition
    - Burn rate and what drives it (including what you can turn off quickly)
    - Cost of support
    - cost of delivery

  • Always hire better (1.1x)

    Rising tides lift all boats

    Favor work ethic and passion over credentials

    Ambiguity reigns
  • Getting Started - Startup Lessons & Realities

    1. 1. Getting Started… University of Washington Entrepreneurial Strategy 510 November 9, 2010 Robert Pease Vice President of Marketing Gist, Inc. robert@gist.com @RobertAtGist 206.327.0397
    2. 2. Last Slide First • Be both optimistic and realistic in your plan • Understand distribution • Measure and learn • Hire better than yourself • What marketing can (and can’t) do for you • Always build your professional network
    3. 3. You need 3 things
    4. 4. Plan vs. Reality
    5. 5. Twice as long, half as much
    6. 6. Mitigate technology AND market risk
    7. 7. Know your target customer….by name
    8. 8. Instrument your business Powerpoint lies… …Excel tells the truth (mostly)* *T.A. McCann
    9. 9. Always hire better than yourself 1.1 n
    10. 10. Meet the man in the chair… What was it you wanted to sell me? http://www.youtube.com/watch?v=nXG7zYWKHGU
    11. 11. Relationships Matter… Customers, prospects, advisors, investors, competitors, journalists, vendors, partners, mentors, strangers, classmates, etc., etc.
    12. 12. How do you manage Contacts?
    13. 13. Connect …
    14. 14. How Gist works…
    15. 15. Gist everywhere…
    16. 16. Questions? Please try Gist and tell us what you think: www.gist.com Robert Pease Vice President of Marketing robert@gist.com @RobertAtGist 206.327.0397

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