The document discusses lessons learned from a project and company failure. It summarizes that the founder raised €500k but needed €1.7M, had too many business units which was too difficult, released a product too soon, and the original founding team lost passion and gave up. The founder stresses the importance of focus, sufficient funding, hiring the right team, releasing confidently, and perseverance in the face of failure or negativity.

1. What do you want me to say ?
There is life after failure.
Filip Maertens @fmaertens

2. It sucks !
Seriously. It does. So let’s not glorify things here.

3. Project Fail! Company Fail!
Intro
Background
Uh oh
Lessons learned
In recovery

4. February
Acquired 27% of the shares of the company and started fundraising
2008
Got real cool VOIP tech and traction, e.g. AT&T
EUR 250k debt trouble came with it
May
Raised EUR 500k with one angel investor
2008
Bought runway
Bought too little
November
3 revenue streams in excess of EUR 1,5M - 2 profitable, 1 launching
2008
Reduced from 11 revenue streams
Still had 2 too many
January
Got EUR 12M in two acquisition offers
2009
Dude ! Seriously ?
The offer is peanuts. Go fish !
Intro
Background
Uh oh
Lessons learned
In recovery

5. WTF happened here ?
> 1,5M revenue, 12M M&A, good traction … and 20k short
November
May
2008
2009
Intro
Background
Uh oh
Lessons learned
In recovery

6. #1 Do one thing. And be awesome in it !
Diversification is high-level management bullsh*t. Focus first !
Growing one business is hard. Two is exponentially harder.
I had 3 business units. 2 too many.
Intro
Background
Uh oh
Lessons learned
In recovery

7. #2 Buy enough runway. Don’t underfund.
Running out of cash before market-fit is textbook recipe for failure.
Time your fundraising. Beggars can’t be choosers.
Pivot or die.
Always buffer.
Don’t settle for anything less !
I required EUR 1,7M. Not EUR 500k.
Intro
Background
Uh oh
Lessons learned
In recovery

8. #3 Only roll with the A-Team
Hire Fast. Fire Fast.
Pick investors that understand your business.
Be intolerant for incompetence.
Be brutal to ego’s.
Be a lean team.
Don’t get me started…
Intro
Background
Uh oh
Lessons learned
In recovery

9. #4 Release when you feel confident.
Done is better than perfect.
Stay lean until growth, then accelerate.
Don’t let anyone push to release too soon.
Release stable versions.
Released Zalloo too soon. Overhead and headaches.
Intro
Background
Uh oh
Lessons learned
In recovery

10. #5 Never give up !
The founding team must show great passion and resilience.
Push through negativity.
Fight as if you’re on death ground.
Original founding team was tired and gave up.
Intro
Background
Uh oh
Lessons learned
In recovery

11. “ It always gets worse
before it gets better ”

12. On 27.05.2009 I’ve learnt an important lesson:
Lack of cash was never the problem.
Lack of passion of the original Founders was.
… and I didn’t see that one coming.

13. “ In the end everything will be OK
If it’s not OK, you’re at the end yet. ”

14. The fallout…
You become a toxic product to many. You failed = loser.
Suck it up and deal with it. Rebound fast.
Don’t isolate.
Be a contrarian. Hack the Belgian mentality.
Regain confidence.
Do whatever it is you have to do. But do it fast.
Intro
Background
Uh oh
Lessons learned
In recovery

15. On failure…
It made me a more determined and seasoned entrepreneur.
It made me fearless and gave me perspective.
It made me tougher.
Failure is a side effect of innovation.
… yet, avoid if possible.
You’re in Belgium: Petit pays. Petit esprit. Petit zizi.
Intro
Background
Uh oh
Lessons learned
In recovery

16. Don’t let your fear of failure strip you
from your passion
Go big ! Be fearless ! Be passionate !

17. And me, 28 months later ?
Financed VOIP Depot, profitable and growing
Trade-sold my niche cyber-security company
Founded and financed my mobile start-up and awaited app Jini
Happy to be free of fear and working on what I love !
Filip Maertens @fmaertens