The document discusses advice from Niko Bonatsos of General Catalyst Partners for entrepreneurs starting new companies. Some key points mentioned include analyzing industry fragmentation and new regulations for opportunities, choosing a passionate market, measuring the market top-down and bottom-up, focusing on making something people want and getting customer feedback, using PR and new channels like Snapchat for growth instead of paying for users, and setting personal goals along with company milestones.

1. Niko Bonatsos
@bonatsos
General Catalyst Partners

2. @bonatsos
General Catalyst Partners

3. @bonatsos

4.  $1Bn+
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Fragmentation is a good sign
◦ No dominant players
◦ Leaves room for innovation
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New Regulation  opportunity
◦ Barriers to entry
◦ Create Opportunities
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Choose a market you are
truly passionate about
New vs. Existing
@bonatsos

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Measure Top-Down & Bottom-Up
◦ TD: Analyze the industry & pick your piece
◦ BU: Look into potential customers & revenue per user
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Compare Results
@bonatsos

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Trade Reports
New market…good luck!
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Hard to gauge size
Monetization Potential
Competition
Timing
Fast moving waters
@bonatsos

7. @bonatsos
General Catalyst Partners

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“Make something people want” – PG
“Get out of the building” – Steve Blank
Brand is everything
◦ Measure and improve -> Net Promoter Score
◦ Turn customers into brand ambassadors
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Determine your allies and enemies
@bonatsos

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Seek for FREE PR
◦ Techcrunch et al needs to report on something
◦ Recruiting
◦ Fundraising
◦ Early Adopters
Facebook Mobile Ads, New channels (e.g. Snapchat)
◦ Golden Time -> Cheap
NEVER pay for users/customers early on
◦ Spend that $$ improving your product/dating life
@bonatsos

10. 
Invest in growth and strategic value
◦ Revenue and profit$ will follow in time (we hope)
◦ Leverage your strengths
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Don’t focus on breaking even
◦ Diminish profits and slow growth
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Set personal goals (be realistic)
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Funding requirements
Exit expectations
Time horizon
Social life
@bonatsos

11. @bonatsos
General Catalyst Partners