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Kenneth Hellem
Seed Nordic - Startup Factory
kenneth@seednordic.se
Twitter: kenneth.hellem
Killing

your darlings
LSC Meetup - Zagreb
March 31, 2015
3% Europes 

Population
33% Billion $

Startups
The Swedish
startup-scene
is booming
Co-working spaces
Incubators & accelerators
Inspiration & knowledge
But the environment is
only part of the answer…
I D E A
+
T E A M
What I’ve learnt from
pre-seed investing
It’s impossible to predict the success of an idea
(But most likely it will fail…)
It’s more fun to build stuff, than to invest
A rockstar team can go far with any idea
(Don’t be afraid to pivot or completely change ideas…)
Idea	
  Generation	
  
(~1	
  day)
Market	
  Validation	
  
(4-­‐6	
  weeks)
Venture	
  Development	
  
(3-­‐4	
  months)
“Market	
  research”	
  
Network	
  validation	
  
Team	
  gut-­‐feel
Concept	
  development	
  
MVP	
  /	
  Prototype	
  
Market	
  validation	
  
Business	
  model	
  &	
  plan
Product	
  development	
  
Customer	
  development	
  
Generate	
  first	
  revenue	
  
Raise	
  seed	
  investment
Incorporation	
  
Hire	
  team	
  
Scale	
  Business	
  
Raise	
  A-­‐Round
The Pivot
Seed Nordic, Startup Factory
MVP: 2 weeks
Launch: 2 months
Hanging on: 2 years
Teaching New Yorkers to cook at home
Your idea is not as good
as you think it is
Confirmation bias is very real

(Founders fall in love with their ideas)
Market validation is king
(Stop assuming - start selling)
Only the very best ideas will survive
(The quicker you can kill the bad ones the better)

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Killing your darlings

  • 1. Kenneth Hellem Seed Nordic - Startup Factory kenneth@seednordic.se Twitter: kenneth.hellem Killing
 your darlings LSC Meetup - Zagreb March 31, 2015
  • 2. 3% Europes 
 Population 33% Billion $
 Startups The Swedish startup-scene is booming
  • 3. Co-working spaces Incubators & accelerators Inspiration & knowledge But the environment is only part of the answer…
  • 4. I D E A + T E A M What I’ve learnt from pre-seed investing It’s impossible to predict the success of an idea (But most likely it will fail…) It’s more fun to build stuff, than to invest A rockstar team can go far with any idea (Don’t be afraid to pivot or completely change ideas…)
  • 5. Idea  Generation   (~1  day) Market  Validation   (4-­‐6  weeks) Venture  Development   (3-­‐4  months) “Market  research”   Network  validation   Team  gut-­‐feel Concept  development   MVP  /  Prototype   Market  validation   Business  model  &  plan Product  development   Customer  development   Generate  first  revenue   Raise  seed  investment Incorporation   Hire  team   Scale  Business   Raise  A-­‐Round The Pivot Seed Nordic, Startup Factory
  • 6. MVP: 2 weeks Launch: 2 months Hanging on: 2 years Teaching New Yorkers to cook at home
  • 7. Your idea is not as good as you think it is Confirmation bias is very real
 (Founders fall in love with their ideas) Market validation is king (Stop assuming - start selling) Only the very best ideas will survive (The quicker you can kill the bad ones the better)