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Start-ups (v. 2016 ita)
- 1. Start-ups Frieda Brioschi / Emma Tracanella frieda.brioschi@gmail.com / emma.tracanella@gmail.com IED, 11 Oct 2016 Lesson 1/2016
- 2. 1. Start-ups Course program 1. Start-ups 2
- 3. 1. Start-ups Today’s table of content 1. Who we are 2. What is this course 3. Successful companies 4. #EpicFAILS? 5. Lessons learnt 3
- 4. 1. Start-ups Who we are 4
- 7. 1. Start-ups About this course 7
- 8. 1. Start-ups Start-ups 360° • what is a start-up • how can I create mine • should I open a start-up? • what I never need • what is useful to know in advance • useful tool • network • … 8
- 9. 1. Start-ups How I can.. • work • work better • design • communicate • present myself and my idea • telltoaninvestorveryquicklymyideaasifweareina nelevator (best known as “pitch”) 9
- 10. 1. Start-ups Design & design At the end of this course you will have two new best friends: • the business model canvas and • the lean canvas 10
- 11. 1. Start-ups11
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- 13. 1. Start-ups BMC Vs LC 13 https://canvanizer.com/how-to-use/business-model-canvas-vs-lean-canvas
- 14. 1. Start-ups Exam & materials • http://progettareidee.wordpress.com 14
- 15. 1. Start-ups What do you want to do? 15
- 17. 1. Start-ups Successful companies (once were start-ups!) 17
- 18. 1. Start-ups YOOX YOOX Group S.p.A is an Italian internet mail order retailer of men's and women's multibrand clothing and accessories. Founded by Federico Marchetti, a former investment banker, in Zola Predosa near Bologna in 2000, Yoox Group has become a profitable e-commerce company that serves "more than 100 countries worldwide”. 18 http://en.wikipedia.org/wiki/YOOX
- 19. 1. Start-ups YOOX It has established itself amongst the market leaders with the multi-brand stores yoox.com, thecorner.com and shoescribe.com. Since 2006, YOOX Group designs and manages mono- brand online stores for fashion brands looking to offer their latest collection on the Internet (Emporio Armani, Diesel, Valentino, Moschino, ecc.). 19 http://www.yooxgroup.com/it/pages/all-news/press-kit/yoox-group/
- 22. 1. Start-ups YOOX As reported on the 2014 balance sheet, YOOX Group has a net worth of €13.8 millions and revenues of €524.3 millions. 22 http://www.yooxgroup.com/pages/investor-relations/
- 23. 1. Start-ups YOOX Milan, 31 March 2015 – YOOX the global Internet retailing partner for leading fashion brands, has entered into an agreement with Richemont, controlling shareholder of Net-A-Porter, the world’s premier online luxury fashion retailer, on the terms of an all-share merger. The transaction will create the Combined Group, the independent leading online luxury fashion retailer worldwide, with combined 2014 net revenues of €1.3 billion, and Adjusted EBITDA of approximately €108 million. 23 http://www.yooxgroup.com/pages/investor-relations/merger-with-the-net-a-porter-group/
- 25. 1. Start-ups The website was created in 2004, spawning from the success of low-cost flight companies. Low-costs were usually not considered in the traditional channels of distribution (booking sites and travel agencies): an hassle for the customer willing to book a flight, who had to check all the companies' sites one by one. This intuition pushed the founders to “ride the wave”, gaining instant success. Later, they broadened the range of services offered, including hotels and full holiday packages, therefore improving the perceived value of the service. 25 http://www.ict4executive.it/executive/interviste/volagratiscom-sul-web-un-successo-made-in-italy--- intervista-a-marco-corradino-fondatore_4367215330.htm
- 26. 1. Start-ups • 2004: first incorporation of the society, with 50.000 € capital, by two founder (Marco Corradino and a business partner), one employee. Sale of first flight • 2005: scheduled flights are introduced (CRS) First internal customer service, with four employees • 2006: Bravofly Group is constituted, service for the European market starts, in four languages • 2010: they reinforced their top management and changed shareholders structure 26 http://www.lastminutegroup.com/about-us/our-history.aspx
- 27. 1. Start-ups • 2011: launched the new website specialized in package holidays; enhanced range of products by also offering cruises. • 2012: Rumbo acquisition • 2013: Jetcost acquisition • 2014: the Bravofly Rumbo Group debuted on the SIX Swiss Exchange • 2015: lastminute.com acquisition and changed the name to lastminute.com group 27 http://www.lastminutegroup.com/about-us/our-history.aspx
- 29. 1. Start-ups Jobrapido “Jobrapido is one of the largest job search engines in the world, delivering 660m visits per year in more than 50 countries. It helps job seekers search millions of jobs globally, and provides employers with access to one of the world's largest candidate audiences.” 29 http://en.startupbusiness.it/news/dmgt-acquires-jobrapido/77422/
- 30. 1. Start-ups Jobrapido “Looking for a job on the web is annoying”. From this thought of Vito Lomele (an engineer from Conversano, who lived in UK and Germany) was born the idea to limit to the minumum this unavoidable phase: “I was looking for a job, and I realized how it was difficult and complicated. So I said myself: there are no search engines for job offers? I'll make one” ! Started in 2004, in 2006 became a company 30 http://it.wikipedia.org/wiki/Jobrapido
- 31. 1. Start-ups Jobrapido With the project growing, more people and money were needed: 200k € were raised from some friends, including the former boss, and 150k € were invested by an european entrepreneur, Oliver Samwer. 2011's turnover was 24 million Euro, with 3 of net profit; 660 million users, 80 employees from all over the world. In 2012 Evenbase, from the publishing group DMGT (Daily Mail and General Trust) bought out 49% of the company (it is said, for 30 millions), leaving Lomele at the helm with 51%. 31 http://it.wikipedia.org/wiki/Jobrapido
- 33. 1. Start-ups Arduino 33 Arduino is an open-source computer hardware and software company, project and user community that designs and manufactures microcontroller-based kits for building digital devices and interactive objects that can sense and control the physical world. In mid-2011 it was estimated that over 300,000 official Arduinos had been commercially produced, and in 2013 that 700,000 official boards were in users' hands. https://en.wikipedia.org/wiki/Arduino
- 34. 1. Start-ups Moleskine The present Moleskine notebook is fashioned after Bruce Chatwin's descriptions of the notebooks he used in his travels. In The Songlines, Chatwin tells the story of his original supplier of notebooks, a Paris stationer who in 1986 informed him that the last notebook manufacturer, a small family-run firm in Tours, had discontinued production that year, after the death of the owner. In 1997 a small company based in Milan, Modo & Modo SpA, reintroduced this notebook, and establishing the Moleskine trademark and starting production of Moleskine notebooks with 5,000 pieces. In 1999, Modo & Modo SpA started distributing outside Italy. In 2004, Moleskine notebooks arrived in Japan, and from there Moleskine started distribution to the rest of Asia. 34 http://it.wikipedia.org/wiki/Moleskine#Storia
- 35. 1. Start-ups Moleskine 35 http://it.wikipedia.org/wiki/Moleskine#Storia In 2006 the French investment fund Société Générale Capital purchased Modo & Modo SpA, and invested in its expansion. The company name changed to Moleskine Srl. In July 2012 Moleskine collections were distributed in 22,000 stores across 95 countries. In 2011, Moleskine production extended to new categories with the new writing, travelling and reading collections, launched at the Milan Design Week 2011. In March 2013 the company announced that it will go public at the Milan, Italy, stock exchange.
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- 37. 1. Start-ups LoveTheSign 37 LOVEThESIGN is • Curated home design • Love for the home • Passion for the people that turn spaces into homes • Valuing the authenticity of designer items • Italian style in the world • The right price “Let LOVEThESIGN inspire you to a new way of living your home. Decorate your home with authentic designer pieces - if they are a fake, you'll never feel at home.” http://www.lovethesign.com/uk/about
- 44. 1. Start-ups44 http://company.spotlimeapp.com/it/about/ Spotlime “Spotlime è l’app che seleziona ogni giorno i migliori eventi di Milano e Roma. Spotlime è personalizzata sui tuoi gusti. Ti fa scoprire posti nuovi e provare esperienze inattese. Con Spotlime non perdi tempo. Prenoti last-minute, in un batter d’occhio.”
- 48. 1. Start-ups48 http://company.spotlimeapp.com/it/vision/ Spotlime “Nel tuo futuro, ogni giorno sarà una scoperta. Grazie a Spotlime, sarà più semplice vivere le tue passioni con chi vuoi tu. Spotlime creerà un mondo di emozioni, dove divertimento e amicizia arricchiranno la tua consapevolezza. Un mondo coinvolgente, fatto su misura dei tuoi talenti, nel quale l’empatia sarà la magia che ispira nuove e brillanti idee. Un mondo di esperienze condivise, senza paura, uno spotlimed world.”
- 49. 1. Start-ups49 http://company.spotlimeapp.com/doc/press/20160531/20160531ComunicatoStampaFinanziamentoSpotlime.html Spotlime I numeri di Spotlime: • 2 i click necessari per prenotare un ingresso presso un evento • 15 gli eventi selezionati mostrati ogni giorno • 250 gli accordi sottoscritti presso i migliori organizzatori di eventi di Milano e Roma • 100.000 gli utenti dell’applicazione • 1.000.000 i finanziamenti complessivi in euro raccolti dall’app
- 50. 1. Start-ups Orange Fiber 50 http://www.orangefiber.it/en/ “Orange Fiber is a project aiming at the creation of sustainable and vitaminic fabrics from citrus waste. We want to transform citrus waste – currently valuing 700.000 tons just in Italy – in a sustainable and vitamin- enriched textile that would represent a brand new opportunity for italian tradition in high quality textiles and fashion.”
- 58. 1. Start-ups Volunia “The Volunia project closed. In 2012, at public launch time, the creator has been kicked off his own project by the investor, who wanted to take full control of the company (including the CTO position... sigh...). Result: two years with no innovation, no marketing, nothing, bringing the company to failure. (As an aside, general piece of life advice: despite your enthusiasm and good faith, never trust anybody, as you never really know a person. Beyond words and appearances, you can really find anything, good but also bad: from honest gentlemen to greedy thieves, from judicious men to obtuse egomaniacs. Always shield yourself from the legal viewpoint.)” 58 http://www.volunia.com
- 59. 1. Start-ups Volunia “Back to the Volunia project: the (only) positive side is that after the legal struggle with this guy, the creator is at last going to get back the whole project code, which will be soon made open- source, so to let other people freely reuse the wealth of code and algorithms developed at the time. For descriptions of the Volunia project (in its initial stage of development), see for example: • Search Engine Land's "Volunia, A Social Search Engine, Says The Web Has Come Alive" • Search Engine Watch's "When Will Social Search Engine Volunia Deliver its Quantum Leap" Stay tuned for the code, and good luck with your ideas!” 59 http://www.volunia.com
- 61. 1. Start-ups Napster Napster was the name given to two music-focused online services. It was originally founded as a pioneering peer-to- peer (P2P) file sharing Internet service that emphasized sharing audio files, typically music, encoded in MP3 format. The original company ran into legal difficulties over copyright infringement, ceased operations and was eventually acquired by Roxio. In its second incarnation Napster became an online music store until it was acquired by Rhapsody. 61 https://en.wikipedia.org/wiki/Napster
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- 66. 1. Start-ups Webvan • Born in 1999 as a online shop and delivery service for groceries in Silicon Valley, California. • Founded by Louis Borders, a successful entrepreneur (founder of Borders Bookstores) • Promised 30 minutes deliveries anywhere in town, 24/7. • Within an year and still in the red, it expanded business to 10 major US cities, aiming to reach 26 biggest cities in the country. 66
- 67. 1. Start-ups Webvan • Gained 375 million $ in investment money within 18 months (from Goldman Sachs, Yahoo, Sequoia Capital etc) • Worth 1.2 billion after two years (despite no sustainable revenues) 13 million sales in its first 6 months (despite reporting 35 million losses) • Over 2000 employees, presence in the most important US markets (west coast) • Bought out its direct competitor with 1 billion $ in stocks. 67
- 68. 1. Start-ups Webvan • Huge investments in infrastructure (inspired by Amazon) 300,000-square-foot distribution centres (the “most automated in the world”) • Lots of advertising 200 trucks for the Atlanta area only (grand total actually unknown) • Refitted company headquarters → 92.000$ for 115 chairs (800$ ea) 68
- 69. 1. Start-ups Webvan • Grocery business in the US works on razor-thin margins 2-3 cents per dollar are considered good margin 1 cent per dollar is common • Burned through 1 billion $ in investment money without achieving a sustainable business model • No one on the board had any experience in management • Operating expenses much higher than traditional channels 69
- 70. 1. Start-ups Webvan Ultimately: • bad management decisions • customers' advantages did not justified higher prices • too much money avalaible induced lavish spending • dotcom bubble collapsed LARGEST DOT COM FLOP EVER According to CNET 70
- 71. 1. Start-ups Other examples • startupover.com 71