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Start-ups (v. 2017-2018 eng)
This document outlines the course program for a start-ups class. It introduces the instructors and provides an overview of the course content, which will cover topics such as what a start-up is, how to create one, whether one should open a start-up, useful tools and networks, how to work and present ideas to investors. Examples of both successful start-ups like Yoox and failed start-ups like Volunia are also presented. The document concludes by asking students what they want to get out of the course.
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Start-ups (v. 2017-2018 eng)
- 1. Start-ups Frieda Brioschi /Emma Tracanella frieda.brioschi@gmail.com / emma.tracanella@gmail.com IED, 17 Oct 2017 Lesson 1/2017-2018
- 2. 1. Start-ups Course program 1.Start-ups 2
- 3. 1. Start-ups Today’s tableof content 1. Who we are 2. What is this course 3. Successful companies 4. #EpicFAILS? 5. Lessons learnt 3
- 4. 1. Start-ups Who weare 4
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- 7. 1. Start-ups About thiscourse 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 Ican.. • 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
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- 13. 1. Start-ups BMC VsLC 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 doyou want to do? 15
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- 18. 1. Start-ups On DayOne, a start-up is a faith- based initiative built on guesses. - Steve Blank 18 https://steveblank.com/2012/05/14/9-deadliest-start-up-sins/
- 19. 1. Start-ups Startup isa state of mind. It’s when people join your company and are still making the explicit decision to forgot stability in exchange for the promise of tremendous growth and the excitement of making immediate impact. - Adora Cheung 19 http://www.businessinsider.com/what-is-a-startup-2014-2?IR=T
- 20. 1. Start-ups Successful companies (oncewere start-ups!) 20
- 21. 1. Start-ups Yoox Net-a-PorterGroup Yoox Net-a-Porter Group is an online fashion retailer. Yoox was 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”. It has established itself amongst the market leaders with the multi-brand stores yoox.com, thecorner.com and shoescribe.com. 21 http://en.wikipedia.org/wiki/YOOX
- 22. 1. Start-ups 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.). Yoox Net-a-Porter Group is a Global company with Anglo-Italian roots, born in October 2015 from the merge of Yoox Group and The Net-a-Porter Group. Yoox Net-a-Porter Group is listed on the Milan Stock Exchange as YNAP. 22 http://www.ynap.com/pages/newsroom/press-kits/ynap/ Yoox Net-a-Porter Group
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- 26. 1. Start-ups Uniquely positionedin the high growth online luxury sector, YOOX NET-A-PORTER GROUP has an unrivalled client base of more than 2.9 million high-spending customers, 29 million monthly unique visitors worldwide and combined 2016 net revenues of €1.9 billion. The Group has offices and operations in the United States, Europe, Japan, China and Hong Kong and delivers to more than 180 countries around the world. YOOX NET-A-PORTER GROUP is listed on the Milan Stock Exchange as YNAP. 26 http://www.ynap.com/pages/investor-relations/ynap-at-a-glance/ Yoox Net-a-Porter Group
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- 28. 1. Start-ups The websitewas 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. 28 http://www.ict4executive.it/executive/interviste/volagratiscom-sul-web-un-successo-made-in-italy--- intervista-a-marco-corradino-fondatore_4367215330.htm
- 29. 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 29 http://www.lastminutegroup.com/about-us/our-history.aspx
- 30. 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 30 http://www.lastminutegroup.com/about-us/our-history.aspx
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- 33. 1. Start-ups Jobrapido “Jobrapido isthe world’s leading job search engine. Established in 2006, Jobrapido has achieved unprecedented global popularity. The Company lists over 20 million jobs every month, records 35 million unique users per month and has more than 70 million registered users. From its HQ in Milan, Jobrapido conducts business in 58 countries, where it matches the right candidates with the right roles at thousands of companies around the world, helping companies to get qualified candidates on demand.” 33 http://corporate.jobrapido.com
- 34. 1. Start-ups Jobrapido “Looking fora 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 34 http://it.wikipedia.org/wiki/Jobrapido
- 35. 1. Start-ups Jobrapido With theproject 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%. 35 http://it.wikipedia.org/wiki/Jobrapido
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- 37. 1. Start-ups Arduino 37 Arduino isan 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
- 38. 1. Start-ups Moleskine The presentMoleskine 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. 38 http://it.wikipedia.org/wiki/Moleskine#Storia
- 39. 1. Start-ups Moleskine 39 https://it.moleskine.com/it/company In 2006the 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 was listed at the Milan stock exchange. At the end of 2016 Moleskine was acquired by D'leteren group (and de-listed).
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- 41. 1. Start-ups LoveTheSign 41 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
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- 49. 1. Start-ups49 http://company.spotlimeapp.com/en/about/ Spotlime “Discoverthe most exciting events happening in Milan and Rome, curated by your taste. Last minute plans? No worries You can book any last minute event in the blink of an eye.”
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- 56. 1. Start-ups56 http://company.spotlimeapp.com/en/vision/ Spotlime “Inthe future, every day will be a surprising day. Living your passions with your best friends or new ones will be easier and more exciting thanks to Spotlime. Spotlime will create a world of new shared experiences. A world built on emotions where fun and friendship are the paths for a growing self- consciousness. A touching world tailored to you and your genius. A world where empathy is the magic inspiring brilliant new ideas. A world of Spotlimers living in harmony one with another. A shared fearless spotlimed world.”
- 57. 1. Start-ups57 http://company.spotlimeapp.com/doc/press/20160531/20160531ComunicatoStampaFinanziamentoSpotlime.html Spotlime Spotlimenumbers: • every eventi is just 2 clicks away • 15 events selected every day • 250 partnership with event organizers in Milan and Rome • 100.000 app users • 1.000.000€ funds raised
- 58. 1. Start-ups Orange Fiber 58 http://www.orangefiber.it/en/ “OrangeFiber 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.” In April 2017 the first fashion collection created with the Orange Fiber fabric by a top fashion brand is presented.
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- 64. 1. Start-ups Volunia “The Voluniaproject 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.)” 64 http://www.volunia.com
- 65. 1. Start-ups Volunia “Back tothe 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!” 65 http://www.volunia.com
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- 67. 1. Start-ups Napster Napster wasthe 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. 67 https://en.wikipedia.org/wiki/Napster
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- 72. 1. Start-ups Webvan • Bornin 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. 72
- 73. 1. Start-ups Webvan • Gained375 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. 73
- 74. 1. Start-ups Webvan • Hugeinvestments 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) 74
- 75. 1. Start-ups Webvan • Grocerybusiness 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 75
- 76. 1. Start-ups Webvan Ultimately: • badmanagement 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 76
- 77. 1. Start-ups Other examples •startupover.com 77