Systart 2011 Autumn - Go Get Car Share - Nic Lowe - GoGet.com.au
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This document provides 4 pieces of advice for startups: 1) Start for reasons beyond just making money, 2) Consider opportunities presented by problems like lack of car ownership, 3) Focus on releasing good products instead of waiting for perfection, and 4) Innovate by addressing limitations and gathering feedback to repeat successes. It encourages startups to take action instead of overthinking ideas.
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Systart 2011 Autumn - Go Get Car Share - Nic Lowe - GoGet.com.au
- 1. SYDSTART
- 3. 4 quick bits of advice for a startup
- 5. The perfect is the enemy of the good.
- 7. Make Feedback Loops and Repeat Successes
- 8. Thanks Nic Lowe Co founder [email_address] 0416 372 713 (No, I don't have a twitter account, you A.D.D. Gen Y mofo)
Editor's Notes
- Thanks for having me, Thanks to Sydstart Great ecosystem Enthusiastic & energetic people with new ideas I'n Nic from Goget Carshare - we've got over 500 cars in Sydney, Melbourne and Adelaide and have been going about 8 years. What we do is simple - we help you get around without owning a car.
- Quick marketing spin on who we are and what we do.
- I am going to give you an extra bit of advice - make sure you're doing your startup for more reasons than money.
- Impact on car ownership - ~70% of members said they'd consider buying a car if it wasnt for us - thats 8400 cars we've zapped or about the size of hyde park. Why? -Many startups fail - helps you get through the tough times -Many people who work in startups earn less than they did in corporate life - an exhaustive UK study had pre startup salary at $180k and post startup salary of $80k - you drop about 50% of your wage, -These reasons will keep you going when times get tough, which you can be sure they will.
- Voltaire (pronounced: [volˈtɛʁ] ), was a French Enlightenment writer, historian and philosopher famous for his wit and for his advocacy of civil liberties , including freedom of religion and free trade . Contrast to 'near enough is good enough' A startup is about execution and being nimble. Execute first, and execute fast. 80% of results come from 20% of the work....and then 80% of the work is spent on only 20% of the results. The pursuit of perfection: ->Stops you from experimenting - ->Slows down ideas ->Most importantly, it stops you starting. Theres plenty of time for perfection and optimisation down the track - but first you need to be good.
- What does this mean? We started GG with $10,000. Our main competitor had $250k, plus $350k gov money, plus another $800k VC money. About $1.4m in total. So what did we do? We scraped. We scrounged. We knew exactly how long it took to clean a hand deliver 5000 envelopes, and how many cars you can clean in one day. We didn't invest any fancy card swipe systems until we really had to. We learnt photoshop, HTML and PHP and measured every single cent we spent on marketing. 7 years later, we're 5 times as big as them and have 80% market share. Whats the lesson in this? -Create value by -Your most expensive mistakes will be made early on. -Don't mistake investment for Its possible that you will mistake over-investment for customer demand (expensive salesperson) You've got no resources - act that way! If you make 20% profit on every sale, you get a 5:1 kicker on every dollar you save compared to every dollar extra sales you get! Create really low (false) budgets for your staff to work to.. Ask the question - how could we do this for free?
- When somethings not working - change it. When somethings working - keep doing it. Dont invest too much in one strategy unless you've tested it Follow success Abandon failure Keep listening to what your business is telling you Ensure that your business has success feedback loops Talk about good pods, and bad pods, and how they are regularly culled and moved. (bottom 5 cars goto top 5 locations)