The document provides advice from a startup founder on starting, growing, and exiting a company. It discusses choosing a committed founding team and mentors. Validation involves proving customers are willing to pay for the problem being solved. Bootstrapping and leveraging funds is emphasized over raising capital initially. Having an exit strategy from the start and positioning the company for acquisition are advised for growing and exiting. Negotiation and advisors are important when exiting. Most startups fail due to founders giving up, so perseverance is key to success.

1. a day in the life of a
STARTUP FOUNDER
http://www.flickr.com/photos/rhinoneal/3907394091

2. A BIT ABOUT ME…
• CONSEROS FOUNDER
• STARTED IN 2006
• 100% EXPORT
• EXIT IN 2009

3. TOPICS
1. STARTING
2. GROWING
3. EXITING
http://www.flickr.com/photos/gianpierre_soto/5505817770/sizes/l/in/photostream/

4. team | validation | funding
STARTING
http://www.flickr.com/photos/cedmars/6816878644/

5. Team
Make wise choices, including your co-founders
http://cdn.api.warnerbros.com/WB_Portal_3.0/imageRequest?rendition=SmallThumbnail&contentId=087194

6. Founders
• Committed & Passionate
• Ideal Number? Well: 1 < n ≥ 3
Core Team
• Never settle for anything less than A+
• Hire for culture fit & functional skills
• Be slow to hire & quick to fire
Mentors
• Have founded a startup
• Available when needed
http://www.flickr.com/photos/syume/4400844746/

7. You will wake up in a puddle of your
own sweat realizing you’re
completely fucked
http://sleepdisorders.dolyan.com/30‐great‐tips‐what‐can‐help‐me‐sleep/

8. Validation
Your idea solves a problem
customers are willing to pay
money for
http://wallpapergravity.com/Image.php?ID=382174

9. Validation
has never been easier, or more cost effective

10. Validation:
If you don’t do it, you’re
burning cash by guessing
http://www.flickr.com/photos/trip22nlarry/5984291227/

11. Funding
The art of bootstrapping
http://www.flickr.com/photos/trippinlarry/5987691227/

12. Bootstrapping
retain control | no dilution
http://www.flickr.com/photos/tfpc/6139591124/

13. Art of Bootstrapping
• Get lean – personally & professionally
• Explore work for equity options with core team
• What’s your Obama-O strategy?
• Leverage every dollar you have, or can get
http://www.flickr.com/photos/h‐k‐d/4490192739/

14. Turning $1 into $2…
NRC-IRAP (r&d) | ACOA (sales, bd, marketing)
BNB (taps) | SR&ED (tax credit)
http://www.flickr.com/photos/danielygo/6814491438/

15. Angel / Seed
Once you have a
validation, prototype, and
ideally paying customers
http://upload.wikimedia.org/wikipedia/commons/thumb/8/87/WinonaSavingsBankVault.JPG/1280px‐WinonaSavingsBankVault.JPG

16. Failure is from a lack of paying
customers, not funding
http://www.flickr.com/photos/minusbaby/3403178463/

17. process | planning | advisors
GROWING
http://www.flickr.com/photos/evoo73/6930638399/

18. Process
Important, but don’t have
too many rules &
procedures
Balance with employee
empowerment & that
‘startup’ culture
Ensure you have a culture
of employee
accountability
http://www.flickr.com/photos/liberato/2292651755/

19. Planning
When starting, doing is more
important than planning.
At some point you will need
some ‘planning’ for growth
http://www.flickr.com/photos/jurvetson/21470089/

20. Advisors
Important to you as a founder, and to your company

21. strategy | positioning | execution
EXITING
http://www.flickr.com/photos/javi_velazquez/6908063653/

22. Strategy
Are you an entrepreneur, or empire builder?
http://commons.wikimedia.org/wiki/File:Maccari‐Cicero.jpg

23. Lean Startup + Early Exit
a winning combination
http://www.flickr.com/photos/kellbailey/1805414461/

24. Which path is better?
reducing time to exit = reducing risk + enhances IRR
3 Year IPO / Exit
Exit$25M at $150M at 10%
65%
Mezzanine
Product /
Prove
Series A
Series B
Raise Angel
Market Fit
(own 35%)
Model
(own 40%)
(own 25%)
Traction
(own 10%)
Validation
2 to 3 years
5 to 7 years
Source: “Exit Strategy for Startups”, VentureArchetypes, LLC

25. Strategy
skate to where the puck will be & wrap yourself around acquirer’s axle
Credit: Sporting News Archive

26. Exit Strategy
Have your “end game” exit
strategy on Day #1
http://www.flickr.com/photos/uckhet/268319752/

27. Positioning
• Tell a good story, with passion
• Specifics on potential of “together”
• Vision of “what could be” in the future
http://www.flickr.com/photos/beaconradio/5911999506/

28. Negotiation
• Hire A+ finance & legal advisors
• Never piecemeal
• Clean house before diligence
http://www.gazprom.com/about/history/events/italy40/

29. Challenges
Starting a company from
here? http://www.flickr.com/photos/adamhenning/45704086/sizes/l/in/photostream/

30. There Are None!
Stop making excuses: regardless of location, it isn’t easy
http://www.flickr.com/photos/mona_q/3595738923/

31. TOPICS
1. STARTING
2. GROWING
3. EXITING
http://www.flickr.com/photos/gianpierre_soto/5505817770/sizes/l/in/photostream/

32. Most startups fail because
the founders give up…
http://www.flickr.com/photos/kcnickerson/1008563510/

33. don’t give up…

34. Contact Me:
E-Mail: jthompson@about.me
Twitter: @thomjeff
Some of the photographs in this presentation were retrieved from Flickr and made available under a Creative Commons
license. Please refer to each photograph for a link to the image source.