The document summarizes lessons learned from the speaker's failed startup StatEasy and his experience with the successful startup eShares over 2 years in Silicon Valley. The key lessons are to focus obsessively on achieving product-market fit without self-deception, think ambitiously but start small and incrementally scale wins, obsess over collecting and analyzing customer data and sharing that focus, hire only when necessary to leverage growth rather than as a consequence of success, and prioritize founder well-being and sustainability through mentors and self-care. Contact information is provided to discuss further.

1. A Presentation to Myself 5 Years Ago:
Lessons from a Failed Start-up and 2 Years
in Silicon Valley
3 Rivers Venture Fair
April 6th 2016

2. Agenda
• Target Audience: 25-35 year old first-time entrepreneurs
• Backstory
• Product/Market Fit
• Think Big, Start Small
• Data
• Hiring
• Founder Experience
• Summary

3. • Stats and video software for
sports teams
• Mike Ressler / Tom Matta
• $1.2 MM funding
• Killer team / board
• 250 teams
• Equity software for private
companies
• Henry Ward / Manu Kumar
• $27 MM funding
• Killer team / board
• 4,000 companies
Backstory

4. Product / Market Fit
• StatEasy
– MVP = highlight videos
– Lynn Swann customer testimonial
– Lies we tell ourselves
• eShares
– MVP = electronic stock certificates
– Network effects
• A great market will pull product out of the startup
• The #1 company killer is a lousy market
• Action Item: Focus obsessively on getting to
product/market fit. Don’t lie to yourself!

5. Think Big, Start Small
• StatEasy
– HUGE VISION: social sports network
– Start big = LOSE BIG
• eShares
– HUGE VISION: liquidity for private companies
– Start small:
1. Cap tables (WIN)
2. Options/exercises (WIN)
3. Valuations (WIN)
4. ….
• Action Item: Think big, start small, and WIN SMALL!

6. Data
• StatEasy
– Underdeveloped data model
– Work to collect and analyze data
• eShares
– Data model built in product
– Easy collection, focus on analysis
– CEO Henry Ward: 90 slide company data review
• You’re not obsessing about your data enough
• Be transparent / encourage others to obsess too!
• Action Item: Obsess about your data! Share the obsession!

7. Hiring
• StatEasy
– Hired too quickly
– Thinking new hires = good
• eShares
– Very different thinking
– “Hiring means we failed to execute and need help”
– “Hiring is not a consequence of success (revenue and customers are)”
– “Hiring is a consequence of our failure to create enough leverage to grow
on our own”
• Action Item: How did you fail to create leverage to grow on your own?

8. Founder Experience
• Few people talk about what it’s like to be a founder
• It’s a marathon, not a sprint
• StatEasy
– Emotional roller coaster
– Stopped exercising
• eShares
– Gym membership stipend
– “1on1’s” with managers (casual walks)
– High pressure + pressure release valves
• Action Item: Find a sustainability mentor!
Schedule regular check-ins!

9. Summary (Contact = tom@esharesinc.com)
• Action Items
– Get to product/market fit. Don’t lie to yourself!
– Think big, but start small, and WIN SMALL!
– Obsess about your data. Share the obsession!
– How did you fail to create leverage to grow on your own?
– Find a sustainability mentor. Schedule regular check-ins!
• Essential reading and re-reading
– THE LEAN START-UP
– SPIN SELLING
– HOW TO WIN FRIENDS AND INFLUENCE PEOPLE
• Follow on Medium
– @henrysward
– @manukumar