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Startup Here, Startup Meow #StartupAddVenture @ #ICTSummitPL (Warsaw, Poland)

Startup for Cats, presented at ICT Summir in Warsaw, Poland December 4th, 2014

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Startup Here, Startup Meow #StartupAddVenture @ #ICTSummitPL (Warsaw, Poland)

  1. STARTUP HERE STARTUP MEOW VITALY M. GOLOMB - @VITALYG
  2. #SLIDESHAREOFTHEYEAR
  3. +Investor
  4. cccstartups.com @cccstartups
  5. corporate CATS startup CATS P experts in one area P years climbing ladder P stable lifestyle P real responsibilities P life balance P generalists P early start P cheap lifestyle P nothing to lose P nothing else matters
  6. SO WHAT THE F*** IS A STARTUP?
  7. A STARTUP IS... an experiment in search of a business model - steve blank
  8. SCALABLE STARTUP TRANSITION COMPANY business model found product/market fit repeatable sales model managers hired break-even profitable rapid scale new senior management ~150 people “a startup is not a smaller version of a large company” - steve blank
  9. A STARTUP IS A COMPANY THAT IS CONFUSED ABOUT: 1. WHAT ITS PRODUCT IS, 2. WHO ITS CUSTOMERS ARE, 3. HOW TO MAKE MONEY - DAVE MCCLURE
  10. “A STARTUP’S DEFAULT STATE IS #FAILURE. AS A FOUNDER, YOU HAVE TO WORK TO UNFAIL IT.” - VITALY M. GOLOMB
  11. why would you want to start a company?
  12. retire, play golf, die get regular promotions get in a good company go to a good college get good grades normal career
  13. startup career if successful what people think it looks like what it really looks like
  14. entrepreneurship is a mental disorder
  15. but it takes a little crazy… to change the world
  16. so, why are you doing it?
  17. for the money?
  18. for the IPO money?
  19. 250 200 150 100 50 number of tech ipos since 1999 26 <50 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
  20. funded startup success rate 30% unprofitable 30% fail 30% somewhat profitable 10% big success
  21. BY THE WAY... #FAILURE IN STARTUPS IS OVERGLORIFIED
  22. FAILURE IS a hard lesson
  23. the odds are against you 1st time founder 18% repeat failed founder 20% repeat successful founder 30%
  24. you’ll get acquired if you are lucky & good
  25. freedom?
  26. normal job: one boss
  27. startup: every user is your boss
  28. have a family? they will suffer
  29. “as a startup ceo, i slept like a baby. i woke up every 2 hours and cried.” - ben horowitz
  30. feeling defeated yet?
  31. founder and team morale jess lee - “why startup founders are always unhappy”
  32. good news: you can improve your chances
  33. find a problem you can’t live without solving
  34. don’t build technology looking for a problem to solve solve a painful problem
  35. what is all this lean bullshit?
  36. lean = quick iterations
  37. more chances to solve the problem
  38. more chances to #unfail
  39. so what’s a good startup?
  40. NOTHING MATTERS MORE THAN TRACTION
  41. solves a painful problem for a specific customer
  42. how can you be sure you’re solving a problem?
  43. HOW IS IT CURRENTLY BEING SOLVED?
  44. no competitors = no problem = no market
  45. stop coding get out of the building talk to your customers face your fears validate assumptions
  46. HARD? EXPENSIVE? SUCKS? HOW ARE YOU DIFFERENT AND BETTER?
  47. F’IN
  48. A RISING TIDE LIFTS ALL BOATS
  49. what’s your business model?
  50. symmetric customer pays for experience
  51. asymmetric 3rd party pays for customer
  52. DOES IT scale?
  53. $4,000,000 $3,000,000 $2,000,000 $1,000,000 revenue per employee $3.6M $2.15M $1.25M $1.1M $691K $64K Craigslist Apple Google Facebook Amazon McDonalds
  54. don’t forget: you are building a repeatable business
  55. measure everything
  56. main ingredient: team
  57. hiring is hard
  58. O much money O stability O support structure O a long-term plan P stock P flexibility P chance to make a difference what you don’t have what you do have
  59. BUSINESS with domain expertise DESIGN ENGINEERING balanced startup team
  60. what is your unfair advantage?
  61. ACCOMPLISHMENTS MONEY RAISED? PARTNERSHIPS? GROWTH?
  62. THE SILICON VALLEY FUNDING STACK circa 2014 M&A / IPO GROWTH EQUITY $100M+ VC FUNDS ANGELS/SEED VCs ACCELERATORS BOOTSTRAP/Friends Family & Fools
  63. EUROPEAN FUNDING STACKcirca 2014 M&A / IPO GROWTH EQUITY $100M+ VC FUNDS ANGELS / SEED VCs ACCELERATORS BOOTSTRAP / FFF
  64. 2001 DOT COM CRASH US VC FUNDS RAN AWAY FROM EUROPE few, STRONG EUROPEAN VC FUNDS SURVIVED
  65. IT IS EASIER TO STARTUP ANYWHERE NOW THEN IN SILICON VALLEY IN 1999
  66. the new tools of the trade
  67. VENTURE CAPITAL IS CHANGING
  68. SOURCE: STEVE BLANK
  69. MEDIAN EXIT = $20M SOURCE: SEED DB
  70. WHY HERE? WHY NOW?
  71. EUROPE PRODUCES HIGHER VENTURE EXIT MULTIPLES THAN U.S.
  72. EUROPEAN EXIT ARE 25% SMALLER, BUT… ENTRY VALUATIONS ARE 3-4X LOWER
  73. EUROPE PRODUCES 1/2 AS MANY EXITS AS U.S. AND 1/3 OF $100M+ EXITS WITH ONLY 20% OF U.S. VC
  74. MEDIAN CASH-ON-CASH $100M+ EXIT MULTIPLE 4.5X US 7.2X EUROPE 2005-2011 SOURCE: EARLYBIRD, DOW JONES VENTURE SOURCE
  75. EUROPEAN INVESTED CAPITAL UP OVER 35% IN 2014 ALONE SOURCE: PITCHBOOK
  76. BRACE YOURSELVES INVESTORS ARE COMING
  77. THE FUTURE FOR EUROPEAN STARTUPS IS BRIGHT
  78. LOOKING FORWARD
  79. WIN YOUR HOME 1MARKET FIRST
  80. support/mentor 2the next generation
  81. help build the ecosystem www.goo.gl/Y2nOL2 3 source:
  82. want theSE slides? follow @vitalyg
  83. COMING IN 2015 download 1ST CHAPTER free now www.founderco.com @vitalyg
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Startup for Cats, presented at ICT Summir in Warsaw, Poland December 4th, 2014

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