Startup Secrets - Have you got what it takes?
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There is a belief in the business world that founders can’t scale. Put another way, a company’s growth curve will eventually outstrip the capabilities of its founder’s ability to remain CEO.
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Startup Secrets - Have you got what it takes?
- 1. Proprietary and Confidential START UP SECRETS An insider’s guide to unfair competitive advantage Do you have what it takes? @underscorevc startupsecrets.com
- 2. Proprietary and Confidential Have a Question? Tweet it! 2startupsecrets.com@underscorevc @underscorevc #startupsecrets
- 3. Proprietary and Confidential 3 Where does this all fit? startupsecrets.com@underscorevc Vision (Market) Startup Roadmap Enduring Company Value Proposition People Team Execution Cultural Consistency The Founder It Starts With YOU
- 4. Proprietary and Confidential Technology platform is here Lower cost barriers Faster time to launch More accelerators and mentors Better ability to test product market fit Does it mean you should just jump in and startup? 4 Context… startupsecrets.com@underscorevc
- 5. Proprietary and Confidential A question for you… 5startupsecrets.com@underscorevc What does success look like to you? • Lifestyle? • Fame? • Power? • Money? • Other?
- 6. Proprietary and Confidential Founder’s Dilemmas – Rich vs. King 6startupsecrets.com@underscorevc Most entrepreneurs want to get rich AND run the show Tough to have both money AND power… • To make a lot of money on a venture means getting financial resources to capitalize on opportunities in front of you. Tradeoff is loss of control • To remain in charge you need to retain equity. This means fewer financial resources to fuel your venture. If you don’t figure out which matters more to you, you’ll wind up being neither rich nor king
- 7. Proprietary and Confidential Reality of what’s involved 7startupsecrets.com@underscorevc “I want to change the world.” • Pressure • Sacrifice (not if your passion) • Money “Rent and Ramen” Uncertainty • years to outcome: 7 to 10 yrs. ~ ‘000s: 1 funding ~ 1 in 10 breakouts (Anecdotal: only 45 “Unicorns” in the past decade)
- 8. Proprietary and Confidential The path to success… 8startupsecrets.com@underscorevc
- 9. Proprietary and Confidential The roadmap to success… 9startupsecrets.com@underscorevc Pivots? Ideation Repeatability? Predictability? Scalability? Validation? Profitability? Funding? Creation What will yours be? • Make it up!
- 10. Proprietary and Confidential What will yours be? • Expect the unexpected… 10 The roadmap to success… startupsecrets.com@underscorevc Pivots? Ideation Repeatability? Predictability? Scalability? Validation? Profitability? Funding? Creation Outlier customers Business Model Reworking Funding Mirage Iterations The unexpected: “near death” experience Team Upgrades Growth vs Leverage? Re- Creation (See LinkedIn article here) Startup Euphoria
- 11. Proprietary and Confidential What will yours be? • Expect the unexpected… Longer, harder, maybe even bigger 11 The roadmap to success… startupsecrets.com@underscorevc Pivots? Ideation Repeatability? Predictability? Scalability? Validation? Profitability? Funding? Creation Outlier customers Business Model Reworking Funding Mirage Iterations The unexpected: “near death” experience Team Upgrades Growth vs Leverage? Re- Creation Startup Euphoria
- 12. Proprietary and Confidential BREAK -through -out Get used to the UNgame 12 UNexplored UNdefinedUNexpected UNcertainty
- 13. Proprietary and Confidential Playing the UNgame My 5 watchwords: REALITY, CLARITY, HUMILITY, CREDIBILTY, CERTAINTY • Reality Confront it head on, shine a spotlight on it to get… • Clarity Do everything you can to get people to fully understand the situation, problem, opportunity • Humility Show humility with customers, partners, employees, investors, media, etc. first by listening before jumping to conclusions / answers • Credibility Establish what have you learned and then move on fast to … Build credibility by delivering improvements before promising anything • Certainty Confirm it’s turning things around from the outside in – check with customers etc Expect it to be fleeting if you’re growing fast! 13
- 14. Proprietary and Confidential But founders are often UNconventional
- 15. Proprietary and Confidential Genius? Thomas Edison 15 imho: being right isn’t always as important as being practical, or enabling others
- 16. Proprietary and Confidential Genius? He was right… 16
- 17. Proprietary and Confidential Why are you doing this? Inspired? • Change the world Meeting a need? • Personal or market? Addressing a pain point? • Scratching an itch? • Healing a wound? • Positively motivated? Or just to prove someone wrong? Fun or Fundamental? 17
- 18. Proprietary and Confidential UNconventional founders Are usually • FUN AND FUNdamentally driven The combination of BOTH fuels them for the UNgame 18
- 19. Proprietary and Confidential Question? 19 What would you choose to do if today was your last day of work?
- 20. Proprietary and Confidential Timing… 20startupsecrets.com@underscorevc When do you think is the right time to become an entrepreneur? Right out of school, college? After you’ve got some real work experience? After you’ve been in a startup? If you’ve worked your way up a corporation? Whenever ?! Is it age related?
- 21. Proprietary and Confidential The Age Old argument: Youth vs. Experience 21startupsecrets.com@underscorevc 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 0-24 25-34 35-44 45-54 55+ Age of U.S. Tech Entrepreneurs - At Time of Funding
- 22. Proprietary and Confidential The Age Old argument: Youth vs. Experience 22startupsecrets.com@underscorevc • Youth • Ignorance is bliss • Unaware = unlimited • Open mind = open to possibilities • less to lose • Experience • Confidence • Stronger networks • Deeper pockets • also more to lose
- 23. Proprietary and Confidential Networks and Relationships 23startupsecrets.com@underscorevc Cultivate, Curate your network Attract, Select, Grow people Find mentors The number one relationship • Your potential customer
- 24. Proprietary and Confidential Shoe Leather 24startupsecrets.com@underscorevc Customer intimacy • Vital in product development, support, etc.
- 25. Proprietary and Confidential Career path … so how do I gain that experience?
- 26. Proprietary and Confidential Career paths for founders? 26startupsecrets.com@underscorevc PeopleSoft Outcome Founder(s) Relevant Prior Experience David Duffield Aneel Bhusri $9.5B Yahoo & Infoseek Michael Baum, Rob Das, Erik Swan $3B PayPal & Socialnet.comReid Hoffman$7.8B Odeo, Audioblog, Pyra Labs, Blogger Jack Dorsey, Evan Williams, Biz Stone & Noah Glass $31.6B
- 27. Proprietary and Confidential Big Company vs. Startup Experience? 27startupsecrets.com@underscorevc I’ve been incredibly successful at Global Enterprises • Does that set me up for success as an entrepreneur? IMHO = NO! If you want startup experience • Go and work in… A STARTUP! Find a mentor within the startup
- 28. Proprietary and Confidential Outliers… 28startupsecrets.com@underscorevc 10,000 Hours • 3 hours a day for a decade Deep Expertise Onshape
- 29. Proprietary and Confidential A tale of two cities… 29startupsecrets.com@underscorevc Deep Expertise Onshape On The Job
- 30. Proprietary and Confidential Stages… 30startupsecrets.com@underscorevc One size fits all? Ideation Confirmation Creation Validation Repeatability Scalability Profitability Predictability
- 31. Proprietary and Confidential Stages… 31startupsecrets.com@underscorevc Ideation Confirmation Creation Validation Repeatability Scalability Profitability Predictability Increasing VALUE DecreasingRISK Innovator Entrepreneur Builder Operator Enabler
- 32. Proprietary and Confidential YOU are your biggest investor 32startupsecrets.com@underscorevc VCs, investors, advisor • Invest some of their time • Some of their money • Part of their portfolio You invest • Your life • Your reputation • And there is only ONE of you to invest It takes • Dedication • Focus
- 33. Proprietary and Confidential Innovation & Entrepeneurship 33startupsecrets.com@underscorevc Don’t set out to create a billion-dollar company Set out to solve a multi “billion-dollar problem” MINDFUL of what it takes to build an enduring company
- 34. Proprietary and Confidential T 617.303.0064 @underscorevc 53 State Street, 10th Floor, Boston, MA 02109, USA
Editor's Notes
- In the real world you’d iterate Today we’re going to do a workshop to allow you to build a value proposition
- For (target customers—beachhead segment only) Who are dissatisfied with (the current market alternative) Our product is a (new product category) That provides (key problem-solving capability). Unlike (the product alternative), We have assembled (key whole product features for your specific application). Moore, Geoffrey A. (2009-03-17). Crossing the Chasm: Marketing and Selling Technology Project (p. 154). Harper Collins, Inc.. Kindle Edition.
- For (target customers—beachhead segment only) Who are dissatisfied with (the current market alternative) Our product is a (new product category) That provides (key problem-solving capability). Unlike (the product alternative), We have assembled (key whole product features for your specific application). Moore, Geoffrey A. (2009-03-17). Crossing the Chasm: Marketing and Selling Technology Project (p. 154). Harper Collins, Inc.. Kindle Edition.
- EG Silicon Graphics in Hollywood For post-production film engineers Who are dissatisfied with the limitations of traditional film editors Our workstation is a digital film editor That lets you modify film images any way you choose. Unlike workstations from Sun, HP, or IBM, We have assembled all the interfaces needed for post-production film editing. Moore, Geoffrey A. (2009-03-17). Crossing the Chasm: Marketing and Selling Technology Project (p. 154). Harper Collins, Inc.. Kindle Edition.
- EG Silicon Graphics in Hollywood For post-production film engineers Who are dissatisfied with the limitations of traditional film editors Our workstation is a digital film editor That lets you modify film images any way you choose. Unlike workstations from Sun, HP, or IBM, We have assembled all the interfaces needed for post-production film editing. Moore, Geoffrey A. (2009-03-17). Crossing the Chasm: Marketing and Selling Technology Project (p. 154). Harper Collins, Inc.. Kindle Edition.
- EG Silicon Graphics in Hollywood For post-production film engineers Who are dissatisfied with the limitations of traditional film editors Our workstation is a digital film editor That lets you modify film images any way you choose. Unlike workstations from Sun, HP, or IBM, We have assembled all the interfaces needed for post-production film editing. Moore, Geoffrey A. (2009-03-17). Crossing the Chasm: Marketing and Selling Technology Project (p. 154). Harper Collins, Inc.. Kindle Edition.
- EG Silicon Graphics in Hollywood For post-production film engineers Who are dissatisfied with the limitations of traditional film editors Our workstation is a digital film editor That lets you modify film images any way you choose. Unlike workstations from Sun, HP, or IBM, We have assembled all the interfaces needed for post-production film editing. Moore, Geoffrey A. (2009-03-17). Crossing the Chasm: Marketing and Selling Technology Project (p. 154). Harper Collins, Inc.. Kindle Edition.
- EG Silicon Graphics in Hollywood For post-production film engineers Who are dissatisfied with the limitations of traditional film editors Our workstation is a digital film editor That lets you modify film images any way you choose. Unlike workstations from Sun, HP, or IBM, We have assembled all the interfaces needed for post-production film editing. Moore, Geoffrey A. (2009-03-17). Crossing the Chasm: Marketing and Selling Technology Project (p. 154). Harper Collins, Inc.. Kindle Edition.
- Customer problem or need