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Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,11.12.2010,#,The Art of the Start,Six,lessons for startups,Allan Martinson, MTVP,Latvian,IT Cluster/RBS, Nov 26, 2010,Valley of Death,Startup:,A vehicle to drive thru,Death Valley,The One Million Land,A startup is a human institution designed to deliver a new product or service under conditions of extreme uncertainty Eric Ries,My startup (and not so startup) life,Baltic,6,lessons,on how to grow your,stupid little startup,into,SOMETHING,How does a startup start?,Lesson 1: Its all about people,It does not start from a business idea,Incubation takes years,2 founder rule,Leader,Skeptic,Multi-skilled talents,Team &,Values,It starts from people,Pick your friends wisely,Your future income will be the average of 5 of your closest friends,Pick your friends wisely,Your future income = average of your 5 closest friends,Lesson 2: The origin of great business ideas,Povarskaya St, Moscow,March 1990,My moment of epiphany?,This does not happen,Three origins,of great startups,Copycats:,Copy,existing business model,to,new markets,Evolutionary:,Seek,better solution,to,existing problems,Revolutionary:,Seek,unknown solution,to,unknown problems,The best ideas come on,cross-roads,of,trends,and,disciplines,The 30-seconds pitch,: tell your granny,Who,is your customer,What,does your company do for this customer,Why are you,better,than competition,Do you pass the “Google test”?,The,What,Why I will never invest in,IT services,any more,Company,2:,IT services,Company 1:,Platform business,Lesson 3: The art of pivot,T,he life of any startup can be divided into two parts before product/market fit and after,p,roduct/market fit,Marc Andreessen,Why pivot?,Not a single great company follows,its original business idea,Failure,is not a problem,Slow failure,is a problem,The importance of milestones,MVP (Minimum Viable Product):,48 hrs 3 months,Initial customer validation:,1 week 6 months,One million something (users, $, etc):,1-2 years,You shall pivot if:,Your,solution seeks a problem, not vice versa,Nobody,wants to,use,your product even you,You have ceased to,believe,into your company for 1 month,Lesson 4: The Need For Speed,Why speed?,Startups, by very definition, are,probabilistic,Success seems,intentional,only in,retrospective, impossible to compute,Works in startups, too,20% of more effort will result in many times better result after some time,In probabilistic environments,speed and focus,are the best boosters of success rate,And,hunger,is the best,factor,contributing to it,The ultimate example of being focused,“I was too busy, I didnt do things like that I just didnt go and meet new people who were involved in investments.”,Bill Gates on initially refusing to,meet Warren Buffet,Interview with Financial Times, Oct 2010,Lesson 5: Importance of right signals,Importance of the right signals,With whom do we,compare,ourselves?,What do our customers, investors, partners,really think,?,Are we insiders or,foreign,?,Nothing replaces,human interaction,even in internet era,Silicon Valley,is the focal point of information, emotions and ideas,It is the,mental state,Being Latvian is,a full-time job,Lesson 6: Where to find smart investors,Raising venture capital is the art of younger men seducing older men,- Anonymous,Idea,Prototype,“Beta”,Commercial launch,Market share,Breakeven!,9-18 mo,18-24 mo,2-3 Y,3-7 Y,Users &,traction,Revenues,Profits,0,+,-,Paid CEO,Sales structures,Bureaucracy,210 50200 500 employees,FFF,$10-500K,A-round,$1-10m,B-round,$5-50m,IPO or,exit,Typical lifecycle of a high-tech company,Typical life cycle in figures,Year,1,2,3,4,5,6,Phase,St,artup,Early growth,Growth,E,xit,Revenues ($m),0,1,4,10,20,30,Growth %,300%,150%,100%,50%,Investment phase,Angel,A-round,B-round,Pre-money,/ exit,valuation,($m),0,5,3,40,150,Investment ($m),0,4,2,5,25,Post-money valuation,($m),0,9,5,5,65,150,Post-money ownership of founders,56%,30%,19%,19%,Value of founders stake ($m),0,5,1,7,12,1,28,0,IRR to angel investors,124%,M,oney-back, angel,56,times,IRR to A-round investors,102%,M,oney-back, A-round,17,times,IRR to B-round investors,52%,M,oney-back, B-round,2,3,times,What shall you know about VCs,Venture capital (LPs) and venture capitalists (GPs) are,not the same,VCs are in the business of,saying NO,and then,making money,You can divorce your wife but you,cannot divorce a VC,You shall,like, but not love each other,If in doubt, pick the,smartest,Thank you!,a,llan.martinsonmtvp.eu,
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