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Similar a Interactive Minds July 2009
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Interactive Minds July 2009
- 1. What the i.lab Technology Incubator can do for your start-up company an initiative of From Big Ideas to Entrepreneurial Success 24 September 2009 UQ TIMS 7325
- 5. SPACE OTHER STUFF BUSINESS BASICS NETWORKS MKTING AND MEDIA CAPITAL RAISING SUPPORT INTER’L SOFT LANDINGS STUDENT INTERN- SHIPS SKILLS DEV’T COACHING MENTORING i.lab
- 7. Commercialisation stage of i.lab members Source: Australian Institute for Commercialisation
Notas del editor
- Note NBIA figures from a recent US Economic Development Agency report In fact, incubators provide up to 20 times more jobs than community infrastructure projects (e.g., water and sewer projects) at a cost of $144 to $216 per job compared with $2,920 to $6,872 for the latter, the report notes.
- i.lab is not a la carte….it is an all you can eat buffet This graphic can be reworked – I am not wedded to the hub and spoke
- VENTURE CAPITAL INVESTMENT PLUMMETS IN Q1 2009 TO 12 YEAR LOW, ACCORDING TO THE MONEYTREE REPORT All Major Industry Sectors and Stages of Development See Significant Declines (US) Venture capitalists invested just $3.0 billion in 549 deals in the first quarter of 2009, according to the MoneyTree™ Report from PricewaterhouseCoopers (PwC) and the National Venture Capital Association (NVCA), based on data provided by Thomson Reuters. Quarterly investment activity was down 47 percent in dollars and 37 percent in deals from the fourth quarter of 2008 when $5.7 billion was invested in 866 deals. The quarter, which saw double digit declines in every major industry sector, marks the lowest venture investment level since 1997. In the next few years, venture capital funds will find themselves squeezed from four directions. They're already stuck with a seller's market, because of the huge amounts they raised at the end of the Bubble and still haven't invested. This by itself is not the end of the world. In fact, it's just a more extreme version of the norm in the VC business: too much money chasing too few deals. Fortunately, those few deals now want less and less money, because it's getting so cheap to start a startup. The four causes: open source, which makes software free; Moore's law, which makes hardware geometrically closer to free; the Web, which makes promotion free if you're good; and better languages, which make development a lot cheaper.
- 1. Recognize that you’ll have less competition You should know that this is the best thing that ever happened to you because it makes it easier to be the winner when so many people are dropping out. The dip is closer and shallower then it would be if these were the boom times. 2. Focus on building value The emphasis should not be on “how do I raise money and hire people.” The emphasis should be on “how do I build value today.” Because, every day you’re doing this, you’re building value, connecting with people who find you irreplaceable, then you will become irreplaceable. 3. Expect your costs to go down Understand that in a down economy, not only is there less money for people to spend on you, but you have to spend less money to make stuff that’s worthwhile. 4. Don’t hire like it’s 1999 It makes me sick to see organizations that race out to hire 50 people, because they think that get big fast matters. And then “it’s not their fault” when they lay off 20. Well sure it is. It’s totally your fault Mr. entrepreneur, because you shouldn’t have hired 50 people to start with. 5. Focus on the irreplaceable The goal is NOT how fast can you hire as many people as you can. The goal is how irreplaceable are your people. How much can you boil down the essence of what you’re building? 6. Get lean to beat the behemoths When we look at the home runs online. They are not the Daily Beast with $18 million and hundreds and hundreds of people. They’re Twitter ( ) , with a tiny team of people who have a very fine focused, vision. 7. Be disciplined about what you’re building One of the things the guys at 37signals say is, if you want to be on budget and on time, what you have to do is, the day you hit the budget, or the day you hit the deadline, you have to ship. And it’s a race. So that’s how you do it. You don’t say how do I get more money to match the spec? You say, how can I get the spec out there for the money I have?
- We have had a number of gorgeous clients with really nice products – but the pain in the market was insufficient to allow them to build a business around those products Market research is so critical – primary and secondary. So many entrepreneurs are to scared or too lazy or too “know it all” to speak to potential customers before they release the product to market: then when they do so they are surprised that no-one wants it at the price or an essential feature is missing or the pain they perceive is not the primary pain for their target market. Worse…..its a billion dollar market and if we just get 1% statements are rubbish. Segment, evaluate, target is the golden rule.
- Example Laadtech – build huge LED screens for applications as billboards and for example sporting events. Struggles to find cash then did something novel – they sold their first billboard to an early adopter client who financed its build AND partnered with them throughout the build process. Hoorah! The CEO could focus on building the business (not raising $$$), the partner had input into the product development, the company had a beta test site and many other benefits. Seek out mentors. And listen to them! Why make the same mistakes again and again?
- If you can’t sell it what makes you think someone else can? And how can you structure a commission deal or a remuneration package for a sales manager if you don’t know the sales cycle intimately?