Brussels Founder 101 August 13, 2014 Founder Institute meetup

1. Welcome
Evaluating business ideas

2. Agenda
•Introduction
•Shooting Puppies
–Bryan Cassady– Brussels Director Founder Institute
•Getting to big ideas… and some thoughts on market research
–Koen Stevens - Director BuboBox
•BREAK (10 min)
•Your turn to evaluate some business ideas
•Joining The Founder Institute program

3. The Program
Idea
Business
Launch
1. Orientation
2. Vision
3. Research
4. Revenue
5. Naming
6. Mentor Idea Review
7. Startup Legal
8. Team
9. Product
10. Mentor Progress Review
11. Sales
12. Branding
13. Fundraising
14. Graduation

4. By focusing hard on ideas first 70% of graduates succeed and 45% get funded

5. Let’s be honest ….
Most start ups have ideas only a mother could love !

6. The biggest 3 mistakes of Entrepreneurs
1.Investing in the wrong business
2.Staying too long in the wrong business.. (after you should know it is time to change…)
3.People don’t buy your product or service ‘cause they understand why they should…

7. I will see it when I believe it vs. I will believe it when I see it Too much research is the first type

8. An example: global warming
Hot summers Warm winters Evidence of global warming
Cold summers Cold winters Evidence of global warming
Clearly there is evidence of global warming ?!

9. 9
Solutions …
Issues
•We often do research to check our brilliant ideas
•SUGGING (Selling under the guise of market research)
Solutions
•Objective criteria in place before the research starts
–Is 35% planned purchase good or bad
•Clearly define your biases before you start
•Focus on insight (vs. confirmation)
•Do regular reality checks

10. You’re not alone ! ‘‘More than nine out of ten consumable products launched in the last ten years offered absolutely nothing new to the consumer. More than eight out of ten new products fail. You don’t need to be a statistician to realize there’s a correlation between the two numbers.’’ -- Robert McMath

11. Arguing the other direction… Why is this a bad idea… If it fails, why will it fail… And then deciding what can be done about it…

12. A checklist for ideas…
•Is there a benefit (real or perceived)
•People willing to pay (enough)
•Cost of cut-through acceptable
•People will see the benefit buy again / recommend to others
•Will someone hate it

13. 13
Pets.com Pet supplies via the internet Save big, save time Stay at home

14. 14

15. Kosmo.com Instant delivery of products purchased via the internet in big cities Order a wide variety of products, from movies to snack food, and get them delivered to your door for free within an hour.

16. 16
Despair.com We hate all the senseless, wasted time on employee motivation and un- founded optimism We imagine you do to, buy our products and show your true colors

17. 17
Continuous effort is the key to unlocking your potential Winston Churchill

18. 18

19. Etoys.com The new place to buy toys. Find you want on the internet

20. 20

21. 21
Petrock.com
Pets take a lot of time and energy. Your kids can have almost as much fun with a pet rock.
We even include a care guide

22. 22

23. 23

24. 24
Webvan.com Buying groceries should be easier. With webvan you can get all your groceries, so you have time for other things

25. 25

26. Now the most important question Why would this business fail …
Why would it fail … Pets.comKosmoDespair.comEtoys.comPetrock.comFloozWebvan

27. 27

28. Costs per stage
Ideas, screening Concept, analysis
Prod. devel
Test mktg
commercialization
The time to Make mistakes !
Budget
Time

29. Can you ask the experts ??? “I think there’s a world market for about five computers.” (President of IBM, 1943) “TV won’t be able to hold on to any market it captures after the first six months. People will soon get tired of staring at a plywood box every night.” (President of 20th Century Fox, 1946)

30. 30
Should consumers be followed or led ?
Mobile phone Computers Internet…

31. Not all new products are revolutions ! There are many holes in the markets, but fewer markets in the holes ..

32. Better is not always better
Fat Bastard is priced higher, tastes less good but outsells Bilton 10 to 1…

33. A checklist …
•Talk to 20 people (that are not your friends)
•If no one hates the idea, be scared
•Ask people “if this fails” why would it fail (you’ll get a lot more information than asking what they think of the idea !)
•Keep it simple … check do people really understand

34. Koen’s Presentation

35. A new experiment 7 pitches Your challenge… pick the 3 winners

36. 1.Breathometer
2.Onesole
3.Lollacup
4.Coffee Cups
5.First Defense
6.Kevo
7.Beddies

44. 1.Breathometer
2.Onesole
3.Lollacup
4.Coffee Cups
5.First Defense
6.Kevo
7.Beddies

45. 1.Breathometer
2.Onesole
3.Lollacup
4.Coffee Cups
5.First Defense
6.Kevo
7.Beddies

47. The Elevator Pitch…
You want to be an successful entrepreneur
Our Promise:
We'll help validate your ideas and show you a fast effective way to build a meaningful and enduring company
Proof:
World class people ready to help in Brussels A proven track record, 70% of graduates succeed and 45% get funded

48. Free applications until August 31 http://fi.co/apply/brussels