The culture and mindset in Silicon Valley and how to take advantage of the ecosystem
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Introduction to Silicon Valley for Chilean Startups.
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The culture and mindset in Silicon Valley and how to take advantage of the ecosystem
- 2. Not just a place – it’s a state of mind
- 4. 4 Entrepreneurship... is an eXtreme sport
- 6. What can we learn from SV? • Networking - sharing knowledge and connections • Fail faster – fail cheaper! • Build the right team • Open mind and helpful attitude • Global ambitions from day 1 - think global, start local • Work hard - play hard • Raise money!
- 8. What makes a good founder?
- 10. Famous Founders
- 11. What is a Startup? A temporary organization designed to search for a repeatable and scalable business model - Steve Blank A Human institution designed to deliver a product or service under conditions of extreme uncertainty. - Eric Ries
- 12. What is LEAN STARTUP?
- 13. Eliminate uncertainty through validated learning Work smarter not harder! Develop an MVP Learning
- 14. Change direction but stay grounded in what we’ve learned
- 17. How? Structure?
- 18. Elevator Pitch
- 19. Entrepreneurs are always pitching
- 20. Mark Twain Famous American writer
- 21. Networking 7 Biggest Mistakes People Make While Networking: 1. Name Dropping 2. Talking Too Much 3. Talking About Yourself Without Being Asked 4. Not Knowing When To End The Conversation 5. Showing Off 6. Asking For a Follow Up When It's Not Deserved 7. Being Too Professional Or Too Unprofessional
- 22. ENERGY
- 24. HOOK (Customer’s pain) Solution + secret sauce What’s the purpose of your pitch?
- 25. PITCH TRAINING
- 26. DOs and DON’Ts • Be ready to pitch in less than a minute • Don’t ask a VC to sign an NDA • Know your competition • Deliver significantly better value than your competitors • Pitch your team • Don’t overpromise • Ask for a realistic valuation
- 27. Practice Train to keep it short, sweet and to the point
- 28. Mad libs for pitching My company, (Company name) is developing (a defined offering) to help (a targeted audience) (solve a problem) (with secret sauce)
- 30. Mad libs for pitching My company, (Company name) is developing (a defined offering) to help (a targeted audience) (solve a problem) (with secret sauce)
- 31. PITCH TRAINING
- 32. Structure your pitch Customer’s pain Market Competition Solution + secret sauce Business model Traction Team Timeline & Status And remember… - Talk about what you have done (not only what you will do)
- 33. Visual aids Fewer slides Fewer bullets Fewer words Font size +30 Be visual Don’t talk to your slides
- 34. Evaluation criteria • A team with exceptional people and strong expertise in the business area • Unique business proposals based on a real need, with a differentiated value proposition and the ability to address a large market • Innovative business models and/or technologies • A well defined going to market strategy
- 35. Great books you should check out!
Notas del editor
- …GREAT (*if most of them still believe) Cause you need to be delusional to be a successful entrepreneur! You need to believe that you can be the one to beat the odds and go change the world.. That is the true mindset of a good innovator! Entrepreneurship and innovation is an extreme sport!One of the greatest entrepreneurs and angel investors in world is Reid Hoffman, and he has a great analogy about entrepreneurs…*change slide*(http://en.wikipedia.org/wiki/Reid_Hoffman)
- Title: Henrik Scheel: How the entrepreneurial mindset can change you-“When you grow up…”I particularity like this quote by Steve Jobs, because it so clearly communicates that Life is not predefined, life is full of opportunities but it’s our responsibility to make the best out of it. Today’s school system..passion Not same starting point in life but our responsibility to make the best out of it
- Okay now it’s time for you to get to know each other a little better.. When you work as a team it is crucial that you have a good understanding of each other’s strengths and weaknesses. We are now going to do a quick energizer/teambuilding exercise called The movie trailer of your life!Find your team mates and stand in a circle (each team form a circle) so you can all se each other. Now you will each have exactly one minute to tell the story of your life from the day your were born till this moment where we stand here today. *the facilitator takes time (1 minute count down, let them know when there are 30 seconds left and 5 seconds left) good idea to use a big count down timer like: http://classtools.net/education-games-php/timerWhen we are working in a startup team we sometimes experience a lot of pressure and can easily feel very stressed. In those situations it is important that we know each other really well so we can deal with the conflicts in a good way. Going back to the analogy on how entrepreneurs are superheroes – we all have our superpowers and our Kryptonite (the only material that makes Superman weak) when it comes to teamwork. We will now take a second round where to tell the team about the 2 main skills/competences (superpowers) you are bringing to the team + your two biggest weaknesses when it comes to teamwork (kryptonite) - by sharing these strengths and weaknesses you can really improve your team collaboration.Let the teams choose a team captain who will lead the process to begin with *you can take turns..
- "Lean Startup" is an approach for launching businesses and products, that relies on validated learning, scientific experimentation, and iterative product releases to shorten product development cycles, measure progress, and gain valuable customer feedback. In this way, companies, especially startups, can design their products or services to meet the demands of their customer base without requiring large amounts of initial funding or expensive product launchesToo many startups begin with an idea for a product that they think people want. They then spend months, sometimes years, perfecting that product without ever showing the product, even in a very rudimentary form, to the prospective customer. When they fail to reach broad uptake from customers, it is often because they never spoke to prospective customers and determined whether or not the product was interesting. When customers ultimately communicate, through their indifference, that they don't care about the idea, the startup fails.
- The question is not "Can this product be built?" Instead, the questions are "Should this product be built?"
- Okay my friends, now it’s time to get REAL. In the previous stages you have worked on an idea, now we will turn that idea into a viable business. it’s time to think through all the details of your idea and start testing if you are actually right about all your assumptions – have you really understood the core problem? Does the user like your idea? What will it cost to build your product? We will now introduce a powerful framework called The Business Model Canvas. The canvas is one of the most popular tools that startups use to sketch out their ideas in order to get a complete overview of the whole business. The canvas can be used to identify potential threats and see new opportunities, it will help you get a better understanding of the entire value chain of your business and help you build a strong competitive advantage. *Before giving this presentation please spend 5 minutes looking through this video by Steve Blank and feel free to use some of his examples: http://www.youtube.com/watch?v=teURBW6qnRY
- Alright everyone.. by now we have completed the most challenging stages in the process and you are soon ready to pitch your idea to the jury. But before you do so we have a few good insights we would like to share with you about how to present your idea to the jury this afternoon. This stage is called PITCH and we will now talk a bit about the art of pitching.
- Who knows what an elevator pitch is?The term elevator pitch refers to the situation when you meet your boss at the bottom level of your office building and you have the time span during the elevator ride to the top floor, to convince him or her that you have a great idea. As you can imagine you need to be extremely well prepared to be able to deliver a short, sweet and simple pitch in those few minutes.
- It might sound tough but reality is that innovators and entrepreneurs are constantly pitching, we have to pitch to investors to get funded, to new partners to build good relationships, to customers so they buy our products, and to future employees so they want to work with us…so you better learn this skill quickly if we you to be successful.
- Networking is an art, and something of a balancing act. Just like the recent article I wrote on The Art of Negotiation , this is something people are often intimidated by but have to deal with it all the time. There are a few key keys to being a strong networker, and it really comes down to knowing how to balance the conversation between business and non-business topics.As an entrepreneur with a corporate background, I've had the opportunity to learn from many different types of people: CEO's and C-level executives, directors, managers, legal folks, engineers, affiliates, marketers, entrepreneurs, etc.Certain things are consistent across the board, while others are not. There tend to be more formalities and rules in the corporate, while entrepreneurs/startups tend to be too casual at times.As a rule of thumb, try to maintain a more professional tone, but make sure you display your personality. At the end of the day, we are doing business with people, and we would much prefer to do business with people we like.7 Biggest Mistakes People Make While Networking: 1) Name DroppingIf they didn't ask you who you know or who you've worked with in the past--don't mention any names. This "hollywood" style networking is useless, and makes you look desperate for credibility. If you have actually worked with anyone they know, or you know the same people, don't worry. They will hear from others or find out on their own. This is probably the biggest mistake many small businesses and entrepreneurs make.2) Talking Too MuchAim for at least 75% of the talking to be done by the other person. Yes, this means you'll have to ask really good, interesting questions.If the conversation stalls, ask more questions, all while maintaining a genuine interest to learn about them and their business. This is where you will uncover their needs, wants, and desires; which is very important.3) Talking About Yourself Without Being AskedIf they didn't ask you: what you do, why you do it, how many customers you have, how many Facebook fans you have, how long you've been doing it, why you do it, how many dogs you have, where you went to school, etc. etc. etc. -- then do not start talking about it. Yes, look for ways to find things in common with the person, but don't start listing off all these amazing things about yourself if that person didn't ask you. If they're asking you a question, it's because they're interested and that is when you should tell them.4) Not Knowing When To End The ConversationOh boy, this is when things get awkward. This all comes down to understanding body language, and social cues. If you are having an incredibly riveting conversation, then by all means keep it going!But, if the person you're chatting with is looking for an out, give it to them. I know, that sounds a bit odd, but they will respect you for it. Most people want to meet and greet as many people as possible when they're networking. So have a quality conversation, don't look for quantity of time. When you feel it's ending, be the one to say thank you and goodbye. Tell them you enjoyed the conversation and would love to keep in touch.5) Showing OffThis is related to name-dropping, but on a broader level. Don't inflate who you are or what you've done. Be accurate in your accomplishments and achievements. Being humble goes a long way when you first meet someone. Let other people speak of your successes, you will be so much more respected if you can earn praise from others. Most people can't stand doing business with big egos, so leave yours at the door. 6) Asking For a Follow Up When It's Not DeservedThis is a tough one, but if you haven't earned the right to follow up or ask for an email, phone number, or Skype, then don't. Sometimes, you'll have to speak with someone multiple times before it's appropriate to follow up. If the person has offered to help you, or is interested in connecting, then definitely ask for a card or way to contact them. Otherwise, try again. 7) Being Too Professional Or Too UnprofessionalRemember, you are networking. Most likely, there's a drink in your hand and people have started to loosen up a bit. That doesn't mean you should talk to this person like they are your old fraternity brother or sorority sister. Get comfortable, show some personality, but don't go overboard. At the same time, don't be too professional or stiff. Do your best to mirror the person you're talking to.If you want to build rapport then the key is to mirror their behavior, tone, posture, etc. As I said before, networking is a balancing act, and you are going to have to become very self-aware and learn a lot about human behavior if you want to be successful.
- When you are pitching it is extremely crucial that you show your passion for your idea – if you don’t believe in your product nobody else will either.. Here is an example of a guy shows a lot of passion for his company
- When preparing for your pitch you also need to find a good way to capture the audience – it is not just what you say, it is as much about how you say it. *content versus Delivery.. You need to show the jury that you believe in your idea and that you have the energy and the skills to become successful innovators. Here are a few good tips on presentation technique. As I said before you need to express that you have the drive and the passion for your idea, no standing in the corner with you hands in your pockets.. Get out and own the room. You should have a confident upright body position with your hands in a comfortable position above your hips. Avoid standing in front of your prototype or your presentation. Try to get eye contact with people in every corner of the room. If you tend to get nervous and maybe forget your line of thought just take a deep breath and start over – pausing can be very powerful so don’t worry about taking a few breaks.
- Most important to investors is traction – your product’s engagement with its market. In order of importance it is demonstrated through profit, revenue, customers, pilot customers, non-paying users, and verified hypothesis about customer problems. A story without traction is a work of fiction. You must start building your product and start testing it with your market before you start raising money!The market doesn’t seem large, invetors won’t care about yout product, team, or company at all.Is Your Product a Vitamin or a Painkiller? If You Are Here to Raise Money: How Far Will This Money Take You? It is important that you have a realistic estimate of the money you will need and a plan for how to spend it so be prepared to answer questions like: Do you have a financing plan with milestones? How much total money do you need? How far will this money take you? Does the budget have a buffer for unforeseen costs and delays? What is the exit strategy? If there is time you can let them have abother 5 min preparation and then another pitching round 2 and 2..
- When you have created your pitch you need to practice – run it through several times and get feedback from your team and maybe also from your buddy team. You only have a short time to present so make sure to practice how to stay within the time limit.
- Show video by Adeo Ressi on pitching technique (preload the video in your browser before your presentation – then it’s easier to pull it in.: Here is the clip: http://vimeo.com/16447520 or here:http://techcrunch.com/2010/11/03/madlibs-pitch-adeo-ressi-founder-institute/Let students do exercise:5 minutes: Students create their own high concept pitch – destilling their startup vision into a single phrase of sentence.The importance of a high concept pitch: how is anybody going to tell anybode about your product if you can’t describe it in a few words?It is crucial to have an easy high concept pitch so that people will spread your message for you..
- Show video by Adeo Ressi on pitching technique (preload the video in your browser before your presentation – then it’s easier to pull it in.: Here is the clip: http://vimeo.com/16447520 or here:http://techcrunch.com/2010/11/03/madlibs-pitch-adeo-ressi-founder-institute/Let students do exercise:5 minutes: Students create their own high concept pitch – destilling their startup vision into a single phrase of sentence.The importance of a high concept pitch: how is anybody going to tell anybode about your product if you can’t describe it in a few words?It is crucial to have an easy high concept pitch so that people will spread your message for you..
- Most important to investors is traction – your product’s engagement with its market. In order of importance it is demonstrated through profit, revenue, customers, pilot customers, non-paying users, and verified hypothesis about customer problems. A story without traction is a work of fiction. You must start building your product and start testing it with your market before you start raising money!The market doesn’t seem large, invetors won’t care about yout product, team, or company at all.Is Your Product a Vitamin or a Painkiller? If You Are Here to Raise Money: How Far Will This Money Take You? It is important that you have a realistic estimate of the money you will need and a plan for how to spend it so be prepared to answer questions like: Do you have a financing plan with milestones? How much total money do you need? How far will this money take you? Does the budget have a buffer for unforeseen costs and delays? What is the exit strategy? If there is time you can let them have abother 5 min preparation and then another pitching round 2 and 2..
- Emphasize how important it is to keep the slides simple – don’t put a lot of text on them.. The audience can read the slides faster than you can talk! You want the focus to be on you as the presenter, not on the slides.. Don’t have the slides be your speaker notes, that’s not the point with visual aids, the slides should only help the audience remember your talk.. Be as visual as possible (use pictures instead of words)