FMI Happy Hour Startup Presentation (in Seattle)
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A presentation for the FMI Happy Hour attendees in Seattle.
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FMI Happy Hour Startup Presentation (in Seattle)
- 1. Building a Startup Empire Music Tech edition http://www.flickr.com/photos/booleansplit/3330228604/
- 2. A wee bit of narcissism. Yell at me here
- 3. ONE ISSUE TO CONSIDER ...
- 4. #1 Bits are frictionless
- 6. Software eats everything. Digital inputs
- 7. Software eats everything. Digital Digital inputs outputs
- 8. Software eats everything. Digital Digital inputs Software outputs
- 9. Software eats everything. Digital Digital inputs Software outputs
- 10. THE TRAVEL AGENCY http://www.flickr.com/photos/
- 11. THE TRAVEL AGENCY http://www.flickr.com/photos/
- 12. THE RECORDING INDUSTRY http://www.flickr.com/photos/saucysalad/364
- 13. THE RECORDING INDUSTRY http://www.flickr.com/photos/saucysalad/364
- 14. DVDS http://www.flickr.com/photos/
- 15. DVDS http://www.flickr.com/photos/
- 26. SO YOU WANT TO BUILD A STARTUP ... ... yolo?
- 27. #1 SHOULD YOU? (aka - why building a startup sucks)
- 30. Common attributes of entrepreneurs • Not very status-oriented • Doesn’t follow rules very well and questions authority • Can handle high degrees of ambiguity or uncertainty • Can handle rejection, being told “no” often and yet still have the confidence in your idea • Very decisive. A bias toward making decisions – even when only right 70% of the time – moving forward & correcting what doesn’t work • A high level of confidence in your own ideas and ability to execute • Not highly susceptible to stress • Have a high risk tolerance • Not scared or ashamed of failure • Can handle long hours, travel, lack of sleep and the trade-offs of having less time for hobbies & other stuff
- 31. ARE YOU SURE YOU WANT TO DO THIS ... ? “9 out of 10 startups fail” http://www.quora.com/What-is-the-truth-behind-9-out-of-10-startups-fail
- 32. According to the National Venture Capitalists Association 3 startups fail, have gone bankrupt or business were closed 3 startups are worse than average, aren’t very profitable, returning less than the invested capital, but are still active 3 startups are a moderate success, are profitable, returning just the invested capital, were not acquired yet and are still active 1 highly successful startup that will pay the investor a multiple return on all of his 10 investments; that startup had an IPO or were a target of a significant acquisition
- 33. “I DIDN’T REALLY HAVE A CHOICE”
- 34. #2 FINDING YOUR IDEA
- 35. BUILDING AN ECO SYSTEM DIAGRAM The people, the processes
- 38. Most startups don’t even know what problem they solve Paypal first built for Palmpilots Freshbooks was invoicing for a web design firm Wikipedia was to be written by experts only Mitel was a lawnmower company Hotmail was a database company Flickr was going to be an MMO (it’s back to being one now) Twitter was a podcasting company Autodesk made desktop automation software
- 39. FROM NETWORKSHOP TO CORADIANT And learning to pivot quickly
- 40. #3 FINDING THE RIGHT PEOPLE “It’s like dating all over again, and I can’t wait to find the meat markets”
- 41. BUILDING THE RIGHT TEAM http://solveforinteresting.com/the-three-kinds-of-ceo/ http://steveblank.com/2011/12/13/the-startup-team/
- 45. YOU’RE SELLING YOURSELF Your idea, your culture, your people.
- 47. If this is a sea, wtf are the fish? Founder Dating (http://founderdating.com/about/) Startup Weekend Startup Drinks Music Startup Events Decibel Festival Conference (full disclosure: I run it) SF MusicTech EDMBiz Mutek C/O Pop Bandwidth Make Your Own (no music tech meetup exists in Seattle yet) Tell your friends you’re in the market
- 48. WHOLE LOT OF TALENT, WHOLE LOT OF DEMAND (shit.)
- 49. #4 THE LEGAL SHIT IANAL (sounds worse than it is - it just means that I’m not a lawyer)
- 50. THANKFULLY, THIS PART IS EASY Enter Dave Weekly
- 52. http://dweek.ly/stock/ Stock Options The Board Pricing Equity Pools Liquidity Ownership Investors Advisors Fundraising Acceleration & Allocations
- 54. #5 THE PROTOTYPE
- 55. LEARN FASTER WITH CUSTOMER DEVELOPMENT by Hiten Shah http://www.slideshare.net/startuplessonslearned/hiten-shah-the- leanstartupsxsw-7365813
- 58. #5 THE PRODUCT or Finding Product/Market Fit
- 63. 20
- 64. 20 Followers
- 65. 20 Followers 700,000s
- 66. Seed ratio: 20 35,000:1 Followers 700,000s
- 67. Seed ratio: 20 35,000:1 Followers 700,000s 2
- 68. Seed ratio: 20 35,000:1 Followers 700,000s 2 Repurposing
- 69. Seed ratio: 20 35,000:1 Followers 700,000s 2 Repurposing 150 RT
- 70. Seed ratio: 20 35,000:1 Followers 700,000s 2 Repurposing 150 2,000 RT
- 71. Seed ratio: 20 35,000:1 Followers 700,000s 2 Repurposing 150 Amplification: 2,000 RT 2.9%
- 72. Seed ratio: 20 35,000:1 Followers 700,000s 2 Repurposing 150 Amplification: 2,000 RT 2.9% 1,642
- 73. Seed ratio: 20 35,000:1 Followers 700,000s 2 Repurposing 150 Amplification: Visitors: 2,000 RT 2.9% 1,642 0.23%
- 74. Seed ratio: 20 35,000:1 Followers 700,000s 2 Repurposing 150 Amplification: Visitors: 2,000 RT 2.9% 1,642 0.23% 32
- 75. Seed ratio: 20 35,000:1 Followers 700,000s 2 Repurposing 150 Amplification: Visitors: 2,000 RT 2.9% 1,642 0.23% Conversions: 1.95% 32
- 76. Seed ratio: 20 35,000:1 Followers 700,000s 2 Repurposing 150 Amplification: Visitors: 2,000 RT 2.9% 1,642 0.23% 7 Conversions: 1.95% 32 10 15
- 77. Seed ratio: 20 35,000:1 Followers 700,000s 2 Repurposing 150 Amplification: Visitors: 2,000 RT 2.9% 1,642 0.23% 7 x $100 Conversions: 1.95% 32 10 x $20 15 x $7
- 78. Seed ratio: 20 35,000:1 Followers 700,000s 2 Repurposing 150 Amplification: Visitors: 2,000 RT 2.9% 1,642 0.23% 7 x $100 Conversions: 1.95% 32 10 x $20 15 x $7
- 79. Seed ratio: 20 35,000:1 Followers 700,000s 2 Repurposing 150 Amplification: Visitors: 2,000 RT 2.9% 1,642 0.23% 7 x $100 Revenues: Conversions: 1.95% 32 10 x $20 Average: $39.54 Median: $20 15 x $7 Total: $1,005
- 80. 5,000 $10,000 Revenue (total sales) Unique page views 0 $0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Conversions >4s or error 2-4s <2s
- 81. #6 THE MONEY What you need to know about fundraising
- 82. BEFORE YOU DO ANYTHING
- 85. Some rules of thumb You have paying flagship customers or loyal high profile individual evangelists You’ve reached 10k registered / active users (if you’re b2c) Fundraising takes about a year and gives you about a year
- 86. Some rules of thumb Begin to get to know investors in the Seattle area now (Madrona, TechStars, Founders Co-Op, etc) Spend as much time as you can in the valley, and get valley interest first Come back to Seattle investors with something to show
- 88. #7 DON’T DO IT ALONE AKA My Pledge
- 90. GREAT MENTORS & ADVISORS ARE KEY ross.typepad.com/blog/2006/02/advisorship.html
- 91. MY PLEDGE
Notas del editor
- This presentation is largely based on or built upon content that Alistair Croll has produced.\n
- I&#x2019;ve got some opinions on that. Here&#x2019;s why I think you should pay attention to me instead of the Internet for the next 50 minutes.\n
- \n
- Bits are frictionless. So things that used to cost something don&#x2019;t cost anything any more.The stuff we invented to deal with the coefficient of friction of atoms is unnecessary&#x2014;but the institutions we built don&#x2019;t want to face that fact.\n
- Mark Andreesen recently said that software eats everything. By which he means that the whole world is moving to a digital one in which programs can replace much of what people do. Whenever I see an industry with digital inputs and digital outputs, everything in the middle inevitably becomes software in the long run.\n
- Mark Andreesen recently said that software eats everything. By which he means that the whole world is moving to a digital one in which programs can replace much of what people do. Whenever I see an industry with digital inputs and digital outputs, everything in the middle inevitably becomes software in the long run.\n
- Mark Andreesen recently said that software eats everything. By which he means that the whole world is moving to a digital one in which programs can replace much of what people do. Whenever I see an industry with digital inputs and digital outputs, everything in the middle inevitably becomes software in the long run.\n
- Mark Andreesen recently said that software eats everything. By which he means that the whole world is moving to a digital one in which programs can replace much of what people do. Whenever I see an industry with digital inputs and digital outputs, everything in the middle inevitably becomes software in the long run.\n
- Like the travel agency\n
- Or the record store\n
- Or the video store\n
- Now consider manufacturing, and the Makerbot.\n
- These things eat extruded filament or corn starch\n
- This Filabot even eats plastic bottles and makes new filament\n
- Then what happens to UPS?\n
- These connectors were created by the The Free Art and Technology (F.A.T.) Lab. They allow any construction kit to connect to any other.\n
- This is a fascinating way to link different construction projects.\n
- In a world where we can print anything we want, what happens to Toys R Us?\n
- This is the worlds first printable speaker on paper. \n
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