Build and Fly (You and Entrepreneurship)

Transcript

1. Build and Fly You and Entrepreneurship Mike Hopkins / NASA via Twitter
2. This presentation is not a formal endorsement of taking off, flying or landing. DISCLAIMER
3. Agenda You Like Flying? Fuel to Fly Do Angels Fly? Flying Higher Together Fasten Your Seatbelts
4. You Like Flying?
5. You Like Flying? Should you be an entrepreneur?
6. Co-founders: Complementary skills Shared culture You Like Flying?
7. Team vs. Who’s the boss? You Like Flying?
8. Customers/users Who loves you? You Like Flying?
9. Product/service Maker time You Like Flying?
10. Design Beyond product You Like Flying?
11. Distribution Unsung hero You Like Flying?
12. Sales and/or marketing Talk the walk You Like Flying?
13. Mission Where you going? You Like Flying?
14. Culture Hire/fire values You Like Flying?
15. People What’s your process? You Like Flying?
16. Ecosystem/partnerships Who got your back? You Like Flying?
17. Regulation The matrix You Like Flying?
18. Service providers Making the sausage You Like Flying?
19. Global/cross-border Lost in translation You Like Flying?
20. Communication Writing, groups, 1x1 You Like Flying?
21. How to fill these gaps? You Like Flying?
22. Founder market fit You Like Flying?
23. People Timing Money You Like Flying?
24. Each company is unique You Like Flying?
25. Fuel to Fly
26. Casinos Not great odds Worked before Fuel to Fly
27. Savings Scalable? Entrepreneur friendly Fuel to Fly
28. Credit cards Not great odds Worked before Fuel to Fly
29. Friends, family & fools Great with right family Most families not right Fuel to Fly
30. Contests & prizes Great for super early Limited size, timing issues Fuel to Fly
31. Government grants Great for super early Typically with strings Fuel to Fly
32. Accelerators Great for new founders Geography, timing Fuel to Fly
33. Customers Love & money Hard but worth the effort Fuel to Fly
34. Vendors Great if you can get it Hard to start & sustain Fuel to Fly
35. Angels Great for lean startups Not great for fat startups Fuel to Fly
36. Seed funds Great for lean startups Not great for fat startups Fuel to Fly
37. Family offices Very flexible Hard to access Fuel to Fly
38. VCs Great for scaling Go big or go home risk Fuel to Fly
39. Corporates Massive resources Hands on, culture gap Fuel to Fly
40. Equity crowdfunding Complementary Complicated, still early Fuel to Fly
41. Banks No equity dilution Highly unlikely Fuel to Fly
42. Revenue / product share No equity dilution Hard to find and execute Fuel to Fly
43. Exit via IPO Sounds glamorous Good luck with that Fuel to Fly
44. Exit via M&A Practical outcome Post M&A life Fuel to Fly
45. Partial exit via secondary Likely to grow over time Still early days Fuel to Fly
46. Fuel is everywhere and nowhere Fuel to Fly
47. Do Angels Fly?
48. Some people make (a lot of) money Do Angels Fly?
49. Studies of long term average returns: 18-38% per annum Do Angels Fly?
50. Do Angels Fly? But nobody really knows
51. And some of people lose (a lot of) money Do Angels Fly?
52. The economics of startups have changed Do Angels Fly?
53. 50x cheaper vs. 1999 Do Angels Fly?
54. 3x faster to market vs. 1999 Do Angels Fly?
55. 10x bigger markets vs. 1999 Do Angels Fly?
56. 1,500x better economics vs. 1999 Do Angels Fly?
57. Contribute back to society Do Angels Fly?
58. Have an impact on the system Do Angels Fly?
59. Think of it as education Do Angels Fly?
60. Meet interesting people Do Angels Fly?
61. Startups ain’t boring Do Angels Fly?
62. If you don’t have time consider a fund Do Angels Fly?
63. Logic and emotion Do Angels Fly?
64. Flying Higher Together
65. Money is the same Flying Higher Together
66. Investors ain’t the same Flying Higher Together
67. Know your gaps and needs Flying Higher Together
68. Start with milestones and work backwards Flying Higher Together
69. 2x the time 2x the cost Flying Higher Together
70. Investors can help with strategic issues Flying Higher Together
71. Investors can help with people issues Flying Higher Together
72. Investors can help with front end issues Flying Higher Together
73. Investors can help with back end issues Flying Higher Together
74. Investors can help with negotiations Flying Higher Together
75. Biggest value added at key inflection points Flying Higher Together
76. Not all deals are worth taking Flying Higher Together
77. The honeymoon is a preview of marriage Flying Higher Together
78. Fasten Your Seatbelts
79. What are your gaps? Fasten Your Seatbelts
80. What do your investors bring to the table besides money? Fasten Your Seatbelts
81. Communication Frequency Style Fasten Your Seatbelts
82. If you like lean startups try lean boards Fasten Your Seatbelts
83. Sophisticated tools vs. Google docs Fasten Your Seatbelts
84. Metrics What’s really going on? What’s your core score? Fasten Your Seatbelts
85. The dip hits every company and it ain’t fun Fasten Your Seatbelts
86. Post fundraising ain’t the time to party and relax Fasten Your Seatbelts
87. Post fundraising is when the clock starts ticking Fasten Your Seatbelts
88. Fundraising is the warm up to building a business Fasten Your Seatbelts
89. “The knack lies in learning how to throw yourself at the ground and miss.” - Douglas Adams tytusm@frescoca.com