18. What a Startup is not!
• Startups Are Not Smaller Versions
of Large Companies
• Large Companies Execute Known
Business Models
• Startups Search for Unknown Business
Models
Steve Blank
19. What’s a Startup
A Temporary Organization
Designed to SEARCH
for REPEATABLE
and SCALABLE
BUSINESS MODEL
Steve Blank
22. Critical Success Factor: Make.Meaning.
• world class product (whatever it is)
• have fun doing it
• in a business area or segment that is at
its “ground floor” and in its infancy
• Value proposition
MIT, EDP
Be the aspirin for your
customer’s headache
23. Don’t fall in love with the technology.
Fall in love with the customer
26. More Rules
3. Team up. Get co-founders.
4. Evangelize idea.
5. Get great Mentors.
6. Public speaking training.
7. Pitch. Pitch. Pitch.
8. Network. Network. Network
27. • TALK.TO.THE.CUSTOMER.
• Write /Revise BP.
• Do Not Self - Fulfill (your) prophecies.
• There is always competition.
• Build the product fast. MVP.
• Test it.
• Fail Fast. Re-build. Retest.
• Get Traction.
Lean Startup Methodology
32. Raising Funds
• Same everywhere
• SV: Just because there are VC funds doesn’t mean
they will fund your start-up
• Silicon Valley update - 8:10 do not get funded
• VCs don’t really jump to invest in early stage….
– Funder of Pandora.com got rejected by 300 investors…
• Plan to build your company without any outside
investment Bootstrap
• Then maybe you are ready to speak to potential
investors
34. Creative fundraising
1. Apply for Crowd-funding (e.g. kickstarter)
2. Get a Loan from 3Fs
3. Apply to Startup… Chile…!
4. Use your Credit Cards
5. Start Side Projects
Money shouldn’t be an objection when you’re starting a
company. Be creative.
Carlos Solorio, Founder of Arden Reed, a custom menswear
company.
http://under30ceo.com/5-creative-ways-raise-money-without-giving-equity/
35. Why Startups Fail?
Most startups fail
from lack of customers
not from failure of product development
Steve Blank