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Creating Entrepreneurs in France - The Cantillon Institute Guide
- 1. CREATING ENTREPRENEURS IN FRANCE
- 2. THE CANTILLON INSTITUTE FOR ENTREPRENEURS
- 3. FRANCE IS IN TROUBLE The time-bomb at the heart of Europe Economist, 17 November 2012
- 4. EVERYONE IS TALKING ABOUT ENTREPRENEURSHIP Les entrepreneurs créent la richesse et l'emploi François Hollande
- 5. BUT WHAT IS AN ENTREPRENEUR
- 6. VISIONARY The ones who are crazy enough to think they can change the world are the ones that do Steve Jobs, Founder Apple, Next, Pixar
- 7. SWASHBUCKLER To me, business isn't about wearing suits or pleasing stockholders. It's about being true to yourself, your ideas and focusing on the essentials. Richard Branson, Founder Virgin
- 8. A DOER Everyone who's ever taken a shower has had an idea. It's the person who gets out of the shower, dries off and does something about it who makes a difference. Nolan Bushnell Founder Atari & Chuck E. Cheese's Pizza-Time Theaters
- 9. WHIZ KID I literally coded Facebook in my dorm room and launched it from my dorm room. I rented a server for $85 a month, and I funded it by putting an ad on the side. Mark Zukerberg, Founder Facebook
- 10. DISRUPTER The role of the entrepreneur is to combine resources in a way that no one has done before. They disrupt market equilibrium. Joseph Schumpeter, Austrian-American Economist
- 11. FIRST DEFINITION L'entrepreneur achète des produits et services à un prix certain pour le revendre à un prix incertain sur le marché. Richard Cantillon, 1723 Essai Sur La Nature Du Commerce En Général
- 12. KNOWN EXPENSE UNKNOWN INCOME
- 13. WHAT IS A STARTUP? A ‘startup’ is a company that is confused about: 1) What its product is 2) Who its customers are 3) How to make money Dave Mcclure, Founder 500 Startups
- 14. NOT ALL STARTUPS ARE THE SAME
- 15. THE UNICORN It's extremely hard to build a company with a product that everyone loves, is free and has no business model, and then to innovate a business model. I did that with Kazaa, had half a billion downloads but that wasn't a sustainable business. Niklas Zennstrom, Founder Kazaa
- 16. THE BOOTSTRAP When I started Rivendell and got a book of business plan templates, I’d never even heard the term Exit Strategy. My reaction was, ‘What’s this stuff about getting rid of the business?! Grant Peterson, Founder Rivendell Bikes
- 17. MEDIOCRISTAN And what most people don't understand is the bulk of business in this country is small business. Alphonso Jackson, US Secretary of Housing
- 18. EXISTING MARKET EXISTING PRODUCT NEW PRODUCT NEW MARKET ANSOFF’S MATRIX FAX MACHINE SUICIDEQUADRANT BARBER SHOP BEN & JERRYS CITYDEAL (ROCKET INTERNET)
- 19. COMMERCIALIZATION OF THE FAX 1860 PANTELEGRAPH GIOVANNI CASELLI 1924 RADIOFAX RCA 1954 KF 106 SIEMENS 1964 LONG DISTANCE XEROGRAPHER XEROX 1975 QWIP EXXON 1980 TELEPHONE FAX NTT
- 20. LET’S BREAK SOME MYTHS
- 21. STARTUPS MYTH: NOT ENOUGH COMPANIES CREATED IN 2010 376 631 258 076 210 950 4 784 France Germany UK MyFrenchStartup
- 22. MYTH: NOT ENOUGH ENTREPRENEURS Number of French Founders 2 430 899 7 500 EuroStat Reports MyFrenchStartup Reports
- 23. MYTH: IT TAKES MONTHS INCORPORATE FACT: SEVEN DAYS AND 1,200€
- 24. MYTH: YOU CAN’T AFFORD TO START IN FRANCE WITH 15 MONTHS CHOMAGE YOU CAN’T AFFORD NOT TO START
- 25. MYTH: SOCIAL CHARGES ARE TOO HIGH PARIS $516 PER DAY • Salary €38 000 • Social Charge €38 000 • Health Insurance €0 • Office Space €9 000 • Working Days 213 SILICON VALLEY $578 PER DAY • Salary $101,000 • Social Charges $24,000 • Health Insurance $7,500 • Office Space $4,500 • Working Days 237
- 26. MYTH: FRANCE HAS A TOXIC ECOSYSTEM WE HAVE NO IDEA WHAT THIS MEANS
- 27. GREATEST MYTH: FRANCE SHOULD CREATE THE NEXT APPLE OR GOOGLE The real force of Silicon Valley is the mentality, the spirit. There's no reason at all that can't be replicated in Paris. Xavier Niel, Founder Free
- 28. BIGGER THAN YOU THINK Silicon Valley is more than its 2400 KM2
- 29. 323 BILLION IN VENTURE CAPITAL IN THE WORLD REST OF USA 31 % SILICON VALLEY 29 % OTHER 7 % ASIA 10 % EUROPE 24 % 29% IS IN THE VALLEY
- 30. SILICON VALLEY 1 257 REST OF USA 2 784 5 037 9078 DEALS WORLDWIDE REST OF WORLD 14% ARE IN THE VALLEY
- 31. OFTEN IMITATED NEVER DUPLICATED Places named the next Silicon Valley by journalists in 2013
- 32. Silicon Valley Silicon Alley NYC Silicon Coast LA Silicon Hills Austin Silicon Hill DC Silicon Mountain Boulder 1 138 Billion Silicon Sentier Paris 1 832 Billion 2 395 Billion 3 593 Billion 3 163 Billion 4 611 Billion 17 797 Billion SILICON SOMETHING 2013 DEAL FLOW 49% OF ALL US MONEY IS IN THE VALLEY
- 33. SILICON VALLEY IS NOT EVERYTHING There is other life on the planet
- 34. 2,500,000 NEW BUSINESSES 500,000 WERE FUNDABLE 16,500 ANGEL DEALS 2,749 VC ROUNDS 1,001 SERIES A 540 EXITS 109 VC BACKED EXITS USA 2010
- 35. 0.7 % US STARTUPS ARE VENTURE BACKED
- 36. 11 % US PRIVATE SECTOR JOBS ARE VENTURE BACKED
- 37. MANY ARE LOW TECH OR MINIMUM WAGE
- 38. FOR EXAMPLE THESE JOBS 331,000 HOME DEPOT 160,000 STARBUCKS 89,000 STAPLES 69,500 WHOLE FOODS 59,500 APPLE GENIUSES
- 39. 35,000 TOTAL VENTURE BACKED STARTUP JOBS
- 40. OF US EMPLOYMENT 0.03 %
- 41. 99 to 20 Employees 19 to 10 Employees 9 to 5 Employees 4 to 1 Employees 35 000 Jobs VC Backed Firms 6 086 291 Jobs 6 878 051 Jobs 8 497 391 Jobs 20 684 691 Jobs LOOK AT THESE NON VENTURE BACKED JOBS SMALL EMPLOYER FIRMS ARE A THIRD OF ALL JOBS
- 42. SILICON VALLEY SUCKS FOR ENTREPRENEURS One thing VCs never talk about is how screwed founders get. Mark Suster, Partner at Upfront Ventures
- 43. 98% OF STARTUPS SEEKING FUNDING DON’T GET ANY
- 44. 75% OF THOSE THAT DO DON’T RETURN THE INVESTMENT
- 45. NEITHER THE INVESTORS OR THE FOUNDERS GET PAID
- 46. LET’S TALK EXITS Unknown 9 571 Dead 3 095 Acquisition 4 832 IPO 1 936 19,434 VENTURE BACKED EXITS BETWEEN 1987-2006
- 47. 253 97 19 6 466 1 671 3 828 13 099 < 1 Million 10 Million 50 Million 100 Million 200 Million 500 Million 1 Billion > 1 Billion VENTURE BACKED FOUNDER PAYOUT 20 YEAR DEAL FLOW 2 OUT OF 3 FOUNDERS GET LESS THAN ONE MILLION
- 48. VENTURE BACKED FOUNDER PAYOUT 17 FOUNDERS A YEAR TAKE HALF THE MONEY 6,9 % 9,1 % 15,9 % 18,4 % 19 % 22,3 % 7,7 % DISTRIBUTION OF TO ENTREPRENEURS 0,7 % < 1 Million 10 Million 50 Million 100 Million 200 Million 500 Million 1 Billion > 1 Billion
- 49. PS IT’S JUST OKAY FOR THE INVESTORS 20 YEAR IRR 29,2 24,7 16,3 18,7 Dot-Com Bubble 10,3 10,1 8,4 6,2 34,0 9,3 13,8 14,8 Venture Capital Index S&P 500 1 Year 3 Years 5 Years 10 Years 15 Years 20 Years
- 50. EXIT BIAS Any time you build a company designed to be sold, you ultimately get less value if it’s sold. Joe Kraus Partner Google Ventures
- 51. NOT SILICON VALLEY Different Culture Different Rules
- 52. China Singapore Denmark Great Britain India USA Netherlands Italy Germany France Israel Spain Japan Korea Belgium Greece Portugal INDIVIDUALISTIC DIFFERENCE HOFSTEDE’S DIMENSIONS UNCERTAINTY AVOIDANCE CULTURAL
- 53. © 2014 The Cantillon WHY SHOULD FRANCE CREATE THE NEXT APPLE? APPLE CREATES 1,000,000 JOBS WORLDWIDE • 935,000 outside the US • 65,000 employees • 59,500 Genius • 6,500 Skilled employees APPLES SPENDS 6 TO 1 OUTSIDE US • $64B outside the US • $7.6B on Marketing and Apple Stores • $2.7B • $2.5B on R&D • $26B Profit EVERY IPAD SOLD INCREASE THE TRADE DEFICIT WITH CHINA BY $275
- 54. WHAT’S WRONG WITH FREE UBISOFT & CRITEO?
- 55. L’OREAL ACQUIRES $5BILLION We are confident that we will find other opportunities this year or next year. This is the story of L’Oreal. Jean-Paul Agon, Chairman L’Oreal
- 56. THE CANTILLON ASKS Why is it that if I want a luxury car I have to buy it from the people who are known for:
- 57. COLD DESIGN
- 59. AND BEER
- 60. WHY CAN’T I GET IT FROM THE PEOPLE WHO ARE KNOWN FOR
- 64. WHO PRACTICALLY INVENTED FASHION
- 65. AND LUXURY!?
- 66. INSTEAD WE GET THIS And we are told to be happy about it.
- 67. WE THINK ENTREPRENEURS SHOULD
- 68. © 2014 The Cantillon CREATE CRAZY AWESOME COMPANIES
- 69. CHANGE THE WORLD © 2014 The Cantillon
- 70. AND THEY SHOULDN’T STARVE © 2014 The Cantillon
- 71. MOST FOUNDERS
- 72. GREAT IDEAS HAVE
- 75. AREN’T SURE HOW TO PROCEED
- 76. SO THEY FUND RAISE
- 77. BECAUSE THEY NEED TO EAT
- 78. FOUNDERS ARE TOLD THAT TO BE SUCCESSFUL
- 79. THEY NEED A GREAT INVESTOR PITCH
- 80. OR THEY NEED TO ADD ONE MORE FEATURE
- 81. OR GET MORE UNPAID USERS
- 82. BUT REALLY
- 83. THEY NEED A CUSTOMER
- 84. UNTIL YOU HAVE A CUSTOMER YOU HAVE A HOBBY
- 85. 70% OF OUR STARTUPS HAVE CUSTOMERS
- 87. HARD WORK KNOWLEDGE EXPERIENCE
- 88. AND PEOPLE
- 89. WE RECRUIT THREE TYPES © 2014 The Cantillon SUITS Know Business GEEKS Know How To Make Things VISIONARIES Know Customers IF I BUILD IT THEY WILL COME THINKING IS DOING I DON’T KNOW HOW TO RUN A BUSINESS SWEET SPOT
- 90. WE ARE
- 91. HALF MBA HALF ACCELERATOR
- 92. WE ARE THE WORLD’S FIRST SCHOOLERATOR © 2014 The Cantillon
- 93. WE ARE SERIAL ENTREPRENEURS
- 94. ALL WE DO IS START COMPANIES
- 95. ONE WEEKEND BUSINESS MODEL
- 96. THREE MONTHS INNOVATION SESSION
- 97. SIX MONTHS LAUNCH & MOMENTUM
- 99. SUPPORT LEGAL ACCOUNTING MARKETING
- 100. LEADING THEORY REAL EXPERIENCE
- 101. DISCIPLINED ENTREPRENEURSHIP In theory there is no difference between theory and practice. In practice there is. Yogi Berra
- 102. WE TOOK THE TOP FRAMEWORKS © 2014 The Cantillon STARTUP THEORY LEAN STARTUP GROWTH HACKING SILICON VALLEY SALES THEORY CARNEGIE MILLER-HEIMAN BUSINESS THEORY HARVARD BLUE OCEAN PORTER
- 103. © 2014 The Cantillon STARTUP THEORY LEAN STARTUP GROWTHHACKING SILICON VALLEY SALES THEORY CARNEGIE MILLER-HEIMAN BUSINESS THEORY HARVARD BLUE OCEAN PORTER ADDED SOME OF OUR OWN MAGIC WILLINGNESS TO PAY ABILITY TO PAY x PAIN x SATISFACTION BUSINESS MODEL HYPOTHESIS TEAM + VISION + CUSTOMER PAIN FRAMEWORK CUSTOMERS BUY FOR PAIN RELIEF NOT PROBLEM EFFECTUAL MARKETING KNOWN > REACHABLE > SEGMENT
- 104. © 2014 The Cantillon STARTUP THEORY CUSTOMER DEVELOPMENT SALES THEORY CUSTOMER CONCEPT BUSINESS THEORY MARKET RESEARCH CONNECTED THEM TOGETHER PAIN FRAMEWORK CUSTOMER INTERVIEWS EFFECTUAL MARKETING PERSONAS WILLINGNESS TO PAY CONJOINT ANALYSIS BUSINESS MODEL HYPOTHESIS SEGMENTATION
- 105. TO MAKE A COHERENT PROCESS © 2014 The Cantillon CAPTURE AND RETURN INVESTMENT INVEST RESOURCES CREATE SOMETHING OF VALUE FUNDAMENTAL CIRCLE
- 107. CUSTOM TOOLS
- 108. LET US INTRODUCE OUR ENTREPRENEURS
- 119. THE ECOSYSTEM IS BUILT FOR INVESTORS © 2014 The Cantillon VENTURE CAPITAL Entry 2-4 Years Equity INCUBATORS Only For Mature Tech $$ Fees ACCELERATORS Fundraising Entry After 1-2 Years Equity ANGELS 1 Year to Raise Equity BUSINESS SCHOOLS Theoretical 2 Years $$$$ Fees LA?UNCH BUSINESS BIG EXIT IN THE SKY
- 120. THE CANTILLON IS BIG EXIT BUILT FOR ENTREPRENEURS © 2014 The Cantillon IN THE SKY VENTURE CAPITAL Entry 2-4 Years Equity INCUBATORS Only For Mature Tech $$ Fees ACCELERATORS Fundraising Entry After 1-2 Years Equity ANGELS 1 Year to Raise Equity €HOLD BUSINESS BUSINESS SCHOOLS Theoretical 2 Years $$$$ Fees
- 121. LOW ENTREPRENEURIAL LEARNING HIGH ENTREPRENEURIAL LEARNING © 2014 The Cantillon Incubators Professionals Angels VC INSEAD HEC Accelerators The Cantillon LOW COST & HIGH COST PLAYERS FEES EQUITY
- 122. THINK DIFFERENT! WE BELIEVE IN
- 123. DIVERSITY! NO MORE THAN 1/3 FROM ANY AGE GROUP CULTURE INDUSTRY
- 124. 35% WOMEN WE WISH MORE WOULD APPLY
- 125. EXPERIENCED CLASSES TAUGHT BY SUCCESSFUL ENTREPRENEURS
- 126. REAL LIFE THE STARTUP IS THE CASE STUDY
- 127. TEAM FIRST PEOPLE CREATE GREAT IDEAS
- 128. THEORY & PRACTICE REPEAT LECTURE PRACTICUM PITCH
- 129. NOT ONLY TECHNOLOGY FORGET THE SOLUTION SOLVE CUSTOMER PROBLEMS
- 130. MOMENTUM WE DON’T PUSH TO GROW TOO FAST
- 131. WHO IS THE CANTILLON?
- 132. FOUNDER • Twenty-five Years of Startup Experience • Visiting Lecturer on Entrepreneurship at INSEAD • Founded Five Startups • Evaluated, Advised, or Board Member Thirty-Eight Others
- 133. FOUNDER Eighteen Years Business Development Visiting Lecturer on Entrepreneurship at INSEAD Two Startups
- 134. FOUNDER Was Senior Program Manager INSEAD EMBA 20 Years Of Customer Service Design Two Startups
- 135. FOUNDER Fifteen Years High Tech Industry COO & Cofounder Gostai Cofounder INSEAD Business Lab
- 136. COORDINATOR People Events Communication
- 137. ADVISOR Cofounder Of INSEAD Chairman Of The Committee For A World Parliament Former Member Of French Parliament
- 138. ALAIN GOUDEY ALBAN SMUTZ AMAURY DE BUTTET ANNABELLE ROBERTS ANTOINE MEYER UNIVERSITÉ PARIS DAUPHINE SCIENCE PO ECSP YORK UNIVERSITY INSEAD Professor Marketing SVP Founder CEO President Université Paris-Dauphine OVH GreenSpace Incubator AR Presentations Sumi Agro BRUNO BENSAID FRANCOIS AMADEI GEORGE EAPEN GUILLAUME LOTH-DEMAY JABER TANNAY INSEAD ECSP INSEAD INSEAD INSEAD CEO Founder Professor Strategy Director Managing Director Shanghai Invest NR Pro PV Pro Blue Ocean INSEAD Business Angels Endicott Lucas Capital MENTORS INTERNATIONAL MENTORS JEAN LOUIS JORUS JIL AHDAB MARTIN GUERIN MATTHIEU GARDE MAURICE GOPIKIAN INSEAD SCIENCE PO & COLUMBIA ECOLE NORMANDIE ESIEA HARVARD Angel Investor Partner Marketing Strategy Founder Director Ginestie Paris Incubator Lean Startup France Harvard Business Angel Fund MAURICIO ALVAREZ MOODI MAHMOUDI SAM HAJJAR SIMON VANDENDRIESSCHE VINCENT STUHLEN EEDN INSEAD, MIT INSEAD ECOLE CENTRAL INSEAD Founder CEO Managing Partner Founder Director Worldwide Digital Idea Lab Collarborne 50 Partners Incenteev L'Oreal Lux
- 139. WE ARE VERY BUSY
- 140. TOP PARTNERS •EPITECH •MY STARTUP IN PARIS •PARIS REGION LAB •ESCP •JEUNE CHAMBRE ECONOMIQUE •D-INCUBATOR •MAKE SENSE •PÔLE UNIVERSITAIRE LÉONARD DE VINCI •LE VILLAGE CRÉDIT AGRICOLE •FONDATION ENTREPRENDRE •RÉSEAU AUDACE •REGUS •PARIS PIONNIÈRES •ESSEC •LA POSTE
- 141. CORPORATE CUSTOMERS
- 143. BUT MOST IMPORTANT
- 145. 8 STARTUPS LAUNCHED
- 147. WE ARE THE CANTILLON
- 148. WE BUILD LEADERS
- 149. IF YOU WANT TO
- 150. © 2014 The Cantillon CREATE CRAZY AWESOME COMPANIES
- 151. CHANGE THE WORLD © 2014 The Cantillon
- 152. AND HELP FEED THE ENTREPRENEURS © 2014 The Cantillon
- 153. © 2014 The Cantillon AND TURN DREAMS INTO REALITY
- 154. THEN REGISTER FOR THE BOOTCAMP © 2014 The Cantillon
- 155. WELCOME • to The Cantillon
- 156. THANK YOU HELLO@THECANTILLO N THECANTILLON.COM/