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10 Immutable Truths <br />of Entrepreneurship<br />Margaret Wallace, CEO, Playmatics<br />Twitter: @MargaretWallace<br />
About Me<br />Entrepreneur<br />Adviser<br />Inventor<br />Margaret Wallace, CEO, Playmatics<br />Twitter: @MargaretWallac...
About<br />Playmatics<br />A company that creates highly engaging games, media, user experiences and applications on the I...
Start-UpFunding Options(I’ve done them all!)<br />
Funding Options<br />
Funding Options<br />
Funding Options<br />
Funding Options<br />
$<br />Raised $3.5 million in VC<br />Copyright 2010. Margaret Wallace. Please Attribute Proper Credit if You Use These Sl...
Different Considerations<br />Lessons Learned<br />Sharpened Focus<br />Takeaway: Experience is the Best Teacher.<br />
#1. <br />Know Yourself<br />
What is your tolerance for risk?<br />Is your business a lifestyle?<br />What are the likely exit scenarios?<br />Takeaway...
#2. <br />Develop a keen <br />sense of others.<br />
Gamify It!<br />
“User” Motivations<br />Relationship Management<br />Not Fixed in Time<br />
Example: <br />Raising Venture Capital<br />
How VCs Rate Your Chances of Success<br />Break-Out Success<br />Break-Even<br />#FAIL<br />Takeaway: VC & Start-Up Goals ...
“To the VC, 3x [exit] and a dead startup are essentially the same given the way they calculate their batting averages. At ...
Strength of Idea<br />Market Size<br />Strength of Team<br />Competition<br />Takeaway: VCs are all about managing risk. T...
But it’s not that easy….<br />
“The Unspoken Language of Pitching Game”<br />Good,Bad, Indifferent? *<br />Instructions: I give you a few scenarios and y...
The Unspoken Language of Pitching Game<br />Scenario: <br />First-time pitching this VC firm. <br />You are incredibly det...
The Unspoken Language of Pitching Game<br />Scenario: <br />Recently Made a Lot of Investments in Your Space<br />Good,Bad...
The Unspoken Language of Pitching Game<br />Scenario: <br />First meeting with Partners. <br />They offer you water and co...
The Unspoken Language of Pitching Game<br />Scenario:<br />First meeting<br />All the Partners are in the Room<br />Meetin...
The Unspoken Language of Pitching Game<br />Scenario: <br />An Associate of the VC Firm Calls You because they are impress...
The Unspoken Language of Pitching Game<br />Scenario: <br />Second Follow-Up Meeting: <br />Person You’re Scheduled With C...
The Unspoken Language of Pitching Game<br />Scenario:<br />First meeting<br />All the Partners are in the Room<br />Meetin...
The Unspoken Language of Pitching Game<br />Scenario:<br />First meeting with a Partner<br />Talking About Industry Gossip...
#3. <br />Understand the Impact of Funding Choices<br />
Funding Type Comparison<br />Takeaway: The Roadmap for a VC-Funded Company Will Generally Be More Accelerated. <br />
Market Size & Competition<br />Takeaway: VCs Will Want To See You’ve Thought Through Strengths, Weaknesses, Opportunities,...
Growth & Staffing<br />Takeaway: Structure your staffing plan to reflect your investment approach. <br />
#4. <br />Know Your Weaknesses<br />
#5. <br />Hire Superstars<br />
Staffing = Magical Alchemy<br />
#6. <br />Nothing is Constant But Change<br />
#7. <br />Know When to Pivot<br />
#8. <br />You Only Have Yourself to Blame<br />
#9. <br />Accept Failure Swiftly & Gracefully<br />
#10<br />The “Truth” is Not Out There.<br />
“My” Immutable Truths<br />
“My” Immutable Truths<br />When to Raise?<br />
“My” Immutable Truths<br />How Much to Raise?<br />
“My” Immutable Truths<br />When do you have the most negotiating power?<br />
“My” Immutable Truths<br />Choose your Investor (or VC firm) carefully.<br />
“My” Immutable Truths<br />Choose your individual VC carefully.<br />
“My” Immutable Truths<br />VCs: Traditionally Not <br />Founder-Friendly<br />
“My” Immutable Truths<br />Choose your attorney carefully.<br />
“My” Immutable Truths<br />Guard Board Composition with your Life!<br />
“My” Immutable Truths<br />What do you say when you are asked about valuation?<br />
“My” Immutable Truths<br />Options and Option Pool<br />
“My” Immutable Truths<br />Summer – everything shuts down.<br />
“My” Immutable Truths<br />Know when it’s time to go.<br />
Questions?<br />Margaret Wallace<br />margaret@playmatics.com<br />@margaretwallace<br />
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10 Immutable Truths of Entrepreneurship (Updated Keynote)

These are UPDATED slides from a keynote I delivered on January 20, 2011 at GameOn Finance in Toronto. Enjoy!

For an questions, please feel free to contact me on Twitter - @margaretwallace

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10 Immutable Truths of Entrepreneurship (Updated Keynote)

  1. 10 Immutable Truths <br />of Entrepreneurship<br />Margaret Wallace, CEO, Playmatics<br />Twitter: @MargaretWallace<br />
  2. About Me<br />Entrepreneur<br />Adviser<br />Inventor<br />Margaret Wallace, CEO, Playmatics<br />Twitter: @MargaretWallace<br />Tech, Media, Gaming Focus<br />
  3. About<br />Playmatics<br />A company that creates highly engaging games, media, user experiences and applications on the Internet, as part of social media networks, and on a variety of connected platforms. <br />
  4. Start-UpFunding Options(I’ve done them all!)<br />
  5. Funding Options<br />
  6. Funding Options<br />
  7. Funding Options<br />
  8. Funding Options<br />
  9. $<br />Raised $3.5 million in VC<br />Copyright 2010. Margaret Wallace. Please Attribute Proper Credit if You Use These Slides<br />
  10. Different Considerations<br />Lessons Learned<br />Sharpened Focus<br />Takeaway: Experience is the Best Teacher.<br />
  11. #1. <br />Know Yourself<br />
  12. What is your tolerance for risk?<br />Is your business a lifestyle?<br />What are the likely exit scenarios?<br />Takeaway: <br />Don’t Chase After The Money, Go Inside and Find Out What Makes You “Tick.”<br />
  13. #2. <br />Develop a keen <br />sense of others.<br />
  14. Gamify It!<br />
  15. “User” Motivations<br />Relationship Management<br />Not Fixed in Time<br />
  16. Example: <br />Raising Venture Capital<br />
  17. How VCs Rate Your Chances of Success<br />Break-Out Success<br />Break-Even<br />#FAIL<br />Takeaway: VC & Start-Up Goals Are Not Always in Alignment.<br />
  18. “To the VC, 3x [exit] and a dead startup are essentially the same given the way they calculate their batting averages. At this point you have a problem.”<br />Hillel Cooperman, Jackson Fish Market, Web startup in Seattle.<br />
  19. Strength of Idea<br />Market Size<br />Strength of Team<br />Competition<br />Takeaway: VCs are all about managing risk. The more risk you remove, the more comfort they have with you.<br />
  20. But it’s not that easy….<br />
  21. “The Unspoken Language of Pitching Game”<br />Good,Bad, Indifferent? *<br />Instructions: I give you a few scenarios and you tell me if that’s good, bad or indifferent.<br />* Based on Personal Experiences.<br />
  22. The Unspoken Language of Pitching Game<br />Scenario: <br />First-time pitching this VC firm. <br />You are incredibly detailed and on-point. <br />You Leave No Stone Unturned.<br />Good,Bad, Indifferent?<br />(Bad!)<br />
  23. The Unspoken Language of Pitching Game<br />Scenario: <br />Recently Made a Lot of Investments in Your Space<br />Good,Bad, Indifferent?<br />(Indifferent) *<br />* Can Be A Bad Sign <br />
  24. The Unspoken Language of Pitching Game<br />Scenario: <br />First meeting with Partners. <br />They offer you water and copious treats. <br />Good,Bad, Indifferent?<br />(Bad!)<br />
  25. The Unspoken Language of Pitching Game<br />Scenario:<br />First meeting<br />All the Partners are in the Room<br />Meeting Lasts 1 hour<br />Everyone Checking Their Blackberries/iPhone<br />Mid-way through – start joking about girls in bikinis. <br />Good,Bad, Indifferent?<br />(Good!)<br />
  26. The Unspoken Language of Pitching Game<br />Scenario: <br />An Associate of the VC Firm Calls You because they are impressed with your business and want to learn more. <br />Good,Bad, Indifferent?<br />(Bad!)* <br />* Or KOD (Kiss of Death)<br />
  27. The Unspoken Language of Pitching Game<br />Scenario: <br />Second Follow-Up Meeting: <br />Person You’re Scheduled With Can’t Make it – Meeting with an Associate or Different Partner. <br />Good,Bad, Indifferent?<br />(Bad)!<br />
  28. The Unspoken Language of Pitching Game<br />Scenario:<br />First meeting<br />All the Partners are in the Room<br />Meeting Lasts 2 hours<br />Agree with Everything You Say<br />Good,Bad, Indifferent?<br />(Indifferent)<br />* Was Bad for Us<br />
  29. The Unspoken Language of Pitching Game<br />Scenario:<br />First meeting with a Partner<br />Talking About Industry Gossip<br />Meeting Lasts 1 hour.<br />Good,Bad, Indifferent?<br />(Bad!)<br />
  30. #3. <br />Understand the Impact of Funding Choices<br />
  31. Funding Type Comparison<br />Takeaway: The Roadmap for a VC-Funded Company Will Generally Be More Accelerated. <br />
  32. Market Size & Competition<br />Takeaway: VCs Will Want To See You’ve Thought Through Strengths, Weaknesses, Opportunities, Threats (SWOT).<br />
  33. Growth & Staffing<br />Takeaway: Structure your staffing plan to reflect your investment approach. <br />
  34. #4. <br />Know Your Weaknesses<br />
  35. #5. <br />Hire Superstars<br />
  36. Staffing = Magical Alchemy<br />
  37. #6. <br />Nothing is Constant But Change<br />
  38. #7. <br />Know When to Pivot<br />
  39. #8. <br />You Only Have Yourself to Blame<br />
  40. #9. <br />Accept Failure Swiftly & Gracefully<br />
  41. #10<br />The “Truth” is Not Out There.<br />
  42. “My” Immutable Truths<br />
  43. “My” Immutable Truths<br />When to Raise?<br />
  44. “My” Immutable Truths<br />How Much to Raise?<br />
  45. “My” Immutable Truths<br />When do you have the most negotiating power?<br />
  46. “My” Immutable Truths<br />Choose your Investor (or VC firm) carefully.<br />
  47. “My” Immutable Truths<br />Choose your individual VC carefully.<br />
  48. “My” Immutable Truths<br />VCs: Traditionally Not <br />Founder-Friendly<br />
  49. “My” Immutable Truths<br />Choose your attorney carefully.<br />
  50. “My” Immutable Truths<br />Guard Board Composition with your Life!<br />
  51. “My” Immutable Truths<br />What do you say when you are asked about valuation?<br />
  52. “My” Immutable Truths<br />Options and Option Pool<br />
  53. “My” Immutable Truths<br />Summer – everything shuts down.<br />
  54. “My” Immutable Truths<br />Know when it’s time to go.<br />
  55. Questions?<br />Margaret Wallace<br />margaret@playmatics.com<br />@margaretwallace<br />

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These are UPDATED slides from a keynote I delivered on January 20, 2011 at GameOn Finance in Toronto. Enjoy! For an questions, please feel free to contact me on Twitter - @margaretwallace

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