Ce diaporama a bien été signalé.
Le téléchargement de votre SlideShare est en cours. ×

Entrepreneurship Lecture - How to Start a Startup MBA School - University Mannheim

Publicité
Publicité
Publicité
Publicité
Publicité
Publicité
Publicité
Publicité
Publicité
Publicité
Publicité
Publicité
Chargement dans…3
×

Consultez-les par la suite

1 sur 54 Publicité

Entrepreneurship Lecture - How to Start a Startup MBA School - University Mannheim

Télécharger pour lire hors ligne

3 Phases of a Startup
-Standup
-Startup
-Scale Up

Mannheim university
Fundraising, How to find a business angel
Hype Cycle & Geoffrey Moore Crossing the Chasm
From Ideation to MVP and First real product
Team Building
Fundraising
Startup Books

3 Phases of a Startup
-Standup
-Startup
-Scale Up

Mannheim university
Fundraising, How to find a business angel
Hype Cycle & Geoffrey Moore Crossing the Chasm
From Ideation to MVP and First real product
Team Building
Fundraising
Startup Books

Publicité
Publicité

Plus De Contenu Connexe

Diaporamas pour vous (20)

Similaire à Entrepreneurship Lecture - How to Start a Startup MBA School - University Mannheim (20)

Publicité

Plus par Michael Altendorf (20)

Plus récents (20)

Publicité

Entrepreneurship Lecture - How to Start a Startup MBA School - University Mannheim

  1. 1. 1 HOWTO START A START-UP? MICHAEL ALTENDORF, MANNHEIM MBA SCHOOL JANUARY 2021
  2. 2. 2 TABLE OF CONTENTS • About Adtelligence • StandUp • Why do you want to start? • How to create a team • How to find your first angel investor • How to build a minimum viable product • Define your business model • StartUp • Go to market & customer development • Create a unique product • Verticalize and position right • ScaleUp • Raise Venture Capital • How to scale • Company Stages • Exit • Recommended Readings
  3. 3. 3 ABOUT US  Adtelligence provides high-end software solutions for analytics, personalization and automation in marketing and sales  Adtelligence was founded in Germany in 2009 by former SAP executives together with investors  Over 100 projects implemented withAI, Big Data, PredictiveAnalytics and personalization 3 AWARDS PARTNER  All solutions are GDPR/DSGVO compliant and are regularly tested for data protection and security
  4. 4. 4 4 GERMAN SAVING BANK GROUP COOPERATIVE FINANCIAL GROUP RETAIL BANKS ACROSS EUROPE INSURANCES & FINANCIAL SERVICES TELCO REFERENCES
  5. 5. 5 SALES & CUSTOMER INTELLIGENCE AUTOMATE PROCESSES, IMPROVE CUSTOMER ACTIVATIONCROSS- & UPSELL with the Customer Data Platform and Marketing Automation solution SOFTWARE PLATFORM PERSONALIZATION GENERATE LEADS AND WIN NEW CUSTOMERS through intelligent websites that learn what the customer likes and optimizes for the best conversion rates CUSTOMER EXPERIENCE MGMT & PERSONALISIERUNG MASTERMIND AI FRAMEWORK
  6. 6. 6 BUSINESSCASESWEADDRESS 16/02/2021 6 CONTRACT RENEWALS ACTIVATE YOURCUSTOMERS BOOST CUSTOMERACQUISITION UP- & CROSSSELL THE NEXT BEST PRODUCT INCREASE CALLCENTER EFFICIENCY PREDICT FUTURESALES & OPTIMIZE SUPPLYCHAIN
  7. 7. 7 STAND UP FROM IDEA TO MINIMAL VIABLE PRODUCT
  8. 8. 8 FROM IDEATO PRODUCT 16.02.2021 8 NO… …BETTER… …MAYBE… …YES
  9. 9. 9 IDEA - IT ALL STARTSWITHTHE IDEA • Do I have a good idea? • What is my vision the world in ~25 years? • Can I make an impact? • Am I good enough to be an entrepreneur? • I have an idea but can not build not sell the product, what should I do? • How can I find a technical founder or a real team? • You can I survive without salary? • Why should somebody invest in my idea? • Where do I get the money for my company from? • Who gives me the money? • How do I get to know angel investors? • What kind of questions do the investors ask? • What is a “good” idea and business plan? • (…)  WHAT QUESTIONS DOYOU HAVE? Source: Computer History Museum, <1980 16.02.2021 9 YOU STARTWITH MANY OPEN QUESTIONS
  10. 10. 10 YOUR BUSINESS IS 16.02.2021 10 SOURCE: http://www.businessinsider.com/fatal-assumptions-about-startups-that-can-kill-your-small-business-2010-11?IR=T
  11. 11. 11 THE MINIMUMVIABLE PRODUCT 16.02.2021 11 SOURCE: http://blog.deming.org/2014/11/minimal-viable-product/ CONCEPT BY STEVE BLANK / ERIC RIES (The Lean Startup)
  12. 12. 12 THE BUSINESS MODEL CREATE A BUSINESS IN 10 MINUTES AND START IMPROVING IT! 16.02.2021 12 Source: A. Osterwalder Business Model Design Template
  13. 13. 13 BUSINESS PLAN – AREYOUVENTURE READY? 16.02.2021 13 • Create a financial plan in two ways in excel • Bottom Up – how to get the first 10 clients • Top Down – how much money do we make with 1000+ clients • From where to you get the market size and figures? • From market analysts • From your own analysis • Take pricing data from competitors or similar companies • Calculate 3 Scenarios (+/+/=)  if you have a negative outcome think about your business model • Find out if you can raise money with such a plan? (reach 10M+ revenues in 3-5 years)
  14. 14. 14 16.02.2021 14 “No Business Plan Survives First Contact With Customers! Start with a business model, not with a plan!” Source: http://blogs.wsj.com/accelerators/2012/11/26/start-with-a-business-model-not-a-business-plan/ STEVE BLANK SEES IT DIFFERENT THE STARTUP GURU THINKS THAT YOU DO NOT NEED A BUSINESS PLAN? NO!
  15. 15. 15 TEAM - HOWTO BUILD A KILLERTEAM? 16.02.2021 15  Go to all startup events and many conferences to get how it works and build a network  Tell everybody that you have an idea and want to start a business  In emergency case start alone, people will follow along the way if your idea is good (this can take years)  Experienced people help, but smart & fast executers and learners help more in a startup team  Combination of experience and fresh minds who can work 100h a week  You do not need an MBA to start a company  Minimum 2 people for the start: One who builds the product, one who sells the product  3-4 founders are better but hard to find 4 equally strong founders who also stay 5 years, often one leaves after one year or needs to leave The ideal team
  16. 16. 16 FUNDING - WHERE DO I GET THE MONEY TO START? TYPICAL SOURCES FOR FIRST ANGEL MONEY:  Own Money  Family, Friends & Fools  Business Angel (Network)  Incubator, Accelerator programs  Bank Loan  Seed Funds  PREFER SMART MONEY INTHE BEGINNING!  Venture Capitalists most times didn't had an own company with problems you will get  Prefer Business Angels with experience and a lot of spare time  If you can not raise money with a business plan find some mentors to understand how to reach the next level 16.02.2021 16 How can I raise 100.000€ with a ugly website like this?  The investor (Andy von Bechtholsheim) understood the potential!
  17. 17. 17 FROM CONCEPTTO A SOLUTIONTAKESTIME 16.02.2021 17 Idea 2010 V1 2012 V2 2016/2017
  18. 18. 18 THE NEXT LEVEL – STARTUP FROM THE MVP TO THE FIRST 10 CUSTOMERS AND 6 DIGIT REVENUES
  19. 19. 19 ITERATEYOUR MODEL UNTILYOU REACH PRODUCT MARKET FIT 16.02.2021 19 …and go to market with the minimum viable product!
  20. 20. 20 SALES IS PURE EXECUTION & REPETITION • Week 1 Define a beachhead where to enter the market Ping 200 people on Linkedin and Xing and get 10 meetings! (5% CTR) • Week 2 Define a new target customer Define a better package and better pricing • Week 3 Start again… Define the pricing again and check value based pricing for the first clients Hint: the first 5 clients you have to buy = no money or huge discounts  that is why a freemium model may work first in early markets • After one year Market clearer but iterations every - 4 weeks to improve pitch and feature set • After 5 years: Every 3-6 months iteration cycles HOWTO FINDYOUR FIRST CUSTOMERS 16.02.2021 20
  21. 21. 21 FROMTHE MVPTO A REAL PRODUCT SOURCE: http://www.theinnovativemanager.com/wp-content/uploads/2014/10/whole-product-planning-crossing-the-chasm.jpg?a4c06d 16.02.2021 21
  22. 22. 22 THE MARKET - NEW MARKETSARE DIFFERENT You need to decide for a market! Existing markets are easier to start with but harder to reach monopoly 16.02.2021 22
  23. 23. 23 16.02.2021 23
  24. 24. 24 16.02.2021 24
  25. 25. 25 16.02.2021 25  Do not burn the money through before the market starts taking off! TIMING, timing, timing … and if you are too early enough funding and paitence to wait
  26. 26. 26 CHECK OUTTECHTRENDS 16.02.2021 26 Each newTechnology is just technology but not a product – Essential is to find the right use cases and product market fit
  27. 27. 27 CROSSINGTHE CHASM 16.02.2021 27 GEOFFREYA. MOORE Crossing the Chasm / Crossing the Chasm: Marketing and Selling Disruptive Products to Mainstream Customers
  28. 28. 28 THE MARKET –THETECHNOLOGYADOPTION LIFECYCLE MODEL 16.02.2021 28
  29. 29. 29 NEW MARKETSCANTAKE FOREVERTOTAKE OFF 16.02.2021 29
  30. 30. 30 THE BOWLING ALLEY 16.02.2021 30 FOCUSONTHE RIGHTVERTICALAND CUSTOMERWHO CAN PAY FORTHE PRODUCT!
  31. 31. 31 TALC vs HYPE CYCLE 16.02.2021 31
  32. 32. 32 IFYOU HAVE 2BN MARKETING BUDGET –YOU SKIPTHE CHASM 16.02.2021 32 SOURCE: http://de.slideshare.net/misteroo/apple-study-8-easy-steps-to-beat-microsoft-and-google
  33. 33. 33 SCALE UP HOW TO REACH 7-8 DIGIT REVENUES SCALE UP FROM GROWTH TO EXIT OR IPO
  34. 34. 34 RAISINGVENTURE CAPITAL 16.02.2021 34 Phase Who invests? €€€ Volume How much % do you give a way Success Factors IDEA HYPTOTHESIS Nobody 0 0 Experience and Background ORIENTATION Fools 0 0 Meet the right People PLANNING Fools or apply for an accelerator 25.000 € 5-10% Background - Who can write a clean plan and make a good calculation - only serial entrepreneurs in Silicon Valley are getting money for Ideas FOUNDING / BUSINESS PLAN Family & Friends, BA with Experience in this Segment 0 - 1 Mio. 10-50%, avg 25.1% Own funds, persuasive power, can you get VC with your Plan and your Idea, can you realize your Plan SEED / MVP Business Angel - prefer smart Money with people from the industry Up to 1M, but 50k -500k average 25% How good is the Team and the prototype STARTUP Business Angel or public seed funds Up to 1 M depending on segment 10-20% Development, Financial Plan EARLY STAGE HNWI, Business Angel with big money, VC Up to 10M € US funds, 1-5 M German 10-30% The right Contacts, Potential and Team EXPANSION Top Tier VC’s & Corporate Investor 5-25 M € 25+% over 1-2 rounds Growth in Sales, Business Model (reoccurring revenues) LATE STAGE IPO, VC, PE, Buy Out funds, Hedgefonds, etc. Unlimited 25-75% (secondary for early investors and founders normal) Growth in Sales, EBIT, Market Share
  35. 35. 35 WHAT KIND OF QUESTIONS DOTHE INVESTORSASK? PRODUCT • What is the Product Roadmap? • What are you developing next, how long will it take, and who are your hires to develop it? • How did you make the decisions regarding the direction the product is right now? We want to understand your decision making process and your vision of the company. This last point is extremely important. 16.02.2021 35 MARKET • How big is the market and how will it grow? • What are the trends in the market that make now the right time for your product? • If you're in a big enough market, you can afford to make some mistakes (which as startups you will always do!). • Who are your first customers? Are they referenceable? What does your pipeline look like? COMPETITION • Who are the competitors? • What is your competitive advantage and is it sustainable? Hint: IP patents are not enough.
  36. 36. 36 WHAT KIND OF QUESTIONS DOTHE INVESTORSASK? 16.02.2021 36 TEAM • What are your backgrounds, where did you meet, and why are you the right team to execute on this plan? • Who does what, and who else do you need to hire to build out the right team? Be lean with your costs. • No VC likes to see a company that is spending extraneous money. SCALABILITY What are the barriers to growth? There will always be some; be aware of what they are. This could be from the business model side or the technical product side. Within this there is also the issue of customer acquisition strategy and cost.  Finally, although we do not ask the founder this question, we ask ourselves: In what ways doWE as theVC investor provide value to this particular entrepreneur / team / startup?
  37. 37. 37 HOWTO SCALE UP Verne Harnish divides the topic in four key areas:  PEOPLE - Attracting and keeping the right People  Define your Core Values  Act to those rules  STRATEGY & VISION - Creating a truly differentiated Strategy  Is your strategy good enough to attract many customers and differentiates your from the competition  EXECUTION - Driving flawless Execution  Setting priorities and action plans  Set KPI’s and measure  Review and keep everybody in the loop  Check the “Rockefeller Habits”  CASH - Having plenty of Cash to weather the storms.  Cash (-flow) is king  Every decision affects revenue and profit 16.02.2021 37 Source: http://scaling4growth.com/wp-content/uploads/2015/10/Scaling-Up.pdf
  38. 38. 38 EXAMPLE: FACEBOOK INVESTMENT ROUNDS 90% of the value is created after the IPO! (PeterThiel) 16.02.2021 38 PRE-SEED SEED EARLY STAGE GROWTH LATE STAGE PRIVATE EQUITY IPO
  39. 39. 39 THE EXIT 16.02.2021 39 • What is my company value? • Revenues x Market Hype x Growth Rate x Competition = Exit Value • Ask an expert first before you sell and take an M&A advisors in London, NY or silicon valley ion a later stage or a German one in an earlier stage • IPO IS NOT AN EXIT STRATEGY! …as you stay with the company and you have a lock-up period • Different exit options: • Selling to a major corporate is best, but there are many other which are ready to buy • No need to sell all at once to make money: Private Equity is a new key element in the chain. You raise further money and already sell some shares (“secondary”) • Stay with your company and somebody else becomes CEO and your are in the advisory board (SAP…) • Merger with competitor or US vendor to create a bigger company
  40. 40. 40 RECOMMENDED READING &VIDEO LECTURES
  41. 41. 41 INSIGHTS FROM REID HOFFMAN (Greylock, Linkedin) 16.02.2021 41 Rule #1: Look for disruptive change. Rule #2: Aim big. Rule #3: Build a network to magnify your company. Rule #4: Plan for good luck and bad luck. Rule #5: Maintain flexible persistence. Rule #6: Launch early enough that you are embarrassed by your first product release with the minimum viable product Rule #7: Aspire, but don’t drink your own Kool-Aid (Very sweet US lemonade/sugar drink). Rule #8: Having a great product is important but having great product distribution is more important. Rule #9: Pay close attention to culture and hires from the very beginning. Rule #10: Rules of entrepreneurship are guidelines, not laws of nature
  42. 42. 42 RECOMMENDED READINGS 16.02.2021 42 Eric Ries The Lean Startup (how to bootstrap as long as possible) Guy Kawasaki The Art of the Start Randy Komisar The Monk and the Riddle (how to come from a rough idea to a real business & first product
  43. 43. 43 RECOMMENDED READINGS 16.02.2021 43 Alexander Osterwalder (Create a Business Model) Business Model Generation - David S Kidder The Startup Playbook How to Start a Startup startupclass.samaltman.com/ (15 lectures from Stanford) Videos of the lecture http://www.youtube.com/channel/UCxIJaCM EptJjxmmQgGFsnCg
  44. 44. 44 RECOMMENDED READINGS Marc Benioff Behind the Cloud The Challenger Sale: How To Take Control of the Customer Conversation The Challenger Sale: How To Take Control of the Customer Conversation
  45. 45. 45 RECOMMENDED READINGS 16.02.2021 45 On entrepreneurship, how to take risks On how to change the world Principles: Life and Work
  46. 46. 46 RECOMMENDED READINGS 16.02.2021 46 On company culture How to grow a cloud business On how to start
  47. 47. 47 RECOMMENDED READINGS 16.02.2021 47 Peter Thiel From Zero to One Steve Blank The Startup Manual & 4 steps to epiphany (Go to market and Productization) Ben Horowitz The hard thing about hard things (more for existing companies)
  48. 48. 48 ONLINE MATERIAL 16.02.2021 48 The comprehensive List http://steveblank.com/tools-and-blogs-for-entrepreneurs/ Mark Suster’s famous blog on entrepreneurship and VC https://bothsidesofthetable.com
  49. 49. 49 RECOMMENDED READINGS  How to pitch to a VC - Reid Hofmann, founder of Linkedin and Managing partner of Greylock describes his own pitch, how he framed the business to have a real competitive edge and a unique selling proposition  How to define your market right and how to show to investors that you are NOW a good investment  Timing is everything!  A night long reading: http://reidhoffman.org/linkedin-pitch-to-greylock/ 16.02.2021 49 Source: http://reidhoffman.org/linkedin-pitch-to-greylock/
  50. 50. 50 FORTHE START: BWCON BUSINESS PLAN HANDBOOK 16.02.2021 50 Download: http://www.cyberone.de/cms/fileadmin/download_files/Businesspla nhandbuch.pdf
  51. 51. 51 MOORE‘S MODEL FOR HIGHTECH MARKETING 16.02.2021 51
  52. 52. 52 YOURTARGET –THETORNADO  WORLDWIDE SALES AND EXPANSION + NETWORK EFFECT 16.02.2021 52 SOURCE: Christensen, Clayton. The Innovator’s Dilemma. Harvard, MA: Harvard Business School Publishing Corporation, 1997
  53. 53. 53 4 STEPSTO EPIPHANY &THE BUSINESS MODEL CANVAS 16.02.2021 53
  54. 54. 54 THANKYOU! MICHAEL ALTENDORF CEO & CO-FOUNDER ma@adtellligence.com www.adtelligence.com ADTELLIGENCE GMBH Philosophenplatz 1 68165 Mannheim Germany www.adtelligence.com

Notes de l'éditeur

  • The digital transformation is one of the key challenges for every company worldwide
  • What can you do with AI and big data for your business?
    You can use it for any business cases, but where have you already today a major proven impact
    We have 3 areas with clear results
    Testimonials  - Referenzfolie
  • Unsere Lösungen haben direkt Impact auf ihren Umsatz
  • Market leader for AI driven sales solutions with strong footprint in the Financial Services sector

    Adtelligence’s sales solutions increase revenues and drive conversion of sales teams by creating real time insights about clients‘ intent to buy resulting in a increase of sales by 10 - 30%
  • #AI #Customer Intelligence #Personalization #Big Data #Predictive Analytics

    Market leader for AI driven sales solutions with strong footprint in the Financial Services sector

    Adtelligence’s sales solutions increase revenues and drive conversion of sales teams by creating real time insights about clients‘ intent to buy resulting in a increase of sales by 10 - 30%

×