4. team | validation | funding
STARTING
http://www.flickr.com/photos/cedmars/6816878644/
5. Team
Make wise choices, including your co-founders
http://cdn.api.warnerbros.com/WB_Portal_3.0/imageRequest?rendition=SmallThumbnail&contentId=087194
7. Core Team
Never settle for anything less than A+ | Slow to hire & quick to fire.
http://www.flickr.com/photos/syume/4400844746/
8. As a founder, you will wake up
in a puddle of your own sweat
realizing you are completely
******
http://sleepdisorders.dolyan.com/30-great-tips-what-can-help-me-sleep/
9. Validation
Your idea solves a problem
customers are willing to pay
money for
http://wallpapergravity.com/Image.php?ID=382174
15. Bootstrapping
•
•
•
Get lean, at work and at home.
Explore consulting or other work options.
Leverage every dollar.
http://www.flickr.com/photos/h-k-d/4490192739/
16. Leverage
R&D grants
New hire programs
Loans for sales & marketing
http://farm1.staticflickr.com/93/281790898_c3240c02c4_o_d.jpg
17. Angel / Seed
Once you have a
validation, prototype, and
ideally paying customers
http://upload.wikimedia.org/wikipedia/commons/thumb/8/87/WinonaSavingsBankVault.JPG/1280px-WinonaSavingsBankVault.JPG
19. Failure is from a lack of paying
customers, not funding
http://www.flickr.com/photos/minusbaby/3403178463/
20. planning | process | advisors
GROWING
http://www.flickr.com/photos/evoo73/6930638399/
21. Planning
“Some people skate to the puck. I skate to where
the puck is going to be.”
Credit: Sporting News Archive
22. Planning
When starting, doing is more important
than planning.
At some point you will need some
‘planning’ for growth
http://www.flickr.com/photos/jurvetson/21470089/
23. Knowing when to hit the gas pedal is key.
Scaling awareness too quickly can spell disaster
http://www.flickr.com/photos/lanier67/4047779644/sizes/l/in/photostream/
24. Process
Important, but balance that ‘startup’
culture. Above all else, ensure you
have a culture of employee
accountability
http://farm1.staticflickr.com/91/269389847_e32f708b58_b_d.jpg
27. Strategy
Are you an entrepreneur, or empire builder?
http://commons.wikimedia.org/wiki/File:Maccari-Cicero.jpg
28. Lean Startup + Early Exit
a winning combination
http://www.flickr.com/photos/kellbailey/1805414461/
29. Which path is better?
reducing time to exit = reducing risk + enhances IRR
Mezzanine
(own 10%)
Series B
(own 25%)
IPO / Exit
$150M at 10%
Series A
(own 40%)
Traction
Prove
Model
Product /
Market Fit
Raise Angel
(own 35%)
Validation
3 Year
Exit$25M at
65%
2 to 3 years
5 to 7 years
Source: “Exit Strategy for Startups”, VentureArchetypes, LLC
30. Exit Strategy
Have your “end game” exit
strategy on Day #1
http://www.flickr.com/photos/uckhet/268319752/
31. Positioning
•
•
•
Tell a good story, with passion
Specifics on potential of “together”
Vision of “what could be” in the future
http://www.flickr.com/photos/beaconradio/5911999506/
32. Negotiation
•
•
•
Hire A+ finance & legal advisors
Never piecemeal
Clean house before diligence
http://www.gazprom.com/about/history/events/italy40/
35. Balancing Act
Most successful entrepreneurs have a good balance of execution intuition and luck.
http://www.flickr.com/photos/classblog/5136926303/sizes/l/in/photostream/
36. Failure is a real possibility
http://www.flickr.com/photos/kcnickerson/1008563510/
40. Contact Me:
E-Mail: jthompson@about.me
Twitter: @thomjeff
Some of the photographs in this presentation were retrieved from Flickr and made available under a
Creative Commons license. Please refer to each photograph for a link to the image source.
