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UCSD AKPsi Presentation

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UCSD AKPsi Presentation

  1. 1. Entrepreneurship<br />Joey Shurtleff<br />Co-Founder - Veechi Corp.<br />
  2. 2. Entrepreneurship<br />What Do You What to Know?<br />A Bit About Me<br />A Bit About Veechi<br />How Startups Really Work<br />Why You?<br />The Downside<br />The Upside<br />Ten Things You Must Know About Your Business<br />Three Things I Would Have Done The Same<br />Three Things I Would Have Done Differently<br />My Advice<br />Any Questions?<br />
  3. 3. What do you want to know?<br />
  4. 4. A Bit About Me<br />Stanford (Social) Class of ’09 – Studied Economics and Mathematical and Computational Sciences<br />Worked for Overstock.com and Aggregate Knowledge, doing analytics, “science”, and development<br />Overstock – large retail site<br />Aggregate Knowledge – plug-and-play “discovery” engine turned ad-optimizer<br />I’m passionate about<br />Startups (duh)<br />Statistics/Machine Learning<br />Poker<br />
  5. 5. A Bit About Veechi<br />Started working on “ReviewU” in Summer ’07 with Abraham Shafi<br />Founded company in March ’08<br />Recruited veteran CEO, Peter Levy, in June ‘08<br />Abe and I stopped out of college in June ’08<br />Veechi Classes launched October ’08<br />Series A raised December ’09<br />Job Genius launched March ’10<br />Exciting products coming soon!<br />
  6. 6. How Startups Really Work<br />
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  16. 16. Why You?<br />
  17. 17. You Think Big<br />Big markets<br />Big problems<br />Big solutions<br />Big ideas<br />Big bucks<br />
  18. 18. You Like Excitement and Risk<br />9 out of 10 startups fail<br />Nothing ever comes easy<br />
  19. 19. You Think You’re Special<br />Why hasn’t someone else done what you want to do? It’s hard!<br />
  20. 20. The Downside<br />
  21. 21. It’s Hard!<br />The devil is in the details<br />Expect to fail a lot more than you succeed<br />Blood, sweat, and tears<br />
  22. 22. It’s Stressful<br />You are the reason why your company will succeed or fail<br />Expect late nights, sacrifices, and frustration<br />
  23. 23. It’s Risky<br />Can you live for 1-2 years with no paycheck?<br />What will your friends and family think if things aren’t going well?<br />Go big or go home<br />
  24. 24. The Upside<br />
  25. 25. You Learn a Lot<br />Drinking from a firehose<br />You do things that no big company would ever let you do<br />Succeed or fail, you’ll have an experience and a skill-set that few others have<br />
  26. 26. You Could Make a Lot of Money<br />“Live like others won’t, so that you can live like others can’t”<br />
  27. 27. It’s Fun<br />IF:<br />You like hard work<br />You like stress<br />You like risk<br />
  28. 28. Ten Things You Must Know About Your Business<br />
  29. 29. Know Your Market<br />Q: What’s the need, what’s the market with the need, and how do I let the market know that I’m solving the need?<br />Know market size, demographics, early adopters<br />Learn from competitors, similar past efforts, market research<br />
  30. 30. Know Your Competition<br />Q: Who else is solving the same problem and why is my solution better?<br />Know your competitors, what they do well, and your competitive advantage over them<br />Know any similar businesses that failed, and what you will do to overcome the obstacles they faced<br />
  31. 31. Know Your Strengths<br />Q: Why is this the right team to solve this problem?<br />Put each person on your team in the best role for him/her<br />Know why each team member’s unique abilities and experience makes him/her the best for his/her role<br />
  32. 32. Know Your Revenue Model<br />Q: How are we going to make money, when are we going to make money, and how much money can we make?<br />Know how you plan to make money, how much money you plan to make, when and how<br />Use spreadsheets and graphs to model revenue and costs – do research, make reasonable assumptions, and be precise!<br />
  33. 33. Know Your Timeline<br />Q: How quickly can we expect success?<br />Have a precise strategy for creating, marketing, and iterating your product<br />Set clear benchmarks that you can be held accountable for<br />
  34. 34. Have Strong Advisors<br />Q: Who can help us?<br />Recruit advisors whose experience and expertise will enable your business to excel<br />Leverage the wisdom of those you know: formal advisors, friends, family, etc.<br />
  35. 35. Know Your Expenditures<br />Q: What’s the minimum amount of money we need to get this off the ground?<br />Know how much money you are asking for<br />Know exactly what it will be spent on, and why<br />
  36. 36. Know Your Contingency Plans<br />Q: What can, and probably will, go wrong?<br />Know your company’s greatest potential pitfalls, and how you will address these hurdles<br />Take these plans into account when evaluating revenue and expenditures<br />
  37. 37. Know Your Growth Strategy<br />Q: How do we become the next big thing?<br />Know how you will expand your business, address market expansion and scalability<br />Know your exit strategies – acquisition (by who?) or IPO (when?)<br />
  38. 38. Know Your Audience<br />Q: How do I get my audience to put down their iPhones and Blackberrys?<br />Research the backgrounds of the people you are presenting to<br />Cater your presentation to the knowledge and familiarity of your audience<br />
  39. 39. Three Things I Would Have Done The Same<br />
  40. 40. Just Do It<br />http://www.youtube.com/watch?v=hZKZSiCmXLQ<br />“You want to know how I did it? This is how I did it, Anton. I never saved anything for the swim back.” – Vincent in Gattaca<br />
  41. 41. Just Do It<br />If you’re passionate about an idea or about entrepreneurship, start working on something now<br />Trial by fire, learn by doing, don’t be afraid to fail<br />
  42. 42. Talk to Everyone<br />Ideas are worthless<br />Ask questions, get feedback, iterate and refine until you have a great vision or you realize that you need start over<br />Network, network, network<br />
  43. 43. Pivot<br />Common problems:<br />Right product/technology, wrong market<br />Great product, no money<br />Great team, wrong product<br />
  44. 44. Pivot<br />The solution: Pivot<br />Leverage what you’ve already done and learned to do something else<br />
  45. 45. Three Things I Would Have Done Differently<br />
  46. 46. MVP<br />MVP => Minimum Viable Product<br />Build the simplest product that will allow you to test your hypotheses<br />Test and iterate until you’ve got something awesome<br />THEN scale<br />Features are worthless<br />Take the number of features you think you need and cut that list in half<br />
  47. 47. Revenue on Day 1<br />http://www.youtube.com/watch?v=S7YaVVpK1G4&feature=player_embedded<br />“I knew I needed revenues right f***ing now… I did every horrible thing in the book to just get revenues right away… We did anything possible to just get revenues so that we could grow and be a real business… Control your destiny… I control my company today.” – Mark Pincus, CEO - Zynga<br />
  48. 48. Revenue on Day 1<br />Without Revenue<br />Company valued arbitrarily<br />You ask investors for meetings<br />You’re desperate to raise funds to stay alive<br />With Revenue<br />Company valued based on real metrics that you control<br />VCs want to talk to you<br />You don’t need investor money, and that makes you much more attractive to investors<br />
  49. 49. It’s a Grind<br />Be ready to live with little to no income for 1-2 years<br />Be ready to invest most of your energy and emotional bandwidth<br />“Don’t get too high from the highs, or too low from the lows.”<br />Your startup is your baby, and no one else cares if it succeeds or fails<br />
  50. 50. My Advice<br />
  51. 51. Find a Great Partner<br />You want to work with someone who:<br />Shares your vision, your excitement, and your work ethic<br />You get along with really well<br />Can do all the stuff that you can’t do<br />
  52. 52. Get Started Now<br />You’re young, you’re naïve, and you’re full of energy – there’s no better time to get going<br />So, start brainstorming<br />What’s a problem that needs to be solved? Whose problem is it? (What’s the market?)<br />How do you solve that problem, and how do you make money doing it?<br />What’s the minimum viable product to address 1) and 2)?<br />Why am I the right person to solve this problem?<br />Keep brainstorming until you have an idea with great answers to all four questions<br />MAKE IT HAPPEN!<br />
  53. 53. Have Fun!<br />Always remember that, while you’re working on the next big thing, everyone else is stuck doing something less interesting, with less impact, and less potential for great rewards.<br />It’s a long and wild ride, so don’t forget to smell the roses, see the sights, and have fun!<br />
  54. 54. Any Questions?<br />