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Transcript of Ec 1032
A real experience in the world of startups FANS FOCUS PRIORITIZE ACTION BE A PERSON RESPECT & EQUALITY TEAM LONG HOURS THINK LONG TERM BE AWESOME "Sometimes our best invetsments are the ones we don't make"
"I think it's a fantastic idea, Eliot, and it certainly has a lot of potential. Now I'm just interested in one final question - do you have some kind of prototype of how the technology works?"
(Insert VERY awkward pause and abrupt end to conversation with investor) Common features to all startups
Excitement Passion Cannot just continue packing carelessly and layering everything on top of each other Ambition Unique Venture Capital Incorporation Angel Investors Business Plan Competitions Legal Documents Business Banking Programming Summer Sales Team Office Space Revenue Model Prototype Vision of idea Meetings with industry experts Website Small Business Research Lightspeed Ventures Northbridge Capital Server Space Hire Chief Technology Officer Outsourcing to Texas Venture Capital Angel Investors Northbridge Lightspeed Ventures Sales Team Development Chief Technology Officer prototype revenue model $100,000 but... why all this previous money with no questions asked? 1. fundamentally, it IS a good idea 2. Venture Capitalists are smart BUT 51% They have now bought out a good idea using their own money, which they also now control
(props to them) Venture Capital Northbridge Lightspeed Angel Investors Summer Sales Server Requirements Programming Chief Technology Officer Prototype Vision/Concept Revenue Model A poor artistic rendering of ME THEM The things you pack last are the things you see first Metaphorically - when you pack a suitcase, the most important things usually go in first. But they normally get covered up by everything else, and oftentimes don't even get used during your trip. Tunneling by Layers My current busines model
(so clear, right?) What does all this mean? Very few startups actively engage in good planning and strategizing $450,000 in first round venture funding ...But no customers An incredible prototype of revolutionary solar cells ...But no way to produce them Set up a trial research lab in Phillipines ...With nothing to test Industry-changing advertising technology ...But no prototype "flip the suitcase" Vision/Concept Revenue Model Prototype Venture Capital Northbridge Lightspeed Angel Investors Summer Sales Server Requirements Programming Chief Technology Officer Venture Capital Northbridge Lightspeed Angel Investors Summer Sales Server Requirements Programming Chief Technology Officer Revenue Model Prototype By flipping the suitcase upside down at various intervals throughout the business process, we are in a much better position to make smart decisions without being driven by the momentum itself Give ourselves the chance to say no, without being forced or induced to No is not FREE How did this happen? The company was driving us instead of us driving the company This happens beause of the tunneling, which automatically prioritizes the business by its top most layer Similar problem common to many entrepreneurs "The best entrepreneurs are willing to jump off a cliff at any given moment, but they've already mapped out the airplane they're building on the way down"