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Dream Start Up - PohangJecheol HS
Transcript of Dream Start Up - PohangJecheol HS
Co-founder @ BootstrapLabs
Innovation has never been
7bn users; 75% in developing world
Exponential price/performance ratio
Affordable knowledge is everywhere
Palo Alto Garage
In the field...
The Valley is not as deep...
...as it used to be
Rent vs. Own (SaaS, PaaS, XaaS)
Analyze, measure, track everything (free or cheap)
Instant, near infinite scalability is real and affordable
On-demand processing power & big data analytics
Global, low friction digital distribution platform
Biz models: freemium, subscription, purchase, ads
June 18, 2014 - Pohang, Korea
Innovation has no borders
People, independently of their origins,
races or social class have new ideas,
create new products and sometimes Industries
Why Global Matters
And so many more....
That was then...
Innovation could take years,
if not decades to reach you
And innovation is brought to you
nearly instantly, from anywhere!
Here are just a few..
A (tech) startup's best friends
Everyone is a founder, life learner
This means innovation will happen...
Over $600Bn/yr spent in R&D
Globally by Corporations but...
Product release cycle shortened
from years to hours
Lean, Validated Learning
Startups innovate faster, cheaper, more often
Their valuation quickly sky rocket once they start scaling
It's well known that 90% of (large) M&A deals fail... to deliver expected results
But smaller companies are easier to plug-in, integrate and shape
Partner often, quickly
Fail small, fail fast
Acqu(h)ire leaders, visionaries, teams, insights
Stay connected to startups
Self cannibalization is the new norm
Discover relevant startups before it’s too late
Company is too expensive
Somebody else bought them
Company disrupt your market
Reward risk taking
Try something new
Can't beat them, buy them..soon
$240Bn Dry Powder
Build (safer) roads
US VC Industry
1% of GDP "in"
17% of GDP "out"
By Benjamin Joffe
Great infrastructure, engineers, designers
Mobile, m-payment are ubiquitous
Attractive domestic market
Some local success stories
Strong education values
Sense of craftsmanship/quality
Unprecedented Government support
SV Gospel is spreading Worldwide
Incubators & Accelerators are mushrooming
Gov't, Universities, Regions, Corporations
Grass root movement w/ local entrepreneurs, angels & advisors
Despite the appearance...
Just ask RIM (Blackberry): $75Bn loss in just 4 years
Analysis Performed by Fenox Venture Capital,
Source: TechCrunch, San Francisco, September 2011
# of Deals
Easy to invest..
Hard to get returns!
IPOs are in the Intensive Care Units
M&A (aka Cash) is King
Who is Buying?
M&A as a Tool for Innovation
Still historic Low Interest Rate
Needs internal or external investments w/ high ROI
Pressure by shareholders to return capital (dividends)
Why Cash on the Balance sheet is a Problem?
Interesting Fact about M&A
Why Silicon Valley leads the way?
It's about the people, the network
Know who you buy, price less a concern
Cumulative experience, critical mass
Willingness to acquire innovation
Corporation: 21st Century Survival Toolkit
Good news is: Everyone wants to Help
Immature Tech Startup Ecosystem
English, communication culture
Risk aversion, perception
Reputation, failure stigma
Academic focused education system
Mindset need to evolve, will take time...
Korea: Area for Improvement
By Benjamin Joffe
President Park Effect
But if history is the best prediction of the future, trust the Korean to achieve another miracle on the Hyeongsan River!
Why Governments Should Care?
Silicon Valley Accelerator
Software Powered Innovation
Global Accelerator for Global Entrepreneurs
200 jobs created
$25M Follow-on funding
6 + 6 months acceleration program in key regional hubs tailored for local entrepreneurs
w/ Regional Potential
6 + 6 months acceleration program in the heart of Silicon Valley tailored for foreign entrepreneurs
Recently launched a startup education program for foreign founders
Offer the most recent and practical education trends in business, technology and design
Two weeks, hands-on boot camp in San Francisco
What do these Companies have in common?
“Be honest with yourself about what you love to do -- and then go do it.”
“Don’t play it safe in life, but embrace the uncertainty of the future and follow your heart’s inner guidance.”
"Be prepared to work harder than you ever have before"
“Focus on how to maximize your potential without giving up your passion -- or betting the farm.”
“You’ve got to have a stomach for it, because being an entrepreneur isn’t easy. It’s a lot of hard work, and the achievements come slowly.”
Advise from some of these Founders
And so many more...
Follow you passion and what does not kills you makes you stronger
Be the best at what you do or hire the best
Have empathy and try to improve people's life by solving [BIG] problem
Keep an open mind, think big and global, don't accept the status quo
Entrepreneurs turn dreams into reality but remember...
My Advise for you...
...the path to success is never a straight line and it is paved with failure and disappointment
2.5 yrs and $70M+
in value creation
From Budapest to Silicon Valley
~ 200 people
~ 40M users
Prezi join BootstrapLabs
$14M @ $70M
18M users, 2M new each month
Estimated current valuation $500M+
~ $ 200K to cash-flow positive!
1.5M - 2M/month
Meet the new Global Citizens!
Matisse, 3.5 yo
Fluent: French, Korean,
Loves: Superman, Legos
Joshua: 6 yo
Fluent: French, Korean, English
Loves: Dinosaurs, Legos