Introduction to Entrepreneurship Practical Information to Find the Right Idea The Art of Starting a Business Without a Product
These are not my ideas Learn from successful people Steve Blank Sir Terry Matthew Read Steve’s book
“ A startup is an organization formed to search for a repeatable and scalable business model.” Steve
Really Fun Relatively Free Quite Cheap Choose Your Mentors Work in a Variety of Areas
Dollah Billz Work for Myself…? Work 9-5 Cause It’s Quick…
The Market
Cloud Computing Democratization of delivery Everything will have Apps (TVs, Cars, Motorola Atrix) Software As A Service HTML5 Apps (Mobile and WebGL) Twillio Separate Idea Generation from Idea Synthesis
“More Startups Fail form a Lack of Customers than a Failure of Product Development ” Steve Blank
Speak with customers early… intelligently Deliver the smallest product possible (MVP) Iterate over ideas Quickly measure the success of ideas
IPO: 1 Billion…. 2 Billion? Grew 392 % Last Year
Think Vertical, Not Horizontal Google = Horizontal Cambrai = Vertical The skinner the better … Think thin Pick a market you can %100 dominate Dog Success Fireman Police Military Trainers Failed Protection Suits
Think About the Whole Experience… …And Find a Way Deliver It
Define a Why You Do IT Become an Expert… right away Know what you don’t know & Get Outside the Office List of questions (Steve Blank) Create Mental Models and Personas of your Customers; and try to validate them Don’t forget to ask for money Would you pay a million for it? Focus on ROI
1 The Landing Page (Smoke Test Site) 2 A/B Testing 3 Use what you learned, advertise your idea 4 Make a Sign-up Now 5 Google Ad Words up or Other Marketing 6 Gauge Ideas Success 7 Truly an MVP Minimum Viable Product
Def efin ine e th the MV e MVP “ The minimum viable product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort” – Eric Reis • Probably more minimal then you think • “Only a special subset of customers will be interested and what gets them breathing heavy is the long- term vision for your product.” • You’re selling the vision and delivering the minimum feature set to visionaries not everyone
Mentorship is a Two-Way Street You know more then you think Find ways to help them Professors, Incubators, Business Leaders in the Community Ask for their time Make Your Own Luck with Mentors
Find Mentors Test Your Ideas Early and Iterate Over Them Great time for Newfoundland to Start a Knowledge-based Economy Enjoy the ride
Email: amichaelwinter@gmail.com Twitter: amichaelwinter If you have any questions that I can help with, do not hesitate to ask
http://nat.org/blog/2011/06/i Crossing the Chasm nstant-company/ Business Model Generation http://www.slideshare.net/U The 4 Steps to Epiphany TR/how-to-pitch-a-vc-dave- Good to Great mcclure HackerNews TechCrunch Mashable Steve Blank Eric Reis
SaaS* can power your entire business (not to mention be your business) Google Apps (Free until 25 users) Office 365 BizSpark GitHub (25 $/mth) HostedSvn.com • JIRA ($10 for 10 users) *Software As A Service
Google Apps Rackspace Office 365 Amazon WS UnlimitedConferencing Linode Skype Test Ideas Cambrai Azure Themeforest FounderFuel Joomla, Wordpress YCombinator SnapSight Wesley Clover launchrock Genesis Center • http://nat.org/blog/2011/06/ins tant-company/
Backup Slides
Two Assumptions Product Known Customers Known
LinkedIn Revenue: 200M Valuation: 9 Billion Bubble: 45x Facebook (private market) Revenue: 2B Valuation: 75B Bubble: 35x Color Revenue: 0 Valuation: 41 Million Bubble: Infinity… #DIV/0 !
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