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Dan Gould Startonomics LA

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Information about Dan Gould Startonomics LA

Published on February 5, 2009

Author: Startonomics

Source: slideshare.net

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the startup process dan gould vp, technology fox interactive media (img cc flickr user karlequin)

you

here

startup

change the world

build something

make money

(lots of easier ways)

(img cc flickr user noelleandmike)

(img cc flickr user casasroger)

need you

value

about:me

entrepreneur

corridor

failed

good

social interfaces machine learning

do

something

janitorial functions $$$ people idea marketing resources engineering

why?

metric: do you know your goal? (boolean)

idea

matters? yes

> execution? no

100% * 100% = 100% 90% * 90% = 81% 100% * 0% = 0%

cc flickr user cayusa

people with problems

niche niche niche niche niche niche niche niche niche

metric: can you show me your ideal user?

mission

quot;To serve the world's most engaged community.quot; (AOL 2006) dumb quot;To scout pro table growth opportunities in relationships, both internally and externally, in emerging, mission inclusive markets, and explore new paradigms and then lter and communicate and evangelize the ndings.quot;

A Computer on Every Desk and in Every Home (1975)

The World On Time

Organize All the World’s Information

people

rst 5-10 ==

don’t compromise

a -> a b->c c->d

metric: did i hire someone better than myself?

incentivize

options

CEO 5-10% COO 2-5% VP 1-2% (Ind) Board .5-1.5% Director 0.3-1.2% Lead Eng 0.5-1% 5+ exp Eng .33-.66% Mgr, Jr Eng 0.1-0.33% rough post-Series A

vesting + acceleration, etc

founders too

milestones

come up with a series of milestones and break down tasks to get there e.g., product design done rst customer test beta ready

prioritize relentlessly

types

right

consulting

lifestyle

cash ow

50% of $1M or 5% of $20M

venture-backed

(img cc flickr user omnidirectional)

(img cc flickr user willie_901)

for most: VC==wrong (but it’s what I’m going to talk about)

fundraising

sex

(img cc flickr user irlandainquieta)

(some typical amounts) self ? 3Fs 10-100K angel 200K-1M vc (series a) 1-8M vc (series b) 5-25M mezz 25+M IPO $lots

friends & family

(img cc flickr user martin_hartland)

angels

successful entrepreneurs retired execs professional angels “trailblazers” angel groups

sophisticated

risk / reward

equity

Guy Kawasaki’s rule of thumb: $500K per engineer -$250K per MBA (said for series a in a better market)

convertible disappearing in this market disappeared

(last deals i saw for conv angel rounds w/1st-time entrepreneurs in this market before they stopped) 75% warrant coverage 50% discount 10% per month warrant coverage 20-30% discount in good market

vc

pensions, endowments carry

“sure bets”

success: 20 investments 13 op/sideways 5 2-3X 2 10X

10Xes pay

only 10X potential

1000 plans 250 initial pitches 12 due dilligence 6 investments

(img cc flickr user protoflux)

(img cc flickr user bargas)

angel portfolio entrepreneur advisor lawyer CS profs

advisors

advice <-> $

pitch

practice

10

1 hour: 20 mins - VC late 20 mins - pitch 20 mins - questions

team

elevator pitch

revenue model

customer acquisition

competition/barriers

amount

milestones

customer traction

1-page exec sum

deal

Company Value $2M

Cash in the bank $1M Company Value $2M

Cash in the bank $1M } $3M Company Value $2M

before = $2M 100% Your Share

after 33% = $2M 67% Your Share VC Share (but you did give up a bunch of rights)

eventual size discounted for time, risk, dilution

people risk market risk execution risk competition risk technology risk financing risk

competition

(img cc flickr user ohadby)

preferred shares vetoes over sales/stock iss liquidation preferences board seats protective provisions ratchets etc.

(img cc flickr user millzero)

nancing = work

success!= nancing

success=pro ts

pro ts products & sales

cc flickr user davestfu

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