Martin Reiter - (formerly) Airbnb|Groupon - Austria - Stanford Engineering - Feb 3 2014

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Information about Martin Reiter - (formerly) Airbnb|Groupon - Austria - Stanford...
Technology

Published on February 9, 2014

Author: burtonlee1

Source: slideshare.net

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Talk @ Stanford Engineering School, Feb 3 2014.

Website: http://me421.stanford.edu

Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? Who? European Expansion for Silicon Valley Startups Thoughts on how to think about it Martin Reiter Head of International, Airbnb (July 2011-13) VP International, Groupon (2010/11) Stanford Engineering School European Entrepreneurship and Innovation February 3 2014

Vienna...

Why Europe excites… Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? How do you know what you like without knowing what there is?

Why Europe matters… Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? Who was worth more? Can you succeed in a global market when you win only in your home country? The world’s second largest internet consumer market? The third largest metropolitan area in Europa? What does Istanbul mean to you?

my career… you never know where you end up Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? Fear Speed Others are different – and it is OK before Curiosity now Toolbox Design & Culture Physical Good Operations

building blocks for entering the European market Why Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? When & Where What How

why… three reasons to expand Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? Requirement Opportunity Competition

why…because of Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? Winner takes it all Home is defensible Local winner can take all

why… there is more Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? Founder Personal Growth Team diversity Product

when to enter Europe… Product You are Instagram Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? Great idea …and pretty easy to execute Clone threat Others are there, but your product is better too early < 8 M Series A Take liquidity risk if you must too late Brand-driven You really want to be first mover Clone Wars Others are as good and first mover – but you can raise easier rule of thumb: 1,5 yrs OPEX burn plus 0,5 $M Marketing = 1,5 $M entry cost per European market

Your Neighbour! Rocket Internet DST!! where… Rakuten Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? > 1 bn Alibaba Peixe Urbano Easier access and still very big The nicest opportunity… somehow

where ... Europe at a glimpse Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? Skype, Spotify, Klarna UK – convenience is expensive DE – Berlin as startup hub CEE – Massive consumer catch-up ES – crisis and opportunities IT – Strong retail consumer market F – Vente Privee and LVMH

what works and what doesn’t – lessons from bringing startups to Europe and around the globe Same Org works Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? Canada. Maybe. Culture works. Somehow Europe Russia/Brazil China Japan easy Tech Product works Australia Europe Brazil/Russia Japan/China Marketing Can be done centrally. At prohibitive cost? Your biggest cash drain. Hire accordingly. Operations Watch legal: China, SEA, Russia Watch shipping: Russia Payments: LatAm, Germany hard

Concrete steps to developing a European entry strategy 1 Align the rationale Why do you do it. Do investors, board and leadership agree? 2 Scope the adventure Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? 3 Find leadership Product leader. Business leader. Think about what it took to make your market successful. 4 Create playbook 5 Build and Hire 6 Operate 7 Evolve Burn & Liquidity. Revenue & Expected upside. Markets, Headcount, Org. Good time to get help. Vision, Goals, Location, Processes, KPIs, Budget, Roadmap, Marketing, Communication Hiring manager hires. Recruiting is not HR. No stupid mistakes. Tax. Finance. Interaction. Office. How can you feel comfortable with what others do far away? Supporting or enduring? Team. Data. Relationship. If you don’t change your org once a year, I would be concerned. Correct mistakes and adjust to scale and growth.

Some lessons learned from Groupon, Airbnb 1 Hire well. The founder built in the U.S. – which talent can realistically replicate this in a more complex (EU) market? Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? 2 Local Talent rules. The GM needs to be fluent in the language, but not necessarily a local. Talent is more important. 3 Right organization. Make people 100% accountable – Win or Fail. Ensure proximity to the market and experience. 4 Don’t underestimate marketing. You can theoretically do marketing from the U.S. – but great deals are negotiated in Europe. 5 Decide upon tech resourcing. Ring fence or pool resources – International product manager yes/no… 6 Founder must build an independent advisor network in Europe. How can you feel comfortable with what others do far away? Supporting or enduring? Team. Data. Relationship.

How to recruit talent in Europe Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? Right role GM or Sales Manager? Right hook Pitch and Compensation (GM – 100-150k USD plus same to double in equity. VP – more.) 4 steps to get best talent Right search LinkedIn for all relevant companies. Right effort Meet people via Investor network and LinkedIn search. Ask for referrals, leads. Be in Europe for a week each

Thank you Martin Reiter Vienna Martin Reiter Email: martinenjoyslife@gmail.com Linkedin: http://www.linkedin.com/pub/ martin-reiter/30/ba3/64a

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