Published on February 3, 2009
Bootstrapping 101 Bootstrapping 101 with your host Mike Jones
S Michael Jones S • Founded 3 Companies, Sold 3 • Raised $3M, Lost most of it for my S investors. • Sit on 3 Startup Boards, 3 Mature Company Boards (30M+) • Sold 3, Assisted 2, Bought 3 • Invested in 4 Startups • CEO of Tsavo
You • First Time Entrepreneurs? • Second Time Entrepreneurs? • Current Company Funded? • Angel? • VC?
Getting Started • Sole CEO • How Democracy often fails in Capitalism • Partners & Founders & Roles • Key Staff • Buy/Sell Agreements & General Legal Setup • Aim for success, prepare for failure
Founder Lessons • Demise of PBJ & Lack of Buy/Sell Agreement • Exiting Founder in Userplane with Buy/Sell Agreement
Consulting your way to Product • Consulting & Development Services • Flickr, Blogger, Userplane & Many Others
Userplane, Early Years • 3 Founders (Tech, Product, Business) • Consulting Jobs to Pay Bills • Clients: Studios, Red Bull, etc. • Introduction of AmIHot & Development of Product • 6 Months of Market/Sales Before Traction
Pros / Cons PRO CON Pay Bills Massive Distraction Takes forever to launch Learn new industries internal project Can leverage consulting Doing crappy websites, engagement to build license draining your creativity and of software (presell) burning your staff Might be your only option : )
Getting $$ • Friends & Family • Angel • Formalized Angel Group • VC • Strategic Investor (?)
Breakdown On Raise Amount Option <200k Friends & Family 200<500k Angel Formalized Angel 500<1M (TCA) 1M+ VC
Raising Friends & Family • Chances are you will lose their money, will you lose their friendship? • Your responsibility to your seed investors. • How much do they get? • Lesson: Investing.com and Alan!
Spend Management Always question where you and your team are spending their time, don’t be ridiculously cheap (Don’t build your own PC’s) Item Option Staff How to pay? Servers Trade/Branding Legal Firm Selection Contractors Design/Tech Rent Shared Spaces
Recommended Startup Vendors Service Vendor Legal Greg Gilman Accounting David Chaskis PR Edge Communications Hosting Media Temple Payroll Paychex
The Board • The Role of your Board • Difference between Advisors and Directors • Who goes on the board and why? • All Founders, CEO? CTO? • What is the board good for? • How much do I give / pay to my board? • How do I communicate to my Board?
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