BCN FI May 15 Visions and Values Ehredt

7/30/2019 BCN FI May 15 Visions and Values Ehredt

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Vision and Values

The Founder Institute

Chuck Ehredt

[email protected]

@ChuckEhredt



My Portfolio / Experience

Charles EhredtScore Card

:• Handy Industries ( + $67,000 y despues - $50,000)

• PocketDBA ( - $100,000)

• TouchCredit ( - $20,000)

• United Community Bank ( + $155,000)

• Nucleus Consulting ( + $4,000,000)

• Providential Bancorp ( - $30,000)

• Konaware ( - $23,000)

• Baker500 ( + $80,000)

• VideoFurnace/Haivision ( + $2,200,000)

• Exchange Cubed ( + $240,000)

• Investination.com ( - $280,000)

• Bernáldez y Asociados ( - 10.000€)*

• Murocel SL ( - 12.000€)

• 6 otras inversiones ( + $40,000 y – $65,000)

Esperando a ver:

•Nanotec Red SL•TopSherpa SL

•RaceFansTV Limited

•ERA Biotech SL



Communication is Key

EntrepreneurInvestor / Customer

Comment A

Response A

Comment B

Response B

Everyone wants:•Respect•Simplicity•Convenience



Business Model Planning

What we

know

What we don´t know

that we don´t know

What we know

that we don´t

know

• Planning should take months or years (not days)

• Customers are a key input (find the pain)

• Think deeply about the Eco-System:

– Who are my potential customers

– Who are my potential partners– Who are my current competitors

– Who are my potential competitors

• Draw many life-cycle diagrams:

– Customer Usage

– Sales Process– Production

– Service

Find the Friction/Gaps



Travel Example

Flights

$425B

Lodging

$581B

Auto

$351B

In-destination Spend

$2,106B

Food

$803B

Local Transit

$598B

Local Activities

$351B

Travel Retail

$346B

Global Travel-related Expenditure is $3,463B



The Eco-system

Rental Cars

Flights

Online

Travel Agency

Local Activities

Restaurants/Bars

Accommodation

Local Transit

OTAs are not involved in some of the biggest areas of travel spending

Darker blue circles indicate services that would be Mobile-friendly. Offering such services makes Mobilesolutions much more sticky/useful, i.e., the smartphone will be the in-destination device of choice for

discovery and booking.



Travel Life-cycle (example)

Excell in online flight sales Leverage into new fields

I n s p i r a t i o n

P l a n n i n g

S h o p p i n g

B o o k i n g

P o s t - T r a v e l

T r a v e l

$ $ $ $$$$$ $$$$$$$ $

Travel Spending Today – by Phase of Travel

Excell in online flight sales

$$$$$$$$

Planning/Shopping/Bookingwill blur together in Social

Travel (standalone Meta andBooking sites will still exist)

Travel Spending in 2-5 years based on new Aggregators & Smartphones

Leverage into new fields

P r e -

d e p a r t u r

e

P o s t - T r a v e l

T r a v e l

$$$ $$$$$$$$$$$$$

Google, Apple, Facebook, and others willfiercely compete for the attention of customers

Mobile booking on the smartphone willbe the transaction vehicle of choice

I n s p i r a t i o n

$



The Evolution of Innovation

Lone InnovatorsCorporate

LaboratoriesVenture-Backed

Startups

Corporate Catalysts(Business Model

Breakthroughs)

Prior to 1915 +/- 1920 - 1970 +/- 1970 – 201? 2010 – ???

Technological Breakthroughs New Business Models

• Cotton Gin

• Printing Press• Radio Transmission• Light Bulb

• Computers

• Telecommunications• Pharmaceuticals• Lubricants/Coatings

• Software

• Services• Assembled Products• J ust-in-Time Mfg.

• Last Minute Hotels

• Cancer/HIV Cures

Bell / Marconi IBM / DuPont Microsoft / Cisco / Intel Procter & Gamble / GE

Inventing to Solvea Problem

Massive Researchand Collaboration

Break-out of CorporateBureaucracy & Short-termFocus on Quarterly Results

Easy & Cheap to Innovate/CopyHyper-connected Global MktsFrenzied Pace to Maintain Lead

Size, Global Reach, Relationships

Institutional Knowledge andOperational Excellence Matter



Business Planning Tools

• SWOT Analysis (DAFO)• Business Model Canvass

• 5-Forces Model

A Business Model is NOT a Business Plan



What the Investor is Measuring

Problemas típicos con Emprendedores

• No creer que tenemos competencia

• Enfocado en desarrollo y no en ventas (producto/servicio nunca esta terminado)

• Demasiado ocupado para informar inversores de como va la empresa

• Demasiado ocupado para hacer pruebas y medir las iniciativas del negocio• No tener mucho interés en Market Research

• Querer resolver todos los problemas sin pedir ayuda

• No invertir en la capacidad/conocimiento de los directivos y otros empleados

• Preferir construir soluciones y no comprarlas

• Tener días de altibajos emocionales (no ser equilibrado)

• Muy dispuestos a asumir riesgos (con tu dinero)

• Cambiar la estrategia y/o no terminarla y/o cambiar las prioridades

• Mantener empleados/socios que no están contribuyendo (no poder despedirles)



Closing Remarks

• Problems during Previous FI Class

– Not thinking deeply about the eco-system (Research)

– Changing the business plan/model based on any input

• Startups can represent Incremental Change, Disruptive, or

Something Totally New• B2C, B2B, B2B2C are very different models (Useful or Cool)

• If your service is merely ¨cool¨ you will compete with apathy

• The Future is probably a Virtual Company

• People are remarkably willing to help if they feel appreciated• Many Partnerships are like marriage (be sure before you

commit) – others are like a one-night-stand



Good Luck

Documents

BCN FI May 15 Visions and Values Ehredt