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16.09.2015
1
Squeng®
Entrepreneurshipthere's a book for that
Paul E. Sevinç, Dr. sc. ETH Zürichhttp://blog.squeng.com/
Squeng®
Parts
• Start-ups• Doodle (doodle.com)
• Nezasa (nezasa.com)
• Standing on the shoulders of giantsdwarfs
• Ready, get set, go!• Founders
• Ideas
• Business models
• Starting up
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Start-upsDoodle (doodle.com)
Nezasa (nezasa.com)
Standing on the shoulders of giantsdwarfs
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Doodle (doodle.com)
• Keep it simple, Sevinç!
KISS
• No registration
• No installation
• No cost
welcoming
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Nezasa (nezasa.com)
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"A Startup is not a Small Version of a Big Company"
• Remember Iridium?
• Remember Webvan?
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"it is not the spoon that bends"The Matrix, 1999
• As it turns out, start-ups should not imitatebig companies
• Big companies shouldimitate start-ups
• We've come full circle: from Lean Startup to …
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Ready, get set, go!Founders
Ideas
Business models
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Founders
• A joy that's shared is a joy made double
• A sorrow shared is a sorrow halved
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Ideas
• The proof of the pudding is in the eating• http://paulgraham.com/altair.html
• http://avc.com/2015/02/is-this-a-good-startup-idea/
• Don't look for brilliant ideas, look for interestingproblemshttp://paulgraham.com/startupideas.html
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There's no such thing as a freelunch• Free services and free products need to be
financed, too• by you (e.g., by not drawing any salary)
• by investors
• by third-parties ("multi-sided business model")
• Investors vs. Third-parties• https://signalvnoise.com/posts/1941-press-release-
37signals-valuation-tops-100-billion-after-bold-vc-investment
• http://www.bothsidesofthetable.com/2011/12/27/should-startups-focus-on-profitability-or-not/
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Pondering business models
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Advertising
Advantages
• The advertising pie isvery big
• Advertising works verywell for a few servicesand products
Disadvantages
• The competition is even bigger
• Advertising works badly for many services and products
• User ≠ Customer
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Freemium
• Free: basic features arefree
• Premium: advancedfeatures cost
• Flavor: x uses (in y time) are free, further uses cost
• Premium Doodle• launched in 2009
• continuous experiments wrt packaging, pricing, payment, trials, etc.
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And that's just the tip of theiceberg• According to Gassmann et al.,
"90% of the world's strongest business innovations spring from just 55 different business models"http://www.bmi-lab.ch/fileadmin/images/home/The_St.Gallen_Business_Model_Navigator.pdf
• Business-model innovation may be more important than product innovationhttp://sloanreview.mit.edu/article/creating-value-through-business-model-innovation/
• Apple's iEcosystem• Automattic's WordPress (~20% of the Web!)• Nestlé's Nespresso (or printers or razors or …)• Netflix's DVD rentalstreaming• etc.
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Starting upIn the land of the blind the one-eyed man is king
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Before incorporating
• "Do not start a startup in college. [...] There's not even a tradeoff here. You're not sacrificing anything if you forgo starting a startup at 20, because you're more likely to succeed if you wait."http://paulgraham.com/before.html
• Attend courses
• Look for free money:https://www.kti.admin.ch/kti/en/home/unsere-foerderangebote/fuer-start-ups/finanzierungsplattformen.html
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After incorporating
• Don't loose your sleep
• Keep looking for free money
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Software
• Before licensing any software, check whether you can subscribe to the MS Action Pack and/or participate in MS BizSpark
• Or go into the cloud:• http://office.microsoft.com/
• https://www.apple.com/iwork-for-icloud/
• http://www.google.com/enterprise/apps/business/
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Learn to negotiate and sell
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Coaching
• Apply for CTI Start-up:http://www.ctistartup.ch/
• Apply for Venture Leaders:http://www.venturelab.ch/"I was worried that we would waste time on chitchatting and sipping cocktails. As it turned out, «venture leaders» is an intense business-training program that will help me much better face various challenges that still lie ahead for our company."
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Users and customers
• Listen to your users and customers• Good support for your users and customers is good
research for you
• "Everything is resolved...thanx so much for your help...that is, if you're a real person and not a computer generated response."
• But learn about their problems, not their"solutions"• "If I had asked people what they wanted,
they would have said faster horses." Henry Ford
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Never mind the unicorn
Innovation (overtaxed) Disruption (overrated)
• sufficient (really?)
• not necessary (really not!)
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Financing: family & friends
• Let family & friends invest in your company only if your family & friends are aware that in all likelihood they will never see their money again
• The terms of financing must be in writing
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Financing: BAs & VCs
• Don't sign any term sheet, participation agreement, or shareholder agreement without the blessing of an expert of your trust
• Valuating a start-up company is not an exact science• Too high a valuation could be disadvantageous
• Be clear about whether you prefer active or passive investors
• http://paulgraham.com/convince.html
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Financing: BAs vs. VCs
Business Angels
• Build to Flip
Venture Capitalists
• Swing for the Fences
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Recruiting
• http://www.newyorker.com/magazine/2002/07/22/the-talent-myth
• "Here's a tip from someone who has read thousands of resumes. When you're applying to a startup, or a software company with less than, say, 100 employees, you may want to highlight the Banging Out Code parts of your experience, while deemphasizing the Middle Management parts of your experience."http://www.joelonsoftware.com/items/2009/01/02b.html
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Carrot and stick are a thing of thepast
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B-list celebrities
• Who represents the company outwardly?
• For lack of time, only one representative should do it if possible
• Are there personal reasons ("Look, ma', mypicture's in the news!") for more than onerepresentative?
• Are there business reasons (third parties have a relationship with the company and not with oneperson) for more than one representative?
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Get rich—but don't die trying
• You can feel good about founding a company to make boatloads of money
• You must not found any company only to make boatloads of money
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One more thing
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