introduction to entrepreneurship - faculty of engineering...

Introduction to Entrepreneurship

Practical Information to Find the Right Idea

The Art of Starting a Business Without a Product

These are not my ideas

Learn from successful people

Steve Blank

Sir Terry Matthew

Read Steve’s book

“A startup is an organization formed to search

for a repeatable and scalable business model.”

Steve

Really Fun

Relatively Free

Quite Cheap

Choose Your Mentors

Work in a Variety of Areas

Dollah Billz

Work for Myself…?

Work 9-5

Cause It’s Quick…

The Market

Cloud Computing

Democratization of delivery

Everything will have Apps (TVs, Cars, Motorola

Atrix)

Software As A Service

HTML5 Apps (Mobile and WebGL)

Twillio

Separate Idea Generation from Idea Synthesis

“More Startups Fail form a Lack

of Customers than a Failure of

Product Development”

Steve Blank

Speak with customers early… intelligently

Deliver the smallest product possible (MVP)

Iterate over ideas

Quickly measure the success of ideas

IPO: 1 Billion…. 2 Billion?

Grew 392 % Last Year

Think Vertical, Not Horizontal

Google = Horizontal

Cambrai = Vertical

The skinner the better… Think thin

Pick a market you can %100 dominate

Protection Suits

MilitaryPoliceDog

TrainersFireman

Failed

Su

cce

ss

Think About the Whole Experience…

…And Find a Way Deliver It

Define a Why You Do IT

Become an Expert… right away

Know what you don’t know & Get

Outside the Office

List of questions (Steve Blank)

Create Mental Models and

Personas of your Customers; and

try to validate them

Don’t forget to ask for money

Would you pay a million for it?

Focus on ROI

The Landing Page (Smoke Test Site)

A/B Testing

Use what you learned, advertise your idea

Make a Sign-up Now

Google Ad Words up or Other Marketing

Gauge Ideas Success

Truly an MVP Minimum Viable Product

2

5

1

3

7

4

6

Define the MVP

“ The minimum viable product is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort” – Eric Reis

• Probably more minimal then you think

• “Only a special subset of customers will be interested and what gets them breathing heavy is the long-term vision for your product.”

•You’re selling the vision and delivering the minimum feature set to visionaries not everyone

Mentorship is a Two-Way Street

You know more then you think

Find ways to help them

Professors, Incubators, Business

Leaders in the Community

Ask for their time

Make Your Own Luck with Mentors

Find Mentors

Test Your Ideas Early and Iterate Over

Them

Great time for Newfoundland to Start a

Knowledge-based Economy

Enjoy the ride

Email: amichaelwinter@gmail.com

Twitter: amichaelwinter

If you have any questions that I can help with, do

not hesitate to ask

http://nat.org/blog/2011/06/i

nstant-company/

http://www.slideshare.net/U

TR/how-to-pitch-a-vc-dave-

mcclure

Crossing the Chasm

Business Model Generation

The 4 Steps to Epiphany

Good to Great

HackerNews

TechCrunch

Mashable

Steve Blank

Eric Reis

Google Apps (Free until

25 users)

Office 365

BizSpark

GitHub (25 $/mth)

HostedSvn.com• JIRA ($10 for 10 users)

SaaS* can power your entire business (not to

mention be your business)

*Software As A Service

Google Apps

Office 365

UnlimitedConferencing

Skype

Cambrai

Themeforest

Joomla, Wordpress

SnapSight

launchrock

Rackspace

Amazon WS

Linode

Test Ideas

Azure

FounderFuelYCombinatorWesley CloverGenesis Center

• http://nat.org/blog/2011/06/instant-company/

Backup Slides

Two Assumptions

Product Known

Customers Known

LinkedIn

Revenue: 200M

Valuation: 9 Billion

Bubble: 45x

Facebook (private market)

Revenue: 2B

Valuation: 75B

Bubble: 35x

Color

Revenue: 0

Valuation: 41 Million

Bubble: Infinity… #DIV/0!