lost passwords to entrepreneurship

The Lost Passwordto entrepreneurship

Imre Hild

Tourism 1990-1993

Photo by zavero - Creative Commons Attribution-NonCommercial-ShareAlike License https://www.flickr.com/photos/19218974@N00 Created with Haiku Deck

Photo by Ken Lund - Creative Commons Attribution-ShareAlike License https://www.flickr.com/photos/75683070@N00 Created with Haiku Deck

Quick intro

2004-2008 Built two companies ($120 and $80M market cap)2009-2010 Entrepreneur in Residence at a Venture Fund2011-2015 iCatapult - HUF 140M invested into 4 startups2011 - Mentor for Seedcamp, StartupBootcamp, Pioneers2011 - Hungarian Venture Capital Association2013 - 1st Central European Startup Roadshow in New York City2014 - Hungarian Innovation Federation2015 - MIT Venture Lab Mentor2015 - Digital Factory Contributing Partner - 200M into 12 startups2015 - Global Platforms - Business Dev. for 8 startup/scaleups

Kezeket fel!

WHAT ARE YOU AT WORK?

A. Fast

B. Precise

C. Both

D. …what do you mean by work?

The dilemma

Design StudioCorporate Shop

SMALL BUSINESS

Platform StartupsSTARTUPS

Disruptive StartupsRI

SK

RETURN

Startup Operations – Running a gig

3/16/15

Idea FundingProduct

development

Sales

VALUE OF AN IDEA….

3/16/15

Identifyoppor-tunities

Prototype a solution

Test and iterate

Fund Scaling

THE PROPER WAY TO BUILD A LEAN STARTUP

In the beginning

VALUE PROPOSITION

Value is material, emotional or abstract benefit to user or client

VALUE PROPOSITION

Value is material, emotional or abstract benefit to user or client

VALUE PROPOSITION

Value is material, emotional or abstract benefit to user or client

Essential checklist for entrepreneurs:

What do you need for a venture?

2015. 08. 04.

+ 1. Entrepreneur

+ 3. Idea or concept

+ 2. Co-founder and team

+ 4. Capital

There are 3 important activities for an

entrepreneur/startup:

ASK

LISTEN

LEARN

Continuous Self-test

Is it a fact or an assumption…?

SELF TEST

+ Frequency of ‘in my opinion’ or ‘I’m sure..’

+ Frequency of asking follow up questions

+ Frequency of asking questions

+ Arguments based on facts versus beliefs

+ Willingness to talk about project (without asking)

STARTUP PIRATES

+ Willingness to communicate proactively (e-mail etc).

A STORY

A father and his son are mountain climbing.Both of them fall down and are injured.

One ambulance helicopter takes the father to a hospital in Györ, the other takes the son to a Budapest hospital.The son is rolled into the operating room in Budapest

immediately. The surgeon steps into the operating room, looks at him

and says: I can not operate on him, he is my son.- - ?? - -

WHAT ASSUMPTIONS DO TO US

Clouds one’s vision of known and unknown factsMake one think of complicated solutions

Keeps one guessingMakes one come up with additional assumptions

YOUR No.1. TASK AS AN ENTREPRENEUR

REPLACE ASSUMPTIONS WITH FACTS

THE SINGLE THING THAT HOLDS YOU BACK FROM SUCCESS

Lack of funding

Not good enough idea

Mixing Assumptions with Facts

Few Sales people

Not enough customers

Too much competition

Slow patent registration

Customers do not understand

High Mobile adoption

Carriers could support it

Software (app) protection

Fast Technology

Need for Information

PERFECT TIMING

WHAT DOES AN INVESTOR WANT?

A. Let them find you

or

B. Get a personal introduction

Company status for fundraising

• Hypothesis identification• Build based on facts• MVE• ‘MVP’• PMF• Customer retention• Viral Growth• …then Capital

m.dot story

2015. 08. 04.

Richest people on Earth

1. Bill Gates, Net Worth: $76 BSource of wealth: Microsoft

2. Carlos Slim Helu & family, Net Worth: $72 BSource of wealth: telecom

3. Amancio Ortega, Net Worth: $64 BSource of wealth: retail

4. Warren Buffett, Net Worth: $58.2 BSource of wealth: Berkshire Hathaway

5. Larry Ellison, Net Worth: $48 BSource of wealth: Oracle

6. Charles Koch, Net Worth: $40 BSource of wealth: diversified

6. David Koch, Net Worth: $40 BSource of wealth: diversified

8. Sheldon Adelson, Net Worth: $38 BSource of wealth: casinos

9. Christy Walton & family, Net Worth: $36.7 BSource of wealth: Wal-Mart

10. Jim Walton, Net Worth: $34.7 BSource of wealth: Wal-Mart

11. Liliane Bettencourt, Net Worth: $34.5 BSource of wealth: L’Oreal

12. Stefan Persson, Net Worth: $34.4 BSource of wealth: H&M

13. Alice Walton, Net Worth: $34.3 BSource of wealth: Wal-Mart

14. S. Robson Walton, Net Worth: $34.2 BSource of wealth: Wal-Mart

15. Bernard Arnault & family, Net Worth: $33.5 BSource of wealth: LVMH

Day 1

Contact and more info

www.imrehild.com

LinkedIn: hu.linkedin.com/in/hildimre/

hildimre@gmail.com

This presentation available at:

http://www.slideshare.net/hildimre