starting up - presentation at ieee

sitash & manikco-founders

Learnings for starting-up!

:-)

quick intro

Sitash & Manik graduated their management school together where

the idea of Jade Magnet was born

Jade Magnet was chosen as a NASSCOM EMERGE company in 2011

Jade Magnet helps businesses get creative marketing and design solutions from a network of over 7,000 designers

using crowdsourcing.

Jade Magnet has been chosen by TiE as one of the top 4 companies in India in

the TiE ecosystem.

It was selected by Business Today as one of India’s Hottest Startups.

It won the Most Innovative technology startup award at Global Technology

Summit, Palo Alto, California

college

work

college

work

startup

crowd imagination

crowd expertise

crowd flexibilityon-demand

increase/decrease of team size

10-45 ideas per project

add skill-setson-demand

@ Jade Magnet a new creative paradigm

numbers

1,000 customers

2,000+ projects

28% repeat business

30% project profitability

Tracking $500,000 revenue for 2012-13

some startup facts

Image credits: http://brajeshwar.com/2008/open-source-startups/

Most successful startups begin in wildernessYou can never be sure how you will navigate the jungle … there are customers who don’t know you and predatory competitors who do.50,000 fewer startups began their

journey in the UK in 2008 compared to the previous year

Image credits: http://brajeshwar.com/2008/open-source-startups/

Only 9% of businesses started in 1992 are still running

Who’s driving!?Have you prepared yourself enough to unlearn whatever your cushy, high-paying corporate job taught you? Startups ain’t for sleepy chickens!

CCA < CLVCCA = Cost of Customer AcquisitionCLV = Customer Lifetime Value

Simple Rule

It’s all about footworkWhen you do cool things, people talk about you. You get more press, more blog posts,

more stuff on Twitter. That leads to more business. – Brain Kaiser

Less than 5% entrepreneurs are able to manage with 6 hours of daily sleep.Taste freedom ?

Oh yeah … you can sleep all you want since you are not in a “job” anymore ... that is, if you can sleep at all !!

what to start

look for megatrends

Petrol prices

Cost of Technology

Human nature

What??!! Incomplete work!?

Too many decisions!

Unorganized sector

Expensive solutions

u like problems?

which problems can u solve

Which problems are you passionate about!

Can u make money?

Begin small

Allstate Insurance in the US, is using crowdsourcing for “big-data-analysis” to study insurance risks

Kickstarter has helped creatives raise more than $130 million in about 3 years by crowdfunding about 17,000 projects

Shekhar Kapuris launching “Qyuki” for crowdsourcing of entertainment content

RangDe.orghas raised more than $1.5 mn for over 12,000 borrowers in India

find global examples

taking the leap

Lifestyle adjustments

Bank balance

Backup plans

Family situation

business plan 101

revenue streams

1, 2 or 3

assumptions

Market behavior(target) Customer behavior

Vendor costs

Marketing strategy

People costs

Legalities

Travel costs

cost vs. revenue

Year 1 profit/loss

Year 2 profit/loss

Year 3 profit/loss

Funding needs

starting the process

INCORPORATIONPrivate Limited, LLP, Partnership, Sole Proprietorship

Advertising | Marketing Strategy | Product Placement | Publicity | Branding | Sales Promotion | Pricing |Research | Direct Marketing

TEAMHiring, Delegation, Retention and Motivation

Cash FlowManaging the cash flow is the biggest challenge

Governance

- Quarterly Audit- Regular Board Meetings- Taxation- Legal Documentation- Financial Documentation

Connect with Jade Magnet

www.jademagnet.com

Global Innovator of 2011 @ GTS, Silicon Valley

A NASSCOM EMERGE company for 2012

A TiE-EAP Company

contact@jademagnet.com @jademagnetfacebook.com/jademagnet

sitash@jademagnet.com manik@jademagnet.com