bcn fi may 15 visions and values ehredt
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7/30/2019 BCN FI May 15 Visions and Values Ehredt
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Vision and Values
The Founder Institute
Chuck Ehredt
@ChuckEhredt
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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
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Communication is Key
EntrepreneurInvestor / Customer
Comment A
Response A
Comment B
Response B
Everyone wants:•Respect•Simplicity•Convenience
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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
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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
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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.
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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
$
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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
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Business Planning Tools
• SWOT Analysis (DAFO)• Business Model Canvass
• 5-Forces Model
A Business Model is NOT a Business Plan
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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)
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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
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Good Luck