berlin startup learnings, tips, tricks: dutch startup tour berlin nov13
DESCRIPTION
Presentation about key learnings of building a fast growing startup based from Berlin (Germany). What to do, what not to do. What are key tips and tricks? Learn from the learnings. Let's initiate some best practice sharing! Follow me on twitter @gunnarberning !TRANSCRIPT
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Confidential - © 2013 twago0
Startup Tour @Axel Springer Plug & Play
Berlin, November 2013
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Confidential - © 2013 twago1
Very
warm
Welcome
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Confidential - © 2013 twago2
Intro Gunnar
Founder and former CEO of twago.com
Consulting (startups, business models, strategy, market places etc)
Mentoring Axel Springer Plug&Play
Preparing „the next big thing“
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Confidential - © 2013 twago3
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Confidential - © 2013 twago4
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Confidential - © 2013 twago5
twago ...
... is the #1 European marketplace for cloud working –we democratize the world of working
... focusses on everything which can be done online from anywhere in the world
… eliminates geographical boarders for contract work
… provides small medium businesses access to more than 190,000 freelancers and experts in the cloud from 189 countries – they realize 24/7 the 23.000+ client ideas
... contractors offer a wide range of online skills - from websites, online shops, mobile, logo- and graphic design to marketing, translations or writing
... has currently a clear focus on Europe with 7 local versions,local native experts
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Confidential - © 2013 twago6
30 out of 100 working people will work online as freelancer.
They need jobs!
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Confidential - © 2013 twago7
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Confidential - © 2013 twago8
twago is the Wirtschaftswunder for freelancers worldwide
More jobs
More income
Growth
Safety
Less admin hassle
It is time to pay attention to Germany’s new Wirtschaftswunder.
about the German economy
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Confidential - © 2013 twago9
For customers: Get results easier and faster for half of the costs - The twago way saves time and money
Before Today
Time savings: about -50%
Cost savings: up to -70%
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Confidential - © 2013 twago10
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Confidential - © 2013 twago11
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Confidential - © 2013 twago12
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Confidential - © 2013 twago13
Marc Andreesen
„If you turn toprofitability too early, you might end up as a small company!“
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Confidential - © 2013 twago14
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Confidential - © 2013 twago15
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Confidential - © 2013 twago16
Scaling is a mind game
• Manual work kills scale
• Invest in automation and processes (I know, I know)
• Working with templates (SEM landigpages, etc.)
• If you wonna go global, havethe option to quickly adddifferent languages
• Avoid local adaptions
and ...
Never lean back0
200
400
600
800
1000
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31
Posted Projects / Month1
2
3
4
5
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Confidential - © 2013 twago17
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Confidential - © 2013 twago18
twago has successfully monetized the world of work: We combine trans-action fees with established subscription model with recurring revenues
Transaction model
Memberships with recurring revenues (Freemium Model)
5€ - 79€ value add features such as highlighting of projects or projects with NDA
Highest priced in industry
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Confidential - © 2013 twago19
We changed major topics
To...From...
OutsourcingOffshoring
Combined Marketplaceand Memberships
Marketplace only
Focus on core countriesAll countries immediately
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Confidential - © 2013 twago20
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Confidential - © 2013 twago21
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Confidential - © 2013 twago22
TeambuildingHire only team members which make you better, not bigger
• Hire only team members which make you better rather than bigger
• Use the methods of headhunters: LinkedIN and Xing
• Create entrepreneurs – make them responsible
• Enable them to take decisions!
• Keep your risk under control: Use interns and trainees
• Min. duration = 6 months
• Really good people = high salaries, compensate with equity,
• Make a cut if it doesn’t work
• Invest your time: Coaching, coaching, coaching
• Celebrate!
Start Now
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Confidential - © 2013 twago23
Don‘t be afraid of paying high salaries for GREAT people –it‘s worth it
My Salary Best Employee
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Confidential - © 2013 twago24
Create a unique company cultureYour team must love to work with you and for you
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Confidential - © 2013 twago25
Have fun
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Confidential - © 2013 twago26
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Confidential - © 2013 twago27
Friday lunch all together
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Confidential - © 2013 twago28
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Confidential - © 2013 twago29
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Confidential - © 2013 twago30
Impressive press coverage with more than 600 positive clippings helps us on the way to a global leader
“In countries like Italy, Portugal, Spain and, increasingly, France, where ongoing austerity measures and a tough business climate are having a devastating impact on permanent employment, it’s really encouraging to see Twago growing in these markets” (Top French Tech Blog ,31.01.2013)
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Confidential - © 2013 twago31
Journalists and our users selected twago several times for awards
Source: Voting for TheEuropas Award (techcrunch), TheNextWeb, Wirtschaftswoche et.al.
We are honored to have an award winning team
Mass media loves us: hundreds of articles worldwide
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Confidential - © 2013 twago32
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Confidential - © 2013 twago33
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Confidential - © 2013 twago34
Do not start with 3 people overhead – Co-founders should be nerds!
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Confidential - © 2013 twago35
Non experienced guys might lead to wrong setup and missing speed later
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Confidential - © 2013 twago36
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Confidential - © 2013 twago37
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Confidential - © 2013 twago38
Don‘t be afraid of the holy cows – Be faster with the B-players
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Confidential - © 2013 twago39
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Confidential - © 2013 twago40
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Confidential - © 2013 twago41
Stay flexible and ...
... adapt to customerneeds and learnings
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Confidential - © 2013 twago42
We changed major topics
To...From...
OutsourcingOffshoring
Combined Marketplaceand Memberships
Marketplace only
Focus on core countriesAll countries immediately
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Confidential - © 2013 twago43
Work on the most important topics which solve your problem (recurrings)
Put more resources on it
Courage for more own ideas
Have great people – no divas
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Confidential - © 2013 twago44
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Confidential - © 2013 twago45
Building the product – We eat our own food
Product specification:
Spec. Homepage-Design:
Coding:
Translations:
Branding/Name:
Design of Webseite:
Design of Company Logo:
(Internally)
Germany
Russia
Switzerland
USA
Canada
Philipines
twago made use of outsourcing and offshoring:
twago successfully showed the „proof of concept“ –Huge chance for all startups
Which experts to choose depends on
your requirements
expertise
Savings roughly 60%
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Confidential - © 2013 twago46
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Confidential - © 2013 twago47
Measure
Think
Analyze
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Confidential - © 2013 twago48
Analyze, analyze, analyze:Measure – think – change!
Key drivers
Traffic and customer behaviour
Conversion tests (A/B)
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Confidential - © 2013 twago49
Few words: Focus „Clean“ Build trust:
Verisign Logo, Phone number, green bulltes
Reduce exit-options
Improvements New DesignOld Design
Quelle: twago
Landing Page Test optimized conversion rates and reduces useracquisition costs significantly
Landing Page A/B Test
3%* 20%*
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Confidential - © 2013 twago50
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Confidential - © 2013 twago51
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Confidential - © 2013 twago52
Funding is very time consuming
Ask for enough money
Include buffer in your business planning
Avoid too many rounds
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Confidential - © 2013 twago53
Raising Capital – Welcome to lemming country• The right target group – VCs, Angels, Family
offices, Strategic investors
• How much? Not 1.0 Mio.!
• If you have one, you have many
• Expect stupid VCs
• Contact them en-block – everybody at the same time, not sequentially
• Don‘t use „[email protected]“
• The market is setting your price, not the VC valuation method
• Create and show your BATNA (best alternative to negotiated agreement)
• You can be peer to everybody
• Everything takes longer, expect 6-9 months
• Don’t over optimize the percentages
• It’s over when it’s over
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Confidential - © 2013 twago54
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Confidential - © 2013 twago55
Expect the unexpected
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Confidential - © 2013 twago56
Thanks and feel free to follow me...
www.facebook.com/gunnarberning
www.twitter.com/gunnarberning
or email me: [email protected]