coppola lecce
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Investor Package - Il come e il perchè del fare startupTRANSCRIPT
Startup: dal perchè al per come
Augusto Coppola
Lecce, 15.11.2013
In meno di due ore
My background
2
My first startup: reactions 3
boss specialists friends
4
My first startup: a success 4
5
What I mean by “success” 5
60x
6
What my investors told me 6
Dear smart guy!
7
My second startup: reactions 7
friends specialists investors
8
My second startup was a failure 8
9
What I mean by “failure” 9
0x
10
What my investors told me 10
@#*WTF@]+!!
11
Director at LVenture 11
LUISS ENLABS Accelerator
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InnovAction Lab co-founder 12
More than 30 startups spawned in 3 years
Startup: un dubbio
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Il panorama startup in Italia ieri
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Il panorama startup in Italia oggi
...
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Il dubbio
Le startup sono una moda
o una necessità?
Prime riflessioni
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Il 50% delle startup chiude in 5 anni
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Nessuno ci capisce nulla
http://en.wikipedia.org/wiki/Bessemer_Venture_Partners
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Conclusione
Ma allora è una moda?
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No!
La parola ai dati
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Una necessaria precisazione
Non esistono i fatti, ma solo le interpretazioni (F. Nietzsche)
G: Pensa, ogni volta che respiro muore un uomo! A: Hai provato a prendere qualcosa per l’alito?
(Gigi ed Andrea)
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Scegliere un impiego
Il mondo dei pregiudizi, delle scelte facili è terminato
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Italia vs USA: un confronto
Dato USA Italia Ratio
PIL (miliardi di $) 14.704 2.172 6,77
Occupati (milioni e %) 141 (46%) 23 (38%) 6,13
PIL per lavoratore 104.000 94.000 1,10
Fonte: www.imf.org (23.08.2012)
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Dove viene creato lavoro in USA?
Fonte:http://www.kauffman.org/newsroom/u-s-job-growth-driven-entirely-by-startups.aspx
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Quali posti di lavoro?
Azienda hc Ricavi ($bn) Mkv ($bn) Mkv/hc ($M) PIL x
Telecom 82.900 37,4 12,7 0,15 1,60
Fonte: http://finance.yahoo.com/ 06.07.2013
Oracle 115.000 37,2 144,4 1,26 12,11
Microsoft 94.000 76,01 285,7 3,04 29,23
Apple 72.800 169,1 391,8 5,38 51,73
Google 53.900 53,5 296,4 5,50 52,88
LinkedIn 3.800 1,11 21,0 5,52 53,07
Facebook 4.900 5,5 58,9 12,02 115,57
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Visione spicciola
Tutti abbiamo almeno una startup: noi stessi
Idea
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Business idea initial structure
Vision Mission
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No kidding, I’m perfectly seriuous
Our challenge is to assertively network economically sound methods of empowerment so that we may continually negotiate performance based infrastructures
(generated by Dilbert ‘s Mission Generator)
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The story of the lazy patent office clerk
A solution with no perspective goes nowhere
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Vision: why are we doing it?
Understanding trends to anticipate value
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Great visions: examples
Microsoft, 1975 A computer on each single office desk My first startup, 1997 New services will be enabled and provided by Internet My second startup, 2002 Money will not be the only currency
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Visions can be humble and still work
Real case, 2009 Japanese food will be a major trend in Italy
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Good vision 4 qualities
1. Short (and written in plain English)
2. Easy to understand (also if arguable)
3. Comes true quite rapidly (less than 5 years)
4. Persistent (it lasts for decades)
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A man with a vision: a sad story
What is the market pain you’re addressing?
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Mission: what we do? For whom?
Microsoft, 1975 Developing one easy to use operating system for any HW platform vendor
My first startup, 1997 Developing a billing system for Internet services delivered by Telco operators
My second startup, 2002 Developing a new Telco platform to price and charge any possible good by taking into account any possible combination of currencies
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Vision and mission keep you focused
Collect and organize data about pros and cons
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What market should we address?
Large and quickly growing markets (CAGR > 10%)
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Jot down your initial business idea
1. What are the emerging trends we are noticing?
2. What does our product/service do?
3. Who will buy it?
4. Why will they buy it?
5. What is the forecasted size of our market?
6. How will our opportunity window last?
Jot down everything in less than 200 words and start pitching your targets
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Now the bad news
The world is plenty of good ideas (not to mention the silly ones)
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Turning ideas into profitable businesses
3. Team
2. Team
1. Team
To do it, you need 3 key elements
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Team
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The fundamental question 45
Can we do it?
How to recognize a great team? 46
Microsoft Corporation, 1978
Spotting the weak element in your team 47
You
The key quality of a great entrepreneur 48
Discipline Discipline is the refining fire by which talent becomes ability
(R.L. Smith)
Discipline is not a trait of character
The more I practice, the luckier I get (G. Player)
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Most critical discipline
Learning
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What do you know about your market?
Entrepreneurs live in world of surprises, they cannot afford the luxury of prejudices
Nothing
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Understanding your errors is critical
Fail fast and cheap (and move on)
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Second most critical discipline
Team Making
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Understanding forces behind people
And you still behave like a five-year-old child. People gather, scatter. They go left and right following their interests.
(Akira Kurosawa, Kagemusha)
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Keep bad learners out
Those who think they are the best part of the human race
Those who don’t know how to deal with “no!”
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Leaders on board since the beginning
The best decision is the right decision. The next best decision is the wrong decision. The worst decision is no decision.
(S. McNealy)
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Questions about your teammates
• Is every team member 100% committed?
• Do you have agreed roles and duties?
• What is each person going to do all day?
• Are you the right team to do it?
• How are you going to divide equity?
• Who is going to take a salary? How much?
• What if you run out of money?
• What if they are offered a job at Google?
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Unpleasant issues
Grey zones must be carefully discussed
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Questions about founders • Where are the founders from? What have they accomplished in
the past?
• What is their reputation? Whom do they know?
• Who else needs to be on the team? Are they prepared to recruit high-quality people?
• How realistic are they about the venture chances? How will they respond to adversity?
• Do they have the mettle to make the inevitable hard choices that have to be made?
• How committed are they to this venture? What are their motivations?
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Working in a team means also...
...be sure of what you know, but actively looking for different points of views to challenge your...
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...in other words...
... understanding that harsh criticism is a value for your startup
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Business and friendship
The startup making is not about making friends…
…but friendship is a by-product of well designed teams
A friendship based on business is better than a business based on friendship
(J. Rockefeller)
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Third most critical discipline
Market Focus
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Market
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What do you know about your market?
You don’t know what your market will be BUT you perfectly know what your market is
Everything
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Market size estimation: TAM
Total Addressable Market
Available data and reports
Bottom up analysis
Revenue if you have a monopolistic control
Examples:
ice-creams in USA ($10bn)
Billing systems for telco
operators ($30bn)
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Market size estimation: SAM
Serviceable Addressable
Market
TAM you can get with your current business model
Examples:
ice-creams in supermarkets ($6bn)
Billing systems for telco
operators with IP services ($15bn)
Business Model
67
Market size estimation: SoM
Share of Market
SAM part you can reach in the near
future
Examples:
ice-creams in supermarkets in NYC
($240M)
Billing systems for new European operators with IP
services ($6bn)
Business Plan
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Investors and Errors
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A tale of 4 people, 2 flies and 1 bench 70
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Competitors: you have to perfectly know them
No excuses
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If you have a market, you have competitors
They are those who are eating your cake
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The King of stupid errors 73
Your ideal world:
• EBITDA/Revenue > 70% Real world:
• Amazon: 4.5%
• Wal Mart: 24.7%
• Pfizer: 29.2%
• AT&T: 30.6%
• Apple: 32.0%
• Google: 38.3%
• Microsoft: 42.9%
• Hogwarts school of witchcraft and wizardry : 45.0%
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Alla natura umana manca la volontà di agire, più che la forza o il tempo
(Sallustio)
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Like us on www.facebook.com/InnovActionLab More on us on www.innovactionlab.org
About me:
www.facebook.com/augusto.coppola http://twitter.com/5anatre
