the challenges of global...
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The Challenges of Global Entrepreneurship
Rick Rasmussen
January 2013
Lisboa
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Regional vs. Global
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Startup Genome Rankings
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Ecosystem Metrics
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Funding Per Stage
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Funding Sources
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Actual Stage Distribution
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Job Creation
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Revenue Streams
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Type of Startup
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Type of Market
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Primary Payer
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Global Distribution
• 6 cities from US, all in top 10
• 3 cities from Canada
9 total from North America
• 5 cities in Europe including Tel Aviv and Moscow
• 2 in Asia – India and Singapore. Not China.
• 2 in Australia
• 2 in Latin America
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Lessons extracted
• All ecosystems are different
• Measurement allows identification of
strengths and weaknesses
• Ecosystems can be improved through
community involvement
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Challenges operating on a global
stage • You’re competing with other ecosystems
• Limited resources within your own country – Customers
– Strategic Partnerships
– Service Providers
– Funding
• Local market is much different than global markets
• Entering a new market is just like doing a brand new startup..!
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When to think international
• Some businesses (i.e. Internet sites) start with a global reach that just needs to be exploited
• Once you have made a market entry – Product developed
– First customers realized
– Developed initial traction
• Have adequate resources to keep local market and consider expansion
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Adjacent Territories vs. Overseas
• If you have similar language or culture
• If territory is underserved
• If you have a product that requires onsite delivery or service
• If barriers to entry (customs, legal) are low
• If there are similar demographics or customer tastes
• Largest potential market at this stage
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How to expand
• Expansion into a new geography is just like doing a brand new startup
• Lots of research – Customer needs (discovery, validation)
– Competitive landscape
– Steve Blank: Startup Owners Manual
• Do full financials, identify funding needs
• Develop full launch strategy and tactics plan
• Go!
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Silicon Valley
Not how it really works…
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Reverse outsourcing
• Headquarters
• Engineering and Operations
• Large employment base
• Subsidiary
• Management, Business Development
• Possibility of funding
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Funding foreign companies in US
• 20 mile rule
• Expats are your best bet
• VC relationships and syndication
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The odds are against you
Per month Per year
60 new deals 720 companies
8 for pre-screen 3 make it to dinner meeting
36 companies
Maybe one new investment
8 per year
Approximately 1.1% funding rate
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Anatomy of a VC
Money In $
Money Out
$$$$$
What’s in it for me?
Risk Factors
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Risk Factors
• What might stop me from an exit? – Team risks
– Market risks
– Competitive risks
– Technology risks
– Potential IP / Patent claims
– Legal (incorporation, stock claim) risks
• This is what due diligence is all about – Start to finish can take 3 to 6 months 34
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• VCs rarely take cold calls
• Best sources: • Other VCs • Attorneys, Advisors • Other entrepreneurs in
their portfolio
• Pitching contests: good for practice but not for leads
Get Introduced
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Bay Area
Accelerators and Incubators • Large Scale Accelerators
– nestGSV Redwood City
– RocketSpace SF
– Plug & Play Sunnyvale
• Incubators – Y Combinator Mt View
– 500 Starupts Mt View
– Angel Pad SF
• Universities – SkyDeck Berkeley
– StartX Stanford
– US MAC San Jose State
• Small Scale Accelerators – DogPatch Labs SF
– I/O Ventures SF
– BlackBox Atherton
• Co-Working Space – Citizen Space SF, San Jose
– Sandbox Suites SF
– Ground Floor San Jose
– PariSOMA SF
• Corporates – AT&T Palo Alto
– Citrix Palo Alto
– Sprint Burlingame
– Vodafone Redwood Shores
• Governments (Stand Alone) – Denmark Palo Alto
– Norway Palo Alto
• Specialized – RockHealth SF
– San Jose Bio Center San Jose
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nestGSV
• 40% international tenants
• Access to full community
• Active connections through nestGSV’s network – Customers
– Partners
– Service Providers
– Funding
• Education
• Exposure to Silicon Valley and its culture – Events, meetups, hackathons, pitching
contests, more
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Silicon Valley Culture
• Share
• Trust
• Network
• Give back
• Get out of the building
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Thank You…!
Questions?