when i grow up i want to be an entrepreneur 2013
TRANSCRIPT
• Information Technology System Integrator• From 1 to 330 employees in less than 10 years• Valued 80ML€ at first VC round in year 2000• Sold to a listed company in 2003
Success factors
Lessonslearnt
How it started• When in the USA tried to
open a disco and later to export tennis sport accessories
• Early brainstorming atMicrosoft USA late 80’s
• The first 2 page business plan had not even a name
• Abrubtly left Microsoft and incorporated in Italy in 1991
Judo vs Sumo: we chose a Judo strategy
We had a Mission & Priorities
• Mission• «…At Iris we want to build something new, long lasting
and with no boundaries. We want to integrate processesand technologies thanks to a consulting offering basedupon strong methodologies and competencies. We wantto build a group of people willing to grow and work in armony…»
• Priorities year 2001• Scalability
• Fast delivery
• Highly visible clients and projects
Think big, don’t be shy
• Credito Italiano• DSS branch profitability
• Rinascente• DSS buyer
• Sociètè Generale• Treasury front end
We focused on the most important asset
• 360° Performance review
• In search of organized chaos
• New arrivals presentation
• Barbeque
• Confession
•
We stopped and think more often than our agenda would suggest
• The lake
• Corporateretreat
• Workshop
We went over the speed limit
• Project IrisCube: Mission Possible!• Revenues 40ML
• IPO
• 300 people
• Venture capital funding
• M&A and related difficulties• Acquired the wrong companies
• People integration
• Methodology
• Values
The Internet bubble explodes and the toy isbroken• Many customers
cancelled entire projects• Consultants back in the
office with no space for everyone
• 8ML€ loss in 2002
When tackling tough problems, we did not hesitate, the faster the better
• Restructuring plan• Massive layoff of almost 50% of the workforce
• Closing of Paris, Turin, Verona
• Sell off of software factory in Moldovia
• In less than 12 months back to a positive EBITDA…
• … restructuring debt however brought a negative EBIT
• Sold the company in July 2003
Success factors
• Timing
• Judo vs sumo
• Mission & Priorities
• Think big, don’t be shy
• Focus on the most important asset
• Stop and think
• When tackling tough problems, the faster the better
Success factors
Lessonslearnt
How do you start a new business?
Business plan
• Brain storming• Selling your dream• Plan the unplanned
and design a Plan B• Give it a try with
smaller ventures
• Timing• Luck
Our success was due 50% to timing and 50% to luck. The rest was intelligence....Jeff Bezos - Amazon
It takes time, start now!
Why you start a business
Just to make money
To build something ?
• Built to Last – Jim Collins• The HP Way – David
Packard
The 3 most important factors
• Choose the right people
• Choose the right people
• Choose the right people
• Right people is not necessarily the smartest but thos in line with your values. If your team is made up of the «right» people• You might argue for insignificant details
• You argue NOT for the critical decisions
Other success factors
• A very good idea, not necessarily great and certainly not necessarily unique
• Execution ability
• Be resilient, no matter of much stretegic planning you have done, uncertainty is the norm
Think big even when you are small
• Do not rest on «easy» customers• Captive market
• Personal contacts
• Be brave, think big & international
• Dry run & Presentation scripts
Some reading
• Maverick – Ricardo Semler
• Breakthrough Thinking: The Seven Principles of Creative Problem Solving - Gerald Nadler & Shozo Hibino
• Beware the Naked Man Who Offers You His Shirt – Harvey Mackay
• Emotional Intelligence – Daniel Goleman
• Lateral Thinking – Edward De Bono
• Built to Last – Jim Collins
• From Good to Great – Jim Collins
• Only the paranoid survive – Andy Groove
• The HP Way – David Packard
• The Long Tail – Chris Anderson
Augusto [email protected]