10 lessons learned latin american startup ecosystem
TRANSCRIPT
10 lessons I’ve learned within the Latam Startup Ecosystem
Alan Colmenares BBVA Open Innovation & Ecosystem Builder Latam
November 17, 2015
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Today, I’ll be talking about the mistakes you will make along the way.
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Prove me wrong! !
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Please!
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First, a bit about myself…The !expert on what NOT to do.
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2009
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an all-in-one healthcare social media, care taker rating site!
The world needs…
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a new fashion brand for Latin America.
I meant, the world needs…
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My journey
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TROPICALGRINGO
Startups & Innovation
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Open Innovation & Ecosystem Builder Latam
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The startup context
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Many in Latam don’t understand the startup journey.
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What is a “STARTUP”?
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Product/Market fit Transition Big
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The Startup Process
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Lucky to pass “validation” phase
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of high growth Internet startups fail due to premature scaling.
-Startup Genome Project
74%
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Why did we need a new business development methodology like Lean Startup?
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What does success look like?
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Not everything is predictable
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What’s a good analogy to describe the journey you’re on?
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The scarcest resource is not money, but time & focus!
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One Thing
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Look for the “eye of the tiger”
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But, don’t run out of money. !
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REVENUE VS. !(GROSS/NET) BURN RATE
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Growth = Value4
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5-7%
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VS
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Culture can work for you or against you.5
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Customers are your best mentors. !
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Do things that don’t scale !
A common occurrence after product launch…
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Investors are not the superstars. YOU are!!7
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Latam investor
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What does it mean to take VC money?
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This is the position you need to put investors in…
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Some investors, advisors, etc. can help, but only to a point.
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Many Latam investors still don’t know how startups create value.
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THE secret to creating a successful startup…
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Are you ready?
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Respect the CAP table. !
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These conversations can be difficult, but are incredibly important.
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ABL. Always Be Learning. !
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The only rule is there are no rules.
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Now, please prove me wrong!
