adventures in entrepreneurship
DESCRIPTION
A talk I gave at the Entrepreneurs Roundtable on November 3, 2011 in San Francisco.TRANSCRIPT
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Adventures in Entrepreneurship
Margaret Wallace, CEO, PlaymaticsTwitter: @MargaretWallace
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Trust Us.We’re Dressed as Pirates.
Margaret Wallace Shirley Lin
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Twitter: @MargaretWallace
Tech, Media, Gaming
Entrepreneur
Adviser
Inventor
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Entrepreneurs Must Juggle Many Things.
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Users
Employees
Investors
Friends/Family
…and people.
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Entrepreneurs Must Wear Many Hats.
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Rainmaker
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Therapist
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Visionary
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Enforcer
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Inventor
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We Do Whatever
it Takes.
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That Goes for Funding.
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Different Funding Options Different Considerations
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Understanding The Impact of Funding Choices
Important.
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Five Start-Ups I’ve Worked With or Founded
Lessons Learned
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Start-Up #1: PF.Magic
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Be Passionate or Go Home.
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Excel in at Least One Thing.
Then innovate….
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Create Meaningful Rituals
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Offering to Software Gods at GMC.
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Diversity in the Workplace Matters
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Funding Options
Venture Capital
Angel / Super-Angel
Friends & Family
Bootstrap
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Start-Up #2: Skunk Studios
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Start-Up #2: Skunk Studios
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Start-Up #2: Skunk Studios
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Start-Up #2: Skunk Studios
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Start-Up #2: Skunk Studios
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Timing is Everything
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“Own” Your Audience
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Own Your IP
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Create Ongoing Revenue Streams
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Don’t Get Stale.
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Funding Options
Venture Capital
Angel / Super-Angel
Friends & Family
Bootstrap
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$
Copyright 2010. Margaret Wallace. Please Attribute Proper Credit if You Use These Slides
Raised $3.5 million in VC
Start-Up #3: Rebel Monkey
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Understanding VC Psychology
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Strength of IdeaMarket Size
Strength of TeamCompetition
Takeaway: VCs are all about managing risk. The more risk you remove, the more comfort they have with you.
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80%
15%
5%
#FAIL
Break-Even
Break-Out Success
Takeaway: VC & Start-Up Goals Are Not Always in Alignment.
How VCs Rate Your Chance of Success
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Verbal Cues CanBe Misleading
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Non-Verbal Cues CanBe Misleading
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Pivoting Takes Runway, Strength & Shared Vision.
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Choose your Investor (or VC firm) carefully.
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Choose your individual VC carefully.
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Choose your attorney carefully.
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Guard Board Composition with your Life!
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1. Cover Page
2. Company Snapshot
3. Numbers
4. Timeline & Runway
5. Demo
6. Traction
7. Trajectory
From: 365 Days, $10 Million, 3 Rounds, 2 Companies, All With 5 Magic Slides
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“Stop Using the projector for initial meetings.”
-- Tim Young
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Accept Failure Swiftly & Gracefully
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Start-Up #4: Playmatics
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Funding Options
Venture Capital
Angel / Super-Angel
Friends & Family
Bootstrap
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Breaking Bad: Cost of Doing Business
http://www.amctv.com/shows/breaking-bad/cost-of-doing-business
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Gamification
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Start-Up #5: Shadow Government
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Funding Options
Venture Capital
Angel / Super-Angel
Friends & Family
Bootstrap
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Find a Completely
Unique Niche
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The “Truth” is Not Out There.