lessons learned: pace, focus, niche and investments - startup live vienna

#sulvienna13 – @andreasklinger

LessonsLearned

The hype of

“Startups”

[ ] Do magic landing page

[ ] Build your thing

[ ] Go to shit-loads of conferences

[ ] Get Investment

[ ] Get on Techcrunch

[ ] Get viral

[ ] Get rich

[ ] … or fail and start an accelerator

There is too much noise…

We tend to believe the “rockstar” sh*t

Some lessons from someone been

there.

INVESTORS

Carmen Busquets

Dave McClure

Eden Ventures

Sherry Coutu

Tom Hulme

Seedcamp

500 Startups

LOOKK

Social Discovery &

Shopping of emerging

Fashion Designers.

Text

2.0

June 2010

Sept. 2011

May 2012

@andreasklinger

OK GO

June 2008

QUIT Oct 2012

No time for

War-stories.

Read: www.klinger.ioor: http://www.thegap.at/autoren/autor/redakteur/

andreas-klinger/

@andreasklinger#sulvienna13

slides: http://slideshare.net/andreasklinger

#sulvienna13 – @andreasklinger

LessonsLearned

#sulvienna13 – @andreasklinger

Don’t rush

#howtoweb – @andreasklingerflickr: good_day

Don’t rush ahead.

Typical patterns something is wrong:

“We need more customers”

“We just need an investment”

“We are looking for a VC”

“How do i scale”

… but no market proof

#howtoweb – @andreasklingerfoto: LEAN LA

Startups have phases.

Find problem/solution

Find product/

market

Get efficient in Cust-acq.

Scale into similar

markets and products

Always be aware - Which phase are you?

Act accordingly

#howtoweb – @andreasklingerflickr: neilarmstrong2

E.g. Marketing Stunts, PR Campaigns

Without a proven product you get thousands

people on your product. They will not stick. Just

slide off.

Teflon Marketing

Usually biggest reason your product doesn’t sell:

It’s not solving the customers problem.

Focus on customer retention not acquiring more.

#howtoweb – @andreasklinger

Find problem/solution

Find product/

market

Get efficient in Cust-acq.

Scale into similar

markets and products

There is nothing you learn from 1000 or 10.000

potential customers, you wouldn’t learn from 10 or 100.

QualitativeValidation

QuantitativeApproaches

#sulvienna13 – @andreasklinger

Focus

Focus your product.

Don't confuse long-term vision with short-term strategy.

What is really the coreof what you do?Start with that and nothing else.

Plan outcomes not tasks

What’s your product’s job.

Do guys get racing cars just to drive to work?

Read about Jobs to be done framework by Clayton Christensen

Understanding the real job: - better value description - better focus - better product differentiation

flickr: bombeador

Marry a problem, not a solution

Space

Problem

,- current

| solution

#sulvienna13 – @andreasklinger

Please watch Rob’s Talk:

http://bit.ly/rf-custdev

When we speak with

customers…

We bias them…

#sulvienna13 – @andreasklinger

Niche, but globally

flickr: jdhancock

We are trained to niche

regionally.

Find your global niche

Find your global’s best…

Customers, Partners, Advisors

Get traction in your niche before you

extend.

#sulvienna13 – @andreasklinger

#sulvienna13 – @andreasklinger

Investment

flickr: bombeador

For proofing

- you need surprisingly little

Try not to mix them up.

Money is either…

For growing

- did you proof?

#sulvienna13 – @andreasklinger

flickr: bombeador

It’s easy to get a meeting.

VCs have “Radar” people. “Associates.”

Nothing but a time-sink.

Don’t think of investments as a

milestone

“We are talking to VCs”

#sulvienna13 – @andreasklinger

#howtoweb – @andreasklingerflickr: nasamarshall

Draft your company’s topics

How to approach

investment:

Find the best possible advisors for each topic.

Global people. Try to get them commit in time

first, then in investment.

community hotels

marketplaces global scale

B-level people

give C-level advice

Work with the best accelerators and

incubators to get network to advisors.

Risk-takers need guidance.

Best incubators:

YCombinator

500 Startups

Tech Stars

Seedcamp

Angelpad

flickr: eole

Avoid the typical mistakes…

* NO GMBH

* NO STATEFUND

* DO VESTING

* FUNDRAISE GLOBALLY

“There is no

Heimvorteil in

investment…”

#sulvienna13 – @andreasklinger

flickr: good_day

Summary:

Don’t rush, be aware of your phase

Focus.

Be strategic about investment

Get traction by global niching

#sulvienna13 – @andreasklinger

#sulvienna13 – @andreasklinger

Thanks!

Feedback & Questions please.

flickr: pictureperfectpose