Download - Keynote at Venture Cup 2011
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Why you should not start a company
Venture Cup, January 2011
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In most cases you will fail (forget about 1/10 odds, it’s more like 1/1 million chance of creating something valuable)
Why is it stupid to create a startup?
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People will look down upon you when you fail
(your banking advisor will tell you he told you so and people will be whispering behind your back)
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You will on average earn more the rest of your life if you take one of the many easy safe jobs
(Like banker, venture capitalist or start-up advisor)
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So when should you create a startup?
If you feel like this after listening to why not to do it
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The story about how Tradeshift became an overnight success
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We spent 2 years failing with our first startups.
We then spent 5 years working really really hard learning about a domain and the business rules behind it
…and then we launched Tradeshift.
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Wait a second… you didn’t just like create a plugin for twitter and put it on the Interwebs?
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(3500bc)
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(1933)
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(Today)
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10 pct. of all trees cut down worldwide 64B € in EU alone spend on typing and retyping
50 pct. of all business mail Stupid…
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Business software is broken
Global 5.000
500.000 – 1.000.000 middle 0er business
125 million small business globally without accoun0ng so<ware
SAP ORACLE
1000x legacy accoun0ng systems, ver0cals
(Microso<, Netsuite, Salesforce, etc. )
?
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The market was broken down into millions of small islands of software, not connected.
And an army of people, printing, carrying and typing paper in between these islands
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But it’s about more than just wasting time and paper, it’s about the speed and cost of relations between business…
…globally!
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That’s (luckily) a tough problem to solve
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Enterprise deal status
The solution, a new kind of business platform, working just like a social network
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Supporting real business relations
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We then got a frontpage on Wired
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Today Tradeshift is used in more than 120 countries
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Advice
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§ DON’T compromise, ever! § Avoid the MBA’s the bankers and the
start-up advisors § Pick people with a bias for action § Know your self and pick people who
challenge your weaknesses § Get the best designer you possibly
can…
Team
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§ Build something real!
§ Make sure it is something that can make you passionate, angry/happy every day!
§ Solve the right problems everyday and dont care if everything else is on fire
§ All the good stuff is really complex, so LEARN
Product
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§ Start pitching now!
§ We pitched more than 100 VC’s before we got the valuation we wanted. § Dont believe in smart-money, it’s all just money.
§ Having somebody on the team who understands the game is ideal, just make sure your interests are aligned!
Funding
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The mobile network in Sri Lanka is faster than the one I have here
The cost of technology is now so low that you can start the next Google everywhere
Build technology for the world market, you are competing there anyways
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In the end if you WANT do it, don’t be afraid, nothing can stop you
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Christian Lanng CEO, Co-founder Email: [email protected] Twitter: @christianlanng Skype: christian_lanng
Contact:
SHIFT HAPPENS We are hiring! tradeshift.com/jobs