starting up - presentation at ieee
DESCRIPTION
The presentation was shown during a workshop on "Entrepreneurial Thinking" at IEEE Chennai Chapter on 29th Dec 2012TRANSCRIPT
sitash & manikco-founders
Learnings for starting-up!
:-)
quick intro
Sitash & Manik graduated their management school together where
the idea of Jade Magnet was born
Jade Magnet was chosen as a NASSCOM EMERGE company in 2011
Jade Magnet helps businesses get creative marketing and design solutions from a network of over 7,000 designers
using crowdsourcing.
Jade Magnet has been chosen by TiE as one of the top 4 companies in India in
the TiE ecosystem.
It was selected by Business Today as one of India’s Hottest Startups.
It won the Most Innovative technology startup award at Global Technology
Summit, Palo Alto, California
college
work
college
work
startup
crowd imagination
crowd expertise
crowd flexibilityon-demand
increase/decrease of team size
10-45 ideas per project
add skill-setson-demand
@ Jade Magnet a new creative paradigm
numbers
1,000 customers
2,000+ projects
28% repeat business
30% project profitability
Tracking $500,000 revenue for 2012-13
some startup facts
Image credits: http://brajeshwar.com/2008/open-source-startups/
Most successful startups begin in wildernessYou can never be sure how you will navigate the jungle … there are customers who don’t know you and predatory competitors who do.50,000 fewer startups began their
journey in the UK in 2008 compared to the previous year
Image credits: http://brajeshwar.com/2008/open-source-startups/
Only 9% of businesses started in 1992 are still running
Who’s driving!?Have you prepared yourself enough to unlearn whatever your cushy, high-paying corporate job taught you? Startups ain’t for sleepy chickens!
CCA < CLVCCA = Cost of Customer AcquisitionCLV = Customer Lifetime Value
Simple Rule
It’s all about footworkWhen you do cool things, people talk about you. You get more press, more blog posts,
more stuff on Twitter. That leads to more business. – Brain Kaiser
Less than 5% entrepreneurs are able to manage with 6 hours of daily sleep.Taste freedom ?
Oh yeah … you can sleep all you want since you are not in a “job” anymore ... that is, if you can sleep at all !!
what to start
look for megatrends
Petrol prices
Cost of Technology
Human nature
What??!! Incomplete work!?
Too many decisions!
Unorganized sector
Expensive solutions
u like problems?
which problems can u solve
Which problems are you passionate about!
Can u make money?
Begin small
Allstate Insurance in the US, is using crowdsourcing for “big-data-analysis” to study insurance risks
Kickstarter has helped creatives raise more than $130 million in about 3 years by crowdfunding about 17,000 projects
Shekhar Kapuris launching “Qyuki” for crowdsourcing of entertainment content
RangDe.orghas raised more than $1.5 mn for over 12,000 borrowers in India
find global examples
taking the leap
Lifestyle adjustments
Bank balance
Backup plans
Family situation
business plan 101
revenue streams
1, 2 or 3
assumptions
Market behavior(target) Customer behavior
Vendor costs
Marketing strategy
People costs
Legalities
Travel costs
cost vs. revenue
Year 1 profit/loss
Year 2 profit/loss
Year 3 profit/loss
Funding needs
starting the process
INCORPORATIONPrivate Limited, LLP, Partnership, Sole Proprietorship
Advertising | Marketing Strategy | Product Placement | Publicity | Branding | Sales Promotion | Pricing |Research | Direct Marketing
TEAMHiring, Delegation, Retention and Motivation
Cash FlowManaging the cash flow is the biggest challenge
Governance
- Quarterly Audit- Regular Board Meetings- Taxation- Legal Documentation- Financial Documentation
Connect with Jade Magnet
www.jademagnet.com
Global Innovator of 2011 @ GTS, Silicon Valley
A NASSCOM EMERGE company for 2012
A TiE-EAP Company
[email protected] @jademagnetfacebook.com/jademagnet