基金投资经理必修课-Founder101

CEO/Founder101SteveMusheroGLOBALTECHWhatyouneedtothinkabout!Whatyouneedtoworryabout!October30,20002GLOBALTECH–StartupUniversity–NetworkingTalkGettingstartedMoreBeer&FoodMoreTalkOperating/GrowingNetworking4GLOBALTECH–ThingstothinkaboutWide-rangingFast,highlevelAskquestionsStartingupFundingGrowing/RunningOperations5GLOBALTECH–SteveMusheroEntrepreneurBSEE,MBA(US/Japan)Communications,networking,databases,largescalesystems,integration&manufacturingCTO,Biz-Dev,SalesPatentsPush,Finance/Insurance,Commerce6GLOBALTECH–FoundersFundedNot-fundedToocrazytobefundedPostfoundersExecutivesServiceProvidersConsultantsRecruitersRandoms7GLOBALTECH–Really,howfoolish?ThinkaboutyourselfRiskTeamworkExperienceWhentostepasideTestyourideawithothersMoveFAST!No,FASTER!!Snail=LunchRabbit=BetterLunchRocket=Success8GLOBALTECH–’redoingwhat?FoundersDomainknowledgeTechnology/StartupexperienceSelectpartnerscarefullyTeam,team,teamCounselingSplitfounderequityGetadvisorsResources–WorkIt,StartupUniversity,GreenhouseNointernationalFocus,Focus,Focus9GLOBALTECH–CompatibilityProveitPractice/ShowitWorkedtogetherNicetohaveProblemresolutionMusthaveGettingridofpeopleAlwaystoolate1badperson=5goodonesCounseling/Training10GLOBALTECH–SometimesokayIfyouneedanNDA,thenyourideamaynotbedefinsibleVCs,etc.,noNDAsNomutualNDAs11GLOBALTECH–FormingthecompanyCCorpinCalifornia(Siffundingiswayoff)GetitdonerightbyarealfirmIPRightsassignmentsName/TrademarkCheck/RegNDAreviewContractoragreements,ownershiprightsEmployeecontractsPatents&TrademarksNDA,notebooksLawyers’guidance12GLOBALTECH–YourownmoneyFriends&FamilyConsiderhowtotakethisLoan,Common,PreferredSimple,simple,simpleTrackexpensesTaxdeductionifSub-SSeparatebankaccountDependsoncompanystatusSeparatecreditcardUseQuickbooksfromDay113GLOBALTECH–ProcessYourmoneyBusinessplanPreparation&planningPitch–Elevator,VC,OtherRejectionAdjustmentsSuccessPerseveranceAttitudeLISTENCAREFULLYTEAM,TEAM,TEAM,idea14GLOBALTECH–Critical,musthaveComponentsExecutivesummary,2-3pagesToshoparoundTight,focused,excellentPlanitself,15-30pagesToplan&answerquestionswithNoteverythingyou’vethoughtofNoonereadsFinancialsProfitsmatterBusinessModelreallymattersWillchangemanytimesRealismmattersmoreBottomup!!IntegratedmodelRevenue&costsgrowtogetherCaptureallcosts15GLOBALTECH–Opportunity/SummaryProblemExcruciatingpainSolutionCrack(Gottahaveit,recurringrevenue)Productline,multiplerevenuestreamsMarketRealistic–YourmarketJustify–marketreportsExecution/MarketingPricing,existingcustomersCompetitionRealistic,almosthonestNeversaynone;alwaysalternativesPeople–team,success,winnersMoneyTimeline,usage,milestonesEmail,attachmentfilenameEveryoneusesameblurb16GLOBALTECH–Forplanning,notreadingMeatofplanningUsedtoanswerquestionsContainsresearchDetailexecution,especiallymarketing,hiringIntegratedplan/growthTimelines17GLOBALTECH–2-3years,monthlyDynamicondates(Start,launch,$)Assumptions-marketPeople/PayrollBurden%,hiredatesExpensesEverything,pluskitchensinkMarketingcostsdetailedCapitalexpenseEmployees&Websystems($$$)RevenueBottomupPricinganalysis,scenariosGrowthanalysis,scenariosIntegratedgrowthEarnings,BalanceSheet?18GLOBALTECH–YouTime,$$Friends&FamilyAngelsSmartishMoneyAccreditedonlyVCsSmartMoneyCorporations/StrategicDumbermoneySkewdirectionMixisgood19GLOBALTECH–TougherthanitlooksTakeslongerthanyouthink2-4months++PeoplegameCoachabilitycriticalValuationSmallerpieceofbiggerpieHowmuchdoyouneed?GethelpfromeveryoneAdvisorsVCPortfoliocompaniesLawyers,etc.Paralleltalks,moreisbetterNevergoexclusiveDonotletonefirmtakeyourtimeorleadyoutoyourdeath20GLOBALTECH–ContinuousfundraisingCEOsmainroleThinkaboutthat,Mr./Ms.FounderNeverendingIncubatorsHmm...CapitalizationTableInvestorstake1/3eachroundOptionPooltakes1/3Youget1/321GLOBALTECH–GetanintroductionPortfoliocompanyAdvisorsFriends,etc.NetworkDon’tusefindersGarage.com,etc.Network!UpdatethemevenifrejectedDon’tgetdiscouragedStartwithminorleagues22GLOBALTECH–GetpresentationhelpBepreparedPracticeMinimalslidesLotsoffinancial/strategicInteractive,combativePracticethisstyleNoquestions=badElevatorpitchWholecompanyMUSTknow23GLOBALTECH–ConvertiblebridgePricedatnextroundWarrantcoverage,25-100%Us