Fail Conference 2012: Leo Exter

Three very, very expensive

lessons for startup

entrepreneurs

Leo Exter

You can’t really choose what you do…

But you can find the way to do it that will work.

Back in the days of the Bubble, there was this company…

Image: Good Wallpapers

Our mission: “copyright clearance” ©

That’s how huge our market was!

€20,000,000,000

The company raised a massive pile of money:

€ 7,500,000

Image: images of money

Created 23 jobs:CEO6 in Sales 9 Developers2 Legal2 in Marketing3 in Operations

Sold 2 years later for € 300,000

So far ahead of the curve that we weren’t even on the road…

Image: Ann Cantelow

#fail nr. 1:

We built a product for 1 customer, then tried to sell it.

#lesson nr. 1:

Do more research, find a common problem.

Then solve it.

Image: Chris Koertgen

#advice nr. 1:

Read this book, do as it says.

http://www.runningleanhq.com/

#fail nr. 2:

We grew too fast.

#lesson nr. 2:

Don’t raise funds till you know how to invest wisely.

Image: phantomswhife

#advice nr. 2:

Be patient.

We went for a pivot…

It didn’t work either.

30 million registered users.585,000 paid subscribers,$99.99 a year or more...

#fail nr. 3: Missed target market.

Image: rgmcfadden

#lesson nr. 3:

It’s a big planet.Someone will buy your stuff, eventually.

#lesson nr. 3:

It’s a big planet. Someone will buy your stuff.

If you can reach them.

Image: NASA

#advice nr. 3:

Keep an open mind when doing your research.

Thank you!

leo@westartup.eu

www.westartup.eu

@leoexter