BITS Pilani Alumni Association (www.bitsaa.org) August 12, 2006

Experiences of a first-time Entrepreneur

Manish RathiCo-founder

http://alpha.retrevo.com

BITS Pilani Alumni Association (www.bitsaa.org) August 12, 2006

Outline

The IdeaThe TeamFund RaisingAcquiring customersSkills to acquire

BITS Pilani Alumni Association (www.bitsaa.org) August 12, 2006

Forms of Tech Entrepreneurship

ConsultingSelf FundedAngel/Venture FundingWithin a Corporation

BITS Pilani Alumni Association (www.bitsaa.org) August 12, 2006

Source of the Idea

Fundamental InnovationOriginating from RegulationChanging Market DynamicsGap Analysis from your work experience

BITS Pilani Alumni Association (www.bitsaa.org) August 12, 2006

Evaluating the Idea

Aspirin or Vitamin?How big is the TAM?Can the business be “Repeatable”?Is the solution “Simple”?Are the price points profitable?

Evolve the idea based on feedback

BITS Pilani Alumni Association (www.bitsaa.org) August 12, 2006

The Team

How are you uniquely qualified?Does your team have business experience?Are your personal objectives aligned?Simple equity structures

Has someone done it before?

BITS Pilani Alumni Association (www.bitsaa.org) August 12, 2006

Fund Raising

Go through referralsPaint the long-term visionDemonstrate something workingRaise as little money as neededOrder of importance:– People, Markets, Product (source: David Ladd, Mayfield Partners)

Catch the Wave?Business Plan?

BITS Pilani Alumni Association (www.bitsaa.org) August 12, 2006

The First Customer

Be sure you have a win-win solutionFind an Early AdopterThey believed in you => deliver more than you promised!Quantify that RoI once the project is doneThey will open the doors to many more customers

BITS Pilani Alumni Association (www.bitsaa.org) August 12, 2006

Skills to hone

Ability to change/evolveBalance between Technology and BusinessNetworkingEvangelismPresentation SkillsNegotiation SkillsBe a “Jack of All Trades, Master of ONE”

BITS Pilani Alumni Association (www.bitsaa.org) August 12, 2006

Parting Thoughts..

PersistenceSupportive FamilyHumor