1. Lets start a businessStartup Workshop #17th April
2011Lawrence LeeIreland Chinese Entrepreneurs Network
2. Any Questions?
3. Whatd you actually do to startup business?
4. Lifestyle Business High Potential Business
5. Stages of High Potential Company Search Grow Execute
Scalable Scalable Large Startup Company Company - Business Model
found - i.e. Product/Market fit - Repeatable sales model - Managers
hiredA Startup is a temporary organization used to search for a
repeatable and scalable business model
6. Found Idea is Technology A Customeran Idea Feasible Works
Buys Product development Proof of Proof of Beta Beta Product
Product Product Product concept concept product product version 1.x
version 1.x version 2.x version 2.x Commercial development Market
Market Targeting Targeting Early Early Chasm crossing Chasm
crossing identification identification beta beta adopter adopter or
mass or mass & quantification & quantification customers
customers sales sales market market Team development Entrepreneur
Entrepreneur Sales Sales Operations Operations CFO CFO & CTO
& CTO director director team team Funding development Angels
& Angels & First round First round Second round Second
round Bootstrapping & Bootstrapping & seed VC seed VC
venture venture venture venture 3 Fs 3 Fs investors investors
capital capital capital capital
7. Any Questions?
8. What the professional investors think Are you sure - nemoand
why?
9. Opportunity vs Risk Technology development Market
development Team Capability Competitor behaviour Sufficient capital
IP Position Etc.
10. A view of Risk Probability Technology development 80%
Market development 80% Team Capability 80% Competitor behaviour 80%
Sufficient capital 80% IP Position 80% Etc. 26%
11. Success expectations? Idea is Technology A Customer
Feasible Works Buys Overall probability of success? P(success) =
80% 26% * 40% * 50% * 80% = ~4% P(success) = 50% P(success) = 40%
ExpansionP(success) = 26% Capital Risk () Capital Seed R&D
Go-to-Market Funding Capital Capital
12. 3 TechnologyWhat VCs alwayswanted 1 2 Market People
13. Idea is Technology A Customer Feasible Works Buys Eliminate
development ProductTechnology Risk Proof of Proof of Beta Beta
Product Product Product Product concept concept product product
version 1.x version 1.x version 2.x version 2.x Commercial
development Eliminate Market Targeting MarketEarly Risk Chasm
crossing Market Targeting Early Chasm crossing identification
identification beta beta adopter adopter or mass or mass &
quantification & quantification customers customers sales sales
market market Team development Eliminate Execution Risk
Entrepreneur Entrepreneur Sales Sales Operations Operations CFO CFO
& CTO & CTO director director team team Funding development
Angels & Angels & First round First round Second round
Second round Bootstrapping & Bootstrapping & seed VC seed
VC venture venture venture venture 3 Fs 3 Fs investors investors
capital capital capital capital
14. Any Questions?
15. Ideas Generation Workshop Divide into groups Nominate one
facilitator and one timer Agreed on a language Process 5 mins: Each
member writes down 2+ ideas 30 mins: Each member tells one idea in
turn All members add to the idea or suggest new ideas No more than
1 min on each idea Facilitator writes down the idea 10 mins: Vote
to find the best ideas Identify the top 3 ideas, get one volunteer
for each of the 3 ideas
16. Rules Defer Judgement Encourage Wild Ideas Build on Ideas
of Others One conversation at a time Go for Quantity Dont elaborate
on ideas
17. VotingIdea New? Appealing? Feasible? Total
18. One Minute First Pitch A volunteer to pitch on each winning
idea This person will become the promoter for this idea Straightly
one minute The pitch: Your name What is the idea? Why is it
important? Audience interested in the idea take notes
19. At the end of pitches Volunteers to join the promoter and
form a team The promoter has absolute power to pick and choose the
members (ideally 2-5) Each member only involves in one project.
Inform me which projects will be followed up
20. Next Phase Week 1 Concept Elaboration Week 2 (What is it?
Use case) Technology Elaboration (How does it works?) (Possible
patents and patent search)Week 3Market understanding(How does it
fit in the existing Week 4value chain? Who are the key Financial
and Planningplayers in the market? Whoare the key competitors)
(What are the next steps? How much will it cost) (Understanding on
team, future milestones, and deliverables)
21. Next meeting Feedback form Linkedin Group -
subgroupsIreland Chinese Entrepreneurs
Networkhttp://www.linkedin.com/groups?mostPopula
r=&gid=3881467
