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Innovation ExplorerSofia, February 25th, 2016
INNOVATION IN A STARTUP CONTEXT
Kosta JordanovFounder & CEO, Flipps
BACKGROUND
✓ Three startups✓ One exit, one IPO✓ Flipps
– 3 granted US patents– 15M+ users installed the app– 120+ partners including CBS, Bloomberg and Showtime– Disruption-seeking investors including Tim Draper
… and numerous mistakes ☺
WHY INNOVATE
3 key competitive advantage to a business:1. Scale2. Monopoly3. Innovation
Only innovation is available to startups
INNOVATION
✓ New/different✓ Create value✓ Cost < Value
A new match between a need and solution
HORIZON
Solution risk
Market risk
Unknown solution
Unproven need
H1
H2
H3
Existing solutionExisting market
HORIZON
Solution risk
Market risk
Existing solution Unknown solutionExisting market
Unproven need
H1
H2
H3
HORIZON
Solution risk
Market risk
Existing solution Unknown solutionExisting market
Unproven need
H2Startup Zone
H3Risk too highRequires big fundingFirst mover advantage?
H1Hard to differentiate
WHY CORPORATIONS OFTEN FAIL AT H2
1. Risk aversion2. Slow execution3. Short-term vision
WHAT A STARTUP NEEDS TO EXCEL AT
1. Risk management2. Speed of execution
RISK MANAGEMENT
Key objective: Product-market fit
✓ Look for need first✓ Test hypothesis early✓ MVP✓ Iterations✓ Pivots
SPEED OF EXECUTION
Context: Limited runway
Objective:✓ Test max ideas✓ Learn the most✓ Max traction
Fast, aggressive, leanUse the best, invent the rest
KEEP INNOVATING…
* It only provides a temporary advantage ☺