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