on startups
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04/15/2023 2
20 years
1990-1993 Hungary - Tourism
1998-2003 Lehman Brothers, New York, NY (Conduit Hotel Securitization)
1993-1998 Ithaca, NY - Cornell University (B.S. & MBA)
2003-2004 Hild’s, owner (Securitization Advisory)
2005-2009 OTP Life Annuity, founder, CEO
2004-2005 Hild Life Annuity, co-founder, owner
2012- iCatapult
2009-2012 Primus Capital
04/15/2023 3
What do you need for a venture?
+ 1. Entrepreneur
+ 3. Idea or concept
+ 2. Co-founder and team
+ 4. Capital
Entrepreneur Test
How do you work...?
A. Fast ....speed mattersB. Precise ...it has to be perfectC. BothD. …what do you mean by work?
Startup development – a word about the co-founder
5/2/145
+ Dissolving dilemmas, doubts
+ Reality check
+ Minimum 1 maximum 2
+ Reasoning practices
+ Do more if you work together
STARTUP PIRATES
+ How to keep founders motivated?
A Human institution operating under extreme uncertainties
An organization searching for a solution
A group of people conquering the unknown
What is a startup?
Define by non-quantifiable qualities
WHY DO YOU START A STARTUP?
- for good cause- for money- for fame- for fun- for being cool- for independence- or to simply to be:
THE STARTUP PROCESS
• …I have an idea!• Idea = guess• Guess = hypothesis• Guess about the product, market etc.• Test, test, test a.k.a. ask questions• Your offer (a.k.a. value proposition) is…
• vitamin (nice to have)• medicine (MUST have)
• If at least 70% significance = MUST have
• Hypothesis• Get out of the building• Test and measure responses• Learn facts• Build MVP• Test (measure) traction• Learn until you have a repeatable model• ….. Build - Measure - Learn cycle
A STORY
A father and his son are mountain climbing.Both of them fall down and are injured.
One ambulance helicopter takes the father to a hospital in Györ, the other takes the son to a Budapest hospital.The son is rolled into the operating room in Budapest
immediately. The surgeon steps into the operating room, looks at him
and says: I can not operate on him, he is my son.- - ?? - -
THE SINGLE THING THAT HOLDS YOU BACK FROM SUCCESS
Lack of funding
Not good enough idea
Mixing Assumptions with Facts
Few Sales people
Not enough customers
Too much competition
Slow patent registration
Customers do not understand
Startup Operations – Running a gig – for success
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Market opp. identification
Prototype a solution
Test and iterate Fund Scaling
LEARNING IS EVERYTHING
If you're not willing to learn, no one can help you.
If you're determined to learn, no one can stop you.
Richest people on Earth
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1. Bill Gates, Net Worth: $76 BSource of wealth: Microsoft
2. Carlos Slim Helu & family, Net Worth: $72 BSource of wealth: telecom
3. Amancio Ortega, Net Worth: $64 BSource of wealth: retail
4. Warren Buffett, Net Worth: $58.2 BSource of wealth: Berkshire Hathaway
5. Larry Ellison, Net Worth: $48 BSource of wealth: Oracle
6. Charles Koch, Net Worth: $40 BSource of wealth: diversified
6. David Koch, Net Worth: $40 BSource of wealth: diversified
8. Sheldon Adelson, Net Worth: $38 BSource of wealth: casinos
9. Christy Walton & family, Net Worth: $36.7 BSource of wealth: Wal-Mart
10. Jim Walton, Net Worth: $34.7 BSource of wealth: Wal-Mart
11. Liliane Bettencourt, Net Worth: $34.5 BSource of wealth: L’Oreal
12. Stefan Persson, Net Worth: $34.4 BSource of wealth: H&M
13. Alice Walton, Net Worth: $34.3 BSource of wealth: Wal-Mart
14. S. Robson Walton, Net Worth: $34.2 BSource of wealth: Wal-Mart
15. Bernard Arnault & family, Net Worth: $33.5 BSource of wealth: LVMH
CONDITIONS OF PITCH
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1 Audience of the pitch – customers, partners, investors, press
Form – Elevator, podium, one-on-one 2
Your objective – investment, sales, PR, partnership etc.3
PITCH – the summary of your startup
21
1 Describe Problem – Make it obvious
2 Solution – Great companies do 1 of 3 things: Money, Power, Pleasure
1
3 If you DEMO: PRACTICE, PRACTICE, PRACTICE
3/2 Prepare for failure and learn to handle it (no projector, strange characters etc.)
4 Market Size, ways to assess markets, point to trends
5 Business Model – how you plan to make money (or sustain business)
The Pitch – aviod these:
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1 Describe Problem – No one’s problem
2 Solution – does not fit problem but what entrepreneur holds true about it
1
4 Market Size – small subset of a tiny market OR never gets mentioned or bottom up
5 Business Model – we will hire sales people or W-W-A-FB
Pitch Guidelines
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6 Competitive Advantage – we have no competion OR only one, Google
7 Go-To-Market Strategy – give it away for free or give money to people to share it online
8 Team / Hires - we have the best team, no one is missing
9 Financials – Lot of funds upfront, lot of revenues in the distant FUTURE
1
Pitch Guidelines
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6 Competitive Advantage – here you can increase your credibility
7 Go-To-Market Strategy - best opportunity to shine, or highlight market understanding
8 Team / Hires - have good composition of hustler-hipster-hacker. Know whom you want +
9 Financials – what drives revenues? Burn rate and justification for that
10 Call To Action - …so why did you tell them all this?
11 Summary / Recap
1
Market trends
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The Internet economy – 5th largest country in the world (2016)
Internet Economy – a real country on its own?
Growth rate - size of Hungary
Platforms growing on platforms – Busuu, Wix
Visible, 609 million strong English speaking segment around the world
Most affluent and connected humans on the planet
Typical presentation mistakes (to avoid)
• FORM• Looking at slides, cofounders, shoes etc.• Speaking at a low tone• Speaking fast or in spurts• Font size – average age of audience• Eye-candy
• CONTENT• Slides are there to support YOU• “Talking about talking”• Using too much lingo• Responding with a question• Brushing off any criticism
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Lessons of the pitch• Form• No slides• Good, foolproof demo• Bit edgy – seems mortal• Reasonable, approachable, no goofyness
• Content• Tons of numbers (28!) – implies a LOT of research• Simple language, no lingo• Simple business plan
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Recommended reading
- Lean Startup by Eric Reis- Early Exit by Basil Peters- Startup Nation by Saul Singer and Dan Señor- Venture Deals by Brad Feld
Blogs:- feld.com- avc.com- Open View Ventures blog- Hacker News (YCombinator)
Contact and more info
30
E-mail: imre@icatapult.co
LinkedIn: hu.linkedin.com/in/hildimre/
This presentation available at:
http://www.slideshare.net/hildimre
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