paul romer-ormiston - when is a startup, not a startup?
TRANSCRIPT
[email protected] @paulormiston
Q & APaul Romer-Ormiston - Co-Founder of tillr.io, Founder of Lean Mammoth
When is a startup not a startup?
#MogulCon
Paul Romer-OrmistonCo-Founder of tillr.io, Founder of Lean Mammoth
StartupOr start-up
(stahrt-uhp)
noun1. the act or fact of starting something; a setting in motion.2. a new business venture, or a new commercial or industrial project:
a small, 5-month-old Internet startup.
adjective 3. of or relating to the beginning of such a venture or project, especially to an investment made to initiate it:
high start-up costs for construction of a new facility.
@paulormiston #MogulCon
My ‘going solo’ storyLean Mammoth
What was I?
One personNo salaries, no office space, several roles
@paulormiston #MogulCon
One serviceCoaching delivered at the client site
No product
No brand100% reliant on personal reputation
It couldn’t be put it in a box, no fixed price
@paulormiston #MogulCon
Startup?
What did I become?
One personNo salaries, no office space, several roles
@paulormiston #MogulCon
One serviceCoaching delivered at the client site
No product
A brandRecognised, credible and desirable
It couldn’t be put it in a box, no fixed price
@paulormiston #MogulCon
Startup?
@paulormiston #MogulCon
Our leap of faithtillr
What were we?
Ten people£70k per month run rate, rented office, person per role
@paulormiston #MogulCon
No serviceNo customers, so no demand
No product
No brandNever heard of, no references
MVP 80% build complete, but nothing Live
@paulormiston #MogulCon
Startup?
What did we become?
Four people£35k per month run rate, co-working space, mixed roles
@paulormiston #MogulCon
One serviceDemand-driven professional service at fixed day rate
One product
A brandRecognised, credible and desirable
Defined value proposition, fixed pricing model
@paulormiston #MogulCon
Startup?
@paulormiston #MogulCon
Banana or sausage?Same but different
@paulormiston #MogulCon
“Know your enemy and know yourself and you can fight a hundred battles
without disaster.”
- Sun Tzu
Important metrics
Investment
Users Staff
Revenue
@paulormiston #MogulCon
@paulormiston #MogulCon
Lean Mammoth in reality
@paulormiston #MogulCon
Building a future
@paulormiston #MogulCon
Know your customer
Do not assume everyone loves startups as much as you do….
….they don’t!
@paulormiston #MogulCon
The law of 5
In your first year, always plan 5 times ahead of the length you
have already been running.
@paulormiston #MogulCon
Be Bold
Be prepared to commit to a plan which changes what you look
like today.
@paulormiston #MogulCon
Feel the burn
React positively to changes in your situation, but only once it
already hurts.
@paulormiston #MogulCon
Ask Me Anything
@paulormiston #MogulCon