startup lessons learned
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Keynote presentation at the Runway Incubator in San Francisco about lessons learned from 12+ years and multiple startups here in Silicon Valley. Hosted by The German Silicon Valley Accelerator (GSVA) in collaboration with: the German American Chamber of Commerce (GACC), Germany Trade and Invest (GTAI), and the German American Business Association (GABA). Seventh edition of My Success. Our Visions. March 5th, 2014 - More info at http://bit.ly/1gNvv6VTRANSCRIPT
Startup Lessons LearnedOne Exit, One Going, One Failed !
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German Silicon Valley Accelerator (GSVA) March 5th, 2014 - Runway Incubator, San Francisco By Frederik Hermann / @netzkobold
#siliconvalley #gsva
My computer science professor Prof. Dr. Walter F. Tichy first sparked my interest in“Palo Alto” and the “Silicon Valley” at the Karlsruhe Institute of Technology (KIT) in the late 90’s.
Berlin, Germany
Vienna, Austria
Jajah Office - Vienna, Austria
San Francisco, CA
Jajah was acquired by Telefónica Europe/O2 in December 2009 for $207 million in an all-cash transaction.
Talenthouse Office - Palo Alto, CA
Swipp Inc. - Mountain View, CA
FocusWith your limited resources it is essential to focus your energy.
Set a few achievable goals and make everything work towards those goals.
#gsva
Product/Market FitDon’t wait too long, test and validate your assumptions with
real customers. Build a product that people want.
#timetomarket #gsva
Reality is for pussiesYou can't design for the present, you have to build for an
anticipated future. You can't build to where your potential customers are today, but rather where they will be tomorrow.
#gsva
Go big or go homeIt totally doesn't pay to think or act small.
Big thinking tends to create its own weather system.
#gsva
Hire for your cultureHiring the right team is essential. Look for energy.
Hire the person that blows you away with energy, curiosity, ideas and focus. A’s Hire A’s, B's Hire C’s.
#gsva
F%$k the featuresYour core value proposition needs to resonate with your
potential customers, adding features won’t help. Reduce, make it simple and easy to use.
#gsva
Trust your gutDon't lose sight of that finely tuned instrument
between your head and your belt. If something doesn't feel right about a business deal or business relationship, it probably isn’t right.
#instinct #gsva
You don't want it to be easyThe value is often created doing the things other people
can't or are unwilling to do. You want it to be hard.
#gsva
Be in it for the long haulPeople think that a startup is a quick/easy way to make money,
but startups take time - a lot of time. If you aren't in it for a 5-year time horizon at least, don't do it.
#gsva
Create a path to revenueNo (business) problem is not helped with cash flow.
#gsva
Learn Hard / Learn FastIf you're the smartest guy in the room, get out. You have no time to
not be learning and you're wasting your time. Change is the dominant characteristic of today’s business landscape. Embrace it.
#gsva
Viral LoopBuild a viral loop into the product’s core inner workings.
#gsva
PR is deadDon’t spend time and money focusing on PR in your early stages.
PR is not an effective customer acquisition tool anymore. Building a product that people want is more important.
#gsva
Learn how to presentIf you can't sell your idea to others, no one else will be able to.
#gsva
Honor your fansYour fans and advocates are the most important asset you have, engage and involve them, show them that you care about them,
they will bring more users for you.
#wordofmouth #gsva
Test, measure, refineThrough rapid experimentation create a healthy loop of
building, testing, measuring, learning, refining and improving. Base your decisions on analytics and data .
#gsva
Don’t be a dickThe valley is small. Reputation and relationship is everything.
#gsva
Believe in your visionYou will receive a lot of advice, conflicting suggestions, people telling you to change your approach… take everything with a grain of salt,
nobody knows your business better than you.
#gsva
Imagine a better future, then go build it.
Questions? Connect.Frederik Hermann http://twitter.com/netzkobold http://www.frederikhermann.com http://www.slideshare.net/netzkobold http://www.linkedin.com/in/frederikhermann !
With thanks to Michael Hirschbrich (@michirschbrich), Don Thorson (@donthorson), Charlie Costantini (@coz360), and Sunil Rajaraman (@subes01) for their input.
@netzkobold #gsva