top ten lies of entrepreneurs

Top Ten Lies of EntrepreneursTop Ten Lies of Entrepreneurs

Guy Kawasaki, CEO, Garage.comGuy Kawasaki, CEO, Garage.com

2

11Our projections areconservative.

Our projections areconservative.


3

22 IDC says our marketwill be $50 billion by

2003.

IDC says our marketwill be $50 billion by

2003.


4

33 Amazon.com will signour contract next week.Amazon.com will sign

our contract next week.


5

44 Key employees willjoin us as soon as we

get funded.

Key employees willjoin us as soon as we

get funded.


6

55 We have first-moveradvantage.

We have first-moveradvantage.


7


66 Several VCs arealready

interested.

Several VCs arealready

interested.

8

77 Oracle is too slowto be a threat.

Oracle is too slowto be a threat.


9

88 We’re glad thebubble has burst.

We’re glad thebubble has burst.


10


Our patents make ourbusiness defensible.Our patents make ourbusiness defensible.99

11


All we have to do isget 1% of the market.All we have to do is

get 1% of the market.0011

Top Ten Lessons of PRTop Ten Lessons of PR


13

11 Create buzz,not inkCreate buzz,not ink

The Top Ten Lessons of PRThe Top Ten Lessons of PR

Q. Secret to PR?A. Create a great product

14

22 Be one thing to allpeopleBe one thing to allpeople


Macintosh = ease of useAmazon = booksVolvo = safety

15

33 Position, don’t bepositionedPosition, don’t bepositioned


Before: “Incubator”After: “Venture capital investment bank”

16

44 CascadeCascade


• Execs• Directors and advisors• Employees• Web site• Press releases• Collateral

17


• Press conferences• Launch parties• Press releases• Press kits

Cut the crapCut the crap55

18


66 Make friends beforeyou need themMake friends beforeyou need them

19

77 Block and tackleBlock and tackle


• Return phone calls• Answer email• Never lie

20

88 Read then pitch,don’t pitch then readRead then pitch,don’t pitch then read


21


Shoot bullets, notpelletsShoot bullets, notpellets99

22

1010 Be a “source”Be a “source”


The War for TalentThe War for Talent


24

11 Recruit 24 X 7 Recruit 24 X 7


25

22 Kiss a lot of frogs Kiss a lot of frogs


26

33 Use all yourweapons

Use all yourweapons


27

44 Trust your gutTrust your gut


28

55 Sell all thedecision makers

Sell all thedecision makers


29

66 Recruit outsidethe lines

Recruit outsidethe lines


30

77 Wait to compensateWait to compensate


31

88 Pay for what you getPay for what you get


32

99 End with theoffer letter

End with theoffer letter


33

Never assumeyou’re done

Never assumeyou’re done0011


Biz Dev 101Biz Dev 101Guy Kawasaki, CEO, Garage.comGuy Kawasaki, CEO, Garage.com

35

11 Ensure that themiddle and bottom

like the deal

Ensure that themiddle and bottom

like the deal

Biz Dev 101Biz Dev 101

36

22 Build fromstrength, not tocover weakness

Build fromstrength, not tocover weakness


37

33 Find a championFind a champion


38

44 Cut a win-windeal

Cut a win-windeal


39

55 Find a lawyer whowants to do–not

prevent–business

Find a lawyer whowants to do–not

prevent–business


40

“This is what I want to do,now keep me out of jail.”

“This is what I want to do,now keep me out of jail.”

66 Establish the rightlegal framework

Establish the rightlegal framework


41

77 Put an “out” clausein the deal

Put an “out” clausein the deal


42

88 Explain it to awoman

Explain it to awoman


43

Don’t expect peopleto do something that

you wouldn’t do

Don’t expect peopleto do something that

you wouldn’t do99Biz Dev 101Biz Dev 101

44

• Drive a German car• Have a goatee• Use cologne• Wear Armani

• Drive a German car• Have a goatee• Use cologne• Wear Armani

Don’t form analliance with people

who . . .

Don’t form analliance with people

who . . .0011Biz Dev 101Biz Dev 101

Garage.com StoryGarage.com Story


4646

ProblemProblem

SerialSerial “How do I get to moreinvestors at once?”

RegionalizedRegionalized

ClosedClosed

“How do I get investorsoutside of my region?”

Raising venture capital is inefficient

“How do I get past thereceptionist?”

47

Garage.com ProcessGarage.com Process

Find• Over the transom• Referrals

Fix• 4-6 week process• Personalized• Hands on

Fund• Shotgun• Rifle• VCs, corps, angels

Follow• Sustain relationship• Increase value• Follow-on investments

48

Startups

What We Offer StartupsWhat We Offer Startups

• Access to capital• Business model

development

• Recruiting• Alliance and customer

sourcing• Roadshow prep• Interim management• Buzz and PR

Benefits forStartupsSoftware

Semi-conductors

LifeSciences

Hardware

Telecommunications& wireless

Tools & Infrastructure

48

49

Investors

VentureCapitalists

CorporateInvestors

AngelInvestors

What We Offer InvestorsWhat We Offer Investors

Benefits forInvestors

• Pre-screened deal flow• Investor networks

• Additional bandwidth

49

50

Funded Deals To DateFunded Deals To Date

Over $200M raised

51

Investors in ClientsInvestors in Clients

Includes firms that have invested in follow-on roundsIncludes firms that have invested in follow-on rounds which were not in all cases arranged by Garage.com Securities, Inc. which were not in all cases arranged by Garage.com Securities, Inc.

52

Bootcamp for StartupsBootcamp for Startups

International Trade CenterWed and Thu$645 with flyer, $795 without

International Trade CenterWed and Thu$645 with flyer, $795 without

• Raising venture capital• Business models• Roadshow prep• Exit paths• Buzz and PR

• Raising venture capital• Business models• Roadshow prep• Exit paths• Buzz and PR

top ten lies of entrepreneurs

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