Working For Equity Panel at SVCC2012

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Working For Equity Panel at SVCC2012

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Code Camp 2012:

Code Camp 2012 Working For Equity: Startup CEOs Share Lessons Learned Sean Murphy SKMurphy, Inc October 7, 2012 Copyright 2012 SKMurphy, Inc www.skmurphy.com 1

Who’s In The Audience?:

Who ’ s In The Audience? Background Engineering / Development Design / User Experience Sales / Marketing / Business Development Other Copyright 2012 SKMurphy, Inc www.skmurphy.com 2 October 7, 2012

Who’s In The Audience?:

Who ’ s In The Audience? Employed But Entrepreneurially Curious Employed, Looking For Co-Founder Consulting Looking For a Co-Founder Unemployed, Looking For a Startup to Join Other Copyright 2012 SKMurphy, Inc www.skmurphy.com 3 October 7, 2012

What Today’s Session Is About:

What Today ’ s Session Is About Four Experienced Bootstrapping CEO ’ s Lenny Greenberg, Assistyx Sam King, ExpressMango Ruoting Sun, Temvi Giacomo Vacca, Kinetic River Sharing Practical Lessons Learned Audience Participation Copyright 2012 SKMurphy, Inc www.skmurphy.com 4 October 7, 2012

What Today’s Session Is Not:

What Today ’ s Session Is Not This Is Not Legal Advice This is Not Tax Advice Please Consult Professionals It ’ s Entrepreneurs Sharing Lessons Learned Your Mileage May Vary Copyright 2012 SKMurphy, Inc www.skmurphy.com 5 October 7, 2012

Audience Participation Is Key To This Entire Session:

Audience Participation Is Key To This Entire Session Opening Remarks Four CEO Introductory Remarks This Will Leave 45 Minutes for Q&A Copyright 2012 SKMurphy, Inc www.skmurphy.com 6 October 7, 2012

Sean Murphy:

Sean Murphy CEO SKMurphy,Inc. Entrepreneurial Approach To Life Since He Could Drive Consults On Technology Market Creation and New Technology Product Introduction Copyright 2012 SKMurphy, Inc www.skmurphy.com 7 Focus: Early Customers & Early Revenue October 7, 2012

Lenny Greenberg:

Lenny Greenberg CTO of Assityx , Inc. Serial Entrepreneur Award-winning TapToTalk App October 7, 2012 Copyright 2012 SKMurphy, Inc www.skmurphy.com 8

4 Types of Business Events:

October 7, 2012 Copyright 2012 SKMurphy, Inc www.skmurphy.com 9 4 Types of Business Events “ Re- ” Zone Analyze Rethink Reframe Remove Success Zone Increase Improve Invest Dead Zone Act Mitigate Eliminate Don ’ t Hesitate Opportunity Zone Analyze Integrate into Plan –or- Let Go

Lessons Learned:

October 7, 2012 Copyright 2012 SKMurphy, Inc www.skmurphy.com 10 Lessons Learned Listen to your customers Don ’ t discount their feedback, revise your plan as appropriate Don ’ t allow them to hijack your plan or lose your focus Customer buying habits are rapidly evolving Understand how your customer buys products like yours Make it easy….. to find your product to buy your product

Lessons Learned con’t:

October 7, 2012 Copyright 2012 SKMurphy, Inc www.skmurphy.com 11 Lessons Learned con ’ t First impressions are everything Take “ hard to use ” comments seriously Provide excellent support Respond appropriately to business events Be decisive!

Ruoting Sun:

Ruoting Sun Co-founder Of Temvi, Inc. Social Discovery Heading A Team Of 5 October 7, 2012 Copyright 2012 SKMurphy, Inc www.skmurphy.com 12

Sweat > Light Bulbs:

Sweat > Light Bulbs 1% ideation, 99% execution Best execution often beats best technology always beats best idea Develop, release, measure, iterate Do it quickly Cycle times absolutely matter V = M N October 7, 2012 Copyright 2012 SKMurphy, Inc www.skmurphy.com 13

Operate Lean:

Operate Lean Know the game Strategy – what game are we playing? Tactics – how do we win? Metrics – how do we keep score? Prioritize ‘ What are the next three things we need to do to get to where we need to be? ’ October 7, 2012 Copyright 2012 SKMurphy, Inc www.skmurphy.com 14

Employer – Employee:

Employer – Employee Different departments have different motivations Know how to leverage them Quantifying employee value Your network Your accomplishments Your talent Taking ownership October 7, 2012 Copyright 2012 SKMurphy, Inc www.skmurphy.com 15

Sam King:

Sam King Co-Founder Of Expressmango Social Networking Appointment System Online Scheduling Appointment Reminders Facebook Virtual Receptionist Helps Grow Your Business 24/7/365 October 7, 2012 Copyright 2012 SKMurphy, Inc www.skmurphy.com 16

Find your customer:

Find your customer Find others who can give you honest check points for your idea. Ideally that other person is a potential customer. Try calling them on the phone. If the idea is reasonable, you can get through October 7, 2012 Copyright 2012 SKMurphy, Inc www.skmurphy.com 17

Just get started:

Just get started Don ’ t expect others to tell you where to start Useful to get a prototype out. Not just a slide ware. It ’ s boring. Make milestones on what you want to accomplish How much is a needed for an alpha. You will have throw away code October 7, 2012 Copyright 2012 SKMurphy, Inc www.skmurphy.com 18

Focus on customer and not the invention:

Focus on customer and not the invention It ’ s not about inventing but re-inventing. Be mindful that you don ’ t keep changing on the idea. October 7, 2012 Copyright 2012 SKMurphy, Inc www.skmurphy.com 19

Team work is the key:

Team work is the key Know who you want and need on the team Have disagreements but be open to accepting that you are wrong. The work must be fun to you. Your team believe in the story as much as you do. It makes the process of discovery easier, while it ’ s still not easy. October 7, 2012 Copyright 2012 SKMurphy, Inc www.skmurphy.com 20

How much money?:

How much money? You need some seed money or at least know where to get it. Keep the budget real. Use the Cloud, it ’ s a must. Use fiverr.com for marketing and sales material. Pay others for their work. Be willing to go at it without pay for yourself. October 7, 2012 Copyright 2012 SKMurphy, Inc www.skmurphy.com 21

It’s work in progress:

It ’ s work in progress Find customer who is willing to be your beta It ’ s not about sales but about selling the idea. The product is not ready until you have real customers using them. Testing the go to market method. October 7, 2012 Copyright 2012 SKMurphy, Inc www.skmurphy.com 22

Status:

Status Working with the beta sites to test out the current product. 5 sites have been selected. Keep the message simple and easily for customers Adding collateral, website, sales script, training material Generate leads and prioritize the work Core team of 4; looking to expand October 7, 2012 Copyright 2012 SKMurphy, Inc www.skmurphy.com 23

Giacomo Vacca:

Giacomo Vacca CEO Of Kinetic River, Corp. Harvard B.A./M.A . Stanford Applied Physics Ph.D. O ptical engineer @ 2 SV startups R esearch Fellow, R&D Manager, and IP Manager @ Fortune 100 company Inventor, designer, entrepreneur Started Kinetic River in 2010, active in 2011; biomedical tech dev and consulting co . Interactive system simulations to accelerate product development October 7, 2012 24

lessons learned 1: expectations:

lessons learned 1: expectations If you're bootstrapping, expect to starve for a while Gain agreement of any relevant party (spouse, etc.) Starving is best done on an overfull stomach Or on a stomach that never knew fullness in the first place October 7, 2012 25

lessons learned 2: it takes time:

lessons learned 2: it takes time It takes years to become newly known to a wide enough audience It takes a minimum of months to get anyone to do anything Any plan that requires things to happen like clockwork is doomed To execute, push things to go like clockwork or nothing gets done Don't ever assume others know what they're talking about; find out October 7, 2012 26

lessons learned 3: learn the legalese:

lessons learned 3: learn the legalese Easier to lawyer your contracts into not being signed than to lawyer them into being fair O verlawyering your contracts may or may not protect you, but will drain your finances W ork with lawyer(s) long enough to learn not to miss anything stupid T hen do it yourself (understand your mileage may vary) C orollary : don't be paranoid, but don't assume that someone won't screw you October 7, 2012 27

lessons learned 4: money:

lessons learned 4: money T ransition from employee to entrepreneur is a phase change P aychecks don't have a clue you goofed off 2 weeks; invoice payments know you took a 2-hour lunch break Getting clients requires an inordinate time investment G etting clients takes time away from serving existing clients I f consulting as a bridge strategy, need 100's of identities to secure reasonable cash flow October 7, 2012 28

Q&A:

Q&A Copyright 2012 SKMurphy, Inc www.skmurphy.com 29 October 7, 2012

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