start up wisdom humor

Caroline CummingsDirector of Entrepreneurial Development | Eugene Chamber of Commerce

Start-upwisdomhumor

Top 10 Reasons Why A Start-up FailsTop 10 Reasons Why A Start-up Fails

The Single Founder

1

The Wrong Team2

Marketing-Heavy

Tech-Heavy2

Wrong Legal Team!

3

Boiling the Ocean4

Not Talking to Customers5

Stealth to Long..

6

Slow to Launch…

6

Stuck on Original Idea7

Wrong Location!

8

Founder-itis!

9

Spending too much

money

10

Lessons…

Go With Your Gut!!!

Ask potential business attorney…

• Emerging growth business before?• How much time for you?• Raised multiple rounds of financing?• Create/Read a Capitalization Table?• Developed a PPM?• Compensation packages for new hires?• IP protection?• Global expansion?• Experience with exits – M&As, IPO, quit?• Talk to current/former client?

Date BEFORE Marriage!

Key Team Must Have Skin in the Game!

Don’t Take “Dumb Money”

Include Customers in your R&D

Ask ListenDo Thank

Include

Believe You Can Win!

Local Support for Entrepreneurs

WillametteAngel

Network

Mission…

To improve the climate of Oregon’s Willamette To improve the climate of Oregon’s Willamette Valley emerging growth-oriented companiesValley emerging growth-oriented companies

Focus…

• Education– Workshops, webinars, coaching, mentoring…

• Networking– Pub-Talks, socials, Ning community…

• Capital Development– Angel and venture development, strategic

partnerships…

www.smartups.org

smartups.ning.com

• The first investor conference of its kind• Regional approach to entrepreneurial dev• Corvallis this year – Eugene next year…• Modeled after Angel Oregon and Bend Venture Conference

Model…

• 25 accredited investors at $5,000/each– $1 M personal net worth or $200K/year

• 200 attendees

• 44 business plans

• 6 companies pitched 10 mins

• 5 companies pitched Ignite (3.5 mins)

• One winner: $125,000 in seed funding

• One conference/year (Corvallis/Eugene)

Goals…– Connect entrepreneurs with expertise and financing for success

– Increase skills of entrepreneurs

– Increase number and engagement of angel investors

– Promote our region as a vital market for new venture development

May 13, 2010 in Eugene

Local angels…

• Accredited Angels from Lane County– Worth minimum of $1M in assets– Earn minimum of $200K/year

• Review business plans• Eugene Chamber conducts due

diligence/screening for good deal flow• Company pitches 4x/year• Chose whether to invest

– Individually– Co-invest

Summary to engage…

• Attend Smart-ups on Jul 23rd at OES

• Subscribe to smartups.org RSS Feed

• Free Review of your exec summary/PPT

• Join smartups.ning.com (community)

• Join OEN.org | “virtual membership”– $35 students/40 individuals

carolineineugene@gmail.com

Thank You!Thank You!