when i grow up i want to be an entrepreneur 2013

When I grow up I wantto be an entrepreneur

Augusto Fazioli

augusto.fazioli@gmail.com

• Information Technology System Integrator• From 1 to 330 employees in less than 10 years• Valued 80ML€ at first VC round in year 2000• Sold to a listed company in 2003

Success factors

Lessonslearnt

How it started• When in the USA tried to

open a disco and later to export tennis sport accessories

• Early brainstorming atMicrosoft USA late 80’s

• The first 2 page business plan had not even a name

• Abrubtly left Microsoft and incorporated in Italy in 1991

Judo vs Sumo: we chose a Judo strategy

We had a Mission & Priorities

• Mission• «…At Iris we want to build something new, long lasting

and with no boundaries. We want to integrate processesand technologies thanks to a consulting offering basedupon strong methodologies and competencies. We wantto build a group of people willing to grow and work in armony…»

• Priorities year 2001• Scalability

• Fast delivery

• Highly visible clients and projects

Think big, don’t be shy

• Credito Italiano• DSS branch profitability

• Rinascente• DSS buyer

• Sociètè Generale• Treasury front end

We focused on the most important asset

• 360° Performance review

• In search of organized chaos

• New arrivals presentation

• Barbeque

• Confession

•

We stopped and think more often than our agenda would suggest

• The lake

• Corporateretreat

• Workshop

We went over the speed limit

• Project IrisCube: Mission Possible!• Revenues 40ML

• IPO

• 300 people

• Venture capital funding

• M&A and related difficulties• Acquired the wrong companies

• People integration

• Methodology

• Values

The Internet bubble explodes and the toy isbroken• Many customers

cancelled entire projects• Consultants back in the

office with no space for everyone

• 8ML€ loss in 2002

When tackling tough problems, we did not hesitate, the faster the better

• Restructuring plan• Massive layoff of almost 50% of the workforce

• Closing of Paris, Turin, Verona

• Sell off of software factory in Moldovia

• In less than 12 months back to a positive EBITDA…

• … restructuring debt however brought a negative EBIT

• Sold the company in July 2003

Success factors

• Timing

• Judo vs sumo

• Mission & Priorities

• Think big, don’t be shy

• Focus on the most important asset

• Stop and think

• When tackling tough problems, the faster the better

Success factors

Lessonslearnt

How do you start a new business?

Business plan

• Brain storming• Selling your dream• Plan the unplanned

and design a Plan B• Give it a try with

smaller ventures

• Timing• Luck

Our success was due 50% to timing and 50% to luck. The rest was intelligence....Jeff Bezos - Amazon

It takes time, start now!

Why you start a business

Just to make money

To build something ?

• Built to Last – Jim Collins• The HP Way – David

Packard

The 3 most important factors

• Choose the right people

• Choose the right people

• Choose the right people

• Right people is not necessarily the smartest but thos in line with your values. If your team is made up of the «right» people• You might argue for insignificant details

• You argue NOT for the critical decisions

Other success factors

• A very good idea, not necessarily great and certainly not necessarily unique

• Execution ability

• Be resilient, no matter of much stretegic planning you have done, uncertainty is the norm

Think big even when you are small

• Do not rest on «easy» customers• Captive market

• Personal contacts

• Be brave, think big & international

• Dry run & Presentation scripts

Some reading

• Maverick – Ricardo Semler

• Breakthrough Thinking: The Seven Principles of Creative Problem Solving - Gerald Nadler & Shozo Hibino

• Beware the Naked Man Who Offers You His Shirt – Harvey Mackay

• Emotional Intelligence – Daniel Goleman

• Lateral Thinking – Edward De Bono

• Built to Last – Jim Collins

• From Good to Great – Jim Collins

• Only the paranoid survive – Andy Groove

• The HP Way – David Packard

• The Long Tail – Chris Anderson

Augusto Fazioliaugusto.fazioli@gmail.com