chile startups stories gil penchina
TRANSCRIPT
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STARTUPS&A LOOK BEHIND THE CURTAIN AT THE MAGIC OF SILICON VALLEY
Active Angel Investor & Serial Entrepreneur,
Former CEO of Wikia Inc., and Former VP & General Manager, International eBay
angels
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OPPORTUNITYOPPORTUNITYEGOEGO
ACCESSACCESS
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OPPORTUNITYOPPORTUNITYEGOEGO
ACCESSACCESS
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Cloud let us move faster
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And cheaper
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148mm148mm1,018mm1,018mm
2,000mm2,000mm
The Internet is everywhere thanks to mobile
2006 2010
Source: www.allaboutmarketresearch.com/internet.htm
1998
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Which means you can shoot for
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ACCESSACCESS
OPPORTUNITYOPPORTUNITYEGOEGO
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NEW CROP OF ANGELS
Typical angels
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NEW CROP OF ANGELS
AND SUPER ANGELS
Super angels
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EGOEGO
ACCESSACCESS
OPPORTUNITY
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Customer acquisition hacks On each platform are different
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Capital efficiency is amazing now
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Fundraising is easier
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VC Associates
Seed Funds
Connected Angels
New Angels
Scary "Dumb Money"
Where does angelist money come from?
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• There has never been a better time to do a internet/mobile start-up – access is easy and costs are low
• Startups are not a company. They’re hypothesis tests funded by adrenaline junkies
• Keep costs low and you can run a series of hypotheses
• Scrappy till it works, then flip to spending like drunken sailors to scale
Take aways
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STARTUPMANTRAS
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THE LEAN STARTUP is a resource to assist entrepreneurs, startup and established businesses make better, faster business decisions.
THE LEAN STARTUP
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DESIGN MATTERS
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Risk is a competitive advantage
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SO WHAT DO
THESE CRAZY INVESTORS REALLY WANT?
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• COMMUNICATION PRODUCTS (BEST NETWORK EFFECT)
• NETWORK EFFECTS (PRODUCT GETS MUCH BETTER AS MORE PEOPLE USE IT)
• MARKETPLACE NETWORK EFFECT: MOST BUYERS, SELLERS, WHY GO ANYWHERE ELSE?
• SCALE ADVANTAGES
• SEARCH IS ABOUT DATA, PEOPLE WITH THE MOST DATA ALWAYS WIN, SO FIRST MOVER CAN WIN BIG
• WAZE/WIKIPEDIA: MOST CONTENT MAKES BEST SERVICE, WHICH CREATES MORE CONTENT. VIRTUOUS CYCLE
• 10X PRICE-PERFOMANCE ADVANTAGE
• CUSTOMER ACQUISITION HACKS
• AMAZING TEAMS
• GITHUB IS THE FIRST PLACE I LOOK
• DEEP UNDERSTANDING OF CUSTOMERS
• MANIACAL FOCUS: 4-6 PEOPLE STANDING ON A SINGLE PIN
WHAT WE LOOK FOR
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EXAMPLE
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• COMMUNICATION PRODUCTS I SHARE DOCS WITH FRIENDS
• NETWORK EFFECTS MY FRIENDS HAVE DROPBOX SO I USE IT
• NETWORK EFFECTS REVENUES INCREASE EXPONENTIALLY AS MORE DOCUMENTS ARE SHARED WITH MORE PEOPLE
• MARKETPLACE NETWORK EFFECT: NOPE
• SCALE ADVANTAGES ABILITY TO INVEST IN EVERY PLATFORM
• 10X PRICE-PERFOMANCE ADVANTAGE FREE – EVEN BETTER
• CUSTOMER ACQUISITION HACKS: REFERRAL PROGRAM
• AMAZING TEAMS
• GITHUB IS THE FIRST PLACE I LOOK: SCARY GOOD TECH TEAM
• DEEP UNDERSTANDING OF CUSTOMERS : DIDN’T ADD FEATURES
• MANIACAL FOCUS: 4-6 PEOPLE STANDING ON A SINGLE PIN SIMPLE, SIMPLE, SIMPLE AND IT ALWAYS WORKS
EXAMPLE: DROPBOX
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• COMMUNICATION PRODUCTS NOPE
• NETWORK EFFECTS NOPE
• MARKETPLACE NETWORK EFFECT: NOPE
• SCALE ADVANTAGES MINOR COST ADVANTAGES
• 10X PRICE-PERFOMANCE ADVANTAGE NOPE
• CUSTOMER ACQUISITION HACKS – SUBSCRIPTION ECOMMERCE DRAMATICALLY CHANGED LIFETIME VALUE
• AMAZING TEAMS
• GITHUB IS THE FIRST PLACE I LOOK: NOT THAT I KNOW OF
• DEEP UNDERSTANDING OF CUSTOMERS : MARKET LEADER, SO YES?
• MANIACAL FOCUS: 4-6 PEOPLE STANDING ON A SINGLE PIN STILL SIMPLE
EXAMPLE: BIRCHBOX
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TRATCTION + MOAT