fail conference 2012: leo exter
DESCRIPTION
http://failconference.creativemediadays.beTRANSCRIPT
Three very, very expensive
lessons for startup
entrepreneurs
Leo Exter
You can’t really choose what you do…
But you can find the way to do it that will work.
Back in the days of the Bubble, there was this company…
Image: Good Wallpapers
Our mission: “copyright clearance” ©
That’s how huge our market was!
€20,000,000,000
The company raised a massive pile of money:
€ 7,500,000
Image: images of money
Created 23 jobs:CEO6 in Sales 9 Developers2 Legal2 in Marketing3 in Operations
Sold 2 years later for € 300,000
So far ahead of the curve that we weren’t even on the road…
Image: Ann Cantelow
#fail nr. 1:
We built a product for 1 customer, then tried to sell it.
#lesson nr. 1:
Do more research, find a common problem.
Then solve it.
Image: Chris Koertgen
#advice nr. 1:
Read this book, do as it says.
http://www.runningleanhq.com/
#fail nr. 2:
We grew too fast.
#lesson nr. 2:
Don’t raise funds till you know how to invest wisely.
Image: phantomswhife
#advice nr. 2:
Be patient.
We went for a pivot…
It didn’t work either.
30 million registered users.585,000 paid subscribers,$99.99 a year or more...
#lesson nr. 3:
It’s a big planet.Someone will buy your stuff, eventually.
#lesson nr. 3:
It’s a big planet. Someone will buy your stuff.
If you can reach them.
Image: NASA
#advice nr. 3:
Keep an open mind when doing your research.
Thank you!
www.westartup.eu
@leoexter