from zero to exit: a full startup journey
TRANSCRIPT
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2016 - R&D in London new software projects
2008 - Master degree in Software Engineering
2011 - Co-Founded Map2app .. in Bologna, with two friends
2009 - European Space Agency(especially proud to be in the Rosetta team!)
2015 - Map2app acquired .. by lastminute.com group
Who am I?
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Two perspectivesOur reality
Not in selling /funding mood
“Give back” attitude
Why is this presentation different?
Map2app overview
What platform for creating
mobile travel apps
Who 3 co-founders with
different backgrounds
Where Bologna, San Francisco,
Chiasso (CH)
How paying customers +
FFF + 2 investments
When started in 2011,
acquired in 2015
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Met with co-founders 2008, March
Founded Map2app2011, January
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Acquisition
End of stocks plan
(Co-founder relationship)
2015, February
2017, February
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Knowledge in the domain
Experience but not too much
New market emerging in popularity
An “obsession” in all discussions
The myth of “idea”
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Bologna Smart City app: a real product
How we started: the first paying customer
Municipality of Bologna
Good: the money (30k)
Bad: not real validation
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STARTER
FREERevenue sharing
iOs app
Android app
Fixed app price
map2app logo
Professional
$500+Full revenue
The market: our first business model
iOs app
Android app
Free or payed app
White label
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FAIL
’C’ Attitude
Content
Opportunity
Problem vs
solution
Revenue sharing
Customer
lifetime value
Support
.. and the first “storm”
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Market niche
Early adopters
Big projects
Startup network
.. a little umbrella that moves us forward..
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“Good” metrics, but ..Ready to scale, but ..
Working, but .. Idea implemented, but ..
Technical frustration
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Design for validation focus on market fit
Long term vision money will arrive
Find “secret sauce” do not rely on ads
Be a small company focus on saving time
Some lessons learnt
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The difficult part is in the visibility (of the “good” part)
The bad times (beginning of 2012 for us)
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Won Mind the Bridge first seed funding: 50k
Late 2012: the BIG opportunity
Incubation period me as biz “front-man”
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San Francisco the context
Accelerator advisors, entrepreneur, events
The lean startup get out of the building!
B2B solution subscription
Pitch elevator found the “value proposition”
New investments50k (instead of 300k)
Silicon Valley accelerator
https://www.youtube.com/watch?v=vDE1sVPCHHg
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Data driven decision
Insight & KPI drive features
Move fast and (do not) break things
Good enough code for validation
The iterative new process
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Availability eager to help
Difficulties raising money
High competition top universities and startups
US centric lack of knowledge
Tight network of recommendations
american track record
Outsider
.. together with Silicon Valley disillusion
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The incubator no events or advisors
Funds stick with Italy
Our growth 20% per month
B2B growth with big publishers
Trade fair travel specific
Champions are resellers
Italian package
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new, smart and more efficient Travel promotion
better experience for tourists Curated content
app creationFast and cheap
600 apps and 2M downloadsDistribution channel
Map2app: our real values ..
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Rapidly growing Chiasso, Madrid,
London, Bangalore
Big OTA one of the biggest in Europe Tourist centric
deliver the best experience
What is ?
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THANK YOU!
https://ch.linkedin.com/in/micheleorsi
@micheleorsi
Keep in touch:
https://github.com/micheleorsi
Work with us:
http://careers.lastminutegroup.com