start up wisdom humor
DESCRIPTION
The top ten mistakes start-ups make - including some of my own personal start-up experiences of starting a Web 2.0 company. This deck also includes resources for entrepreneurs living in the Willamette Valley (Oregon).TRANSCRIPT
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
