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News From Silicon Valley
TechStars
Angels & Incubators ($0-10M)
Y-Combinator
Maples Investments SV Angel (Conway) First Round Capital
Seed Funds ($10-50M)
• The Internet allows a new class of Small Businesses • Not all businesses on the Internet are “Scalable Startups”
Scalable Startup
Large Company
>$100M/year
• In contrast a scalable startup is designed to grow big • It typically needs risk capital • These are what Silicon Valley means when they say “Startup”
Small Business Startups
Startup
Small Business
Small Business Startups
Startup
Small Business Business Model found - Profitable business - Existing team < $10M in revenue
Source: Dave McClure
News From Silicon Valley
• Internet startups - $500K is the new $5M
– Driven by the top of the pyramid
• Seed Funds providing entrepreneurial education
The Search for a Business Model
• No Business Plan survives first contact with customers • A Business Model diagrams how a company creates, delivers and captures value • Or in English: How a company makes money
Very Different Startup Goals
Startup
- Business Model found - Profitable business - Existing team < $10M
Small Business
Scalable Startup
- Total Available Market > $500m - Company can grow to $100m/year - Business model found - Focused on execution and process - Typically requires “risk capital”
Large Company
Silicon Valley Venture Firms Invest in Scalable Startups
Startup Small Business
Scalable Startup
Large Company
What VC’s Don’t Tell You: The Transition
Why Accountants Don’t Run Startups
Steve Blank
Stanford - School of Engineering U.C. Berkeley - Haas School Of Business Twitter: sgblank
The Execution of the Business Model
Scalable Startup
Transition
Large Company
- Business Model found - Product/Market fit - Repeatable sales model - Managers hired
– Ycombinator, TechStars, SeedCamp, LaunchBox, etc
• Customer Development/Lean Startup adoption
– Methodology to test hypothesis and business model
Some Definitions
-
Small Business Startups
Startup
Small Business
- Business Model found
- Profitable business - Existing team < $10M in revenue
• 5.7 million small businesses in the U.S. <500 employees • 99.7% of all companies • ~ 50% of total U.S. workers
Scalable Startup Transition Large Company
Search
Build
Grow
What VC’s Don’t Tell You: The Transition
Scalable Startup Transition Large Company
Founders depart - Professional Mgmt - Process - Beginning of scale
Scalable Startup
Transition
Large Company
Product Management - Delivers MRD’s - Feature Spec’s - Competitive Analysis
Customer Development Versus Product Management
SoftTech (Clavier) Felicis (Senkut) Union Square Ventures
Small VC Funds ($50-250M)
Sequoia
Traditional VC Funds (>$250M)
Benchmark
Source: Dave McClure
Transition
Large Company
Traditional Accounting - Balance Sheet - Cash Flow Statement - Income Statement
Metrics Versus Accounting
The Execution of the Business Model
-
What’s A Startup?
Scalable Startup Transition Large Company
- Business
Model found - Product/Market fit - Repeatable sales model - Managers hired
A Startup is the organization used to search for a scalabllable Startup
Scalable Startup
Large Company
>$100M/year
Scalable Startup
- Total Available Market > $500m
- Company can grow to $100m/year - Business model found - Focused on execution and process
- Cash-flow
breakeven
- Profitable - Rapid scale - New Senior Mgmt ~ 150 people
Metrics Versus Accounting
The Execution of the Business Model
Scalable Startup
Scalable Startup
Large Company
>$100M/year
Scalable Startup
- Total Available Market > $500m - Company can grow to $100m/year - Business model found - Focused on execution and process - Typically requires “risk capital”
Traditional Accounting - Balance Sheet - Cash Flow Statement - Income Statement
Customer Development Versus Product Management
The Execution of the Business Model
Large Company
- Business Model found
- Product/Market fit - Repeatable sales model - Managers hired
Startups Search, Companies Execute
The Search for the Business Model
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