StartupEmpire Toronto
Some notes from the first two keynotes are Startupempire in Toronto.
Don Dodge – nice reality check – down turn does not mean lack of opportunity – just means adjustment
- great time to start up a new company
- vitamin vs pain killer
- vitamins are nice to have
- pain killers are things that are needed
- "me too" start ups will not get funded
- ad based companies won’t get funded any more; VC’s will do the math
- what does it take to generate $1M per month in advertising revenue
- its a large number
- angels vs VC
- angels are easier to convince if they know you, or know people who know you, or have been in the business themselves
- if they don’t know you, they are more difficult
- If Angels don’t know you VC’s are better because they are willing to take a risk
- do homework – where have they invested before
Austin Hill – successful entrepreneur – great talk. Some great tools referenced here.
- Advertising is not a business model
- getting customers is a business model
- the VC model is broken
- if you add up all the value in Skype/ youtube etc, it still does not equate to enough market cap to justify the IRR required by the VC model
- Canadian market is different
- Canadian VC are well sized – they can be profitable with one good deal
- Walmart – big and broad or Apple strategy – niched and focus
- understand metrics
- pirate metrics on slideshare http://www.slideshare.net/dmc500hats/startup-metrics-for-pirates-long-version
- productplanner.com – mapping user flows
- http://www.balsamiq.com/ – wireframing tool
- don’t try to build demand – develop partnerships with others who are being troubled by the current environment
- partnering strategies are one way to take advantage of the downturn – help them with their downturn problems
- topgrade: no time to compromise on inefficient people
- make real world meaning – there are enough tools already built for sharing video, tagging etc – focus on real meaning for customers and business value
- point to big shifts and here is how my company can use that opportunity (eg cloud computing, demographic shifts)
- hearts – minds – wallets | core to pitching
- do not talk about features
