startup in a nutshell
DESCRIPTION
Startup introduction for Cyberport CCMF Guangdong-Hong Kong ICT Young Entrepreneur Programme 2012TRANSCRIPT
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Startup in a Nutshell
Peter Choi
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Agenda
• My startup history and lessons learnt• Organic style: Hiwave Dry Seafood• Inorganic style: Snapshock app• Steps to get started• Adjusting your mental conditions• About fund raising / venture capital• Pitching
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Peter Choi
• MSc MBCS PMP CISA CISSP• 7 jobs in 8 years (“strategic” hopper…)
• Committee member, BCS (HK Section) • Startup Since 2004• Taekwondo coach for 16 years
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2004 : newsy.com
• Web based RSS reader
• Cause of death: – Too young– Google Reader
• Lessons learnt:– UX > functionalities– Domain name trading is something!
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2005-2006 : SayiLove & StarryGift
• A place for love declaration
• Cause of death:– Job security (team psychology)– QC on outsourcing– Too slow (morale issue)
• Lessons learnt:– Train to manage your emotion– Ditch “perfection”
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海味軒 | 香港海味燕窩網上專門店
http://hiwave.starrygift.com• Family business for 3 gens• Physical store at Sai Kung• iPhone apps – soup recipes “ 日行一膳”• Featured in Google “The Connected Harbour”
http://www.connectedharbour.hk
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2008 : Hiwave Dry Seafood
• Lesson learnt
ENDURANCE不死才是硬道理 - 馬云 , 阿里巴巴
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2010: _____________
• Event check-in, grouping all photos into the same album
• Real time event broadcast, viewable worldwide
• E-invitation• Full res photo DVD• ‘Pic wall’ at the event• Mostly used in weddings
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• Lesson learnt
FAITHMaintain unwavering faith;
Confront the reality- Stockdale Paradox
2010: _____________
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2013:
• Huge wedding market : US$560B per year• Market authentic• Different culture and customer behavior• Pivot from existing product
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2013:• Real time discussion forum• Live reporting and feedback• Product on Product (PoP) concept• www.chatcolate.com/business
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That’s my storyNow start yours…
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Getting started
• Idea. Hold on to it, but not too tight• Absolutely customer centric !! 逆向思維• Market research (Any existing solution at-
large?)• Location factor. 微創?• Dream team. Get a good business mix• Goal alignment.
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Getting started
• Hacking : first prototype in 3 days• Market validation• Iterative finetune• Get first paid customer (Quick!)• Distribution > Product• Ready executive summary and finance
projection• Get a mentor
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Adjust your mental conditions
• What you will experience psychologically– Loneliness– Uncertainty / Doubt– Fear– Self depreciation– Unfairness (among your partners)
• Do NOT over-estimate your strength, many die or give up along the way.
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Adjust your expectations
• You are not Mark Zuckerberg• General and Viral vs Specific and Niche?• Survival against ‘Free’ concept• Market authenticity• HK Investment market ready yet?
• Conclusion: Online startup can be no difference than any other business!
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About fund raising• Seed round : US 30-50K• Angel round : US 500K (15-20% equity)• VC Series A : US 5MM (~30% equity)• External investment is a LIABILITY• Seek investors AFTER you can make money• Incubators– US (Y-Combinator, 500 Startups, AngelPad…)– China ( 創新工場 )– HK (HK Science Park, Cyberport)– HK (BootCamp, AcceleratorHK …)
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Pitching
• Business Name (Short, memorable, domain)• Tagline• 3-lines description• Demo (if any)• Market Size (top-down, bottom-up)• Team (Business mix, experience, authenticity)• Financial projection (Thing big, but achievable)• Roadmap
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Stay Connected
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TW / 微博 : @startupcollege
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Stay Connected
http://startupdigest.com/hong-kong/
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