startup weekend ghent

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My slides for the Startup Weekend Ghent (December 5-7). It's also kind of a "Best of BizCamp" overview. Three really short, provocative, 10-minute talks about doing business.

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  • 1. Startup Weekend GhentiMinds December 5-7, 2014 2014, iText Group NV, iText Software Corp., iText Software BVBA

2. Who is Bruno Lowagie?Original developer of iText, an open source PDF libraryAuthor of iText in Action books published by Manning PublicationsFounder / CEO of the iText GroupiText Group NV (Belgium)iText Software BVBA (Belgium)iText Software Corp (USA)AwardsBelCham Entrepreneurship Awards 2014: Winner Most Promising Company of the YearDeloittes Technology Fast 50 2013: 3rd in Belgium, 10th in Benelux, 53rd in EMEA 2014: Winner (Belgium)Startup 2 Weekend Ghent: Bruno Lowagie 2014, iText Group NV, iText Software Corp., iText Software BVBA 3. 2014, iText Group NV, iText Software Corp., iText Software BVBAPart 1Three Things watching House MD taught me about doing business 4. 2014, iText Group NV, iText Software Corp., iText Software BVBAFact #1Startup 4 Weekend Ghent: Bruno LowagieThere are as many diagnosesas there are specialists.The developers say:Your product needs more features!The salespeople say:Your product needs to be less technical!The VCs say:You need more funding to grow faster! 5. 2014, iText Group NV, iText Software Corp., iText Software BVBAConclusion #1Do not follow any advice, beforeyou know the background andmotives of your adviser!Startup 5 Weekend Ghent: Bruno Lowagie 6. Startup 6 Weekend Ghent: Bruno Lowagie 2014, iText Group NV, iText Software Corp., iText Software BVBAFact #2 7. The Four Innovation LiesLie #1: Target customer: Of course Ill buy that!Lie #2: Product developer: Well be ready to ship in six months!Lie #3: Salesperson: Of course I can sell that!Lie #4: Senior executives: Were open to anything!Startup 7 Weekend Ghent: Bruno Lowagie 2014, iText Group NV, iText Software Corp., iText Software BVBA 8. 2014, iText Group NV, iText Software Corp., iText Software BVBAConclusion #2Dont be angry with people wholie, just make sure you dont lieto yourself!Startup 8 Weekend Ghent: Bruno Lowagie 9. Startup 9 Weekend Ghent: Bruno Lowagie 2014, iText Group NV, iText Software Corp., iText Software BVBAFact #3Tests take time, treatment is quicker.We treat it:If he gets better, Im right;if he dies, youre right! 10. 2014, iText Group NV, iText Software Corp., iText Software BVBAConclusion #3The treatments dont alwayswork, but symptoms never lie!Startup 10 Weekend Ghent: Bruno Lowagie 11. Startup 11 Weekend Ghent: Bruno Lowagie 2014, iText Group NV, iText Software Corp., iText Software BVBAEpilogueYou dont always get what you want,But if you try sometimesyou get what you need 12. 2014, iText Group NV, iText Software Corp., iText Software BVBAPart 2The Founders Dilemmas 13. Why this book?ITS UNFORTUNATE BUT TRUE:IF ENTREPRENEURSHIP IS ABATTLE, most casualtiesstem from friendly fire orself-inflicted wounds.Startup 13 Weekend Ghent: Bruno Lowagie 2014, iText Group NV, iText Software Corp., iText Software BVBA 14. Making decisions 2014, iText Group NV, iText Software Corp., iText Software BVBACofounders (Chapter 3-7)Solo vs. TeamRelationshipsRolesRewardsHires (Chapter 8)RelationshipsRolesRewardsInvestors (Chapter 9)Self-fund vs. Outside capitalSources of capitalTermsBoard of DirectorsSuccessors (Chapter 10)Trigger of successionOpenness to successionDesired role after successionOther factorsPreferred rate of startupCapital intensityCore founders capitalsStartup 14 Weekend Ghent: Bruno Lowagie 15. Pick your QuadrantComplete controlStartup 15 Weekend Ghent: Bruno Lowagie 2014, iText Group NV, iText Software Corp., iText Software BVBA< $$$Little control> $$$ 16. Control decisionsCofounders (Chapter 3-7)Solo (or weak cofounders)Relationships: immediate circleRoles: be the CEORewards: maintain most equityHires (Chapter 8)Relationships: close personal networkRoles: keep control of key decisionsRewards: hire less expensive juniorsInvestors (Chapter 9)Self-fund: bootstrapFriends, fools, familyResist investor-friendly termsAvoid official boardSuccessors (Chapter 10)Avoid succession until forcedResist giving up CEO positionPrefer to leaveOther factorsGradual to moderate growthLow capital intensityCan build startup without helpStartup 16 Weekend Ghent: Bruno LowagieMost likely outcome: Maintain control Build less value 2014, iText Group NV, iText Software Corp., iText Software BVBAKING 17. The King QuadrantComplete controlStartup 17 Weekend Ghent: Bruno Lowagie 2014, iText Group NV, iText Software Corp., iText Software BVBA< $$$Little control> $$$KING 18. Control decisionsCofounders (Chapter 3-7)Build teamRelationships: find the best foundersRoles: delegate decision-makingRewards: share equityHires (Chapter 8)Relationships: hire experienced staffRoles: delegate decision-makingRewards: incent with cash or equityInvestors (Chapter 9)Take outside capitalTarget angels or VCsBe open to termsBe open to losing controlSuccessors (Chapter 10)Initiate succession in timeBe open to giving up CEO positionRemain executive (expertise)Other factorsFast to explosive growthHigh capital intensityFill gaps by involving othersStartup 18 Weekend Ghent: Bruno LowagieMost likely outcome: Imperil control Build financial value 2014, iText Group NV, iText Software Corp., iText Software BVBARICH 19. The Rich QuadrantComplete controlStartup 19 Weekend Ghent: Bruno Lowagie 2014, iText Group NV, iText Software Corp., iText Software BVBA< $$$Little control> $$$KINGRICH 20. Chances at successIf you go for being KingMaintain control: 80% x 80% x 80% = 51% probabilityBuild fullest value: 20% x 20% x 20% = 1% probabilityIf you go for being RichMaintain control: 20% x 20% x 20% = 1% probabilityBuild fullest value: 80% x 80% x 80% = 51% probabilityIf you go for something in-betweenMaintain control: 80% x 80% x 20% = 13% probabilityBuild fullest value: 20% x 20% x 80% = 3% probabilityStartup 20 Weekend Ghent: Bruno Lowagie 2014, iText Group NV, iText Software Corp., iText Software BVBA 21. The Exception QuadrantComplete controlStartup 21 Weekend Ghent: Bruno LowagieEXCEPTION 2014, iText Group NV, iText Software Corp., iText Software BVBA< $$$Little control> $$$KINGRICH 22. The Failure QuadrantComplete controlStartup 22 Weekend Ghent: Bruno LowagieEXCEPTION 2014, iText Group NV, iText Software Corp., iText Software BVBA< $$$Little control> $$$KINGRICHFAILURE 23. Try for yourself!Startup 23 Weekend Ghent: Bruno Lowagie 2014, iText Group NV, iText Software Corp., iText Software BVBA 24. 2014, iText Group NV, iText Software Corp., iText Software BVBAPart 3One more thing 25. The pie seen from your sideStartup 25 Weekend Ghent: Bruno Lowagie 2014, iText Group NV, iText Software Corp., iText Software BVBA$1,000,000,000YOU INVESTORS$1,000,000YOU INVESTORS 26. The pie seen from a VCs sideStartup 26 Weekend Ghent: Bruno Lowagie 2014, iText Group NV, iText Software Corp., iText Software BVBA$1,000,000,000YOU INVESTORS$10,000,000YOU INVESTORS$10,000,000YOU INVESTORS$10,000,000YOU INVESTORS$10,000,000YOU INVESTORS$10,000,000YOU INVESTORS$10,000,000YOU INVESTORS$1,000YOU INVESTORS$1,000YOU INVESTORS$1,000YOU INVESTORS$1,000YOU INVESTORS$1,000YOU INVESTORS$1,000YOU INVESTORS$1,000YOU INVESTORS$1,000YOU INVESTORS$1,000YOU INVESTORS$1,000YOU INVESTORS 27. Think before you decideDo you really need a VC?Startup 27 Weekend Ghent: Bruno Lowagie 2014, iText Group NV, iText Software Corp., iText Software BVBA 28. Closing thoughtStartup 28 Weekend Ghent: Bruno Lowagie 2014, iText Group NV, iText Software Corp., iText Software BVBA 29. Questions? 2014, iText Group NV, iText Software Corp., iText Software BVBA