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Begin With the End in Mind

Begin With the End in Mind. TiE Ottawa October 20, 2011. David Cork The Aspen Partnership. “Whatever your enterprise, you are going to need good people and capital. Success attracts both.”. Design Engineer Product Manager Director, Marketing General Manager COO Founder CEO. Telecom

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Begin With the End in Mind

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  1. Begin With the End in Mind TiE Ottawa October 20, 2011 David Cork The Aspen Partnership

  2. “Whatever your enterprise, you are going to need good people and capital.Success attracts both.”

  3. Design Engineer Product Manager Director, Marketing General Manager COO Founder CEO Telecom Design Tools VoIP Service Provider Application Software Solar Power My Journey – so far…

  4. Who are your stakeholders? • Employees • Customers • Investors • Yourself

  5. 4 experiences • Mitel • Natural Convergence • BHC Cable • iSolara Solar Power

  6. Mitel New Business Unit • Mandate- create new business unit. Tap into new emerging markets for applications. • Start with – 3 designers and a prototype • 6 month window to prove in, or kill it • Advantages – Mitel distribution, access to technology, advisors, marketing, networks

  7. Mitel New Business Unit • 18 months later • Sales hit $2.4M • Win Marquee customers in UK, US, Germany • 72 partners writing applications for us • Trade Press love us • Research predicts $100 M opportunity

  8. Mitel New Business Unit • Unforeseen Factors • Threatened Core Business by ‘assisting’ their competitors • Change in Leadership • Result was redirection of unit, retreat from independent growth plans, restricted access • Lessons Learned – Did you really understand your mandate? Latitude given by parents? What they see as Success?

  9. Natural Convergence • Founded with 3 partners; our own cash • Underserved market – Small Business • Practical solution with exciting business model • Signed Letters of Intent with Sprint, Telus • Significant Investment – 3 VC rounds planned • Patient Investors (“7 year money”)

  10. Natural Convergence • 6 years later • Sales pass $4 M , base doubling every 6 months • 4 Financing Rounds; 1 down round • Downsize to reach Profitability before $$ runs out • VCs haven’t fared well; needed exit soon

  11. Natural Convergence • Unforeseen Factors • Collapse of Telco capital spending • ‘Circle the Wagons’ with established competitors • Deal Fatigue • Result was change of leader, asset purchase by lead customer. Sales in 2010 exceed $90M • Lessons Learned- Do you still know your investors? Share your challenges? Ask about theirs? Communicate well? Get help?

  12. BHC Cable • Founded in his garage workshop • Grew to $5M in sales over 12 years • Profitable. Owns factory built to spec. • Biggest account is 70% of business • Starting to think about retiring, exit • Engaged consultants to plan, evaluate options

  13. BHC Cable • Immediate conclusion : business value equals value of the building plus inventory. Ouch • Owner IS the business; partial management team • Customers trust Bill implicitly; 100% referrals • Lessons learned- what is the buyer buying? Is it transferrable intact? Who are the potential buyers? Is the total package valuable to them?

  14. iSolara Solar Power • First mover in emerging market • Fuelled by Government FIT program • 500% growth in 2010; 200% growth in 2011 • 100% customer reference-able projects • Profitable; organic growth; owner financed • Stated Goal – enduring business; market leader

  15. iSolara Solar Power • Still a work in progress • Managing difficult transitions – • From owner/operator to management team • From ‘surviving’ to ‘prospering’ • From ‘innovative hustler’ to market leader • Better funded competitors • Bigger wins require financing • People issues every day • Is the Goal still the Goal?

  16. How to Develop your Vision • Start with your Values – they endure • Identify a Problem that is worth Solving • Create a vision of your solution being used by customers. In living colour. With texture. • Populate your world with people – include competitors, partners, financiers, analysts. Describe the entire ecosystem. Cats, Rats, Elephants….

  17. How to Develop your Vision • You are embarking on a journey. If you want good people (and money) to join you, paint a vivid picture of the destination. • When you have told your story so many times that you’re sick of it – ‘they’ are just starting to ‘get it’. • Your competitive differentiators are front and centre. Your entire company lives them. • Your customers and partners tell your story for you because they can. Favorite Book : “Made To Stick”

  18. How to Execute on your Vision • Your Vision is Big. It takes time to get there. How long? Be Unreasonable. • Work back from The Goal. Lay out the stages so we can recognize them when we get there. • Then focus on the Smallest Meaningful Next Step. Next week or next quarter. • Then do it.

  19. How to Execute on your Vision • Example – Founder round. How much should you put in? • Example – A Round. Who are your critical hires? • Example – Exit. How do you know when? Favorite Book – “Mastering the Rockefeller Habits”

  20. Final Thoughts –Consistent Communications & Perseverance Win Out Good Luck

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