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Global Domination on a Limited Budget Salim Ismail

Global Domination on a Limited Budget Salim Ismail. Or, how to start a company on a shoestring. My experience. 5 years building large-scale application systems 5 years of management consulting Business modelling 7 years of early-stage companies Mgmt consulting E-learning Private Equity

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Global Domination on a Limited Budget Salim Ismail

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  1. Global Domination on a Limited BudgetSalim Ismail Or, how to start a company on a shoestring

  2. My experience • 5 years building large-scale application systems • 5 years of management consulting • Business modelling • 7 years of early-stage companies • Mgmt consulting • E-learning • Private Equity • Event Management / Conferences • Financial aid/social entrepreneurship • PubSub… ! Today: Confabb

  3. The Process • Choose an idea • Pick a team • Negotiate compensation/partnerships • Build the product/service • Launch • Get traction • Take over the world Simple…. !

  4. The Idea • Pick something you’re passionate about • It must get you up in the morning • Why does it buzz you? • How will it change the world? The best idea does NOT win … it’s the execution

  5. Idea: Terms of Reference • Background…………… • Objectives…………….. • Scope………………….. • Constraints……………. • Issues/Risks/Questions • Roles…………………… • Plan……………………. How did we get here? What are aiming for? What’s in, what’s out? What’s limiting us? Hurdles, anyone? Who’s doing what? Next steps… 1-2 pages… and it stays alive!

  6. Picking a team • Choose people you like • A lot of hours are going to be spent • Choose people you trust • Don’t fall for reputation • Rock stars often come with baggage • Make sure everyone’s goals are aligned… In restaurants: location, location, location In companies: team, team, team, team…

  7. Negotiate partner deals • Always use performance-based metrics • Revisit regularly • Always aim for the pie being bigger • If you can’t pay someone, get creative • Be FAIR

  8. Build the product/service • Be flexible • Perfection will kill you • The closer to the market, the less you need perfection • Launch quickly and iterate • Presentation is everything • double emphasis if it’s a web application

  9. Launch • You have one shot at this… • Initial positioning is key • Easier than ever today • Use PR expertise and work on the messaging • Thin end of the wedge…. Prepare, prepare, prepare

  10. Get traction • Varies by product/service • Adoption by thought leaders is key • Get 1-2 key customers (or constituents) and focus heavily on their greatest need… • Make sure they’re thrilled • The wedge… • Learn! Make sure there’s a feedback loop • Iterate as fast as you can

  11. Take over the world Two possible methods • Get lucky first time • Primary route used by most success stories • Do it many times until you get lucky • The Edison approach • (for the rest of us) 200 baby turtles….

  12. Finally: manage yourself • Get advisors • and use them!! • Be coachable • Be unconventional • Break the rules Homework Reading: “Art of the Start” Guy Kawasaki

  13. Case Study: NYGC • Idea came from a friend • Help companies after 9/11 for a very small fee • Structured as a for profit, run as a non-profit • Today, this is called social entrepreneurship • Team: two rev-share partners (luck!) grew to 12 • Agreed bonus for working without pay till traction • 0-$1 million revenues in 8 months • 600 clients with no advertising • 40% net profit • 80 companies saved

  14. Case Study: PubSub • Idea came from Bob Wyman (met through luck) • Started the company on a wing and a prayer • Funded by profits from NYGC • Pros • Incredible idea • basis for the next decade of the internet • Huge traction • Fairness • Cons • Equity conditions were flawed • not performance-based

  15. Case Study: Confabb Idea: Cameron Barrett • Part-time team • PR, mktg, biz ops, data entry, UI/prod mgmt, web dev’t, scaling/architecture, project mgmt • Totally virtual team (they’ve never met) • Compensation: founder’s shares • short-term, non-taxable, accelerated vesting • based on performance • Launched Nov 13… • Built in 4 months • Went live with zero spending • Used Ruby on Rails

  16. What’s next • Confabb was possible because technologies (and processes/team structures) today allow accelerated business building • The internet holds just a wee bit of untapped potential…

  17. Information Flows Today Publish/Discovery Syndicate Aggregate Subscribe/Read WordPress SixApart Aggregators Blogs NetVibes Newsgator Technorati IceRocket Pings Blogger RSS Feeds Userland Bloglines Weblogs.com Gawker Edgeio Web 2.0 Web 1.0 Firefox / Flock Browsers Walled Gardens Closed Syndication Relationships AutoTrader Walled Gardens CraigsList Yahoo! Google AOL Walled Gardens Monster Internet Explorer eBay

  18. Ideas Publish/Discovery Syndicate Aggregate Subscribe/Read PublishStuff Ping.Org Confabb Trackr L.I.T

  19. Now, what will YOU do?? • What excites you? • Where do you want to make a difference? Build a business!

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