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How I Started, How I Made It – The Socialutions Experience

How I Started, How I Made It – The Socialutions Experience. Communication Objectives. Introduction to Socialutions Introduction to the HKSUA ‘Founders Frustrations’ –the common problems facing Startups Can Friends Be Business Partners?

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How I Started, How I Made It – The Socialutions Experience

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  1. How I Started, How I Made It – The Socialutions Experience

  2. Communication Objectives • Introduction to Socialutions • Introduction to the HKSUA • ‘Founders Frustrations’ –the common problems facing Startups • Can Friends Be Business Partners? • Equal versus varying share ownership – is there a correct model? • Funding – Friends versus institutions – is there a standard approach? • Optimum Organization Structure – assembling your team • Targeting Your Investor & Market Base – what do they want to see? • Multiple versus single project focus dilemma • What can non-technical staff do as your product is being developed? • Visibility • Lessons Learned / The Future • Support for Startups

  3. Introduction To Socialutions • Who are we? • How we started? • Who comprises the management team? • The evolution of Socialutions product focus – what do we do?

  4. Introduction To HKSUA

  5. Introduction To HKSUA • Who are we? • What Is the purpose of the HKSUA? • Who comprises the HKSUA management? • Achievements Workshops / University Tours Cyberport Venture Capital Forum/ Web 3.0 IT Industry Supporting Organizations CASBAA GSM Association Cyberport Micro Fund

  6. Founders Frustrations – Common Startup Perceptions & Problems • Ideas? Enthusiasm! • We can and will execute. • My friends can deliver - I trust them • Our idea is niche, its fool proof • We have funding to last a few months – it will work based on our watertight budget and launch timing • I expect a decent salary to do this – we will raise X million $ to pay ourselves as we build this • Build it and they will come mentality

  7. Founders Frustrations – Common Startup Perceptions & Problems • Reality Bites – I didn’t seize the moment • Execution ability realizations – beyond our depth • My business partners are not what they seem • Too late – there are a dozen clones on the market • Scramble for cash – at any cost! Budget is wide off mark, we were one year past estimated launch • Zero salary – could not raise funds need to make ends meet – I need a job • We didn’t engage our user base – UAT / User experience – the site looks and feels buggy and awful

  8. Can Friends Be Business Partners? • No correct model – determinants of a successful management team: • This is a business – it should be run as one • Look only at skillsets • Connections – what does each person bring to the table? • Balance: technical versus non technical • Funding connections • Credit where credit is due • Tendency to lapse into complacency – take each other for granted • Maintaining motivation and drive

  9. Equal versus varying share ownership – is there a correct model? • ‘It is my idea – I should have majority ownership’ • ‘Lets settle ownership issues later’ • ‘He contributed very little, he should have less’ • No correct model – flexibility to change • Sacrifice should be commensurate with reward • Lay it on the table at earliest possible stage • Equal to begin with – roles and company will evolve – maintain flexibility

  10. Funding – Friends versus institutions – is there a standard approach? • Loans & savings – no strings attached – friends & family • Convertible loan – some strings attached – meet targets • Government funding – not much money – demands • Incubator funds – not much funds • Venture Capital – funds but lots of conditions – loss of control – the door is opened • Asia’s uniquely underdeveloped startup infrastructure

  11. Optimum Organization Structure – assembling your team • The right balance – case by case • Essential roles – commensurate with experience • Once roles determined, accept it for stability’s sake! • CEO needs to network, needs a vision, needs strong communication skills – face of company to investors • CTO – needs to know his stuff • CFO / accounting – essential • Record-keeping / accounts • Market Research – importance of • Hiring versus internal resources – hiring sources

  12. Targeting Your Investor & Market Base – what do they want to see? • Friends / Family: Solid Idea, a lending hand • High Net Worth Individuals: Return on investment – bricks & mortars versus technology • Industry Figureheads: Interest / reluctance • Incubator Funds: Ideas • Government Sources: Don’t understand the business - support Hong Kong • Venture Capital: Idea & Execution – is this unique and in line with future trends? Management team, exit strategy • Business Plan / Executive Summary

  13. Targeting Your Investor & Market Base – what do they want to see? • No standard approach to fundraising • Asia constraints • Flexible approach • Identify key people, pursue, diversify network • Commitment required • Costs for travel, event attendance • Make it happen • Socialutions Experience

  14. Competitor Analysis

  15. Multiple versus single project focus dilemma • Need funds – shall I take on extra unrelated projects? • Risks of single product focus versus launch timing • Risks of over stretching • Flexibility – short term pain, long term gain or vice versa? • Socialutions Experience • Budgeting – over budget? Be realistic – research the costs. • Predictable versus unpredictable costs - Software / hardware purchases, hosting costs, bills, salaries

  16. What can non-technical staff do as the product is being developed? Visibility • Building an infrastructure to support your product • Socialutions experience • Non-technical personnel roles during development • User testing • End user survey • Feedback, at early stage • Late stage developments, minor changes preferred • Communication between idea generator and technical staff • Alliances & Partnerships – choose carefully

  17. Visibility – Alliances & Partnerships Current Partners Creative Commons Loftwork wishes to collaborate and use our technologies, via the API, for its Loftwork.com website. 1 Minute Film Festival (originally started in Brazil in 1991) and now holding online and offline events in South America, Europe is expanding into Asia as of end of March 2010, with a launch in HK at the end of March 2010 and the finals event on July 9, 2010, a finals event in Singapore in Sep/Oct 2010, Japan in Dec 2010/Jan 2011 and S. Korea in March 2011. The 1 Minute Film Festival (Asia) will promote use of CC-licensed work for 1 Minute film submissions as well as encourage creators of 1 Minute Films to license their work under CC and make them available on our platform. The CEO of Socialutions acquired the Asia rights to the 1 Minute Film Festival Brand in 4Q 2010 and Socialutions has a co-branding agreement for the platform with 1 Minute Film Int’l and also owns 10% of the HK Limited company (The Hong Kong 1 Minute International Film Festival) that owns the Asia rights to the 1 Minute brand. DotAsia is a sponsor and supporter of the 1 Minute Film Festival (Asia) and the platform. Cyberport, a multi-billion dollar, technology and digital media institution that is owned by the HK government is a sponsor and supporter of both the 1 Minute Film Festival and the platform. AliveNotDead.com, a website started by the co-founder of Rottentomatoes.com, has partnered with Socialutions and 1 Minute Film Festival (Asia) to tap into its base of celebrities, filmmakers and musicians, to drive content submissions and handle event promotion for the 1 Minute Film Festival (Asia) and the platform’s online and offline events.

  18. Support for Hong Kong Startups • HKSUA: www.hksua.com.hk • Government Sources: http://www.gov.hk/en/business/supportenterprises/funding/ • Web 3.0 conference http://web3.cyberport.asia/ • Startups HK: http://www.startupshk.com/ • Cyberport Incubation: http://www.cyberport.hk/cyberport/en/home/facilities_n_services/incu/ • HKSTP: http://www.hkstp.org/HKSTPC/en_html/en_full1_1.jsp

  19. How Can I Join The HKSUA? • www.hksua.com.hk • Google Groups • Facebook

  20. Conclusion • Run your startup with the seriousness and dedication it deserves • Understand the risks and rewards, have the right mindset • Maintain flexibility in both founding partners and business model approach • Importance of networking and travel • Target your investor base carefully – risk & reward • Do not place value on your company at early stage • Talk to end users – what do they want? • User experience and feedback is king • Execution, execution, execution • Record-keeping and budget management is essential • Build a support infrastructure around your business model

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