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Agenda

Discover the journey of Ecovate/ReadyTalk, a proprietary web conferencing app, in building a sustainable company with a well-defined culture. Learn about the experiences, pitfalls to avoid, and working with friends and family. Gain valuable insights on growth strategies, team building, and financing.

ronaldmurray
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Agenda

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Presentation Transcript

  1. Agenda • My background • Ecovate/ReadyTalk • Purpose, values and culture • Experiences on the startup process • Lessons learned, pitfalls to avoid • Working with friends and family

  2. Ecovate dba ReadyTalk • Proprietary web conferencing app (software) • Channel distribution through carrier and direct • Usage run rate 120 M MOUs/Yr • Revenue run rate > $10 M/Yr • 35 people EOY 2006, 46 EOY 2007 • Lodo, above the Tattered Cover

  3. My Background • CU BS Chemical Engineering 1982 • Waiter and ski bum ’82 – ‘86 • CU MBA (finance) 1989 • Biotechnology & ski industry 1990-1994 • Telecommunications (1994 – 2000) • Entrepreneur/CEO since 2000

  4. Company Growth Philosophy • Build a sustainable company around a well-defined culture • Hire for talents (relative to role) and values • Growth via business-generated cash flow • Quality over quantity • Ensure management capabilities

  5. ReadyTalk Purpose • Create customer loyalty by providing innovative and useful technology and a real commitment to customer success

  6. VALUES Dedication to excellence Accountability Integrity Respect Teamwork/ collaboration CULTURE Continual learning, personal growth Work/life balance Open, flat Fun Celebrations Beer Values & Culture

  7. Questions? • How many are taking this class because you intend to start and run your own business? • Who intends to go the bootstrap route? • How clear are your reasons? How important is control to you? • How well do you understand your own talents? • Are there specific things you want me to address?

  8. Ecovate Timeline Secured $13.5 M Highs Significant carrier OEM contract Ongoing growth Hiring & building (50 employees) Launched ReadyTalk CF + Bootstrap - ‘ReadyTalk’ Friends & Family Equity HELOC Wrote plan, started pitching VC Negotiated separation, started new company …Dot com bomb… Turned down by local VCs Lows Changed strategy, lost VCs Q1 ‘07 Q2 ‘00 Q3 ‘00 Q1 ‘01 Q2 ‘01 Q3 ‘01 Q2 ‘02 Q3 ‘02 Q4 ‘04 Ecovate – an ecosystem for innovation in communications

  9. Venture Capital Financing

  10. Angel Funding

  11. Bootstrapping

  12. Financing Lessons Learned • Ensure that personal objectives, big ideas and financing strategies are complimentary • VC’s – they are not all equal • Research who really understands your space • Do real dry runs to prepare for the one you want • The boiling a frog analogy applies to bootstrapping

  13. People/Team Lessons Learned • Understand your strengths & weaknesses • Immerse yourself in the details • Mix a wolf in with your sheep early • Understand the impact at home • Look for risk aversion and adaptability • Build around talent – you need rock stars “Most of the really exciting things we do in our lives scare us to death. They wouldn’t be exciting if they didn’t.” – Roald Dahl in Danny the Champion of the World

  14. Other points • Experience of hiring friends and family • Team building

  15. Bootstrapping Checklist • Assess the risk before your immersed in it • Understand your cash flow model – what milestones must be met and by when • Get your ideas/product/concept out there fast • Build your team around talent, not experience

  16. Recently read & rec. Books • Built to Last & Good to Great – Collins • Innovators Solution – Christensen • Blue Ocean Strategy – Kim & Maugborne • The Psychology of Influence – Cialdini • Punished by Rewards – Kohn • On Writing Well – Zinsser • Design of Everyday Things – Norman • Getting Things Done – Allen • The Little Red Book of Selling – Gitomer • First Break All the Rules – Buckingham

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