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Digital Marketplace Entrepreneurship University of Edinburgh Feb 2009, 4pm Silicon Valley Entrepreneurs Three Case St

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Digital Marketplace Entrepreneurship University of Edinburgh Feb 2009, 4pm Silicon Valley Entrepreneurs Three Case St

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    1. Digital Marketplace Entrepreneurship University of Edinburgh Feb 2009, 4pm Silicon Valley Entrepreneurs Three Case Studies and Social Networking Alison R.G. van Diggelen

    2. Silicon Valley

    3. Three Entrepreneurs Different Stages Different Lessons Different Attitudes to networking

    4. Overview – for each case study: Vision Funding Roadblocks/Failures Networking Triumphs Exit

    5. Networking Networking 1.0 Old school networks Elevator pitch Biz cards Give and take Networking and web 2.0 Tools: LinkedIn, Facebook, MySpace,Twitter, Flickr, Slideshare, Blogs, podcasts, video and discussion boards Leverage your web time to create and build your brand, connect and get customer feedback SEO: Search Engine Optimization “Develop an online presence, it's the only way you can safeguard your brand and have job security,"  Dan Schawbel PersonalBrandingBlog.com

    6. E1, Frank Addante Advertising, Serial Entrepreneur Company: Rubicon Project Business: Online Ads History: Founded 2007 Aim: Take on Google Mantra: “Keep it simple”

    7. Frank: Vision Identified pain-point in ad market: complex Team reunited (4 co-founders adMonitor) Market opportunity: void existed thanks to Google, MSFT and Yahoo acquisitions Money while jogging Company name: Rubicon

    8. Frank: Funding For growing/ scaling, not survival Pitch: Why I need it Why I need yours Why I need it NOW It’s about $ and expertise A marriage

    9. Show me the money

    10. Frank: Road blocks, Failures & Lessons Trust your gut – avoid ‘by the book approach’/ intimidation Hire good agile people not star resumes Big egos don’t help team Collective intelligence Mistakes are good Moving location: weigh pros and cons

    11. Frank: Networking Two years ago “I thought social networking was silly.” Founderblog.com: 20,000 subscribers Not PR tool but efficiency tool: word out Twitter, Facebook, YouTube Builds his brand as startup guru Company transparency, deal with issues, pay it forward

    12. Frank: Triumphs Fastest growing Ad company ever Even in downturn, 25% growth Jan 09 Clients: NBC, Newsweek, NY Times Winner of Top 100 in online marketing (Always On/ On Media)2009

    13. Frank: Exit Plan Bold plans: Be No. 1 in ad world Timeline: Don’t set unrealistic expectations Build good business, one brick at a time Google: watch out!

    14. E2, Candice Brown-Elliott LCD, Tech Genius Company: Clairvoyante Business: LCD technology History: Founded 2000, sold 8 years later Funding: $25 M Sold for: Not disclosed Mantra: “Be brave enough to be wrong…a lot.”

    15. Candice: Vision Improve existing LCD technology for cellphones/ PDAs/TVs Mismatch: how eye sees/ how tech produces pixels Used: Engineering and Physiology expertise Pentiles: “twice as bright, half the power” Company name: Clairvoyante

    16. Candice: Funding How VCs think Like you lean and keen Like risk wrung out: 3 out of 4 ain’t bad Management Technology Market Money (exit: IPO, M+A) Fudge factor/ Wow factor Don’t take more than you need!

    17. Show me the money

    18. Candice: Road blocks, Failures & Lessons One 1st startup failed: rival to LCD technology Seed money, but no VC funding Lessons Don’t try to do it all Partner with well funded companies Make sure idea is scalable Two Clairvoyante licensed IP to several clients Exit: didn’t sell company, just sold IP for undisclosed amount Lesson Beware of licensing : limits your exit options

    19. Candice: Networking Active in networking organizations FWE: forum for women entrepreneurs Useful for: reality checks, advice, education Emotional and energy boost Not useful for: Client building Social Networking: uses LinkedIn

    20. Candice: Triumphs Funding during “nuclear winter of the dotcom bust” Filed over 500 patents, 300 issued Green company credits Sold company to highest bidder

    21. Candice: Exit Saw economy slow in 2007 Decided optimum time to sell Investment bankers invited 20 offers Signed no-shop agreement with Samsung Bought assets of company 2008 No golden handcuffs Established Nouvoyance for continued R&D

    22. E3: Scott Pomerantz, GPS, networking extrovert Company: Global Locate Business: GPS History: Founded 1999, sold 8 years later Sold for: $226 M Mantra: “I wanted to be rich not famous.”

    23. Scott: Vision Team of long-time friends: Co-founder: primary school friend Investment consortium: high school friend Key engineers: high school friends Individually investor: college friend Company name: Global Locate

    24. Scott: Funding A team and a dream Drink the Kool-Aid Step 1 + Step 2 Lessons Keep it tight – the 30/30 rule Thick skin Don’t get defensive Like a date

    25. Show me the money

    26. Scott: Road blocks, Failures & Lessons First startup failed, All Points Software Global Locate Blunder: Compatibility in cell phones Lessons: Don’t depend on one other company for platform Manage your people well Ask: is it me?/boss?/$? Bad fits, egos Don’t be penny wise, pound foolish Feed `em! Your company is not the center of the universe

    27. Scott: Networking

    28. Scott: Triumphs Staying flexible Widened customer base from cell phones to PNDs Winning key customers HP iPaq (PDA) Sony Ericsson (James Bond’s phone) TomTom sold tens of millions Keeping investors happy

    29. Scott: Exit Board decision: max value to investors Investment bankers = find suitors Sold for $226M to Broadcom Satisfied investors, customers, employees Golden handcuffs: 3 year contract, non-compete & re-vesting periods

    30. Convergent themes VCs like you lean and keen Believe in your idea Market Timing is key Stay flexible Work hard Setbacks happen -don’t give up

    31. Divergent themes Attitudes to Networking Hiring egos

    32. Conclusions There are many ways to make a fortune in business Key attributes of success Be bold Be tenacious Work hard

    34. Further Reading Frank Addante Blur: The Speed of Change in the Connected Economy by Stan Davis and Christopher Meyer published 1999. “A guide to surviving in the business world. Includes 50 Ways to Blur your business and 10 ways to Blur yourself.” Candace Brown Elliot The Entrepreneur’s Manual: Business Startups, Spin-Offs and Innovative Management by Richard M. White. “Written in 1977, so may seem dated but the essentials are timeless.” The Money Hunt, 27 New Rules for Creating and Growing a Breakaway Business by Miles Spencer and Cliff Ennico. “It includes useful advice like ‘overnight success can take twenty years.’” Scott Pomerantz It Takes a CEO by Leo Hindery -a great book on leadership and really emphasizes integrity Other How to win friends and influence people by Dale Carnegie - timeless advice for networking/ making good impressions Groundswell, by Josh Bernoff and Charlene Li – the bible on social media networking and PR Recommended websites www.founderblog.com www.sequoia.com (VC tips for entrepreneurs) www.personalbrandingblog.com www.paulgillin.com http://www.seoconsultants.com/seo/guide/ (search engine optimization)

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