The Art of the Start

The New Rules for Building a Successful Startup

Leadership AcademyJuly 2014

Bill Reichert

Managing DirectorGarage Technology Ventures"

Capital for Innovation

2"

“The reasonable man adapts himself to the world; "

the unreasonable one persists in trying to adapt the world to himself. "

Therefore, all progress depends on the unreasonable man.” [ … or woman] """ "-- George Bernard Shaw"

"

"""

The Engine of Progress"

Reasonable or Unreasonable?"

Top Ten New Rules"for "

Entrepreneurs and Innovators"

The Art of the Start"

Old Rule:"•  Focus on making money"

New Rule:"•  Focus on creating value""

1. Fundamental Objective"

Old Rule:"•  Brilliant founder"

New Rule:"•  Brilliant team""

2. Getting Started"

A Parable:"•  The Optimist,

the Pessimist, and the Engineer"

"

Building the Brilliant Team"

Old Rule:"•  Plan the work, work the plan"

New Rule:"•  Ship, then test"

3. Management Style"

Garage 24 Hour Rule:"n  You only get 24 hours

to develop your plan before you go out and start testing it "

"

Management Style . . . "

Old Rule:"•  Business model canvas"

New Rule:"•  Business model formula""

4. Business Model"

Old Rule:"•  Find investors"

New Rule:"•  Find customers"

5. Funding"

Old Rule:"•  Perfect your pitch"

New Rule:"•  Get to Wow!"

6. Telling Your Story"

Old Rule:"•  First mover advantage"

New Rule:"•  Fast adaptor advantage"

7. Competitive Advantage"

Old Rule:"•  If we build it they will come"

New Rule:"•  If they come we will build it"

8. Marketing Strategy"

Old Rule:"•  Mobile first!"

New Rule:"•  Customer first!"

8. Marketing Strategy (Corollary)"

Old Rule:"•  Charismatic founder"

New Rule:"•  Everyone leads"

9. Leadership"

A good leader:"•  Listens"•  Makes decisions"•  Projects confidence"•  Has integrity"•  Shows humility"•  Delegates"•  Instills urgency"•  Is resilient"•  Gives credit . . . "

"

Leadership . . ."

Old Rule:"•  Technology drives innovation"

New Rule:"•  People trump technology"

10. Source of Innovation"

1.  Focus on creating value"2.  Build an unbalanced team"3.  Ship then test"4.  Know your business model economics"5.  Learn how to sell"6.  Get to Wow!"7.  Be a fast adaptor"8.  Design from the outside in"9.  Create a culture of leadership"

10.  People trump technology ""

Top Ten New Rules"

The Art of the Start

Bill Reichert

Managing DirectorGarage Technology Ventures"

Capital for Innovation