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Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.Dreamitventures.com
De-Risking and Acceleration
Steve Barsh, Managing [email protected] * 215.888.2101
dreamitventures.com
barshbits.com sbarsh
1
Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.Dreamitventures.com
Agenda
• DreamIt Ventures
• De-risking & discovery
• Q&A
2
Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.Dreamitventures.com
Help great peoplewith great ideas
build great companies
• 3 month Startup Accelerator
• Pre-Seed investment
• Expertise
• Mentorship
3
Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.Dreamitventures.com
Entrepreneurs Receive
4
Team Members
Professional Services
Community
Mentoring
Capital
Software + Resources
Expert Speakers
Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.Dreamitventures.com
Premises & Observations
• Money too early• Validation from investors• Key risks• Out-of-box techniques• De-risk before
• Pitching• Building the product
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Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.Dreamitventures.com
3 – 7 Key Assumptions
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Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.Dreamitventures.com
De-Risking Goals
• Convert assumptions into knowledge• At lowest cost• As quickly as possible
• Decrease assumptionsto increase value
• Consume intellectual capitalbefore significant outside capital
• Succeed or fail quickly7
Dreamitventures.com Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.
Common Assumptions
Positioning / differentiationDemandMarket sizeFeature setCompetitionPricing / business modelSales / adoption cycleTeamProduct developmentExecutionMarketingFinancials & forecastsFinancial needsEnterprise value
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Dreamitventures.com Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.
Common Problems
Key assumptions not captured and no time tableLittle discussion with potential customersLittle primary researchWeak demandPricing a guessMarketing field of dreamsStrategy alignment
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Dreamitventures.com Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.
Stop Waving, Start Pointing!
10
Dreamitventures.com Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.
100% Sure?
• Plans
• Presentations
• Pitches
• Financial models• Forecasts
• Estimates
• Things with numbers or graphs
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Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.Dreamitventures.com
Experiment
• Hypotheses
• Prove or Disprove
• Build -- Release, measure, learn, iterate
• Research
• Valid proxies
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Dreamitventures.com Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.
Key Investment Questions
• Key assumptions, dependencies, and timetable?
• Evidence we are looking for?
• Assumptions de-risked before further investment?
• Success criteria (e.g., market uptake; revenue; impact, financials, etc.)?
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Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.Dreamitventures.com
3 Main Takeaways
1.Key assumptions
2.Experiments
3.Convert assumptions into knowledge
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Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.Dreamitventures.com
More Info
• Redeye VC Blog: Failing Cheaper by Josh Kopelman, First Round Capital.
• Common Mistakes Made by Entrepreneurs by Mark Henricks.
• How To: Raise Money in a Down Economy by Eric Ries at KPCB.
• Discovery-Driven Growth: A Breakthrough Process to Reduce Risk and Seize Opportunity (March 2009) by Rita McGrath and Ian MacMillan (Wharton)
15
Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.Dreamitventures.com
Agenda
• DreamIt Ventures
• De-risking & discovery
• Q&A
16
Copyright © 2008-2009 by DreamIt Ventures LLC. All Rights Reserved.Dreamitventures.com
De-Risking and Acceleration
Steve Barsh, Managing [email protected] * 215.888.2101
dreamitventures.com
barshbits.com sbarsh
17
Supporters