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October.2003 Michigan State University

October.2003 Michigan State University. Behind the Music: Real Life in a Startup. William M. Seifert General Partner Prism Venture Partners. “Nothing happens. ..unless first a dream” - Carl Sandburg ..until somebody sells something” - William McGowan. 2.

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October.2003 Michigan State University

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  1. October.2003 Michigan State University

  2. Behind the Music: Real Life in a Startup William M. Seifert General Partner Prism Venture Partners

  3. “Nothing happens.. ..unless first a dream” - Carl Sandburg ..until somebody sells something” - William McGowan 2

  4. Who is this guy, Seifert? • Graduate of Michigan State University, BSEE ‘71, MSEE ‘75 • Military Service, U. S. Army Signal Corps officer, 1971-1979 • Microprocessor systems engineer, Los Alamos National Lab, 1975-1979 • Systems Engineer, Digital Equipment Corp., 1979-1981 • Founder, Utility Infielder, Interlan, Inc., 1981-1985 • Founder, Chief Technical Officer, Wellfleet Communications, 1986-1991 • Founder, CEO, Agile Networks, 1991-1997 (acquired by Lucent, 1996) • General Partner, Prism Venture Partners, 1998-present 3

  5. What I have to say.. • Organizing a Startup • Challenges and Opportunities • What To Do Before the Money • Getting Funded • Now What? 4

  6. Organizing a Startup • The team..people, people, people • What’s the problem? • Who is the customer? • How are you going to make (me) money? • “The first casualty in war is the plan..” - General George S. Patton 5

  7. Building a Team • Focus - Customer Problems • Management Priorities • Customers • Employees • Investors • Share the equity, share the wealth-creation • Incentives work! 6

  8. People, people, people • Intellectual assets – what technology startups rely on • Experience matters • Attitude – doing whatever it takes • Who are we doing this for? 7

  9. What’s the Problem? • Concepts don’t sell - products do • Products need concepts.. • Understandable • Compelling • Nice-to-have or Need-to-have? • Successive refinement – The road to quality, customer satisfaction 8

  10. Who is the Customer? • Getting to the right people • Decision-makers vs. recommenders • Sell high, sell low • Listen, spec, implement, repeat • Understanding the market – one customer at a time… • Disruptive technologies, disruptive economics • First product success is critical – follow-on products can be incremental 9

  11. Challenges and Opportunities • Good people are essential – spread the risk! • Solutions are yours, problems are your customers • Competition – makes you better! • Investors – essential business partners 10

  12. Before the Money • Assemble the core team • Understand the customer benefits of using your product • Communicate with your constituents • Customers • Employees • Investors 11

  13. Getting Funded • Selling to your investors • Eyes on the prize – make your objectives clear • Execution matters! • Make your plan – and exceed it when possible 12

  14. Now What? • “You or your successors will be successful” • “There are only three possible outcomes to a startup situation.. two of them are acceptable, the third is not” • “Sales covers up a multitude of sins” • “Startups are about only two things: products and sales” • “Valuation doesn’t matter..so let’s use mine” 13

  15. Thank You!

  16. October.2003 Michigan State University

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