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Startups for physicists

Innovation today. . The odds have never been greater that you, as a scientist or engineer, will someday work at (or found!) a startup company.This talk is meant to give an introduction to this dynamic and important part of our economy. (Originally presented at Caltech Entrepreneur's Club.)

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Startups for physicists

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    1. Startups for physicists

    2. Innovation today Originally geared for students (ug and grad) and postdocs already interested in starting companies. More of a HOWTO. Originally geared for students (ug and grad) and postdocs already interested in starting companies. More of a HOWTO.

    4.

    5. Current endowment/pension allocation of 5% or so to VC as an asset class. Good for US economy! Current endowment/pension allocation of 5% or so to VC as an asset class. Good for US economy!

    6. Do it yourself!

    13. Intellectual level very high. Higher than most University committee meetings I’ve attended. Intellectual level very high. Higher than most University committee meetings I’ve attended.

    14. Browser, SSL engine, encryption export controlsBrowser, SSL engine, encryption export controls

    15. Modify network at single point!Modify network at single point!

    17. Do it yourself! Brief overview of an entire MBA curriculum! Fermi problems: how many gas stations in LA? How many seats does SWA have to fill to make a profit on a flight? How much does the bandwidth cost Google per search result? Negotiation: break point, how is other side analyzing the deal? Selling: what aspects of proposal are attractive to other side? What to emphasize? Sell your vision to your own team. Communication: exec team is the bottleneck for information flow within organization. Leadership: huge difference between well- and poorly-led teams. Brief overview of an entire MBA curriculum! Fermi problems: how many gas stations in LA? How many seats does SWA have to fill to make a profit on a flight? How much does the bandwidth cost Google per search result? Negotiation: break point, how is other side analyzing the deal? Selling: what aspects of proposal are attractive to other side? What to emphasize? Sell your vision to your own team. Communication: exec team is the bottleneck for information flow within organization. Leadership: huge difference between well- and poorly-led teams.

    18. Tech Startup = complicated machine with many moving parts Feedback between Information and people/technology is key. Constant modification to solve customer problems. Importance of the information processing and gathering aspect of the startup (to produce a good product) is often underestimated. Usually, there is no static product description - it evolves.Feedback between Information and people/technology is key. Constant modification to solve customer problems. Importance of the information processing and gathering aspect of the startup (to produce a good product) is often underestimated. Usually, there is no static product description - it evolves.

    19. The kitchen table

    20. Fundraising VCs are overwhelmed by business plans. Their time and bandwidth is limited - you may only have one shot! Bounded rationality: most decision makers cannot perform a first principles analysis. They rely on the judgement of others - hence the important of networking.VCs are overwhelmed by business plans. Their time and bandwidth is limited - you may only have one shot! Bounded rationality: most decision makers cannot perform a first principles analysis. They rely on the judgement of others - hence the important of networking.

    21. Dealing with VCs

    22. Managing your equity stake Burn rate, TTL. These are reasonable current valuations, not bubble valuations. Burn rate, TTL. These are reasonable current valuations, not bubble valuations.

    23. Managing and Leading Teams Transparency = predictability. If I accomplish X, I will be rewarded by Y, etc.Transparency = predictability. If I accomplish X, I will be rewarded by Y, etc.

    24. Exit Strategies

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