Mi hanno chiesto se avevo qualcosa da dire riguardo il mondo delle startup. Ho ripreso una presentazione già fatta in altro contesto (Pillole Digitali di Omar Cafini). Ho condito con qualche esercitazione pratica, spunti da libri di management e "riviste patinate" del settore e le 10+10 ore di lezione sono volate.

1. Progetto “Mediterranean Center
for Human Health Advanced
Biotechnologies (Med-CHHAB)”
Palermo, 17-20 dicembre 2013

2. "It took almost 4 years, a few
business model changes and 348
investor pitches before...“
(1)
Benvenuti nel fantastico mondo
delle startup!

3. Agenda
•
•
•
•
•
•
Chi sono
Introduzione
– Cos’è una startup
– In che contesto vive
– Perché è una cosa seria
La (mezza) maratona
– L’idea
– Il team
– Parenti, amici e lo zio d’America
Show me the money
– Il percorso netto di una startup
– Angel investor, venture capital ed exit strategy
Consigli di lettura per la sera
Domande e risposte

4. Chi sono
Floriano Bonfigli
@io_floriano
floriano.bonfigli@gmail.com

5. Chi sono
Teoria @
Pratica @

6. Cos’è una startup?
Revenue
SME
t

7. Cos’è una startup?
L’unica verità
Revenue
Startup
SME
t
Fonte: Startup School, Università di Stanford

8. In che contesto vive, dovrebbe vivere...
Celebrating
Tolerating failure
Meritocratic
Government
Tax & Incentive
Laws e.g., bankruptcy
Demand
Culture
Economy
Big companies
Invention
Universities
Corporate R&D
Entrepreneurs
Funding
Labor pool
Education
Network
Infrastructures
Physical
Services
Debt & Equity
Full range of options

9. Perché è una cosa seria?
(2)
(3)

10. La (mezza) maratona

11. L’idea – a chi viene
6
luoghi
comuni
da
sfatare
1. They were the
smartest and
most high
achieving people
in the classroom.
2. Entrepreneurs
are selfish and
individualists.
3. Entrepreneurs
are born, not
made.
4. Entrepreneurs
love risk.
5. Entrepreneurs
are successful
because they are
charismatic.
6. Entrepreneurs
are
undisciplined.
(2)

12. L’idea – Parliamone, parliamone, parliamone...
I am Floriano Bonfigli, founder and CEO of Collabobeat.
Presentiamoci, è buona
educazione...
We are developing a digital platform helping doctors share visit notes
with their patients. In fact, up to 80% of medical information provided to
patients by healthcare practitioners is forgotten immediately. This is
bad, very bad ,because patients feel lost and doctors loose their trust.
Quale problema
risolviamo?
The market we are addressing is worth more than €60B and is growing
at a 22% rate.
‘’$how me the money’’
We have a private beta and are looking for doctors willing to join our
community of early adopters, people willing to influence and shape the
solution, right from the beginning, together with us! Do you know some
open minded doctor? Please, put me in contact with them. They will like
Collabobeat, so will their patients!
Call to action / Invito all’azione

13. Il team

14. Il team – Ma dove lo trovo?
Houston,
abbiamo un
(primo)
problema...

15. Il team – Ma come lo trovo?

16. Il team – Ce l’ho, quindi?
Business
Plan
Business
Model Canvas
et similia
=

17. Parenti, amici e lo zio d’America
Ovvero l’arte del bootstrapping 1/2
Bootstrapping is tough, but you're not alone!
NEVER pay to pitch. EVER. EVER EVER. FOREVER EVER. cc
How many of you like to sell? The rest of you, change your
attitude or you're f*cked.
Volunteer at conferences - you'll get in free, and have
back-stage access
Don't pay for stock photos, search flickr for creative commons.
Buy Google AdWords against your competitor's name.
Meeting at Starbucks? The cheapest item is tea. SMALL tea.
Don't buy a fancy logo design, you can fix that later.
Using the royal 'we' is perfectly acceptable when you're a oneperson team.
Find a competitor's EULA and modify; don't pay to write your
own. Also good for: Privacy Policy & contracts.
Try it once, clarify, then succeed second time.
The best "Social Proof" is paying customers.
Push for coffee rather than lunch meetings. It's cheaper
and easier to leave.
Free is not a business model. The gap is from zero to one penny get people to pay anything.

18. Parenti, amici e lo zio d’America
Ovvero l’arte del bootstrapping 2/2
You should get to know personally your first 100 customers.
Build a relationship and impress them.
Fitness hack: run home from meetings (but not to them).
Trust other people, you are in charge of quality.
Google "XYZ coupon code" before you buy anything online.
Build your "Buy Now" button before your product. If
they won't click buy now, it's not worth building.
Charge more than all your competitors when you
start, to ensure your users love you.
Events are a great source of the best kind of beer: FREE beer.
Run or bike your commute. Don't pay for public transportation.
Go to a different startup event every night - free pizza for life!
Make friends in lots of cities so there is always a couch to crash on
Have a cheesy trademark outfit that people will remember you
by. VCs will fund that shit.
In marketing, there are only 2 things that matter - who are
your customers and where are they
You will not succeed like Instagram, sorry about that!
You'll never have all of the information.
(6)

19. Show me the money

20. Chi ci mette i soldi?
200.000.000$
Il percorso netto
Collocazione in Borsa
Fatturato
Cash-flow
2.000.000$
200.000$
20.000$
t
(7)

21. L’angel investor
Imprenditori
o manager
che hanno
fatto
fortuna e
che hanno
voglia di...
1. ...ridare
indietro al
tessuto
economico
locale un po’ di
quello che hanno
ricevuto.
4. ...investire
proprio capitale,
ma solo quello
che si è disposti
a perdere, a non
rivedere più.
2. ...provare
l’emozione e
l’orgoglio di
lanciare un
nuovo
imprenditore.
5. …investire in
qualcosa di cui ci
si è
perdutamente
innamorati, team
e/o prodotto.
3. ...imparare
come va ora il
mondo, dal neoimprenditore,
stando dietro le
quinte.
6. ...metterci
tempo e faccia!

22. L’angel investor
From the startup perspective
financing is not the central
input of angels (8)

23. Il venture capitalist
Definition
Financial intermediaries providing to privately held enterprises equity,
risk sharing, managerial expense, contacts and reputation.
Financing process, funnel
Investment portfolio
1000 leads generated
Defaults
60%
Breakeven
12%
Fire sales
10%
Zombies
8%
IPO/M&A
6%
Good IPO/M&A 4%
Wild Ones (IPO) 0%
150 meetings
70 pursued
8 financed
(9)

24. Il venture capitalist
Esempio accademico
Year 1
Year 0
Pre
money
Post
money
0
$13.2M
Step 1.
Step 2.
Step 3.
Earnings
Year 2
0
Year 3
Year 4
0
0
Year 5
Pre
IPO
Post
IPO
$5M x 20 = $100M
$5M: earnings after 5 years when company goes public, number coming from your business plan
20: value multipler for this kind of company when going public, number coming from the market
$100M: expected values of the company going public
IF
In 5 years value of the
company will be $100M
Then
Now, the value of the company is
$13.2M (some financial math applied)
Venture Capital will ask 5/13.2= 38% to invest $5M
(10)

25. Storia di 4 exit, 100% made in Italy
• Nel 1962 avvia una produzione nel garage della sua abitazione,
fonda la Miraset. Nel 1964 muta la ragione sociale in Sterilplast.
• Nel 1966 mette assieme un gruppo di tecnici e sviluppa un rene
artificiale, tale divisione viene chiamata Dasco. Il rene è molto
richiesto, l'azienda assume il nome di Dasco. Nel 1969 ne cede il
controllo alla casa farmaceutica Sandoz.
• Nel 1973, con l'appoggio degli amici-investitori storici, fonda
la Bellco per produrre sistemi in concorrenza con la Dasco. Il
successo della cessione di Dasco, lo convinsero a ripetere
l'operazione nel 1977, vende la Bellco ad ENI.
• Di nuovo riparte con una nuova azienda, la Dideco. Nel 1986 la
cede al gruppo Pfizer.
• Nel 1982 fonda la Darex in concorrenza con Dideco e la vende nel
1995 al colosso Tyco-Mallinkrodt.
• L'ultima creatura di Veronesi è la Starmed, fondata nel 2003.
Sulla destra, Mario Veronesi al MEDTEC Italy 2013
di Modena, del 3 ottobre 2013.
(11)

26. L’ultima IPO
I fondatori di Twitter
poco prima dell'IPO
posseggono:
@ev 12.0%,
@jack 4.9% e
@dickc 1.6% (CEO).

27. Thanks included!
@io_floriano
floriano.bonfigli@gmail.com

28. Consigli di lettura per la sera
1. Cos’è una startup – Annal Vital, How Many Times Should You Try Before Success?
http://fundersandfounders.com/how-many-times-should-you-try/
2. Cos’è una startup – Brett Martin, Postmortem of a Venture-backed Startup Lessons Learned from the rise and fall of
@Sonar https://medium.com/p/72c6f8bec7df
3. Cos’è una startup – Paul Graham, Startup = Growth, http://paulgraham.com/growth.html
4. Parenti, amici e lo Zio d’America – Paul Graham, Do things that don’t scale http://paulgraham.com/ds.html
5. Parenti, amici e lo Zio d’America – Slava Akhmechet, 57 startup lessons
http://www.defmacro.org/2013/07/23/startup-lessons.html
6. Il Venture Capitalist – George Deeb, Lesson #32: How to Value Your Startup Business
http://redrocketvc.blogspot.it/2011/05/lesson-32-how-to-value-your-startup.html
7. IPO – Facebook S-1
http://www.sec.gov/Archives/edgar/data/1326801/000119312512034517/d287954ds1.htm#toc287954_7

29. Riferimenti bibliografici
(1)
(2)
(3)
(4)
http://fmineiblog.wordpress.com/2013/07/18/the-self-conscious-entrepreneur/
(10) http://ocw.mit.edu/courses/sloan-school-of-management/15431-entrepreneurial-finance-spring-2011/lecturenotes/MIT15_431S11_lec01.pdf
http://youtu.be/M7VZIbeUrSU
http://youtu.be/415iM8rr1X8
(11)
http://it.wikipedia.org/wiki/Mario_Veronesi
http://www.forbes.com/sites/groupthink/2013/07/10/six-whopping-lies-told-about-entrepreneurs-sometimes-by-entrepreneurs-themse
(5)
* Coppola, A. (2011) What investors want, and how to
successfully pitch them. [Presentation] InnovactionLab,
Spring 2011.
(6)
https://twitter.com/ramencamp
(7)
http://fundersandfounders.com/how-funding-works-splitting-equity/
(8)
http://www.mit.edu/~aschoar/KLS-Angels-June2011.pdf
(9)
http://www.slideshare.net/mindthebridge/mtb-italytour-2011-alberto-onetti

30. Flickr credits
@ garrynight
@ Raymond Larose
@ Bob Xu
@ apple_vinci
@ Mathieu Thouvenin
@ Håkan Dahlström
@ miuenski
@ Nick Grabowski
@ ilmungo
@ onigiri-kun
@ Kimberly Kling (Joyful Roots)
@ angelocesare
@ davemmett
@ Nardino