Building a High Growth Startup in Buffalo, NY
Download as pptx, pdf1 like258 views
The document provides an overview of the key considerations for building a high-growth startup in Buffalo, including the need for money, power, and respect. It discusses sources of funding such as friends and family, incubators, angels, venture capital, grants, and savings. It also outlines important aspects like having the right people, securing a good working space, developing strategic plans and pitches, marketing and promoting the business, legal entity structures, mentors, customers, and additional reading materials. The overall message is that success requires addressing financial, operational, legal and relationship factors.
Building a High Growth Startup in Buffalo, NY
- 1. Building a High Growth Startup in Buffalo Survivalist Entrepreneurship
- 2. What do you need? Money, Power, Respect.
- 4. Other Peoples Money Friends and Family Bank of Mom & Dad Part-Time Contracting Incubators Z80 Labs STOR (UB) D!G (BNMC)
- 5. Other Peoples Money Angels Western New York Venture Assoc. Buffalo Angels (part of WNYVA) Rochester Angel Network Venture Capital & Banks Youre probably not ready -- yet.
- 6. Other Peoples Money Vocabulary Equity Liabilities (Debt) Assets Pro Forma Financial Statements Common stock Preferred stock Break Even Point
- 7. Other Peoples Money Vocabulary Convertible Promissory Note Seed Round A-Round Term Sheet Exit Acquisition (M&A) Initial Public Offering (IPO) Out of Cash (OOC)
- 8. Grants New York State Startup-NY UB Center for Advance Technology National Grid 43North (Not really a Grant) Federal SBIR STTR
- 9. Savings Pros: Maintain Equity Skin in the game Youve already done the work Cons: 100% of nothing is less than 30% of something 3 out of 4 - Startups Fail
- 11. People Founders: Friends Family Partnerships are likely to fail.
- 12. People Contractors: Lawyer Book Keeper Developers Designers Product/Project Managers If its not your core competency and you have cash, outsource it. Trade with people.
- 13. Place Co-working Co-Work Buffalo The Loft D!G Incubators Z80 STOR D!G
- 14. Planning Internal Documents Strategic Plan Mission Vision Values Whatever people with money ask you for. External Documents Business Plan Summary (6 Pages) Pitch Deck (10 際際滷s) Executive Summary (1 Page) Elevator Pitch (30 Seconds)
- 15. Promotion Public Relations Buffalo News Business First Art Voice Block Club Spree Networking Events Marketing Social Media Trade Shows Advertising SEM
- 16. Monopoly on Violence Taxes Federal State Estimated Quarterly Self-Employment (15.3%) Sales Get a Tax Lawyer Theres no such thing as accountant-client privilege
- 17. Monopoly on Violence Types of Entities S-Corp Taxes Pass-through & <100 shareholders C-Corp Possible Double Taxation & >100 shareholders Benefit Corporation Maximize Social Good not necessarily Shareholder Value Limited Liability Company(LLC) Doing-Business-As (dba) Get a Lawyer. All of these have assorted fees, requirements, benefits, and drawbacks.
- 19. Respect Mentors: Tell you what to expect Review your work Connect you with their networks Advisors: All of the above Invest in your company
- 20. Customers Customers: Tell you why you suck Break your products in new and interesting ways Are your Boss/Gods Pay you money Allow you to exist
- 21. Other Companies Startups: Commiserate with you Allow you to learn vicariously Give you hope Strategic Partners: Are bigger than you Use your product or resell it (OEM) Are better than you at building a part of the solution youre selling May acquire you
- 22. Additional Reading Books: Finance for Non-Financial Managers Dead on Arrival: How to avoid the legal mistakes that could kill your start-up The Lean Startup Four-Hour Work Week Crush It Blogs: TechCrunch StartupBuffalo.org Seth Godin Kevin Kellys 1,000 True Fans Education: UBs Center for Entrepreneurial Leadership