Berlin Startup Learnings, Tips, Tricks: Dutch startup Tour Berlin Nov13
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Presentation about key learnings of building a fast growing startup based from Berlin (Germany). What to do, what not to do. What are key tips and tricks? Learn from the learnings. Let's initiate some best practice sharing! Follow me on twitter @gunnarberning !
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Berlin Startup Learnings, Tips, Tricks: Dutch startup Tour Berlin Nov13
- 1. Berlin, November 2013 Startup Tour @Axel Springer Plug & Play Confidential - © 2013 twago 0
- 3. Intro Gunnar Founder and former CEO of twago.com Consulting (startups, business models, strategy, market places etc) Mentoring Axel Springer Plug&Play Preparing „the next big thing“ Confidential - © 2013 twago 2
- 6. twago ... ... is the #1 European marketplace for cloud working – we democratize the world of working ... focusses on everything which can be done online from anywhere in the world … eliminates geographical boarders for contract work … provides small medium businesses access to more than 190,000 freelancers and experts in the cloud from 189 countries – they realize 24/7 the 23.000+ client ideas ... contractors offer a wide range of online skills - from websites, online shops, mobile, logo- and graphic design to marketing, translations or writing ... has currently a clear focus on Europe with 7 local versions, local native experts Confidential - © 2013 twago 5
- 7. 30 out of 100 working people will work online as freelancer. They need jobs! Confidential - © 2013 twago 6
- 9. twago is the Wirtschaftswunder for freelancers worldwide More jobs More income Growth Safety Less admin hassle It is time to pay attention to Germany’s new Wirtschaftswunder. about the German economy Confidential - © 2013 twago 8
- 10. For customers: Get results easier and faster for half of the costs - The twago way saves time and money Before Today Time savings: about -50% Cost savings: up to -70% Confidential - © 2013 twago 9
- 14. Marc Andreesen „If you turn to profitability too early, you might end up as a small company!“ Confidential - © 2013 twago 13
- 17. Scaling is a mind game • Manual work kills scale 1 2 • Invest in automation and processes (I know, I know) 3 • Working with templates (SEM landigpages, etc.) • If you wonna go global, have 4 the option to quickly add different languages 5 • Avoid local adaptions Posted Projects / Month 1000 800 600 400 200 and ... 0 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 Confidential Never lean back - © 2013 twago 16
- 19. twago has successfully monetized the world of work: We combine transaction fees with established subscription model with recurring revenues Transaction model 5€ - 79€ value add features such as highlighting of projects or projects with NDA Memberships with recurring revenues (Freemium Model) Highest priced in industry Confidential - © 2013 twago 18
- 20. We changed major topics From... To... Offshoring Outsourcing Marketplace only Combined Marketplace and Memberships All countries immediately Focus on core countries Confidential - © 2013 twago 19
- 23. Teambuilding Hire only team members which make you better, not bigger Start Now • Hire only team members which make you better rather than bigger • Use the methods of headhunters: LinkedIN and Xing • Create entrepreneurs – make them responsible • Enable them to take decisions! • Keep your risk under control: Use interns and trainees • Min. duration = 6 months • Really good people = high salaries, compensate with equity, • Make a cut if it doesn’t work • Invest your time: Coaching, coaching, coaching • Celebrate! Confidential - © 2013 twago 22
- 24. Don‘t be afraid of paying high salaries for GREAT people – it‘s worth it My Salary Confidential Best Employee - © 2013 twago 23
- 25. Create a unique company culture Your team must love to work with you and for you Confidential - © 2013 twago 24
- 26. Have fun Confidential - © 2013 twago 25
- 28. Friday lunch all together Confidential - © 2013 twago 27
- 31. Impressive press coverage with more than 600 positive clippings helps us on the way to a global leader Confidential - © 2013 twago “In countries like Italy, Portugal, Spain and, increasingly, France, where ongoing austerity measures and a tough 30 business climate are having a devastating impact on permanent employment, it’s really encouraging to see Twago growing in these markets” (Top French Tech Blog ,31.01.2013)
- 32. Journalists and our users selected twago several times for awards We are honored to have an award winning team Mass media loves us: hundreds of articles worldwide Source: Voting for TheEuropas Award (techcrunch), TheNextWeb, Wirtschaftswoche et.al. Confidential - © 2013 twago 31
- 35. Do not start with 3 people overhead – Co-founders should be nerds! Confidential - © 2013 twago 34
- 36. Non experienced guys might lead to wrong setup and missing speed later Confidential - © 2013 twago 35
- 39. Don‘t be afraid of the holy cows – Be faster with the B-players Confidential - © 2013 twago 38
- 42. Stay flexible and ... ... adapt to customer needs and learnings Confidential - © 2013 twago 41
- 43. We changed major topics From... To... Offshoring Outsourcing Marketplace only Combined Marketplace and Memberships All countries immediately Focus on core countries Confidential - © 2013 twago 42
- 44. Work on the most important topics which solve your problem (recurrings) Put more resources on it Courage for more own ideas Have great people – no divas Confidential - © 2013 twago 43
- 46. Building the product – We eat our own food twago made use of outsourcing and offshoring: Product specification: Spec. Homepage-Design: Germany Coding: Russia Translations: Switzerland Branding/Name: USA Design of Webseite: Canada Design of Company Logo: Which experts to choose depends on your requirements expertise Savings roughly 60% (Internally) Philipines twago successfully showed the „proof of concept“ – Huge chance for all startups Confidential - © 2013 twago 45
- 49. Analyze, analyze, analyze: Measure – think – change! Traffic and customer behaviour Conversion tests (A/B) Key drivers Confidential - © 2013 twago 48
- 50. Landing Page Test optimized conversion rates and reduces user acquisition costs significantly Landing Page A/B Test Old Design Improvements New Design Few words: Focus „Clean“ Build trust: Verisign Logo, Phone number, green bulltes Reduce exit-options 3%* 20%* Quelle: twago Confidential - © 2013 twago 49
- 53. Funding is very time consuming Ask for enough money Include buffer in your business planning Avoid too many rounds Confidential - © 2013 twago 52
- 54. Raising Capital – Welcome to lemming country • The right target group – VCs, Angels, Family offices, Strategic investors • How much? Not 1.0 Mio.! • If you have one, you have many • Expect stupid VCs • Contact them en-block – everybody at the same time, not sequentially • Don‘t use „businessplan@earlybird.com“ • The market is setting your price, not the VC valuation method • Create and show your BATNA (best alternative to negotiated agreement) • You can be peer to everybody • Everything takes longer, expect 6-9 months • Don’t over optimize the percentages • It’s over when it’s over Confidential - © 2013 twago 53
- 56. Expect the unexpected Confidential - © 2013 twago 55
- 57. Thanks and feel free to follow me... www.facebook.com/gunnarberning www.twitter.com/gunnarberning or email me: Gunnar.Berning@gmail.com Confidential - © 2013 twago 56