Building High Growth Startup Buffalo
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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.
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Building High Growth Startup Buffalo
- 1. Building a High Growth Startup in Buffalo Survivalist Entrepreneurship
- 2. What do you need? Money, Power, Respect.
- 4. Other People’s Money Friends and Family • Bank of Mom & Dad • Part-Time Contracting Incubators • Z80 Labs • STOR (UB) • D!G (BNMC)
- 5. Other People’s Money Angels • Western New York Venture Assoc. • Buffalo Angels (part of WNYVA) • Rochester Angel Network Venture Capital & Banks • You’re probably not ready -- yet.
- 6. Other People’s Money Vocabulary • Equity • Liabilities (Debt) • Assets • Pro Forma Financial Statements • Common stock • Preferred stock • Break Even Point
- 7. Other People’s 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 • You’ve 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 it’s 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 Slides) • 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 – “There’s 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 you’re 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 Kelly’s “1,000 True Fans” Education: • UB’s Center for Entrepreneurial Leadership