Startup Istanbul 2016 / Utku Azman - Managing Director Citus Data
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Presentation of Utku Azman at Startup Istanbul 2016, 6-10 October, Istanbul, Turkey
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Startup Istanbul 2016 / Utku Azman - Managing Director Citus Data
- 2. Things you need to “unlearn” as an entrepreneur Utku Azman utku@citusdata.com
- 5. FOR AGAINST
- 6. FOR AGAINST • Pay big salaries to attract good people • No immediate sales/profit pressure • Early start to marketing, build brand • Unnecessary dilution • Spending too much time & focus on money vs. other priorities • Rushing into “not-so-smart” money
- 7. My verdict:
- 8. My verdict:
- 10. FOR AGAINST
- 11. FOR AGAINST • Hear lots of feedback, learn • Network • Practice pitching • Takes a lot of time • Too much advice, many in different directions
- 12. My verdict:
- 13. My verdict:
- 15. FOR AGAINST
- 16. FOR AGAINST • Helps focus resources • Aligns people on same goals • Let’s you measure success, failure • Rely on assumptions that may not be true • Give up other opportunities, paths • Takes time, adds overhead
- 17. My verdict:
- 20. FOR AGAINST
- 21. FOR AGAINST • Gets you a good reference • You get resources, maybe money • You may land a big deal at the end • Enterprises are slow • Engagements will tie up valuable resources • Difficult to align goals
- 22. My verdict:
- 23. My verdict:
- 25. FOR AGAINST
- 26. FOR AGAINST • Hire really good people • Minimize bad influence on team • Don’t have time to wait for prince charming • Firing is difficult... • May affect team morale
- 27. My verdict:
- 30. FOR AGAINST
- 31. FOR AGAINST • Feel good about yourself • Win competitions • You’ll probably get angel funding • It’s probably not that revolutionary
- 32. My verdict:
- 33. My verdict:
Notas do Editor
- I’m Utku, I run European business of a Silicon Valley company Citus Data. We build a distributed database that let’s you build real-time applications on billions of events. I had managerial roles at Google, McKinsey, Oracle, Intel before joining Citus, when Citus was 3 founders + 2 engineers. I had to unlearn, learn by mistakes. How many of you had jobs before? Corporate?
- Story of Mythbusters – Falling Elevator example Scientific method? Wisdom of the crowd Ask how many come from corporate jobs, for how many this is their first job
- Things that come before money. Understand the customers? Value you create? Plan out the next steps?...Bill Gross – Idealab founder analyzed 200 successful startups and lists the biggest factors to success: Timing, Team, Ideas, Business Model, Money (14%). Failures: <30% run out of cash
- Founder time and effort is the most valuable resource you have. Every minute you spend here is a minute you are not spending on studying your market, working on your product. Be very very selective of these events, workshops. Many don’t contribute as much as they claim to.
- If you don’t plan, you leave your success to random events aligning for you. Peter Thiel 0-1. If you spend the effort in planning, having a vision for the future, you better assess opportunities and what’s not working.
- You cannot afford to go into rounds and rounds of meetings, months of waiting. You will not be a big priority for them, but they will be a large time sink for you.
- The cost of a bad hire is simply too big. By the time you realize that person doesn’t fit the role, you’ve wasted a year. Contaminates the rest of the team. Cut your losses, move on.
- To emerge from competition and disrupt, it needs to be something that you’re right about and others wrong and that you believe strongly and stubbornly in.
- I’ll let you figure this one out. Just don’t forget, it’s your job to figure out whose advice to follow…