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The REAL Life of an entrepreneur Matti Lamminsalo
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Start of the presentation Questions can be asked at any time – Just raise your hand Guideline: 1. My story – Ups & Downs 2. Advising– How to help others to realize their dreams 3. How to recognize a good idea 4. Tips
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Start situation I was wondering how some people manage to do 8 hours a day a work that they hated and still be fine with the situation I found many of my previous bosses were actually not too smart people I hate 8 – 16 working time I have always been wanting to create something cool I had talked with my best friend that it would be nice to have a own company
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THE START POINT
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Yossa - First market research Where would I like to go for a next weekend? Its hard to find interesting nightlife events News: Restaurant & Nightlife industry is having hard times Call to my best friend Call me back on the next day- LETS DO THIS
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Planning of Yossa Punch line: Website that tells everything you want to know about evening- & nightlife activities Goal: Our users will never have a disappointed nightlife experience Revenue model: Monthly fee, commissions, advertising.. What ever Next step: Build a website or find a programmer
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Overall Support My parents – Didn’t really know what was going on Student advisor (Opo) – Finnish the school first Teachers – Are you stupid? Friends – Are you out of your mind?
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Starting knowledge Don’t know how to be entrepreneur Don’t know how to program Don’t have any money Don’t have any support … Just super excited!
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First step – How to start Time – Leaving the school (not officially) Money – Student grant + loan Support – Get an advisor Recruiting Kristian Jokela from MTV3 Several months of thinking Lets do it!
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Pre-sales!
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Start of Yossa 10 bars & clubs as a pilot customers 1st place at Metropolia’s business idea competition Start of website programming Aalto Start-up Center Full-time work with student grant (Tim in school & Kristian at MTV3)
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Now it starts! Contacting event organizer Lots of “friend connections” in bar & nightclub scene Launch of website 1.1.2012 with 50 bars & clubs! User peak at first few days. After that small but decent traffic Lots of user feedback Improvements
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2012 - Go Big or Go home Raise of first investment 50,000€ from Business Angel Raise of 30,000€ from FFF Office at Ruoholahti, Helsinki Hire of first employee Hire of first trainee Invitation to many start-up/entrepreneur events Start of Terassit App programming
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Terassit App - Hype 14 “Loistava keksintö!” “Paistaako terassilla aurinko? Iphone kertoo” “Uusi mobiilisovellus löytää aurinkoisimmat terassit ja halvimman kaljan.” “Moderni terassihai suunnistaa mobiilisovelluksen avulla” “Ilmaisen sovelluksen avulla löydät lähistön parhaat terassit!” “Aurinkoiset terassit voi löytää nyt kännykällä”
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2013 30 paying customers Realistic overview about nightlife markets Business model pivoting New Investment Round TEKES- & Ely Funding for international growth Shark Tank Finland Launch of the Yossa App
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More knowledge App focus Finland is not big enough International market window is open but getting smaller Team is great Hype is on Its important to capture the moment!
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2014 – Everything or nothing App – Offers, discounts & reservations Fast expansion strategy VC Investment agreement – around 1m in two parts Over 50 page long SHA Warnings from current investors VC tricks
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2014 Summer Apartment from center of Barcelona Two offices and 15 employees totally in Finland & Spain 130 Bars & clubs involved in Barcelona Going out 5 times a week for business purposes Big marketing budget
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End of 2014 - Sky Falls User base is raising Good analytics & user data Best Mobile Service in Finland 2014 Spanish customers are not paying their bills! Big problems with 2 nd part of the VC investment New revenue model that gives fast cash!
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2015 – Brutal reality Need to fire 10 employee & friends Need to investment 10,000€ together with other founders Need to agree low salary Focus only in Finnish markets New revenue model: Targeted advertising Hard work for around 60-70hours per week
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2016 New business model is working Big cooperation agreements In-house VS Out sourcing & partnerships Domestic VS Internationally Board decision in Q1/2016 Big personal decision
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Benefits of advisors
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Advisors are there to help In start-up scene people are really helpful in generally Ask help & use advisors – Fast track to success Advisors are people with skills & experience who wants to help I have: 6 people advisor board 2 other senior advisors 1 Personal entrepreneur advisor Tens of close friends, entrepreneur and industry specialists
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My Advisoring career Willingness to talk about passion is working on everyone! 2012 – People and other entrepreneurs started to reach me 2013 – I was getting confident about my skills & knowledge 2014 – Professional start-up advisor since
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How to recognize a good idea 1.Your passion 2.Overall market need
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Case Study - Ivalo 2 nd hand Panda – Market place to buy- & sell everything you want. Really easy to use Swappler – Market place for 2 nd hand clothes Ivalo – Market place for fashion designers
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General Tips – Everyone fails If you analyze your behavior, failing is one of the most fastest way to learn Making mistakes is totally fine, but if you make same mistake twice you are stupid If you don’t try, how can you know Doing something you scare but love gives you the best adrenaline rush
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General Tips – Analyze risks Bankrupt mark that lasts 5 years Unstable income Long working hours
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General Tips – Just do your thing Everybody is in charge of their own life Don’t listen nobodies unless you want to become a nobody Only listen to people who you admire and/or who you would like to become Just do your thing and don’t listen bullshit!
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General Tips – Get advisors Contact every single person who you would like to get advices or help you People like to talk with like-minded People like to help others. Especially if you respect or show that you admire them What is the worst thing that happens? – They say: NO
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General Tips – Copy/Paste Many great things have been invented Making a great product is about putting lego pieces together Outsourcing is the key of IT-entrepreneurs Really few things can be pattented Don’t be shame of copying!
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General Tips - Team At the beginning everybody needs to know about everything Your goal should to have an All-star team where every single person have area/s where they are awesome Giving shares / options for shares motivates people a lot
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General Tips - How to be a boss Others Its your company – your rules Hire only people you trust – Micromanaging sucks Yourself Measure, measure & measure Clear tasks In long-term your goal is to be come a ”manager of the team”
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Last words Everything is up to you! Its your life make the MAX out of it! Don’t be ashamed for being awesome and believe your dreams and work for them!
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Contacts Matti Lamminsalo Serial Entrepreneur & Start-up advisor +358 40 500 2607 matti.lamminsalo@gmail.com
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