August, 2012

Gust

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Sprint Like An Egyptian: A Tech Entrepreneurship Revolution in Alexandria

Gust

At the threshold of one of the most recognizable landmarks in human history — the sole survivor among the Seven Wonders of the Ancient World , dating back nearly five thousand years — my host was engaged in heated debate with a rotating phalanx of functionaries. As our group sweltered in the July heat on the outskirts of Cairo , each of these purported minions of the state — none of whom wore a uniform or badge — in turn blocked our entry, determined to exercise the modest amount of authority b

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Is it common for startups to have a president? Why or why not?

Gust

Startups usually begin with one or two founders who play many roles. The lead founder is likely to wear the hats of Founder, Chairman, CEO, President, CFO, CRO and CMO, while a co-founder may well be CTO, Chief Product Officer, and Programming Team Lead. As the company grows and brings on more people, even in cases where everyone wants to keep the organization ‘flat’, it simply becomes too unwieldy for the CEO to have more than six or so direct reports, or for the CTO to both code ev

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These 10 Key Elements Make a Business Plan Fundable

Gust

People ask me if they really need ANY business plan, unless they are looking for an outside investor. In fact, a business plan is needed more by you than investors, as the blueprint for your company, team communication, and progress metrics. Things that make it investment-grade for outside investors will also benefit you, since you are the ultimate investor.

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Do most angel investors make money?

Gust

The reality is that results in angel investing tend to bifurcate: “Professional” angel investors, who are investing calmly, steadily, relatively-rationally, over a long period of time and with a strong knowledge of both investment math and early stage realities, tend to not only make money, but do quite well: the average return for a comprehensive, well-managed angel portfolio is between 25% and 30% IRR.

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Investors Know A Product Doesn’t Make a Business

Gust

Why is it that most of the business plans I see are really product plans? I define a product plan as a detailed description of your product or service, with a bit of business thrown in at the end. A business plan is a detailed description of your business, with a bit of product description thrown in near the front. Don’t get me wrong. It’s definitely positive to have a product plan.

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Adding Slides Does Not Enhance Your Investor Pitch

Gust

As a member of the local Angel group selection committee, I’ve seen a lot of startup presentations to investors, and I’ve never seen one that was too short – maybe short on content, but not short on pages! A perfect round number is ten slides, with the right content, that can be covered in ten minutes. Even if you have an hour booked, the advice is the same.

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What do investors consider the most important aspect of a potential deal?

Gust

Characteristics of the Entrepreneur. Integrity, Passion, Startup Experience, Domain Expertise, Functional Skills, Leadership, Commitment, Vision, Pragmatism, Flexibility, Personality. Characteristics of the Venture. Team, Business Model, Traction, Customer Acquisition, Scalability, Defensibiity, Capital Efficiency, Churn, Time to Breakeven, Exit Strategy.