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The Startup World by Peggy Klingel
The document outlines the definition and characteristics of startups, emphasizing their focus on rapid growth and innovation. It discusses the challenges and funding necessary for startups, as well as the growing interest in the insurtech investment landscape and the importance of collaboration between startups and corporations. Finally, it highlights the need for effective communication and partnerships to drive innovation and organizational success.
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The Startup World by Peggy Klingel
- 1. The Startup World Understandingthe New Innovation Ecosystem
- 2. AGENDA • Recognizing aStartup • Startup Operations • InsurTech Investment Landscape • The Case for Collaboration 2
- 3. Recognizing a Startup Theyare all around us. 3 3
- 4. “ Startup Definitions Vary Astartup company (startup or start-up) is an entrepreneurial venture which is typically a newly emerged, fast-growing business that aims to meet a marketplace need by developing or offering an innovative product, process or service. - Wikipedia One thing we can all agree on: the key attribute of a startup is its ability to grow… a startup is a company designed to scale very quickly. It is this focus on growth unconstrained by geography which differentiates startups from small businesses. A restaurant in one town is not a startup, nor is a franchise a startup. - Forbes, 2013 • Less than $50 million revenue run rate (forward 12 months); • Less than 100 employees; • Worth less than $500 million, on paper or otherwise. - TechCrunch, 2014 A startup is a young company that is just beginning to develop. Startups are usually small and initially financed and operated by a handful of founders or one individual. These companies offer a product or service that is not currently being offered elsewhere in the market, or that the founders believe is being offered in an inferior manner. - Investopedia • Till up to five years from the date of incorporation. • If its turnover does not exceed 25 crores in the last five financial years. • If it is working towards an innovation development, deployment, or services driven by technology or intellectual property. - India Ministry of Commerce, 2015 4 4
- 5. Startups Work Everywhere Mostpeople think of work spaces like this. 5
- 6. Startups Work Everywhere Mostpeople think of work spaces like this. And spending Friday afternoons like this. 6
- 7. Startups Work Everywhere However,offices are often like this 7
- 8. Startups Work Everywhere However,offices are often like this And people sometimes feel like this. 8
- 9. Startups are Motivated Therewards for success vary by team member. 9
- 10. Startups Band Together Startupsare on a mission. 10
- 11. Startup Operations Startups arerisky. 11 9
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- 14. Startups Behave Differently andthey talk. they move fast, Startups are personal, 14
- 15. • Very earlystage • May be pre-product • Stay until ready to leave • Club-like community • Learning programs vs. Accelerator • Product & some revenue • Application to join • Usually 3 months on site • Get small funding for equity • Pitch development and demo day Startups Have Habitats 15
- 16. Angels give themmoney when they’re young. They start operating lean by bootstrapping. Their burn rate measures their cash reserves. Startups Speak Differently A down round is funded at a lower valuation. A unicorn is valued at one billion dollars or more. A hockey stick chart shows fast growth. 16
- 17. Investors hope fora profitable Exit when they sell their shares. Venture Capital is given for equity or convertible debt. Series A funding is their first meaningful cash infusion. Seed Capital gets them started to cover operating expenses. Startups Need Funding 17
- 18. InsurTech Investment Landscape Insuranceis . 18 16
- 19. InsurTech investments aregrowing. Dollars decreased 37% YoY in 2016 while transactions increased 42%. Startups Are Popular 19
- 20. The U.S. continuedto dominate activity accounting for 59% of transactions in 2016. Asia Pacific is growing in influence. Insurance Tech Deals by Geography - 2016 Startups Are Global 20
- 21. Insurers Are Investing Investmentsmore than doubled 2014 to 2016. 21
- 22. Willis & CBInsights report the highest quarter of InsurTech investments by (re)insurers with 31 investments in Q2 2017, 19% higher than Q1. Major Insurers Are Involved 22
- 23. The Case forCollaboration We are not so different. 21
- 24. Collaboration Supports Innovation • Innovate atspeed • Access new technology • Serve customers • Generate growth 24
- 25. Corporations have resources andexpertise. Startups have a different perspective. Startups Drive Innovation 25
- 26. While the companywas developing their innovation... Startups Can Disrupt 26
- 27. While the companywas developing their innovation... …the startup was building this. Startups Can Disrupt 27
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- 29. This is Notthe Answer 29
- 30. • Technology ismoving too fast to go it alone • More industries are welcoming new entrants • Competitors push each other with each new innovation • Employees are eager for new experiences • Successful collaboration is increasingly a prerequisite for industry leadership Corporations Want Startup Ideas 30 But can the corporation move at startup speed?
- 31. Corporations May Face ChallengesConnecting Business Owner Outside Counsel Intellectual Property Procurement Privacy Legal Security Innovation Department(s) Sister Companies Investments Business Lines Infrastructure Data Business Development Startup Partner Invest? Intake Form Approval Form Questions Data share? M&A or Revenue share? Questions Questions Inform Questions Regulation Impact? PII Share? Generate Revenue? Revenue Questions Inform Questions Data Share? IT resources? Data Share? Invest? Invest? IP Involved? Buy?Buy? Privacy language? Privacy language? Clarifying Questions? Draft Complex processes can be simplified while still protecting the corporation. Risk Management 31 318
- 32. Simple, effective communicationwill help connect us. Startup PartnerCorporate Partner Communication Opens Dialogue 29
- 33. • That sharetheir vision • That understand their culture • That will provide industry insights • That will encourage and support them • That want to build something together • That will not slow them down • That will help them grow Startups Want Good Partners 33
- 34. Corporations and StartupsShare Goals Growth Happy Employees Profit Customers Success Customer Satisfaction Cash Flow Recognition Innovation Positive Impact Industry Leadership Partners Opportunity Learning 31
- 35. For more informationcontact: Peggy Klingel (608) 512-8830 [email protected] Thank You Questions?
- 36. [email protected]/in/peggyklingel www.twitter.com/PeggyKlingel Priorities todrive organizational change. Business areas to understand before joining or partnering with a company. How to Start Fast and Deliver Results. A reminder of some simple steps we often forget when serving customers. Other Presentations by Peggy Klingel Leadership Principles for High Impact Results The Five C’s of a Company Review Growth Strategy Execution Understanding the Customer Journey Sales as a Team Sport The benefits of a broad organizational understanding.