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Why do I care	

Why do others care?	

How did I get there	

First principal thoughts	

Why?	

When?	

Where?	

What?	

Who?	


European Expansion for Silicon Valley Startups	

	


Thoughts on how to think about it	


Martin Reiter	

Head of International, Airbnb (July 2011-13)	

VP International, Groupon (2010/11)	

	

Stanford Engineering School	

European Entrepreneurship and Innovation	

	

February 3 2014
Vienna...
Why Europe excites…	


Why do I care	

Why do others care?	

How did I get there	

First principal thoughts	

Why?	

When?	

Where?	

What?	

How?	


How do you know what you like without knowing what there is?
Why Europe matters…	


Why do I care	

Why do others care?	

How did I get there	

First principal thoughts	

Why?	

When?	

Where?	

What?	

How?	


Who was worth more?	

	


Can you succeed in
a global market
when you win only
in your home
country? 	

	

	

	


The world’s second
largest internet
consumer market?	

	

The third largest
metropolitan area in
Europa?	

	

What does Istanbul
mean to you?
my career… you never know where you end up	


Why do I care	

Why do others care?	

How did I get there	

First principal thoughts	

Why?	

When?	

Where?	

What?	

How?	


Fear	

	


Speed	

	


Others are different –
and it is OK	

	


before	

Curiosity	

	


now	

Toolbox	

	


Design &
Culture	

	


Physical Good
Operations
building blocks for entering the European market	

Why	


Why do I care	

Why do others care?	

How did I get there	

First principal thoughts	

Why?	

When?	

Where?	

What?	

How?	


When 	

	

&
Where	

What 	


How
why… three reasons to expand	


Why do I care	

Why do others care?	

How did I get there	

First principal thoughts	

Why?	

When?	

Where?	

What?	

How?	


Requirement	


Opportunity	


Competition
why…because of	


Why do I care	

Why do others care?	

How did I get there	

First principal thoughts	

Why?	

When?	

Where?	

What?	

How?	


Winner
takes it all	


Home is
defensible	


Local winner
can take all
why… there is more	


Why do I care	

Why do others care?	

How did I get there	

First principal thoughts	

Why?	

When?	

Where?	

What?	

How?	


Founder
Personal
Growth	


Team
diversity	


Product
when to enter Europe…	

Product	

	

You are Instagram	


Why do I care	

Why do others care?	

How did I get there	

First principal thoughts	

Why?	

When?	

Where?	

What?	

How?	


Great idea	

	

…and pretty easy
to execute	


Clone threat	

	

Others are there,
but your product is
better 	


too early	


< 8 M Series A	

	

Take liquidity risk if
you must	


too late	


Brand-driven	

	

You really want to
be first mover	


Clone Wars	

	

Others are as good
and first mover –
but you can raise
easier	


rule of thumb: 1,5 yrs OPEX burn plus 0,5 $M Marketing = 1,5 $M entry cost per European market
Your
Neighbour!	


Rocket
Internet	


DST!!	


where…	


Rakuten	

Why do I care	

Why do others care?	

How did I get there	

First principal thoughts	

Why?	

When?	

Where?	

What?	

How?	


> 1 bn	


Alibaba	


Peixe
Urbano	


Easier access and
still very big	


The nicest
opportunity…
somehow
where ... Europe at a glimpse	


Why do I care	

Why do others care?	

How did I get there	

First principal thoughts	

Why?	

When?	

Where?	

What?	

How?	


Skype, Spotify,
Klarna	


UK –
convenience is
expensive	


DE – 	

Berlin as startup
hub	

CEE – 	

Massive consumer
catch-up	


ES – 	

crisis and
opportunities	


IT – 	

Strong retail
consumer
market	

F – 	

Vente Privee and
LVMH
what works and what doesn’t – lessons from
bringing startups to Europe and around the globe	

Same Org works	

	


Why do I care	

Why do others care?	

How did I get there	

First principal thoughts	

Why?	

When?	

Where?	

What?	

How?	


	

	

	

Canada. Maybe.	


Culture works.
Somehow	

	


	

	

	

Europe 	

	

Russia/Brazil	

	

China	

	

Japan	


easy	

Tech Product works	

	


	

	

	

Australia	

	

Europe	

	

Brazil/Russia	

	

Japan/China	

	


Marketing	

	


	

	

	

Can be done centrally.
At prohibitive cost?	

	

Your biggest cash drain.
Hire accordingly.	


Operations	

	


	

	

	

Watch legal:	

China, SEA, Russia	

	

Watch shipping: 	

Russia	

	

Payments: 	

LatAm, Germany	


hard
Concrete steps to developing a European entry strategy	

1 Align the rationale

Why do you do it. Do investors, board and leadership agree?	


2 Scope the adventure
Why do I care	

Why do others care?	

How did I get there	

First principal thoughts	

Why?	

When?	

Where?	

What?	

How?	


3 Find leadership

Product leader. Business leader. Think about what it took to make your market successful. 	


4 Create playbook
5 Build and Hire
6 Operate
7 Evolve

Burn & Liquidity. Revenue & Expected upside. Markets, Headcount, Org. Good time to get help.	


Vision, Goals, Location, Processes, KPIs, Budget, Roadmap, Marketing, Communication	


Hiring manager hires. Recruiting is not HR. No stupid mistakes. Tax. Finance. Interaction. Office.	


How can you feel comfortable with what others do far away? Supporting or enduring? Team. Data. Relationship.	


If you don’t change your org once a year, I would be concerned. Correct mistakes and adjust to scale and growth.
Some lessons learned from Groupon, Airbnb 	


1 Hire well. The founder built in the U.S. – which talent can realistically replicate this in a more complex (EU) market?	

Why do I care	

Why do others care?	

How did I get there	

First principal thoughts	

Why?	

When?	

Where?	

What?	

How?	


2 Local Talent rules. The GM needs to be fluent in the language, but not necessarily a local. Talent is more important.	

3 Right organization. Make people 100% accountable – Win or Fail. Ensure proximity to the market and experience.	

4 Don’t underestimate marketing. You can theoretically do marketing from the U.S. – but great deals are negotiated in Europe.	

5 Decide upon tech resourcing. Ring fence or pool resources – International product manager yes/no…	

6 Founder must build an independent advisor network in Europe. How can you feel comfortable with what others
do far away? Supporting or enduring? Team. Data. Relationship.
How to recruit talent in Europe	


Why do I care	

Why do others care?	

How did I get there	

First principal thoughts	

Why?	

When?	

Where?	

What?	

How?	


Right role 	

	

GM or Sales Manager?	


Right hook	

	

Pitch and
Compensation	

(GM – 100-150k USD
plus same to double in
equity. VP – more.)	


4 steps to get best
talent	


Right search	

	

LinkedIn for all relevant
companies.	


Right effort	

	

Meet people via Investor
network and LinkedIn
search. Ask for referrals,
leads. Be in Europe for a
week each
Thank you	

	

Martin Reiter	

Vienna	

	

Martin Reiter	

Email: martinenjoyslife@gmail.com	

	

	

Linkedin:
http://www.linkedin.com/pub/
martin-reiter/30/ba3/64a

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Martin Reiter - (formerly) Airbnb|Groupon - Austria - Stanford Engineering - Feb 3 2014

  • 1. Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? Who? European Expansion for Silicon Valley Startups Thoughts on how to think about it Martin Reiter Head of International, Airbnb (July 2011-13) VP International, Groupon (2010/11) Stanford Engineering School European Entrepreneurship and Innovation February 3 2014
  • 3. Why Europe excites… Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? How do you know what you like without knowing what there is?
  • 4. Why Europe matters… Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? Who was worth more? Can you succeed in a global market when you win only in your home country? The world’s second largest internet consumer market? The third largest metropolitan area in Europa? What does Istanbul mean to you?
  • 5. my career… you never know where you end up Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? Fear Speed Others are different – and it is OK before Curiosity now Toolbox Design & Culture Physical Good Operations
  • 6. building blocks for entering the European market Why Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? When & Where What How
  • 7. why… three reasons to expand Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? Requirement Opportunity Competition
  • 8. why…because of Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? Winner takes it all Home is defensible Local winner can take all
  • 9. why… there is more Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? Founder Personal Growth Team diversity Product
  • 10. when to enter Europe… Product You are Instagram Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? Great idea …and pretty easy to execute Clone threat Others are there, but your product is better too early < 8 M Series A Take liquidity risk if you must too late Brand-driven You really want to be first mover Clone Wars Others are as good and first mover – but you can raise easier rule of thumb: 1,5 yrs OPEX burn plus 0,5 $M Marketing = 1,5 $M entry cost per European market
  • 11. Your Neighbour! Rocket Internet DST!! where… Rakuten Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? > 1 bn Alibaba Peixe Urbano Easier access and still very big The nicest opportunity… somehow
  • 12. where ... Europe at a glimpse Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? Skype, Spotify, Klarna UK – convenience is expensive DE – Berlin as startup hub CEE – Massive consumer catch-up ES – crisis and opportunities IT – Strong retail consumer market F – Vente Privee and LVMH
  • 13. what works and what doesn’t – lessons from bringing startups to Europe and around the globe Same Org works Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? Canada. Maybe. Culture works. Somehow Europe Russia/Brazil China Japan easy Tech Product works Australia Europe Brazil/Russia Japan/China Marketing Can be done centrally. At prohibitive cost? Your biggest cash drain. Hire accordingly. Operations Watch legal: China, SEA, Russia Watch shipping: Russia Payments: LatAm, Germany hard
  • 14. Concrete steps to developing a European entry strategy 1 Align the rationale Why do you do it. Do investors, board and leadership agree? 2 Scope the adventure Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? 3 Find leadership Product leader. Business leader. Think about what it took to make your market successful. 4 Create playbook 5 Build and Hire 6 Operate 7 Evolve Burn & Liquidity. Revenue & Expected upside. Markets, Headcount, Org. Good time to get help. Vision, Goals, Location, Processes, KPIs, Budget, Roadmap, Marketing, Communication Hiring manager hires. Recruiting is not HR. No stupid mistakes. Tax. Finance. Interaction. Office. How can you feel comfortable with what others do far away? Supporting or enduring? Team. Data. Relationship. If you don’t change your org once a year, I would be concerned. Correct mistakes and adjust to scale and growth.
  • 15. Some lessons learned from Groupon, Airbnb 1 Hire well. The founder built in the U.S. – which talent can realistically replicate this in a more complex (EU) market? Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? 2 Local Talent rules. The GM needs to be fluent in the language, but not necessarily a local. Talent is more important. 3 Right organization. Make people 100% accountable – Win or Fail. Ensure proximity to the market and experience. 4 Don’t underestimate marketing. You can theoretically do marketing from the U.S. – but great deals are negotiated in Europe. 5 Decide upon tech resourcing. Ring fence or pool resources – International product manager yes/no… 6 Founder must build an independent advisor network in Europe. How can you feel comfortable with what others do far away? Supporting or enduring? Team. Data. Relationship.
  • 16. How to recruit talent in Europe Why do I care Why do others care? How did I get there First principal thoughts Why? When? Where? What? How? Right role GM or Sales Manager? Right hook Pitch and Compensation (GM – 100-150k USD plus same to double in equity. VP – more.) 4 steps to get best talent Right search LinkedIn for all relevant companies. Right effort Meet people via Investor network and LinkedIn search. Ask for referrals, leads. Be in Europe for a week each
  • 17. Thank you Martin Reiter Vienna Martin Reiter Email: martinenjoyslife@gmail.com Linkedin: http://www.linkedin.com/pub/ martin-reiter/30/ba3/64a