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Dealing with Failure - Keith Smith

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Keith Smith's presentation on the failure of Zango during the 2008 financial crisis and lessons he learned about minimizing the risk of failure. Given at StartupDay 2010.
http://www.seattle20.com/startupday

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Dealing with Failure - Keith Smith

  1. 1. Keith Smith Co-Founder & CEO BigDoor
  2. 2. <ul><li>The story of my previous company - Zango </li></ul><ul><li>7 lessons I never wanted to learn </li></ul>What I want to talk about today…
  3. 3. NASDAQ Composite – 1999 to 2009 The 10 Year Zango Story A decade of utter joy , mixed with pain , covered with learnings .
  4. 4. Started Zango a “playroom” startup Raised Our Series A Financing Divorce “ too broke to file for bankruptcy” Raised a “bridge” NASDAQ Composite – 1999 to 2002 Zango as the Startup
  5. 5. “ Found” the right product NASDAQ Composite – 2002 to 2008 Raised $40MM Took on debt to buy companies Zango as the Growth Machine Hyper-growth begins
  6. 6. Debt covenant is tripped NASDAQ Composite – 2008 to 2009 Zango sold in (very) short sale Zango Dies Lender’s call our loan – sweep cash 23 Consecutive Quarters of Profits + 1 Quarter of Losses = Death Founders pour millions into the company
  7. 8. 1. Make a lifetime decision “ Never give in, never give in, never; never; never; never - in nothing, great or small, large or petty - never give in except to convictions of honor and good sense”
  8. 9. 2. Understand Your Equity Class
  9. 10. 3. Interview Your Replacement
  10. 11. 4. Know Your Core Values
  11. 12. 4. Know Your Core Values <ul><li>More Fun...More Money: We have and enable fun and in doing so we help our customers and partners improve their businesses. </li></ul><ul><li>Customers Are Our Priority: We are passionate about our customers and partners and endeavor to respond to any request from them within two hours. </li></ul><ul><li>The Platform Matters: The BigDoor API is available, consistent, secure, extensible and clearly communicated. We use agile methods and continuous deployment to move quickly and prefer to use open-source and make our code open-source as much as possible. </li></ul><ul><li>Meritocracy Is Our Way: We value our employees and their results. We aim to promote and compensate based on merit by placing a premium on results. </li></ul><ul><li>Spend Time & Money Wisely: We are committed stewards of BigDoor's limited time and money and this is reflected in the frugality of our ways. </li></ul>
  12. 13. 5. Build Your Team
  13. 14. 6. Know Which Balls To Drop
  14. 15. 7. Love Beats Money…Barely
  15. 16. <ul><li>Keith Smith Co-Founder & CEO 206-769-3536 skype: keithlloydsmith follow me: @ChiefDoorman [email_address] </li></ul>Thank You
  • Bhagabatiprasad

    Nov. 11, 2015
  • katiefluther

    Aug. 23, 2014
  • shvmdhwn

    Jun. 11, 2013
  • mybella512

    Sep. 29, 2011
  • jonis12

    Feb. 5, 2011
  • stephengay

    Jan. 21, 2011
  • BryanStarbuck

    Sep. 29, 2010

Keith Smith's presentation on the failure of Zango during the 2008 financial crisis and lessons he learned about minimizing the risk of failure. Given at StartupDay 2010. http://www.seattle20.com/startupday

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