Concept to Success: Milestones for Startups Mark Harward CTO, Syndiant, Inc.
Outline 1. Introduction to Syndiant 2. Quick history: Lessons learned, personal challenges, start-up team building 3. Searching for the right problem to solve 4. Searching for the right dance partner – a “teaching customer” 5. Corporate Governance 6. Keeping score 7. Be open-minded and ready to adapt 8. What is intellectual property good for? 9. Perspectives on Semiconductor 10.Perspectives on India Syndiant Confidential Syndiant Keith Lewis· January 6, 213· Page 2
Introduction to Syndiant Syndiant Inc. is an Optical Device company founded in 2004. Syndiant designs and manufacturers light modulating panels for high resolution displays used in ultra-portable projectors small enough to embed in a glasses. Syndiant's patented all-digital smart panel technology, enables the world's smallest personal display devices that uniquely meet cost, power, size and resolution requirements. 3 Syndiant Confidential Syndiant Confidential Information
Syndiant - Enabling Large Screen Experiences with Handheld Electronics Syndiant’s technology is the gateway to view and share high Large Screen Experience resolution content Optical Module Syndiant VueG8 Panel Projection Device 4 Syndiant Confidential Syndiant Keith Lewis· January 6, 213· Page 4 Syndiant Confidential Information
Syndiant Confidential Syndiant Keith Lewis· January 6, 213· Page 5
Key Market Segments Tablet PicoTV & Video STB Laptop Game Phone DVC HUD Accessory Near Eye Syndiant Confidential Information Syndiant Confidential Syndiant Keith Lewis· January 6, 213· Page 6
mi- Stand™ iPhone™ iPad mini™ iPad™ 7 Syndiant Confidential Syndiant Keith Lewis· January 6, 213· Page 7 Syndiant Confidential Information
mi - Slide™ 8 Syndiant Confidential Syndiant Keith Lewis· January 6, 213· Page 8 Syndiant Confidential Information
mi-TV ™ Syndiant Confidential Syndiant Keith Lewis· January 6, 213· Page 9
Heads-Up Display (HUD) 10 Syndiant Confidential Syndiant Keith Lewis· January 6, 213· Page 10 Syndiant Confidential Information
2. Quick history: Lessons learned 1. Built the wrong culture in 1 st start-up. Had to fix it. 2. Self employed technician or entrepreneur? 3. Team building: a) Recruiting rules b) Culture of accountability c) Discuss how difficult decisions will be made Syndiant Confidential Syndiant Keith Lewis· January 6, 213· Page 11
3. Searching for the right problem to solve 1. Opportunity assessment matrix a) Gather information, analyze, and then make the best decision on which opportunity to attack b) After making decision, retain the documentation and periodically review assumptions. Syndiant Confidential Syndiant Keith Lewis· January 6, 213· Page 12
4. Searching for the right dance partner 1. Find a teaching customer who: a) Wants you to succeed, b) Believes in your solution enough to try it, and c) Does not want to keep your product/service out of the hands of other prospective customers 2. You want a customer who thinks it is worth their time to communicate to you how to improve. a) Be thankful for every word they share. Do not be defensive. 3. Focus on a very few customers as our initial efforts usually leave much to be improved upon. 4. “Crossing the Chasm” by Geoffrey Moore 5. “The Four Steps to the Epiphany” by Steven Blank Syndiant Confidential Syndiant Keith Lewis· January 6, 213· Page 13
5. Corporate Governance 1. Learn the fundamentals of corporate governance 2. Building the BOD a) Spend enough time with nominees to feel good about the relationship chemistry. If there is friction when there are no problems, tough times will be terrible. b) Seek members whose strengths compensate for any team weaknesses. c) If investors will not allow you the BOD you want, then build a Board of Advisors. d) Directors & Officers liability insurance e) Keep your board informed. They need bad news immediately so they can help. Communicate ahead of board meetings so they can digest the information. Syndiant Confidential Syndiant Keith Lewis· January 6, 213· Page 14
6. Keeping Score 1. If business is a game, accounting is how we keep score. a) You may be on your second start-up before you understand the importance of basic concepts such as defining the chart of accounts needed to track the business. b) Learn to budget and track compliance. c) Financial controls are necessary to help keep your team and professional service providers honest. There are many embezzlement victims out there. Syndiant Confidential Syndiant Keith Lewis· January 6, 213· Page 15
7. Be open-minded and ready to adapt 1. Do not fall in love with your strategy & business model. a) The best market for your solution may not be the first market that you attack. b) The business model we initially propose must be significantly revised. Syndiant Confidential Syndiant Keith Lewis· January 6, 213· Page 16
8. What is intellectual property good for? 1. Filing IP is expensive, so be very discerning 2. “first to file” rather than “first to invent” forces companies to invest in IP sooner. 3. Provisional patent filings buy you a year to complete the actual filing or walk away from the idea. Know that one can only write claims on what is taught in the spec in the provisional application, so you have to put serious work into that. 4. What are patents, anyway? If, in a world of 3 legged chairs, I patent a 4 legged chair, do I have the right to build 4 legged chairs and not fear litigation? Syndiant Confidential Syndiant Keith Lewis· January 6, 213· Page 17
9. Perspectives on Semiconductor 1. Concede the high NRE space to the big boys a) Few successful semiconductor exits, so the IRR does not justify the huge investment risk of “short channel” chip solutions. 2. Consider product areas that can use “long channel” technologies. Smart power, analog and RF are all ripe for innovations. 3. Consider product ideas at the subsystem or even the system level. Syndiant Confidential Syndiant Keith Lewis· January 6, 213· Page 18
10. Perspectives on India 1. India has great advantages a) Huge English speaking technical workforce b) Favorable exchange rate c) Perception of respect for IP. d) Lower costs for labor, G&A, EDA, some equipment. 2. India has great opportunities a) Ability to innovate and commercialize innovation can improve immensely. b) Find left-brain creative people to help us look at problems from different perspectives. c) Market assessment and product definition are critical, but do we appreciate the need? One must be able to communicate value before one can sell it. Syndiant Confidential Syndiant Keith Lewis· January 6, 213· Page 19
Conclusion Three years from now, we will look back on today and see many ideas in products and services that we will kick ourselves for not having thought of them. There are countless problems to which our eyes are presently blind. See them. Solve them. Syndiant Confidential Syndiant Keith Lewis· January 6, 213· Page 20
Thank You I have an outline of thoughts that may be helpful for those of you who have not yet been through a complete start-up cycle. If you would like me to send it to you, please email your request to: mgharward@gmail.com . The World ’ s Leading LCOS Display Company
Syndiant Customer Base Syndiant Confidential Syndiant Keith Lewis· January 6, 213· Page 22 Syndiant Confidential Information
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