all right everyone thank you very much my name is Sergio Marrero and today I’m
my name is Sergio Marrero and today I’m
my name is Sergio Marrero and today I’m going to talk about building startups
going to talk about building startups
going to talk about building startups and and more specifically I’m gonna
and and more specifically I’m gonna
and and more specifically I’m gonna share a little bit about my journey talk
share a little bit about my journey talk
share a little bit about my journey talk about my research that I started at the
about my research that I started at the
about my research that I started at the Harvard Business School and the Kennedy
Harvard Business School and the Kennedy
Harvard Business School and the Kennedy School of Government focused on startup
School of Government focused on startup
School of Government focused on startup factories that these organizations
factories that these organizations
factories that these organizations accelerating the pace of innovation and
accelerating the pace of innovation and
accelerating the pace of innovation and launching new ventures into the world my
launching new ventures into the world my
launching new ventures into the world my journey started launching an
journey started launching an
journey started launching an organization focused on creating a
organization focused on creating a
organization focused on creating a mobile app that delivers job training on
mobile app that delivers job training on
mobile app that delivers job training on your mobile phone and we brought
your mobile phone and we brought
your mobile phone and we brought together an all-star team between
together an all-star team between
together an all-star team between Harvard and MIT we got into a global
Harvard and MIT we got into a global
Harvard and MIT we got into a global accelerator program called startup Chile
accelerator program called startup Chile
accelerator program called startup Chile and we went down to South America work
and we went down to South America work
and we went down to South America work several months launched a venture that
several months launched a venture that
several months launched a venture that application didn’t get the user traction
application didn’t get the user traction
application didn’t get the user traction that we expected we didn’t agree on
that we expected we didn’t agree on
that we expected we didn’t agree on where to move forward and eventually
where to move forward and eventually
where to move forward and eventually ended up winding that down and it was
ended up winding that down and it was
ended up winding that down and it was through that experience through
through that experience through
through that experience through surviving that experience that I’ve
surviving that experience that I’ve
surviving that experience that I’ve become obsessed with how do you
become obsessed with how do you
become obsessed with how do you streamline the process in launching new
streamline the process in launching new
streamline the process in launching new startups and bring them into the world
startups and bring them into the world
startups and bring them into the world and I’m gonna share a bit of that with
and I’m gonna share a bit of that with
and I’m gonna share a bit of that with you today as an engineer I believe every
you today as an engineer I believe every
you today as an engineer I believe every problem has multiple solutions and so I
problem has multiple solutions and so I
problem has multiple solutions and so I focused on how to how to outline a
focused on how to how to outline a
focused on how to how to outline a process and really help early-stage
process and really help early-stage
process and really help early-stage entrepreneurs and companies launch new
entrepreneurs and companies launch new
entrepreneurs and companies launch new ventures my journey started how first at
ventures my journey started how first at
ventures my journey started how first at an innovation and design firm where we
an innovation and design firm where we
an innovation and design firm where we did user research in the field we turn
did user research in the field we turn
did user research in the field we turn those into insights we turn those
those into insights we turn those
those into insights we turn those insights into concepts and and really
insights into concepts and and really
insights into concepts and and really going through the design thinking
going through the design thinking
going through the design thinking methodology if you’re familiar with it I
methodology if you’re familiar with it I
methodology if you’re familiar with it I also put the theory to practice I focus
also put the theory to practice I focus
also put the theory to practice I focus it on reinventing the men’s wallet made
it on reinventing the men’s wallet made
it on reinventing the men’s wallet made an alternative that was super thin made
an alternative that was super thin made
an alternative that was super thin made of cork instead of leather and and going
of cork instead of leather and and going
of cork instead of leather and and going through that understood that the design
through that understood that the design
through that understood that the design thinking process was great at developing
thinking process was great at developing
thinking process was great at developing concepts but not really from going from
concepts but not really from going from
concepts but not really from going from concept to company so to understand what
concept to company so to understand what
concept to company so to understand what it takes to make that next leap I worked
it takes to make that next leap I worked
it takes to make that next leap I worked in venture capital and these are firms
in venture capital and these are firms
in venture capital and these are firms that invest in winning startups and to
that invest in winning startups and to
that invest in winning startups and to understand the milestones and metrics
understand the milestones and metrics
understand the milestones and metrics that they use with the intent of baking
that they use with the intent of baking
that they use with the intent of baking that into the creation process and it
that into the creation process and it
that into the creation process and it was from that point that I took a step
was from that point that I took a step
was from that point that I took a step back
back
back and and made a framework for myself to
and and made a framework for myself to
and and made a framework for myself to understand the whole startup journey so
understand the whole startup journey so
understand the whole startup journey so to share with you now when you’re
to share with you now when you’re
to share with you now when you’re starting an organization there’s first
starting an organization there’s first
starting an organization there’s first the zero to one and this is what Peter
the zero to one and this is what Peter
the zero to one and this is what Peter Thiel he’s a well known investor
Thiel he’s a well known investor
Thiel he’s a well known investor invested in face book talks about
invested in face book talks about
invested in face book talks about bringing new ideas to the world next
bringing new ideas to the world next
bringing new ideas to the world next there’s this one to many and this is the
there’s this one to many and this is the
there’s this one to many and this is the messy phase that the start-up team is
messy phase that the start-up team is
messy phase that the start-up team is finding a repeatable process it starts
finding a repeatable process it starts
finding a repeatable process it starts to begin to make money and and they
to begin to make money and and they
to begin to make money and and they become sustainable
become sustainable
become sustainable then there’s the many to scale and this
then there’s the many to scale and this
then there’s the many to scale and this is what large companies are good at
is what large companies are good at
is what large companies are good at where they are they are taking the
where they are they are taking the
where they are they are taking the product and they’re bringing it out to
product and they’re bringing it out to
product and they’re bringing it out to different regions and different
different regions and different
different regions and different populations
populations
populations it was goat going through this research
it was goat going through this research
it was goat going through this research that I was exposed to these companies
that I was exposed to these companies
that I was exposed to these companies that were going through this process at
that were going through this process at
that were going through this process at nine to ten times faster than normal
nine to ten times faster than normal
nine to ten times faster than normal you’re talking about where it takes an
you’re talking about where it takes an
you’re talking about where it takes an entrepreneur one two three years maybe
entrepreneur one two three years maybe
entrepreneur one two three years maybe even more to go through the first
even more to go through the first
even more to go through the first process they were going through this at
process they were going through this at
process they were going through this at they were doing this in in a few months
they were doing this in in a few months
they were doing this in in a few months and and it was it was really incredible
and and it was it was really incredible
and and it was it was really incredible so there we go so I called these
so there we go so I called these
so there we go so I called these entities startup factories they were
entities startup factories they were
entities startup factories they were companies that were launching new
companies that were launching new
companies that were launching new ventures quickly into the world also
ventures quickly into the world also
ventures quickly into the world also known as startup Studios company
known as startup Studios company
known as startup Studios company builders and foundries and these are
builders and foundries and these are
builders and foundries and these are some of those organizations that I
some of those organizations that I
some of those organizations that I looked into and I looked into the people
looked into and I looked into the people
looked into and I looked into the people the processes the technology the
the processes the technology the
the processes the technology the business models you know what do they
business models you know what do they
business models you know what do they actually do to accelerate this pace and
actually do to accelerate this pace and
actually do to accelerate this pace and you’ll know some of these organizations
you’ll know some of these organizations
you’ll know some of these organizations they’re all very different
they’re all very different
they’re all very different some create digital products some
some create digital products some
some create digital products some physical some focus on new technologies
physical some focus on new technologies
physical some focus on new technologies such as blockchain but in the end they
such as blockchain but in the end they
such as blockchain but in the end they had these secrets if you will or these I
had these secrets if you will or these I
had these secrets if you will or these I call them keys to acceleration and I’m
call them keys to acceleration and I’m
call them keys to acceleration and I’m going to share a few of them with you
going to share a few of them with you
going to share a few of them with you today those keys to acceleration really
today those keys to acceleration really
today those keys to acceleration really are gonna fit into four main categories
are gonna fit into four main categories
are gonna fit into four main categories focused on the team how the team worked
focused on the team how the team worked
focused on the team how the team worked the structure of the startup factory and
the structure of the startup factory and
the structure of the startup factory and the environment they created for these
the environment they created for these
the environment they created for these ventures so first they had these four
ventures so first they had these four
ventures so first they had these four capabilities of deep expertise within
capabilities of deep expertise within
capabilities of deep expertise within the team business tech design and
the team business tech design and
the team business tech design and research and I like to think of it as
research and I like to think of it as
research and I like to think of it as you’re building your startups and
you’re building your startups and
you’re building your startups and startup teams every person is a you know
startup teams every person is a you know
startup teams every person is a you know you’re building your League of
you’re building your League of
you’re building your League of super-heroes each person has a
super-heroes each person has a
super-heroes each person has a superpower you should know
superpower you should know
superpower you should know and actively talk about what they are
and actively talk about what they are
and actively talk about what they are and and these are some keys to that tech
and and these are some keys to that tech
and and these are some keys to that tech so that somebody can build it design so
so that somebody can build it design so
so that somebody can build it design so that they’re making sure that it
that they’re making sure that it
that they’re making sure that it interacts well with the population
interacts well with the population
interacts well with the population you’re trying to serve the hound is the
you’re trying to serve the hound is the
you’re trying to serve the hound is the sales you need to close sales and and
sales you need to close sales and and
sales you need to close sales and and make money or your startup will not
make money or your startup will not
make money or your startup will not succeed and the researcher is really
succeed and the researcher is really
succeed and the researcher is really focused on understanding what the world
focused on understanding what the world
focused on understanding what the world wants and iterating on that and while
wants and iterating on that and while
wants and iterating on that and while this expertise was not necessarily
this expertise was not necessarily
this expertise was not necessarily within just the startup team but also
within just the startup team but also
within just the startup team but also within the studio another thing that
within the studio another thing that
within the studio another thing that they did is they had a founder that was
they did is they had a founder that was
they did is they had a founder that was there from the beginning and at least
there from the beginning and at least
there from the beginning and at least through the the product market fit face
through the the product market fit face
through the the product market fit face and I’ll explain why this this was key
and I’ll explain why this this was key
and I’ll explain why this this was key is as you’re going through the process
is as you’re going through the process
is as you’re going through the process of building something putting out to the
of building something putting out to the
of building something putting out to the world testing and learning the they call
world testing and learning the they call
world testing and learning the they call it the Lean Startup methodology you’re
it the Lean Startup methodology you’re
it the Lean Startup methodology you’re collecting learnings and as you’re
collecting learnings and as you’re
collecting learnings and as you’re collecting all this knowledge and
collecting all this knowledge and
collecting all this knowledge and experience and the startup hits walls
experience and the startup hits walls
experience and the startup hits walls you need a that’s identifying new
you need a that’s identifying new
you need a that’s identifying new patterns and new ways of moving forward
patterns and new ways of moving forward
patterns and new ways of moving forward and that’s key next early-stage startups
and that’s key next early-stage startups
and that’s key next early-stage startups these found startup factories are
these found startup factories are
these found startup factories are co-creating with ventures so today if
co-creating with ventures so today if
co-creating with ventures so today if you imagine every startup as a child
you imagine every startup as a child
you imagine every startup as a child that exists in the world the entities
that exists in the world the entities
that exists in the world the entities that are designed to help them talk
that are designed to help them talk
that are designed to help them talk about accelerators investors incubators
about accelerators investors incubators
about accelerators investors incubators all adopt their children they go through
all adopt their children they go through
all adopt their children they go through hundreds and thousands of applications
hundreds and thousands of applications
hundreds and thousands of applications and cherry-pick the ones that they want
and cherry-pick the ones that they want
and cherry-pick the ones that they want to help startup factories were slightly
to help startup factories were slightly
to help startup factories were slightly different they were working with
different they were working with
different they were working with founders before they even started a
founders before they even started a
founders before they even started a project so that they were on the same
project so that they were on the same
project so that they were on the same page identifying what they should do
page identifying what they should do
page identifying what they should do next next they involve investors early
next next they involve investors early
next next they involve investors early in the process they cut down a process
in the process they cut down a process
in the process they cut down a process where the the founder that usually takes
where the the founder that usually takes
where the the founder that usually takes hundreds of hours and several months of
hundreds of hours and several months of
hundreds of hours and several months of pitching to investors and trying to get
pitching to investors and trying to get
pitching to investors and trying to get them to invest and brought it down to a
them to invest and brought it down to a
them to invest and brought it down to a single day in several hours it was
single day in several hours it was
single day in several hours it was pretty amazing
pretty amazing
pretty amazing also one trick they use as they
also one trick they use as they
also one trick they use as they co-located the investor in the same area
co-located the investor in the same area
co-located the investor in the same area as as the startup team so that they can
as as the startup team so that they can
as as the startup team so that they can some lots of questions to tap into their
some lots of questions to tap into their
some lots of questions to tap into their expertise and and this eliminated
expertise and and this eliminated
expertise and and this eliminated administrative updating and and
administrative updating and and
administrative updating and and sometimes board meetings another thing
sometimes board meetings another thing
sometimes board meetings another thing they did is they experimented fast too
they did is they experimented fast too
they did is they experimented fast too so that they learned as quickly as
so that they learned as quickly as
so that they learned as quickly as possible to give you a sense of that
possible to give you a sense of that
possible to give you a sense of that this picture is not of a calendar of
this picture is not of a calendar of
this picture is not of a calendar of what’s taking place over the course of a
what’s taking place over the course of a
what’s taking place over the course of a month this is a breakdown of what’s
month this is a breakdown of what’s
month this is a breakdown of what’s taking place over a week broken down
taking place over a week broken down
taking place over a week broken down hour by hour and that’s how quickly
hour by hour and that’s how quickly
hour by hour and that’s how quickly these teams were testing next it was
these teams were testing next it was
these teams were testing next it was important that these startups if you’re
important that these startups if you’re
important that these startups if you’re creating them in a startup factory are
creating them in a startup factory are
creating them in a startup factory are independent as soon as they showed early
independent as soon as they showed early
independent as soon as they showed early signs of product market fit there were
signs of product market fit there were
signs of product market fit there were active users and paying customers they
active users and paying customers they
active users and paying customers they filed as a separate legal company even
filed as a separate legal company even
filed as a separate legal company even if it was one two three people in the
if it was one two three people in the
if it was one two three people in the same building and the the reason that
same building and the the reason that
same building and the the reason that was so that they can get used to being
was so that they can get used to being
was so that they can get used to being independent and also accept outside
independent and also accept outside
independent and also accept outside funding if someone wants to support them
funding if someone wants to support them
funding if someone wants to support them and I relate this to a high if you think
and I relate this to a high if you think
and I relate this to a high if you think about everybody’s working every be is
about everybody’s working every be is
about everybody’s working every be is working in a common thread but the B can
working in a common thread but the B can
working in a common thread but the B can go off come back build in a different
go off come back build in a different
go off come back build in a different direction and even go build a new hive
direction and even go build a new hive
direction and even go build a new hive and it’s important that startups are
and it’s important that startups are
and it’s important that startups are given that same independence next if
given that same independence next if
given that same independence next if you’re creating different types of
you’re creating different types of
you’re creating different types of ventures a sharing ownership it really
ventures a sharing ownership it really
ventures a sharing ownership it really aligned and specifically equity really
aligned and specifically equity really
aligned and specifically equity really aligned with founders taking risks and
aligned with founders taking risks and
aligned with founders taking risks and to share a little bit more about that
to share a little bit more about that
to share a little bit more about that there were startup factories that were
there were startup factories that were
there were startup factories that were innovating they were just copying what
innovating they were just copying what
innovating they were just copying what was out there right and they didn’t
was out there right and they didn’t
was out there right and they didn’t share a large portion of equity but if
share a large portion of equity but if
share a large portion of equity but if they wanted to be disruptive if they
they wanted to be disruptive if they
they wanted to be disruptive if they wanted to create a new market they it
wanted to create a new market they it
wanted to create a new market they it was more likely than not they were
was more likely than not they were
was more likely than not they were sharing a majority of the ownership with
sharing a majority of the ownership with
sharing a majority of the ownership with the founding team it to incentivize them
the founding team it to incentivize them
the founding team it to incentivize them to take those risks next they created
to take those risks next they created
to take those risks next they created communities of shared ventures in the
communities of shared ventures in the
communities of shared ventures in the same place so so to share a little bit
same place so so to share a little bit
same place so so to share a little bit more about incubators and accelerators
more about incubators and accelerators
more about incubators and accelerators they usually have a group of startups
they usually have a group of startups
they usually have a group of startups come in they train and then they leave
come in they train and then they leave
come in they train and then they leave right and there’s no knowledge that’s
right and there’s no knowledge that’s
right and there’s no knowledge that’s passed on from generation to generation
passed on from generation to generation
passed on from generation to generation these places were slightly different
these places were slightly different
these places were slightly different they had teams that were located
they had teams that were located
they had teams that were located side-by-side in visiting this this
side-by-side in visiting this this
side-by-side in visiting this this startup factory was hard to tell who was
startup factory was hard to tell who was
startup factory was hard to tell who was on which team but the amazing thing that
on which team but the amazing thing that
on which team but the amazing thing that happened
happened
happened is is as startups grew they would
is is as startups grew they would
is is as startups grew they would naturally learn from one another there
naturally learn from one another there
naturally learn from one another there was a lot of serendipitous communication
was a lot of serendipitous communication
was a lot of serendipitous communication and then also the startup factory itself
and then also the startup factory itself
and then also the startup factory itself developed an unfair competitive
developed an unfair competitive
developed an unfair competitive advantage they had so much knowledge on
advantage they had so much knowledge on
advantage they had so much knowledge on particular industries or particular
particular industries or particular
particular industries or particular technologies that it was hard for others
technologies that it was hard for others
technologies that it was hard for others to compete and last but not least
to compete and last but not least
to compete and last but not least startup factories are part of an
startup factories are part of an
startup factories are part of an ecosystem they don’t exist in a silo so
ecosystem they don’t exist in a silo so
ecosystem they don’t exist in a silo so they had relationship with companies
they had relationship with companies
they had relationship with companies with investors with with universities
with investors with with universities
with investors with with universities and the only time that this was
and the only time that this was
and the only time that this was different they didn’t exist on their own
different they didn’t exist on their own
different they didn’t exist on their own was in developing countries where the
was in developing countries where the
was in developing countries where the startup factories were actually the
startup factories were actually the
startup factories were actually the nucleus and the very beginnings of their
nucleus and the very beginnings of their
nucleus and the very beginnings of their entrepreneurial ecosystem so these are
entrepreneurial ecosystem so these are
entrepreneurial ecosystem so these are just a few of the key accelerators that
just a few of the key accelerators that
just a few of the key accelerators that I observed in studying startup factories
I observed in studying startup factories
I observed in studying startup factories and the big idea that I wanted to share
and the big idea that I wanted to share
and the big idea that I wanted to share with you today is we can accelerate the
with you today is we can accelerate the
with you today is we can accelerate the pace of launching new ventures and more
pace of launching new ventures and more
pace of launching new ventures and more easily bring startups into the world and
easily bring startups into the world and
easily bring startups into the world and the organizations and people that take
the organizations and people that take
the organizations and people that take on this challenge will not only
on this challenge will not only
on this challenge will not only out-compete as they go into the future
out-compete as they go into the future
out-compete as they go into the future they will have the opportunity to shape
they will have the opportunity to shape
they will have the opportunity to shape the world thank you
the world thank you
the world thank you [Applause]
”
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