Lorenzo Thione - Powerset - Stanford Engineering - Jan 9 2012
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Lorenzo Thione co-founded the startup Powerset in 2005, raising $2 million plus $10.5 million in venture capital. As Powerset grew to 72 employees, it faced challenges including high technology risk, capital intensity, aggressive growth, public relations issues, and board management challenges, leading to its acquisition in 2008. Thione discusses lessons learned from Powerset and his experience with entrepreneurship, including the creative effort required to take an idea and vision and create a unique set of circumstances to make it a reality, despite facing ambitious ideas with small chances of success that require iterative development, capital, partnerships, complex management and strong branding.
Lorenzo Thione - Powerset - Stanford Engineering - Jan 9 2012
- 1. Lorenzo Thione Co-Founder, Powerset European Entrepreneurship & Innovation (ME421) Stanford Engineering School http://me421.stanford.edu January 9 2012
- 2. A quick recap • Studies: Milan to UTexas Austin (2000) • FXPal and PARC (2003-2005) • Powerset (2005-2008) • Microsoft (2008-2010) • Broadway/Allegiance (2008 - ….) • StartOut & Startups • Something new
- 3. Powerset • First startup – so many lessons learned • Technology Play – High prod/tech risk • Capital Intensive – it was 2005! – $2M+$10.5M – VC Backed • Aggressive Growth – 72 people in 2008 • PR Storm • Internal Issues – Board Management • Acquisition
- 4. Entrepreneurship • The extremely creative effort of taking an idea, a vision, and create the unique circumstances (team, money, deals/partnerships, audiences, market, messages, brand) around it to make it come true – Powerset – Allegiance – ….
- 5. xxxxxx • Ambitious Idea • Reasonably small chance of enormous impact • A-team • Iterative Product Development • Tough capital requirements • Partnerships/Deals • Requires Complex Management • Build a strong Consumer Brand
- 6. Allegiance • Ambitious Idea • Reasonably small chance of enormous impact • A-team • Iterative Product Development • Tough capital requirements • Partnerships/Deals • Requires Complex Management • Build a strong Consumer Brand
- 7. US vs Europe (Italy) • Culture (cult?) of riskC • Celebration and Value of Failures • Ecosystem for mutual help – Business karma • Flourishing exchange of ideas • Favorable business conditions