10-2-08 - Entrepreneurship I Class Notes 4 Anchors How fast...

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Entrepreneurship I – Class Notes – 10/2/08 4 Anchors How fast did info. Travel until 19 th century o As fast as someone on a horse What did Rothsdchilds use to determine who won at Waterloo? o Used homing pigeons that carried messages What innovation revolutionized speed of info travel in 1840s? o SOS was sent out for the first time on the Titanic o Telegraph What is the random walk hypothesis as applied to stocks? o Markets adjust so quickly that o Passed price movements are not that helpful for determining where you are going SOI: OVERVIEW What business have Kurt and John Baurers started? o Online information service that provides full financials on companies in Poland and Russia o How is this different from EMO Starting with Russia because Russia seems to be stabilizing What two forces made this a potentially attractive opportunity? o Fall of the Soviet Union o Rise of the Internet o Lots of investment TIMMONS MODEL: SOI 1994 Team: o Strong in: Kurt Had his Harvard MBA, he also did work in Eastern Europe Privatization Carnegie Mellon Terrific source of IT education What kind of company will it be? o Startup What are we missing?
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No one has startup experience Opportunity is nebulous to start SOI B-PLAN: CUSTOMERS Who would invest in this business? Who would not? Why so (or not)? Yes o Big advantage 1 st mover advantage Important factor! Potential Risks: o Not a good enough track record with the other venture (EMO) o Political risks o Risk from lack of experience SOI: OVERVIEW How successful were the Bauers in raising funds? o Good Friends, Family, their own investment What did we learn about Kurt Bauer’s background? o What did he do? He had gotten into some good graduate schools (medical schools) he turned them down to work in privatization HUGE OPPORTUNITY COST What does Jae Chang conclude about start-up costs from technical perspective?
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