The Customer-Funded Business - by John Mullins (Hardcover)
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<p/><br></br><p><b> Book Synopsis </b></p></br></br><b>Who needs investors?</b> <p>More than two generations ago, the venture capital community - VCs, business angels, incubators and others - convinced the entrepreneurial world that writing business plans and raising venture capital constituted the twin centerpieces of entrepreneurial endeavor. They did so for good reasons: the sometimes astonishing returns they've delivered to their investors and the astonishingly large companies that their ecosystem has created.</p> <p>But the vast majority of fast-growing companies <i>never take any</i> venture capital. So where does the money come from to start and grow their companies? From a much more agreeable and hospitable source, their customers. That's exactly what Michael Dell, Bill Gates and Banana Republic's Mel and Patricia Ziegler did to get their companies up and running and turn them into iconic brands.</p> <p>In <i>The Customer Funded Business</i>, best-selling author John Mullins uncovers five novel approaches that scrappy and innovative 21st century entrepreneurs working in companies large and small have ingeniously adapted from their predecessors like Dell, Gates, and the Zieglers: </p> <ul> <li>Matchmaker models (Airbnb)</li> <li>Pay-in-advance models (Threadless)</li> <li>Subscription models (TutorVista)</li> <li>Scarcity models (Vente Privee)</li> <li>Service-to-product models (GoViral)</li> </ul> <p>Through the captivating stories of these and other inspiring companies from around the world, Mullins brings to life the five models and identifies the questions that angel or other investors will - and should! - ask of entrepreneurs or corporate innovators seeking to apply them. Drawing on in-depth interviews with entrepreneurs and investors who have actually put these models to use, Mullins goes on to address the key implementation issues that characterize each of the models: when to apply them, how best to apply them, and the pitfalls to watch out for.</p> <p>Whether you're an aspiring entrepreneur lacking the start-up capital you need, an early-stage entrepreneur trying to get your cash-starved venture into take-off mode, an intrapreneur seeking funding within an established company, or an angel investor or mentor who supports high-potential ventures, this book offers the most sure-footed path to starting, financing, or growing <i>your</i> venture.</p> <p>John Mullins is the author of <i>The New Business Road Test</i> and, with Randy Komisar, the widely acclaimed <i>Getting to Plan B</i>.</p><p/><br></br><p><b> From the Back Cover </b></p></br></br><p>"John Mullins has a critical lesson for entrepreneurs: Not all money is created equal. When you fund your business with customers' cash, rather than investors', it makes you more focused, less dependent, and more likely to succeed. (Not to mention it saves you from a lot of begging.) It's a message every entrepreneur--and every new product team--needs to hear."<br /> <b>--Dan Heath, </b> coauthor of the <i>New York Times</i> best sellers <i>Made to Stick</i>, <i>Switch</i>, and <i>Decisive</i></p> <p><b>THE CHALLENGE</b></p> <p>More than two generations ago, the venture capital community--VCs, business angels, incubators, and others--convinced the entrepreneurial world that writing business plans and raising venture capital constituted the twin centerpieces of entrepreneurial endeavor. They did so for good reasons: the sometimes astonishing returns they've delivered to their investors and the incredibly large and valuable companies that their ecosystem has created. But the vast majority of fast-growing companies <i>never take any</i> venture capital. So where does the money come from to start and grow their companies? Or <i>yours</i>?</p> <p><b>THE SOLUTION</b></p> <p>For most companies, fast-growing or otherwise, the early funding comes from a much more agreeable and hospitable source, their customers. That's exactly what Michael Dell, Bill Gates and Banana Republic's Mel and Patricia Ziegler did to get their companies up and running and turn them into iconic brands.</p> <p>In <i>The Customer-Funded Business</i>, John Mullins identifies five novel approaches that scrappy and innovative twenty-first century entrepreneurs have ingeniously adapted from their predecessors like Dell, Gates, and the Zieglers: </p> <ul> <li><b>Matchmaker models (for example, the U.S. companies Airbnb and DogVacay)</b></li> <li><b>Pay-in-advance models (the USA's Threadless, India's Via and Loot)</b></li> <li><b>Subscription models (India's TutorVista, the USA's H.Bloom)</b></li> <li><b>Scarcity models (Spain's Zara, France's vente-privee, the USA's Gilt Groupe)</b></li> <li><b>Service-to-product models (Denmark's GoViral, Puerto Rico's Rock Solid Technologies).</b></li> </ul> <p><b>STARTING, FINANCING, OR GROWING <i>YOUR</i> BUSINESS</b></p> <p>Drawing on more than two years of in-depth research into the customer-funded phenomenon, and through the captivating stories of these and other companies from around the world, John Mullins brings to life the five models and identifies the questions that angel or other investors will--and should!--ask, and he addresses the key implementation issues that characterize each of the models: when to apply them, how best to apply them, and the pitfalls to watch out for.</p> <p>Whether you're an aspiring entrepreneur lacking the startup capital you need, an early-stage entrepreneur trying to get your cash-starved venture into take-off mode, a corporate leader seeking to grow an established company, or an angel investor, mentor, or business accelerator or incubator professional who supports high-potential entrepreneurial ventures, this book offers the most sure-footed path to starting, financing, or growing your business or those you support.</p> <p>Learn more at www.TheCustomerFundedBusiness.com</p><p/><br></br><p><b> About the Author </b></p></br></br><p><b>JOHN MULLINS, PhD, </b> an associate professor of management practice at London Business School, is one of the world's most authoritative and best-known voices on the creation, financing, and growth of entrepreneurial ventures. A veteran of three such ventures, including one he took public, his previous books are the go-to sources on the assessment of entrepreneurial opportunities (<i>The New Business Road Test</i>) and on the creation of breakthrough business models (the widely acclaimed <i>Getting to Plan B</i>, with Randy Komisar). John is a frequent speaker to communities of entrepreneurs and their teams, CEOs of fast-growing companies, and investors therein.</p> <p>www.johnwmullins.com</p>
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