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How to Get Rich By Working on Open Source Project? on Open Source Project? Radovan Semančík March...
Transcript of How to Get Rich By Working on Open Source Project? on Open Source Project? Radovan Semančík March...
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How to Get Rich By Working on Open Source Project?
Radovan SemančíkMarch 2015
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How to get rich by working on open source project?
Management Summary: It's hard. And slow. But it may be possible.
MAKE MONEY FAST
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Who am I?
How dare you to talk about open source and money?
Ing. Radovan Semančík, PhD.Software architect
15+ years professional experiencealmost 20 years with open sourceco-founder and co-owner:engineer (not manager)
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But how dare you … ?
Open source identity management company
Yes, we really do only open source.Yes, we have our own product: midPoint Established in 2011 (but the history goes back to 1990s)Based in Slovakia (Central Europe)
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IdentityRepository
HR
Application
Application
Application
Application
AM
ProvisioningSystem
Users
CRMApplication
midPoint
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Where we are?
● State-of-the-art technology
● Great team
● Customers: Europe, Asia, America, Africa
● Paying our bills
● Not rich (yet)
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I want to start my own company, what should I do?
Big problem: money
Idea is not the problem.Ideas are everywhere and they are free.
Technology is hard, but you can do it.How to pay salaries and bills? (min 2 years)
Money, money, money ...
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Your options ...
Option 1:Venture Capital
Option 2:Self-funding
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Investment option 1: Exponentiala.k.a “startup”
Angel investors, Venture capital (VC)Use money that belongs to others
Profit by growing the company and selling it(exit - investment = profit)
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Time
Value
Angel
VC Round A
VC Round B
IPOoracquisition
1
10
100
Investor exit
Your exit
year 1
min 2-5 years
year 2-3
year 4-6
Legend
Your money
Not your money
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Option 1 Benefits
● You can get really rich
… and that's it
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Option 1 Drawbacks
● You must have potential to grow 10x
● … in less than 3 years
● if you don't have such potential
then don't even try
(1)
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Option 1 Drawbacks
● Less technology, more business & marketing
● You will retain only 2-20% of your company• Did you really think someone just gives you few millions?
● Only 1 in 10 startups succeed
(2)
Yourshare
Not yourshare
SUCCESS SURVIVE SURVIVE FAIL FAIL
FAIL FAIL FAIL FAIL FAIL
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Option 1: What is it good for?
● Bubbles (obviously)
• Lot of marketing, no technology
• sell it before it bursts
● Ingenious business ideas• … carefully planned and cleverly executed
• at the right time … with a lot of luck ...
• (but these are quite rare)
● Not entirely suitable for open source
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Investment option 2: Linear
Use your own money (self-funded)Invest only the money that you earn
Profit by earning money(income - expenses = profit)
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Time
Value
Break even
year 1
year 3-8
Legend
Your money
Not your money
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Option 2: Benefits
● You are free (as money permit)• You stay in control
● Most money will go to technology• You can create something really great
• But you must do some marketing & business anyway
• And there will be much less total money as with option 1
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Option 2: Drawbacks
● Chances of success are unknown• which may be even worse than 10%
● Return of investment may be (very) long
● You will be poor* for next 5-10 years
● Very slow• You need to work on the idea may years before its time
* not starving, but definitely not rich
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Option 2: What is it good for?
● Ingenious technological ideas• Things that can change the world but there is no clear business
case for them
● Good for open source• But you have to live with the drawbacks
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Option 1 vs Option 2
● Option 1: VC-funding• You may get (really) rich
• You may create (really) bad technology (if any at all)
● Option 2: self-funding• You can create (really) great technology
• You may barely survive
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Option 1 vs Option 2
Venture CapitalYou can get richMarketing
Self-fundedYou can surviveTechnology
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So, what do you really want?
● Make money?• Do business, forget technology
● Make a difference?• Survive (and maybe even prosper)
• … but your chances to get really rich are small
● You will have to risk a lot anyway
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Notes and disclaimers
● This is simplified
● Your mileage may vary
● Real companies are hybrids• Both approaches are combined to some degree
• E.g. “Friends, Family & Fools” (FFF) investment
● But you have to choose whether you let VC in• if you do then it is all decided
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Tips & Trick
● Focus on the world• Your local market is simply too small
● Release early, release often• Keep everything open (code, bugs, documentation)
● Eat your own dogfood• Deploy and use your own product (source of profit)
● Give company shares to employees
● Cooperate, find partners
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Go for it!
… now
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The End
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Questions and Answers
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Radovan Semančík
www.evolveum.com
Thank You
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Details! Tell me the details!
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Evolveum Team History
2000
2004
2010
LDAP, networking, integration,open source
Identity Management, provisioning,open source
Cooperation with ForgeRock(OpenIDM)
Sun goes down
2011
MidPointIndependent development
MidPointOpen source IDM leader2014
Sun IDM, Novell
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Live Demo
http://demo.evolveum.com/Documentation: search for “Live demo” in wiki.evolveum.com
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(Much) More Information
● midPoint Wiki• https://wiki.evolveum.com/display/midPoint/Home
● Architecture and Design (in Wiki)• Wiki pages under [Architecture and Design] page
• “Live” architecture documentation
• Includes UML diagrams
• We try to keep it (reasonably) up to date
● midPoint Mailing List