Many people in the games industry dream of having their own studio but don't have an accurate understanding of the skills and knowledge needed, or the risks and benefits involved. This presentation will examine the life cycle of game development startups from inception through product development to final exit. Issues covered include the importance of balanced team composition, creative vision, technical competence, original and licensed intellectual property, sources of funding, balancing risks, the question of whether to go big or stay small, and the various exit paths available. Examples will be drawn from experience in the trenches of current and past game startups.