Startup Idea

Published on May 2016 | Categories: Types, Business/Law | Downloads: 70 | Comments: 0 | Views: 261
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What to Do Once You Have an Idea
1 FA S T S TA R T S T U D I O SERGEY SUNDUKOVSKIY PH.D.

Introduction
2

Background
3

Agenda
4

 Visualizing Your Idea  Putting Together a Deck  Finding Co-Founders/Mentors/Advisors  Building a Prototype

Startup Progression
5

Idea is not a product, product is not a company

Visuals
6

 Idea Description  Idea Visualization  Wireframes  Mockups (UI)  Clickable Prototype (UX)

 Videolize
 Mind Mapping

Idea Description
7

 Idea Description  Success Calculator: Inventor (cloud over the head). Many factors represented by circles (founder experience circle, previous startup experience circle, competition circle, funding circle, customer circle, market size, industry circle, board of directors circle, product development experience, advisers circle) go into the SourceIgniter Predictor Engine box, what comes out is a Success Score

Idea Visualization
8

Wireframes vs. Mockups
9

Clickable Prototype
10

Prototyping Tools
11

Videolize
12

Videolize aka video scribe – Same as visualize only better

Putting Together a Deck
13

 10-20-30 Rule  Show Do Not Tell  Taxicab and Elevator Pitches  Target Customer  Market Analysis

 Differentiation and JUD
 Pressure Testing  Competitive Advantages

Business Plan vs. Business Deck
14

Business Plan as we knew it in the Business School is dead

Putting Together a Deck
15

Deck Rules
16

 10 slides  In reality it is 3 (others are used as reference)  20 min  In reality it is 5 (at most)  30 point font  Last guy from the end of the table  Too much information

Deck Rules
17

Picture is always better !!!!! It is worth 84.1 words

Deck Structure
18

 Executive Summary

 Financial Projections

 Problem
 Solution  Platform

 Competitors
 Differentiation  Competitive Advantages

 Market Opportunity
 Business Model  Pricing

 Team
 Milestones/Roadmap

Mind Mapping
19

Organize Your Thoughts

Mind Mapping Tools
20

Pitches
21

Pitches
22

 Taxicab Pitch “Facebook for teenagers”, “Flicker for Video”  Elevator Pitch  What do we do?  Who are we doing it for?  How are we different? “ConferenceByWire is an event streaming solution that brings live and on-demand events directly to the remote viewers over the Internet. Unlike other solutions it does not require significant infrastructure investment”

Pressure Testing
23

Have your idea and the pitch pressure tested Do not insist on NDAs. Nobody cares

Market and Customer
24

Differentiation
25

Distinction without difference

Differentiation
26

Features Business Model Target Audience

Differentiation and JUD
27

 What Investors Are Looking For?  JUD – Just Enough Difference  Different Enough  Not Too Different  Valid Question  “Why existing competitors are not focused in „this‟ area?”

 Invalid Question  “Why wouldn‟t existing competitors replicate „this‟?”

Competitive Strategies
28

 Prices  We are just like that only cheaper  Differentiation  We are just like that with following differences  Niche  We are just like that only verticalized

Competitive Advantages
29

 Not Easy to Overcome  Original Content  Execution  Loyal Customer Base  Brand Awareness  Easy to Overcome  Patents  First Mover  Obscurity

Deck Distribution
30

Push your deck online

Finding Co-Founders/Mentors/Advisors
31

 Co-Founder Selection Criteria  Finding Co-Founders  Commitment vs. Involvement  Mentor/Advisor Selection Criteria  Mentor/Advisor Expectations

 Incubators

Co-Founder Selection Criteria
32

NOT GOOD

BAD

GOOD

Where to Find One?
33

Co-Founder Selection Criteria (cont.)
34

 Complementary Skillset  Worked Together Before  Similar Work Ethic  Similar Commitment Level  Similar Conflict Resolution Style

 Can Disagree and Commit
 Ideal Number of Co-Founders is 3

Commitment vs. Involvement
35

Decide How to Decide
36

Do no block unless you feel very strongly about it

Mentor vs. Advisor
37

 Expectation Setting  Hands On vs. Not Hands On  Mentor  Advice  Advisor  Cover Gaps  Pressure Testing  Industry IQ  Introductions

Mentoring
38

Real difference is focus. Mentors focus on you. What do advisors focus on?

Incubators
39

 Help Getting Started  Learning the Ropes  Good Mentors  Great Advisors  Helpful Introductions

 Right Atmosphere
 Place to “Hang Your Hat”

Right Incubator Program
40

Make sure to pick a right program for you

Building a Prototype
41

 Prototype Purpose  Prototype Features  Prototype Duration  Prototype Starting Point  Evolutionary vs. Throwaway

Fine Line
42

Half-Baked and the Prototype are not the same thing

Building a Prototype
43

If you are not failing you are not trying hard enough

Product Development
44

Startup DNA by Yevgeniy Brikman

Product Development
45

Startup DNA by Yevgeniy Brikman

Prototype Purpose
46

 Fail Quickly and Pivot  Prove Business Hypothesis  Discover Inflection Points  Collect Customer Feedback  Collect Initial Analytics

 Zero in on a Customer Profile
 Get Funding

Product Evolution vs. Revolution
47

OR

Which picture do you think is right?
Hint: They are not identical

Product Analytics
48

If you can‟t measure it you can‟t improve it

Analytical Tools
49

Traction Points
50

 Sample Traction Points  CTR  Number of sign ups  Number of sign ins  Number of video uploads  Number of product configurations  Number of store deployments

User Testing
51

ABT – Always Be Testing

A/B Testing
52

Less the data, louder the opinion

What Can Be A/B Tested?
53

 Headline  Lead (first sentence)  Hero Shot  Font  Color

 Call To Action
 Number of Steps in the Funnel  Algorithm

A/B Testing Tools
54

Usability Testing
55

Eye Tracking

What Are They Measuring?
56

 Attention  Emotion  Task Completion Time  Hovering  Clicks

 Hotspotting
 Path

Usability Testing Tools
57

Business Metrics
58

 Sample Business Metrics  CPA (Cost Per Acquisition)  Churn  Break Even Duration  TOC (Total Cost of Ownership)  LTV (Live Time Value)  Average Support Contracts

Prototype Starting Point
59

Find open source starter product to build upon

Prototype Features
60

Prototype Features
61

 Features need to prove business hypothesis aka core

functionality
Usability trumps completeness  Speed trumps completeness


 Some Business models are too complex for an

evolutionary prototype. You might have to settle for throw away prototype
Too much technical debt to remedy  Too expensive to evolve  Can‟t find needed resources


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