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  • 1. Summary  of  addi,onal  findings:  •    1.  Fundadores  que  aprendem  tem  mais  sucesso:  startups  que  tem  ajuda  de  mentores,   acompanham  métricas  eficientemente  e  aprendem  com  os  líderes  do  pensamento  de  startup   levantam  7  vezes  mais  dinheiro  e  tem  crescimento  de  usuários  3,5  vezes  melhor;  •  2.  Startups  que  fazem  pivot  1  ou  2  vezes  levantam  2,5  vezes  mais  dinheiro,  tem  3,6  vezes  melhor   crescimento  no  número  de  usuários  e  são  52%  menos  prováveis  de  escalarem  prematuramente  do   que  as  startups  que  pivotam  mais  de  2  vezes  ou  nenhuma  vez;  •  3.  Fundos    investem  de  2  a  3  vezes  mais  capital  do  que  necessário  em  startups  que  ainda  não   encontraram  o  ajuste  entre  problema  e  solução.  Também  investem  demais  em  fundadores  únicos   ou  equipes  fundadas  sem  técnicos  –  apesar  dos  indicadores  mostrarem  que  nesses  casos  as   probabilidades  de  sucesso  são  bem  menores;  •  4.  Inves,dores  que  providenciam  ajuda  mão-­‐na-­‐massa  tem  pouco  ou  nenhum  efeito  na   performance  operacional  da  companhia.  Mas  os  mentores  certos  influenciam  significaLvamente  a   performance  e  a  habilidade  de  conseguir  dinheiro.  Entretanto,  isso  não  significa  que  invesLdores   não  tenham  efeito  significaLvo  nas  “avaliações”  (de  quanto  a  empresa  vale)  e  M&A;  •  5.  Fundadores  solitários  levam  3,6  vezes  mais  tempo  para  chegar  ao  estágio  de  escala   comparando  com  equipes  de  2,  e  levam  tem  2,3  vezes  menos  probabilidade  de  fazer  pivot:  •  6.  Equipes  com  base  sólida  de  negócios  tem  6,2  vezes  mais  chances  de  obterem  escala  com   sucesso  nas  startups  orientadas  a  vendas  do  que  nas  orientadas  a  produtos  (pense  nisso  –  aliás,   leia  na  íntegra);  •  7.  Equipes  com  base  técnica  sólida  tem  3,3  vezes  mais  chance  de  obterem  escala  com  sucesso  em   startups  focadas  em  produtos  sem  efeito  de  rede  do  que  em  startups  focadas  em  produto  com   efeito  de  rede  (uau!);  
  • 2. Summary  of  addi,onal  findings:  •  8.  Equipes  balanceadas  com  um  fundador  técnico  e  um  fundador  da  área  de  negócios  levantam   30%  mais  dinheiro,  tem  aumento  de  clientes  2,9  vezes  maior  e  tem  19%  menos  probabilidade  de   escalarem  prematuramente  do  que  equipes  com  fundadores  focados  em  só  um  Lpo  de   competência;  •  9.  A  maioria  dos  fundadores  de  sucesso  são  movidos  pelo  impacto,  mais  do  que  por  experiência   ou  dinheiro;  •  10.  Fundadores  superes,mam  o  valor  do  IP  em  255%  antes  do  ajuste  entre  o  produto  e  o   mercado;  •  11.  Startups  precisam  de  2  a  3  vezes  mais  tempo  para  validarem  seu  mercado  do  que  a  maioria   dos  fundadores  imagina.  Esta  subesLmação  cria  a  pressão  de  escalar  prematuramente;  •  12.  Startups  que  não  levantaram  inves,mento  superes,mam  100  vezes  o  tamanho  do  seu   mercado  e  comumente  confundem  seu  mercado  como  um  novo  mercado;  •  13.  Escalara  prematuramente  é  a  principal  razão  de  as  startups  irem  pior.  Tendem  a  perder  a   batalha  cedo  por  atropelarem  a  si  mesmos;  •  14.  B2C  versus  B2B  não  é  mais  uma  segmentação/diferenciação  significa,va  para  startups  de   Internet  porque  a  Internet  mudou  as  regras  do  negócio.  O  estudo  descobriu  4  grupos  principais   diferentes  de  startups  que  tem  comportamento  específico  de  acordo  com  aquisição  de   consumidores,  tempo,  produto,  mercado  e  equipe  
  • 3. Type 1 - The Automizer  Common characteristics: self-service customeracquisition, consumer focused, product centric, fastexecution, often automize a manual process.- technology heavy founding teams perform betterthan other teams- market size is 2x bigger for Type 1(The Automizer) compared to Type 2 (TheIntegrator)- more likely to tackle existing markets-need the least capital of all typesExamples:Google, Dropbox, Eventbrite, Slideshare,Mint, Pandora, Kickstarter, Hunch, Zynga,Playdom,Modcloth, Box.net, Basecamp, Hipmunk, etc
  • 4. Type 1N - The Social Transformer   Common characteristics: self service customer acquisition, critical mass, runaway user growth, winner take all markets, complex ux, network effects, typically create new ways for people to interact. - need 50% longer than Type 1 (The Automizer) and Type 2 (The Integrator) to reach scale stage- business heavy and balanced teams perform better than technology heavy teams - market size is 2x bigger for Type 1N (The Social Transformer) compared to Type 2 (The Integrator)- more likely to tackle new markets- more likely to have large team growth at the scale stage- need more capital than Type 1 (The Automizer) and Type 2 (The Integrator)- more likely to have large user growth Examples:Facebook,Ebay, OkCupid, Skype, Airbnb, Craigslist, Etsy, IMVU, Flickr, LinkedIn, Yelp, Aardvark,, Twitter, Foursquare, Youtube, Dailybooth, Mechanical Turk,MyYearbook, Prosper, Paypal, Quora, etc
  • 5. Type 2 - The Integrator  Common characteristics: lead generation with inside salesreps, high certainty, product centric, early monetization, SMEfocused, smaller markets, often take innovations fromconsumer Internet and rebuild it for smaller enterprises.- business heavy and balanced founding teams performbetter than technology heavy teams- more likely to tackleexisting markets with a product that is cheaper- more likelyto maintain small teams even when they scale- monetize ahigh percentage of their usersExamples:PBworks, Uservoice, Kissmetrics, Mixpanel,Dimdim, HubSpot, Marketo, Xignite,Zendesk,GetSatisfaction, Flowtown, etc.
  • 6. Type 3 - The Challenger  Common characteristics: enterprise sales, high customer dependency,complex& rigid markets, repeatable sales process.- To reach scale stage they need about 2x more time compared to 1N and3x more time compared to Type 1 (The Automizer) and Type 2(The Integrator).- business heavy founding teams perform better than technology andbalanced founding teams- market size is 6-7 times bigger than all othertypes- more likely to either tackle existing markets with a better product ortackle a new market- are more likely to either pivot a lot or not at all- more likely to have large team growth at the scaling phase- need significantly more capital than the other types- monetize a high percentage of their users Examples:Oracle, Salesforce, MySQL, Redhat, Jive, Ariba, Rapleaf,Involver Apptio, Zuora,Cloudera, Splunk, SuccessFactor, Yammer,
  • 7. Stages   1)  Discovery   2)  Valida,on   3)  Efficiency   4)  Scale   Purpose:  Startups  are   Purpose:  Startups  are   Purpose:  Startups   Purpose:  Startups  step   focused  on  validaLng   looking  to  get  early   refine  their  business   on  the  gas  pedal  and   whether  they  are   validaLon  that  people   model  and  improve  the   try  to  drive  growth   solving  ameaningful   are  interested  in  their   efficiency  of  their   very  aggressively   problem  and  whether   product  through  the   customer  acquisiLon   anybody  would   exchange  of  money  or   process.  Startups   hypotheLcally  be   aeenLon.   should  be  able  to   interested  intheir   efficiently  acquire   soluLon.   customers  in  order  to   avoid  scaling  with  a   leaky  bucket.  Events:  Founding  team  is  formed,   Events:  refinement  of  core   Events:  value  proposiLon  refined,   Events:  Large  A  Round,  massive  many  customer  interviews  are   features,  iniLal  user  growth,   user  experienced  overhauled,   customer  acquisiLon,  back-­‐end  conducted,  value  proposiLon  is   metrics  and  analyLcs   conversion  funnel  opLmized,  viral   scalability  improvements,  first  found,  minimally  viable  products   implementaLon,  seed  funding,   growth  achieved,  repeatable  sales   execuLve  hires,  process  are  created,  team  joins  an   first  key  hires,  pivots  (if  necessary)   process  and/or  scalable  customer   implementaLon,  establishment  of  accelerator  or  incubator,  Friends   first  paying  customers,  product   acquisiLon  channels  found.  Time:   departments  .Time:  7-­‐9  months  and  Family  financing  round,  first   market  fit.Time:  3-­‐5  months   5-­‐6  months  (average  for  all  types)   (average  for  all  types)  mentors  &  advisors  come  on   (average  for  all  types)  board.Time:  5-­‐7  months  (average      for  all  types)    
  • 8. Customer  Lifecycle  /  Conversion  Behavior  Apps  &   Campaigns,   Direct,  Tel,  TV   SEM   Blogs   Biz  Dev  Widgets   Contests   Domains   Social  Networks   Email   SEO   PR   Affiliates   Homepage / Product Landing Page Features 2.  AcLvaLon     Emails  &   System  Events  &  Time-­‐ Alerts   based  Features   3.  RETENTION   Blogs,  Content     Emails  &   Campaigns,   widgets   Contests   4.  REFERRAL     Ads,  Lead  Gen,   SubscripLons,  Biz   5.  Revenue  $$$   Dev  ,etc  
  • 9. QuanLtaLve  &  ComparaLve  Measurement  •  Conversion  Criteria:   –  best-­‐performing  (%)  channels  /  campaigns  /  copy   –  largest-­‐volume  (#)  channels  /  campaigns  /  copy   –  lowest-­‐cost  ($)  channels  /  campaigns  /  copy  
  • 10. QuanLtaLve  &  ComparaLve  Measurement  •  Conversion  Criteria:   –  best-­‐performing  (%)  channels  /  campaigns  /  copy   –  largest-­‐volume  (#)  channels  /  campaigns  /  copy   –  lowest-­‐cost  ($)  channels  /  campaigns  /  copy  •  Measurement  Components:   –  Audience  Segment  (young  women,  regional  metro,  older  singles)   –  Channel  Source  (social  network,  SEM,  organic,  PR,  etc)   –  Campaign  Theme  /  Brand  Promise  (“find  a  job”,  “learn  to  cook”)   –  Landing  Page  &  CTA   –  Copy  &  Graphics  
  • 11. Example  Conversion  Metrics   (note:  *not*  actuals;  your  mileage  may  vary…)    Category User Status Conv % Est. ValueAcquisition Visit Site 100% $.01 (or landing page, or external widget)Acquisition Doesnt Abandon 70% $.05 (views 2+ pages, stays 10+ sec, 2+ clicks)Activation Happy 1st Visit 30% $.25 (views X pages, stays Y sec, Z clicks)Activation Email/Blog/RSS/Widget Signup 5% $1 (anything that could lead to repeat visit)Activation Acct Signup 2% $3 (includes profile data)Retention Email Open / RSS view -> Clickthru 3% $2Retention Repeat Visitor 2% $5 (3+ visits in first 30 days) Referral Refer 1+ users who visit site 2% $3 Referral Refer 1+ users who activate 1% $10 Revenue User generates minimum revenue 2% $5 Revenue User generates break-even revenue 1% $25
  • 12. Example  Conversion  Metrics   (note:  *not*  actuals;  your  mileage  may  vary…)    Category User Status Conv % Est. ValueAcquisition Visit Site 100% $.01 (or landing page, or external widget)Acquisition Doesnt Abandon 70% $.05 (views 2+ pages, stays 10+ sec, 2+ clicks)Activation Happy 1st Visit 30% $.25 (views X pages, stays Y sec, Z clicks)Activation Email/Blog/RSS/Widget Signup 5% $1 (anything that could lead to repeat visit)Activation Acct Signup 2% $3 (includes profile data)Retention Email Open / RSS view -> Clickthru 3% $2Retention Repeat Visitor 2% $5 (3+ visits in first 30 days) Referral Refer 1+ users who visit site 2% $3 Referral Refer 1+ users who activate 1% $10 Revenue User generates minimum revenue 2% $5 Revenue User generates break-even revenue 1% $25
  • 13. Example  Conversion  Metrics   (note:  *not*  actuals;  your  mileage  may  vary…)    Category User Status Conv % Est. ValueAcquisition Visit Site 100% $.01 (or landing page, or external widget)Acquisition Doesnt Abandon 70% $.05 (views 2+ pages, stays 10+ sec, 2+ clicks)Activation Happy 1st Visit 30% $.25 (views X pages, stays Y sec, Z clicks)Activation Email/Blog/RSS/Widget Signup 5% $1 (anything that could lead to repeat visit)Activation Acct Signup 2% $3 (includes profile data)Retention Email Open / RSS view -> Clickthru 3% $2Retention Repeat Visitor 2% $5 (3+ visits in first 30 days) Referral Refer 1+ users who visit site 2% $3 Referral Refer 1+ users who activate 1% $10 Revenue User generates minimum revenue 2% $5 Revenue User generates break-even revenue 1% $25
  • 14. Example  Conversion  Metrics   (note:  *not*  actuals;  your  mileage  may  vary…)    Category User Status Conv % Est. ValueAcquisition Visit Site 100% $.01 (or landing page, or external widget)Acquisition Doesnt Abandon 70% $.05 (views 2+ pages, stays 10+ sec, 2+ clicks)Activation Happy 1st Visit 30% $.25 (views X pages, stays Y sec, Z clicks)Activation Email/Blog/RSS/Widget Signup 5% $1 (anything that could lead to repeat visit)Activation Acct Signup 2% $3 (includes profile data)Retention Email Open / RSS view -> Clickthru 3% $2Retention Repeat Visitor 2% $5 (3+ visits in first 30 days) Referral Refer 1+ users who visit site 2% $3 Referral Refer 1+ users who activate 1% $10 Revenue User generates minimum revenue 2% $5 Revenue User generates break-even revenue 1% $25
  • 15. Example  Conversion  Metrics   (note:  *not*  actuals;  your  mileage  may  vary…)    Category User Status Conv % Est. ValueAcquisition Visit Site 100% $.01 (or landing page, or external widget)Acquisition Doesnt Abandon 70% $.05 (views 2+ pages, stays 10+ sec, 2+ clicks)Activation Happy 1st Visit 30% $.25 (views X pages, stays Y sec, Z clicks)Activation Email/Blog/RSS/Widget Signup 5% $1 (anything that could lead to repeat visit)Activation Acct Signup 2% $3 (includes profile data)Retention Email Open / RSS view -> Clickthru 3% $2Retention Repeat Visitor 2% $5 (3+ visits in first 30 days) Referral Refer 1+ users who visit site 2% $3 Referral Refer 1+ users who activate 1% $10 Revenue User generates minimum revenue 2% $5 Revenue User generates break-even revenue 1% $25
  • 16. MarkeLng  Q:  what  channels  /  who  do  you  market  to?  •  Design  &  Test  MulLple  Mktg  Channels  •  Select  &  Focus  on  Channels  with:   –  High  Volume   –  High  Conversion   –  Low  Cost  •  Measure  *deeper*  down  the  conversion  funnel,  not   just  to  website  /  landing  page  •  Segment  &  Select  channels  &  customers  by  conversion   @  deepest  possible  level  (ideally  $$$)  
  • 17. Product  Q:  how  do  you  choose  what  to  build?    •  Choose  features  for  conversion  improvement   –  80%  on  exisLng  feature  opLmizaLon   –  20%  on  new  feature  development  •  Just  guess,  then  A/B  test…  A  LOT  •  Measure  conversion  improvement  •  Rinse  &  Repeat  
  • 18. Founder/CEO  Q:  What  metrics  do  you  choose  to  watch?  •  Hypothesize  Customer  Lifecycle  &  Refine   –  Choose  5-­‐10  conversion  steps   –  Less,  not  More  is  beeer  •  BUT  measure  &  iterate  •  Focus  on  conversion  improvement  •  Delegate  each  Metric  to  someone  to  OWN