Angel cube content week1

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Overview of AngelCube's 2012 program. Delivered week one of the program.

Overview of AngelCube's 2012 program. Delivered week one of the program.

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Transcript

  • 1. #AC12 OverviewOverview, business models and customer development. Adapted Steve Blank’s E245
  • 2. Agenda• Introductions.• Program overview.• Our expectations.• Program objectives.• Introduction to Customer Development.• Week one milestones.• Week one housekeeping.• Key reading for the program.
  • 3. Introductions(& what we help you with).
  • 4. Adrian Stone Serial Entrepreneur x 3 Exits via SurePlan$20-$25m range across US, UK, Australia, New Zealand. Finance company + $3m T/OHelps with. Strategy, business modelling, enterprise sales, channel partnerships, internationalisation, capital raising and negotiation.
  • 5. Andrew Birt Marketer and entrepreneur. Startup Marketing, RosterPlus, Lean Startup Melbourne & AngelCube.Helps with. Lean. Customerdiscovery, customer validation and customer acquisition.Market testing, branding, pricing, business modelling, online marketing, public relations, pitching and capital raising.
  • 6. Nathan Sampimon Developer and Entrepreneur. Founder of Inspire9 web agency & co- working space. Cofounder AngelCube. Helps with. Agile development, user personas, lean startup methodology, back and front-end design, UI/UX, web business models, hosting, cloud infrastructure, user testing, payment gateways etc.
  • 7. And of course.
  • 8. Mentors & Advisors• VC’s / Entrepreneurs / and SME experts e.g. Legal, UI/UX etc.• Their role is to help you “get out of the building”• Share contacts• Offer real world entrepreneurial advice• Critical feedback• Note: You should arrange your schedule around them not the other way round.
  • 9. Mentors tactical guidance• You’ll meet a lot of mentors, • Respond to our internal some of who you’ll know & critique of your team new people. In addition to our sessions. Find one or two to do this for you. • Rolodex help - “why don’t you call x?”• Review your presentation • Pushing your team to make 5 before you present. - 10 customer contacts/ week• Comment on your teams • Meeting one-on-one with Customer Discovery blog (to your teams at least four to be discussed) five times during the program.
  • 10. Weekly Schedule
  • 11. Demo Day - Melbourne July 10, 2012
  • 12. Demo Day - Sydney
  • 13. Demo Day SV & US Trip September 1st - 14th 2012Optional 3 months at Startup House
  • 14. Budgeting the $20,000
  • 15. 13 Week Journey
  • 16. Our expectations of you.• That one of the founders spends a • That if you don’t have a product yet you have a compelling mock-up or minimum of 10-20 hours out of the predesign that you can use to start building and working on Customer building excitement. Development.• That you do whatever it takes to • That you strive to be the #1 brand in your category via PR, marketing, learn from customers, understand audience building, social, content the value you could deliver, get marketing, partnerships & getting their buy-in and lock in $$$ as early your brand noticed and talked as possible. about.• That you document your customer • That you don’t suck at email (hint: development journey, hypothesis’, reply instantly to important people, tests and learning every week (it is customers and investors). the best source of investor readiness you’ll ever develop). • That you treat each-other with respect, help each-other through• That your branding, copywriting, good and bad times, provide landing pages or front-end design constructive feedback to your peers look f#cking amazing. and enjoy the ride.
  • 17. AngelCube by the numbers• ~24 mentor sessions (2 per week).• 12 milestone sessions (This is #1).• 12 pitch practice sessions.• 10-20 hours per week of Customer Development• 3 mentor speed-dating events• 1 hour per week blogging your learnings.
  • 18. Program Objectives
  • 19. AngelCube is really aboutgetting Out of The Building• AngelCube is not just about mentor sessions.• AngelCube is not just about “getting feedback”• AngelCube is not just about learning to pitch.• AngelCube is about the work you do outside the building...It’s the difference between a vision and a hallucination(Steve Blank).
  • 20. Program objectives.• Going from idea or “a product” to a business. – Business Model + Customer Development – Hypotheses testing of the business model(s) – Getting “out of the building” – Execution. Product development/refinement.• Product/Market Fit.• Positioning (Messaging & Mindshare)• Economics (Cost of Acquisition)• Growth (Marketing, PR, Partners, Momentum)• Investor Readiness. (Pitching. Intro’s. Knowledge, etc)
  • 21. Two types of Startups.Before product market fit.& After product market fit.Marc Andreeseen, Founder Netscape & Andreeseen Horowitz Capital
  • 22. What is Product/Market Fit?1. The customer is willing to pay for the product.2. The cost of acquiring the customer is less thanwhat they pay for the product.3. There’s sufficient evidence indicating the marketis large enough to support the business.
  • 23. Before product market fit.
  • 24. Fig 1. Entrepreneurs Guide to Customer Development.
  • 25. Getting to PMF.Customer Discovery. Fig 1A. Ash Mayura, Running Lean. 2010.
  • 26. ButRealize they’re hypotheses
  • 27. Test the RiskiestAssumption First!
  • 28. MVP is a Process not a Product
  • 29. Running MVP Interviews
  • 30. Interview tactics.
  • 31. 20 Minute Exercise• Sketch out your business model canvas.• Write down your riskiest assumption, as something that you need to test.• Conceive a test (MVP) you will run this week to validate or disprove this assumption.• Develop the criteria to determine if your test has passed or failed.• List who you need to interview and design the process.
  • 32. Let’s talk about pivoting.
  • 33. A pivot can be on the product, businessmodel, and engine of growth. Here’s 10. Zoom-in pivot. 5.Business 1.Zoom-out pivot. architecture pivot. 2.Customer 6.Value capture segment pivot. pivot. 3.Customer need 7.Engine of growth pivot. pivot. 4.Platform pivot. 8.Channel pivot. 9.Technology pivot.Eric Ries, The Lean Startup 2011
  • 34. I recommend that everystartup have a regularpivot or perseveremeeting.Eric Ries, The Lean Startup 2011
  • 35. Tracking Progress.
  • 36. After product market fit.
  • 37. The Startup PyramidSean Ellis, Startup-Marketing.com.
  • 38. 9 Milestones to Growth• Where’s the love.• Expose the core gratifying experience.• Metrics.• Start charging.• Extreme customer support.• Brand experience over awareness.• Driving growth. (Dave McClure, AAARR)• Business / process building.• Patience / persistence / durability.“Milestones to Startup Success”, Sean Ellis - Startup-Marketing.com 2009
  • 39. AAARR Metrics • Acquisition: users come from various channels. • Activation: users enjoy 1st visit “Experience” • Retention: users come back multiple times. • Referall: users like product enough to refer. • Revenue: users conduct monetization.Dave McClure, Startup Metrics for Pirates
  • 40. Dave McClure, Startup Metrics for Pirates
  • 41. Dave McClure, Startup Metrics for Pirates
  • 42. Dave McClure, Startup Metrics for Pirates
  • 43. Dave McClure, Startup Metrics for Pirates
  • 44. Complex?CustDev has just four steps.
  • 45. Fig 1. Entrepreneurs Guide to Customer Development.
  • 46. Milestones Week 1
  • 47. Team Deliverables - Sketch out your business model canvas.- Identify your most critical / riskiest assumption.- Develop a way to MVP (test) that assumption (slide deck,screenshots, diagram, brochure, landing page, demo etc).- Write your interview process including key insights.- Conduct 10-20 real customer (or user) F2F interviews.- Start a blog, journal, wiki or LeanLaunchLab to describe thekey customer insights you’ve gained during these interviews.- Make necessary product improvements based on customerfeedback and lessons learned from real customers.- Present this learning back to the group in 10 minutes - Monday
  • 48. Housekeeping - Develop a loose 13 week product and CustDev plan.- Develop a product plan, that can factor in Customer insights.- Develop a loose 13 week budget and book a time with Adrianand Andrew for budget approval and payment of the $20,000.- Ensure the company is formed (or process started).- Book a time with Adrian to sign all legal documentation.- Please join the AngelCube Yammer and introduce yourself.- Set-up your AngelList profile with existing brand and logo.
  • 49. The boardoom reimagined. Blog Customer Development progress as a narrative following this format.• Keep score of the strategy changes with the Business Model Canvas• Comment/Dialog with advisors and investors on a near-realtime basis.
  • 50. Networks we use.
  • 51. Key Reading
  • 52. Cust Dev Manifesto A Startup Is a Temporary Organization Designed to Search for A Repeatable and Scalable Business Model There are no facts in the building, so get 9. Startup Metrics are Different from Existing out of the building. Companies1. Pair Customer Development with Agile 10.Agree on Market Type – It Changes Development Everything2. Failure is an Integral Part of the Search for 11.Fast, Fearless Decision-Making, Cycle Time, the Business Model Speed and Tempo3. If You’re Afraid to Fail You’re Destined to 12.If it’s not About Passion,You’re Dead the Do So Day You Opened your Doors4. Iterations and Pivots are Driven by Insight 13.Startup Titles and Functions Are Very5. Validate Your Hypotheses Different from a Company’s with Experiments 14.Preserve Cash While Searching. After It’s6. Success Begins with Buy-In from Investors Found, Spend and Co-Founders 15.Communicate and Share Learning7. No Business Plan Survives First Contact 16.Startups Demand Comfort with Chaos and with Customers Uncertainty8. Not All Startups Are Alike