Float like a butterfly   Sting like a bee          By Camilo Lopez          New Venture Challenge
Tonight’s Points•   Introduction 1min•   Personal Story 4 min•   Motivation to Start a Company 5 min•   Idea Generation 10...
@camiloalopezcamilo@influentialforce.com       720.333.7473
Customer Intelligence that MattersLooking for an software development intern
NewVentureChallenge
ProductDevelopment        18 Months                             Market  IPO                        Good Execution Team    ...
Product Development          VsCustomer Development
Steve Blankhttp://steveblank.com/                         Ash Mauraya
Customer Development           NVC
AnyIdeas?
Idea 1     Idea 2      Idea 3            What         Economics         Competitors    Personal Passion
Idea 1     Idea 2      Idea 3            What         Economics         Competitors
Nice to Have     vs. Must Have
• Reading              • Team Sports• Watching TV          • Shopping• Family Time          • Traveling• Going to Movies  ...
Idea 1     Idea 2      Idea 3            What         Economics         Competitors
How big is the marketTAM = # of Potential Customers X Value of each customer
How big is the marketNumber of Potential Customers              X   Value of each customer              =   Total Availabl...
Top Down                 Bottom Up                         Number of customers ITotal Available Market                    ...
Idea 1     Idea 2      Idea 3            What         Economics         Competitors
Idea 1     Idea 2      Idea 3            What         Economics         Competitors         Motivation
WhatHowYou
Idea 1     Idea 2      Idea 3  3          1           2      Rank            What         Economics         Competitors   ...
✓   Validate Idea
Adjust                  IdeasLearn                                 Build                Measure           It is about Lear...
Customer Development           NVC
Problem Solution FitState your assumptions:• The Product Hypothesis• Customer Hypothesis    – ROI•   Channel and Pricing H...
Product•   Problem you are solving•   Product Features•   Product Benefits•   Intellectual Property•   Product Delivery Sc...
Customer• Types of customers    –   Decision Maker    –   Economic Buyer    –   Recommender    –   Influencer    –   User•...
Distribution•   System Integrators•   Direct Sales Force•   Value added resellers•   Dealers•   Distributors•   Retail•   ...
Demand Creation• How would you create demand for your product to your  chosen channels   –   Advertising   –   Social Medi...
Market Hypothesis• Existing vs Resegmented vs New            High  Benefit            Low                   High          ...
Competitive Hypothesis
Unique Value PropositionEasily explain why you exist         “We help X do Y by doing Z”
Lean Canvas
New Co. Great Idea         New Co.                               Clear message of what you do, tag line      Problem      ...
Execute
Wireframe
Customer Engagement1. Start showing the site to potential customers, testing customer   segment and value proposition2. Us...
Next Steps• Test hypothesis by talking to customers  – Start Building a landing page  – Make progress toward your MVP  – T...
ToolsMust Read Blogs    • Fred Wilson – A VC    • SK Murphy    • Marc Andreessen    • Paul Graham    • Hacker News    • Br...
Co-founders• TechCoFounder - directory of developers• Foundrs - recruit co-founders• StartupLinkup - recruit co-founders• ...
$8 Billion
Nvc lean startup
Nvc lean startup
Nvc lean startup
Nvc lean startup
Nvc lean startup
Nvc lean startup
Nvc lean startup
Nvc lean startup
Nvc lean startup
Nvc lean startup
Nvc lean startup
Nvc lean startup
Nvc lean startup
Nvc lean startup
Nvc lean startup
Nvc lean startup
Nvc lean startup
Nvc lean startup
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  • The secret sauce for success is motivation and teamWhat drive you?You have a problem that you want to solveYou are passionate about a particular issueYou want to explore, see what is out there
  • 9 out of 10 startups failThe ones that succeed change plans and direction along the way.
  • The secret sauce for success is motivation and teamWhat drive you?You have a problem that you want to solveYou are passionate about a particular issueYou want to explore, see what is out there Where will your idea come from?Personal problems you have Reading the news, TC, VBFriends and FamilyDon’t fall in love with your ideaBe willing to changeMake a list, do market research, down select
  • Learning Loop
  • If you can’t easily explain why you exist, none of the subsequent steps matter.  A good format is “We help X do Y by doing Z”.Once you have a statement in that format, find a few other people (doesn’t matter if they’re your target market) and ask them if it makes sense.If not, give them a longer explanation and ask them to summarize that back to you.  Other people are often better than you at crafting an understandable value proposition.
  • Put yourself out there Get a domain name for your company. To find an available domain quickly, tryDomize or DomainrThen use godaddy or namecheap to register the name. (RetailMeNot usually has ~ $8/year discount coupons for Godaddy You may want to register many different domains (different possible brand names, or different misspellings and variations of a brand name.) Depending on your product, this may be as simple as a splash page with: your value proposition, benefits summary, and a call-to-action to learn more, answer a short survey, or pre-order.)For surveys and pre-order forms, Wufoo and Google Forms can easily be embedded within your site with minimal coding.
  • Launched in 2005Twitter, launched in 2007
  • Nvc lean startup

    1. 1. Float like a butterfly Sting like a bee By Camilo Lopez New Venture Challenge
    2. 2. Tonight’s Points• Introduction 1min• Personal Story 4 min• Motivation to Start a Company 5 min• Idea Generation 10 min• Customer Development 30 min• Lean Canvas 30 min• Go do it!
    3. 3. @camiloalopezcamilo@influentialforce.com 720.333.7473
    4. 4. Customer Intelligence that MattersLooking for an software development intern
    5. 5. NewVentureChallenge
    6. 6. ProductDevelopment 18 Months Market IPO Good Execution Team VC Contacts Research $800 million Break in funding Even 5 Qrts Great Idea
    7. 7. Product Development VsCustomer Development
    8. 8. Steve Blankhttp://steveblank.com/ Ash Mauraya
    9. 9. Customer Development NVC
    10. 10. AnyIdeas?
    11. 11. Idea 1 Idea 2 Idea 3 What Economics Competitors Personal Passion
    12. 12. Idea 1 Idea 2 Idea 3 What Economics Competitors
    13. 13. Nice to Have vs. Must Have
    14. 14. • Reading • Team Sports• Watching TV • Shopping• Family Time • Traveling• Going to Movies • Sleeping• Fishing • Socializing• Computer • Sewing• Gardening • Golf• Renting Movies • Church Activities• Walking • Relaxing• Exercise • Playing Music• Listening to Music• Entertaining• Hunting
    15. 15. Idea 1 Idea 2 Idea 3 What Economics Competitors
    16. 16. How big is the marketTAM = # of Potential Customers X Value of each customer
    17. 17. How big is the marketNumber of Potential Customers X Value of each customer = Total Available Market
    18. 18. Top Down Bottom Up Number of customers ITotal Available Market can get today Attainable Market Growth ShareProjected Customers Projected Customers with target share with expected growth
    19. 19. Idea 1 Idea 2 Idea 3 What Economics Competitors
    20. 20. Idea 1 Idea 2 Idea 3 What Economics Competitors Motivation
    21. 21. WhatHowYou
    22. 22. Idea 1 Idea 2 Idea 3 3 1 2 Rank What Economics Competitors Motivation
    23. 23. ✓ Validate Idea
    24. 24. Adjust IdeasLearn Build Measure It is about LearningYou must go through the cycle 2 to 3 Phases
    25. 25. Customer Development NVC
    26. 26. Problem Solution FitState your assumptions:• The Product Hypothesis• Customer Hypothesis – ROI• Channel and Pricing Hypothesis• Demand Creation Hypothesis• Market Type Hypothesis• Competitive Type Hypothesis
    27. 27. Product• Problem you are solving• Product Features• Product Benefits• Intellectual Property• Product Delivery Schedule – MVP• Total cost of ownership/adoption
    28. 28. Customer• Types of customers – Decision Maker – Economic Buyer – Recommender – Influencer – User• Customer Problems• A day in the life of your customer• Customer Influence Map• ROI Justification – Cost of Problem vs Cost of your solution• Minimum Feature Set
    29. 29. Distribution• System Integrators• Direct Sales Force• Value added resellers• Dealers• Distributors• Retail• Online / Direct
    30. 30. Demand Creation• How would you create demand for your product to your chosen channels – Advertising – Social Media – PR – Promotions – Spam – Web Site – Word of Mouth – Seminars – Telemarketing – Partners – INFLUENCERS
    31. 31. Market Hypothesis• Existing vs Resegmented vs New High Benefit Low High Low Cost
    32. 32. Competitive Hypothesis
    33. 33. Unique Value PropositionEasily explain why you exist “We help X do Y by doing Z”
    34. 34. Lean Canvas
    35. 35. New Co. Great Idea New Co. Clear message of what you do, tag line Problem Solutions Unique Value Unfair Customer Top 3 features Proposition Advantage SegmentsTop 3 Problems Can NOT be easily copied or Single, clear compelling, bought Target customer message that states why you are different and worth buying Metrics Channels Key activities you measure Path to customers Cost Structure Revenue Streams-Customer acquisition -Revenue modelDistribution cost Lifetime valueHosting RevenuePeople Gross Margin
    36. 36. Execute
    37. 37. Wireframe
    38. 38. Customer Engagement1. Start showing the site to potential customers, testing customer segment and value proposition2. Use Ads, textlinks or Google AdWords, Facebook ads and natural search to drive people to your Minimally Viable web site3. Use your network to find target customers – ask your contacts, “Do you know someone with problem X? If so, can you forward this message on to them?” and provide a 2-3 sentence description4. For B2B products, Twitter, Quora, and industry mailing lists are a good place to find target customers. Don’t spam these areas, but if you’re already an active participant you can sprinkle in some references to your site or you can ask a contact who is already an active participant to do outreach for you.5. Use Mailchimp, Postmark or Google Groups to send out emails and create groups6. Create online surveys with Wufoo or Zoomerang7. Get feedback on your Minimum Viable Product (MVP) features and User Interface
    39. 39. Next Steps• Test hypothesis by talking to customers – Start Building a landing page – Make progress toward your MVP – Talk to customers – Collect Data – Ask for Money• Iterate
    40. 40. ToolsMust Read Blogs • Fred Wilson – A VC • SK Murphy • Marc Andreessen • Paul Graham • Hacker News • Brad Feld • Chris Dixon • OnStartups-Dharmesh Shah • Both Sides of the Table – Mark Suster • 37signals • Eric Ries – Startup Lessons Learned • Venture Hacks and http://twitter.com/venturehacks • Andrew Chen • Dave McClure • Venture Made Transparent
    41. 41. Co-founders• TechCoFounder - directory of developers• Foundrs - recruit co-founders• StartupLinkup - recruit co-founders• FoundersHookUp - Invite-only find a co-founder• CoFounder Network• PartnerUp-• Meetup – go to a Meetup!
    42. 42. $8 Billion

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