Becoming an investable startup in east africa the pivot east criteria - april 2014

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Becoming an investable startup in east africa the pivot east criteria - april 2014

  1. 1. Becoming an investable startup in East Africa: The PIVOT East Criteria twitter: @pivoteast website: pivoteast.com facebook: facebook.com/pivoteast
  2. 2. A startup is an organization formed to search for a repeatable and scalable business model - Steve Blank A startup is a human institution designed to deliver a new product or service under conditions of extreme uncertainty - Eric Ries
  3. 3. A business model describes the rationale of how an organization creates, delivers, and captures value A. Osterwalder et al.
  4. 4. Useful Reading material from Ash Maurya practicetrumpstheory.com/2011/08/customer-development-getting-started Problem interviews Solution interviews MVP interviews GET OUT OF THE BUILDING!
  5. 5. 2014 Partners
  6. 6. But., ... to win or not may not matter much ...
  7. 7. (1) Problem and Customer Segments ○ What top customer pains have you identified? ○ What customer segments are affected by the problem ? Early adopters identified ? ○ Is problem big enough for a viable business case? ○ $100m+ annual turnover in 5 years?
  8. 8. 2) The solution ○ How are you solving the customer's problem? ○ What special features of the solution that directly address the customer’s pain? ○ How can you confirm that your solution resonates with customer’s problem ○ High-level concept pitch - ie “new product X”: “Y for Z” eg. “MkulimaMax”: “Oracle ERP for smart farmers”
  9. 9. (3) Revenue Streams Envisaged and Tested ○ How will you make money by providing the solution given the nature of the current market place? ○ Have you conducted experiments to test any of the revenue streams? if so what lessons have been learnt so far?
  10. 10. (4) The Technological Advantage ○ Why is the technological solution and revenue model expected to work? ○ What unique technological approaches or platforms have you opted for that make it workable and scalable?
  11. 11. (5) Analysis of Competitive Landscape ○ What are the existing alternatives to your solution? Show thorough knowledge of competitors / collaborators ○ What differentiates you from the alternatives? We can - they can’t, We can’t - they can
  12. 12. (6) Customer Acquisition & Channels ○ What customer segments are early adopters? ○ How will the customer segments become aware? ○ How will you achieve customer activation? (first instance of gratifying experience) ○ Does product have viral characteristics?
  13. 13. (7) Team Composition & Commitment Level ○ What skills & experience does the team have? i. Team member complementary strengths ii. Additional skills required? self diagnosis .. ○ Commitment & motivation of the team i. Co-founder, employee, advisory roles? ii. Existence of founders’ agreement, vesting schedule?
  14. 14. (8a) Market Traction and Secondary Achievements ● Growing Revenue ○ # of paying customers, ○ # Gross monthly revenue ● Growing / Sticky User-base ○ # of Downloads / Pageviews / Requests, ○ # of active / repeat users
  15. 15. (8b) Market Traction and Secondary Achievements ● Customer discovery progress ○ Prototype iterations made, ○ MVP soliciting customer insights, ○ Customer interviews made ● Intellectual Property Assets ● Key partnerships or investments secured - content, distribution, marketing, funding etc ● Awards, accolades, media mentions earned
  16. 16. (9) Projections for Milestones and Key Metrics How’s the roadmap for growth within the next 12 months for :- ● Revenue ● Users ● Customer discovery / development ● Key partnerships & Investments What does it take to achieve desired milestones?
  17. 17. (10) Pitch Video ● A video (max 5 minutes) that demonstrates :- ○ Passion among founders / key employees to pursue the startup’s mission ○ A clear call to action on what the startup is pursuing at PIVOT East 2014 - ie Visibility, Networks, Partners, Funding etc Basic video quality is acceptable. Professional shooting or editing not necessary
  18. 18. (11) Demo Video or ScreenShots The Demo video should showcase :- ● Key features of the solution ● How intuitive the user experience is ● How well polished the user interface is
  19. 19. General Competition Notes ○ Competition portal - startups.pivoteast.com ○ Minimum number of team members is two (2) ○ Tag startup entries in a maximum of two (2) competition categories ○ Team members to update personal profiles on their key skills and include a LinkedIn profile
  20. 20. Recommended Reading ○ The Lean Startup - Eric Ries ○ The art of the start - Guy Kawasaki ○ Running Lean - Ash Maurya ○ The Founder’s Dilemma - Noam Wasserman ○ Brad Feld's blog - feld.com ○ The Four Steps to the Epiphany - Steve Blank ○ OnStartups.com
  21. 21. email: info@mlab.co.ke pivot@mlab.co.ke twitter: @mlabeastafrica @pivoteast websites: startups.pivoteast.com pivoteast.com mlab.co.ke facebook: facebook.com/mlabeastafrica facebook.com/pivoteast Let mobile startups catalyse economic growth in East Africa!

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