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Crash course on delivering value to a startup

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Presentation to Imperial College MBA students on how to engage and add value to startup businesses through a consulting or mentoring relationship

Presentation to Imperial College MBA students on how to engage and add value to startup businesses through a consulting or mentoring relationship

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  • 1. CRASH COURSE ON DELIVERING VALUE TO A STARTUP Imperial College Business Labs 5th December 2013
  • 2. WHAT ARE WE GOING TO TALK ABOUT: The startup landscape Observations from the startup ecosystem Let’s talk lean! 5 things you don’t (necessarily) need for a startup Top consulting tips
  • 3. Questions before we start?
  • 4. STARTUPS WORKSPACES / HUBS CORPORATES INVESTORS SUPPORT GOVERNMENT • Hackthons & Startup Weekends • Pitching - Don't Me Bro • Meetups - Silicon Drinkabout • Education - General Assembly THE STARTUP LANDSCAPE
  • 5. 5 OBSERVATIONS ABOUT THE STARTUP ECOSYSTEM
  • 6. 'STARTUP' MEANS LOTS OF THINGS TO LOTS OF DIFFERENT PEOPLE • Startup V Small business “A startup is a human institution designed to create a new product or service under conditions of extreme uncertainty” • Core tech startups (emphasis on disruptive business models) through to more traditional business propositions Eric Ries, The Lean Startup • Tip: use generic language in early conversations to get a feel for what type of ‘startup’ they are. Use the wrong language and you will lose credibility quickly!
  • 7. RANGE OF AGE AND EXPERIENCE • Generation Ys • Established VCs and Angel Investors • Increasing involvement of corporates and venture programmes • Limited business experience but tremendous ambition • Utilising the accessibility of establishing a startup • Distinct triangle / hierarchy of experience (and finance)
  • 8. EXPLORING THE CORPORATE / STARTUP RELATIONSHIP • Two worlds are colliding in a way that no one yet fully understands • Driven by a number of factors, including: • CSR agenda and desire to be seen to be supporting enterprise • Innovation outsourcing (IP) • The rise of intrapreneurship (what can the corporate world learn? • In professional services, desire to build relationships early • Corporate venture • Sponsored accelerator programmes • Sponsored hackathons • A recognition that ROI is not yet fully understood
  • 9. A FOCUS ON PRODUCT • In the tech world this is often where founders expertise lies • Links to lean startup methodology / thinking that business is product led (driven by MVP and Customer Development) • Be mindful that an MBAs experience is (probably) more helpful in a general business sense
  • 10. BE PREPARED TO TALK TO LEAN... ... or face losing credibility!
  • 11. LEAN BY EXAMPLE!
  • 12. Why Lean? • You don’t have VC funding • You don’t have Angel funding • You don’t have any funding • You don’t have any money • You need some customers • Getting customers is about execution, not about product or engineering (mostly) “The only way to win is to learn faster than anyone else” Eric Ries
  • 13. The Pirate Metrics • Acquisition – Where users come from • Activation – They have a happy first experience • Retention – They come back • Referral – They tell other people • Revenue – You make money MeasureConversion “If a metric won’t change how you behave, it’s a bad metric” Ben Yoskovitz, The Lean Entrepreneur
  • 14. Targeted Marketing (Ads) • Job Title and Function • Age Range • Skills • Interests & Groups • Gender • Marital Status • Location & Radius Targeting
  • 15. Targeted Marketing (Social) • Your competitors followers
  • 16. Targeted Marketing (Social) • Events your competitor attends • People that attend those events • Turn Twitter handles into Email addresses
  • 17. Detailed Analytics • Who, When, Where – Visits, Clicks, Referrals • Interests – Click-Through & Downloads • Engagement – Time spent on site & Bounce • Effectiveness – Conversion & Goals
  • 18. Detailed Analytics (Landing Pages) • 2.8m emails @ $21/email = $60m donations • from £12/month
  • 19. Content/Inbound Marketing • XaaS – Everything As A Service – Whitepapers, Blogs, Tweets – Photographs, Videos – Voiceovers – Micro Tasks
  • 20. User Engagement • “if Current URL is yoursite.com/services, and visitor has already visited 3 pages, and has spent over 30 secs on the current page, and is in the UK send this message ……. ”
  • 21. Real-Time Reporting • Qualified Leads • Support response/fix times & calls • Mailchimp subscribers • SMS, Calls + Durations, & Costs • Follows, Likes & +1s • And lots more ….. “If a metric won’t change how you behave, it’s a bad metric” Ben Yoskovitz, The Lean Entrepreneur
  • 22. TOP CONSULTING TIPS
  • 23. Build the Trusted Advisor relationship Read the David Maister book
  • 24. • Active listening with open questions – “what’s going on here?” • Subject matter expert – credibility, trust and reliability • Remember that the client is buying confidence not just a service – NEVER look panicked even if you are! • Act with the upmost integrity at all times – ‘sell’ the client what they really need (and not what they don’t) and they will return • Personality is key – need to be likeable, trust worthy whilst at the same time able to constructively challenge
  • 25. • Get client’s attention with quick wins – demonstrate your capability, build the relationship and business will follow • Sell solutions i.e. solve the clients problems or pain – more than just mentoring • Nail down your engagement management skills – contract negotiation & writing, project planning, open communication etc • Remember that you are the expert at what you do, but that the client is the expert at what they do – relationships should be collaborative not combative • Appeal to basic human nature – work with a client to both arrive at the solution, rather than imposing your solution on them
  • 26. 5 THINGS YOU DON’T (NECESSARILY) NEED FOR A STARTUP
  • 27. 1. A great idea 2. Engineering/development expertise 3. Venture capital financing 4. The willingness to take risks 5. The ability to scale
  • 28. QUESTIONS (AND ANSWERS)