Startups 101 by Danny Boice

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This is a talk I gave at Microsoft Startup Day. I took a retrospective after Speek raised our Series A round and talked about what I learned when I stepped back and thought about Speek's journey thus far.

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Startups 101 by Danny Boice

  1. 1. Startups 101 Danny Boice, Co-Founder & President Speek
  2. 2. About Me Speek Co-Founder Harvard & MIT Exited First Startup in 2006 Georgetown Professor Forbes Columnist @DannyBoice
  3. 3. About Speek $6 Million In Venture Capital 2 Years Old Hundreds Of Thousands Of Users Millions Of Calls Exponential Growth @SpeekApp www.Speek.com
  4. 4. Speek Press
  5. 5. We just closed our Series A round and surpassed hundreds of thousands of users. What did I learn in retrospect?
  6. 6. How Is A Startup Different?
  7. 7. Startups vs Small Businesses A Restaurant, Barber Shop, bookstore, consulting company, etc. is NOT a startup! Different DNA (Exponential Growth) Staff Size Does Not Equate To Revenue Technology (Web & Mobile) Not Physical Locations
  8. 8. The “Trough of Sorrows”
  9. 9. The Startup Lifecycle
  10. 10. Success Requires 3 Things Product Users Money
  11. 11. Product
  12. 12. The Lean Startup Methodology 101 Most startups fail because they build something nobody wants Startup success can be engineered Validate your product ideas with quick experiments For details see this great article by Grace Ng To see it in action do a Lean Startup Machine weekend
  13. 13. Lean Steps • Should I build my idea? • Construct a hypothesis • Identify the riskiest assumption • Pick a test (Exploration, pitch, concierge) • Agree on success criteria • Run the experiment • Analyze the results • Repeat
  14. 14. Users
  15. 15. User Acquisition 101 Acquisition Activation Retention Referral Revenue
  16. 16. Tactics Viral Loop Word of Mouth Freemium Referrals Content SEO / Google / Bing Social Media Press Paid / Ads
  17. 17. The Holy Grail
  18. 18. Money
  19. 19. Revenue 101
  20. 20. Common Revenue Models Subscriptions Freemium Ads Pay As You Go License
  21. 21. Venture Capital ** Punting For Future Conversation **
  22. 22. Let’s Discuss!

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