DrakeYOLO: You Only Launch Once                              Danny Boice                   Speek Co-founder & CTO         ...
What is Speek?
Current StateLots of Users100% Monthly Growth$1.5mm Seed Funding11 EmployeesJust hit “hockey stick”shaped growth curvelast...
Our JourneyStarted with NYC, ANapkin, and Beer.                      YOLO
February 2012Place: NYCProblem: Conferencecalls suck and people hatethemSolution: Use a linkinstead of a phonenumber and P...
March 2012Place: SXSWProblem: We need anapp for more experimentsSolution: Drink lots ofbeer (and bourbon) in ourAIRBNB hou...
June 2012Place: Arlington, VAProblem: Voice qualitysucksSolution: Host conferencecalls on hardware ratherthan AWSFunding: ...
September 2012Place: AOL Fishbowl Labs (ournew and current home)Problem: Not growingorganicallySolution: Start giving surv...
December 2012Place: Fishbowl LabsProblem: Cheap useracquisition / feed the viralfunnelSolution: Try a bunch ofdifferent gr...
TodayPlace: Fishbowl LabsProblem: Scale growth,become ubiquitousSolution: Keep iteratingand get out early on newplatforms ...
Lessons Learned
A great product trumps everything else
Your MVP can - and should - be butt ugly
Don’t be shy about growth and distro
Survey.io is the bees knees
People will not volunteer information –wrestle it out of them
Pick one single metric and track weeklygrowth rate
We should have done an accelerator
Fundraising sucks
Thank You!Be Sure To Check Out Speek.com  @DannyBoice | @SpeekApp      #YOLO #EE2013
Upcoming SlideShare
Loading in …5
×

YOLO: You Only Launch Once

592 views

Published on

This is my presentation from the 2013 Everywhere Else Conference in Memphis. The premise was a retrospective on the last 6 months from founding Speek to launching out of Beta.

Published in: Technology
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
592
On SlideShare
0
From Embeds
0
Number of Embeds
10
Actions
Shares
0
Downloads
3
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide
  • Hello. I’m Danny Boice the co-founder and CTO of Speek and this is Drake. He’s the rapper who coined the acronym YOLO.Who’s familiar: Who here is familiar w/ “YOLO”? What is YOLO:If you’re not already aware YOLO is this cultural phenomena where people are doing crazy shit and just shrugging it off like “You Only Live Once”. There are a series of memes that have cropped up so you know it’s legit.Connection to my talk: My team dared me to try and work YOLO into one of my talks – so here it goes. Be sure to tweet at SpeekApp with these hashtags so my team knows I actually did thisMy startup Speek is launching out of beta this month so I just had to make my own YOLO talk but instead of “You only live once” I had to make it nerdy and call it “You Only Launch Once”Here it goes
  • Speek is a new way of doing conference calls that doesn’t suck. You don’t need annoying dial-ins. Instead you get a simple link like speek.com/danny that you can share with anyone you want to do a conference call with. Once on you can see who’s on the call and when they talk, add / remove callers, share files, take notes. Speek was founded in June 2012 by myself and John Bracken who previously founded E-vite and did biz dev for AOL Instant Messenger and some other big communication products.Be sure to go register your free speek link now before someone else gets your name
  • We’ve had a little bit of success so far but still have a ton of work to do:Raised a lot of cash early on good terms from good VC’sAmazing teamDecent pressI thought it may help to share what we did month by month to get here
  • So we’ve navigated the infamous trough of sorrows. We just hit a good growth trajectory. Sounds cool but it started off in a very modest fashion.Back around February of last year John and I were in NYC and went out for beers after work. We were both serial entrepreneurs and in between startups at the time and did what any founder would do – we started brainstorming on startups to found together and drawing them out on cocktail napkins.The one we felt best about was this “bit.ly for conference calling” concept that John came up with.We were both big into Lean Startup so we immediately went about validating our riskiest assumption – that people would do something other than a phone number and PIN for audio conference calls
  • Theme: product concept validation before we waste time and money even forming a company
  • Theme: Even more product concept validation before we waste time and money even starting a company
  • Theme: We validated our product concept. Now we had to make it not suck so much.Voice quality was core. One bad experience churned a user. We had to get this right. It took us several months to do that.We never stopped organically growing along the way though (no paid advertising)
  • Theme: Our product doesn’t suck now but if we can’t scale it in a cost effective manner we’re fucked. Can we scale viral growth?Get out there and distribute, distribute, distribute
  • Theme: We can generate new users out of active users so now we need to feed the funnel with new users that will active and not churn
  • We’ve had a little bit of success so far but still have a ton of work to do:Growing exponentiallyRaised a lot of cash early on good terms from good VC’sAmazing teamDecent press
  • Don’t spend money on marketing until your basic product works enough to retain users at a baseline levelOrganic growth is fine and a great sign if you can achieve it
  • MVP = minimum viable product if you’re not aware.We literally sliced black and white balsamiq wireframes as our first UI in production. It got us a few hundred users which allowed to raise money on a note with a fairly high cap.
  • Once you’re basic product is retaining users at even the most basic level go full steam with distribution and growth
  • One way of understanding whether you are ready to grow or not is to use the survey.io survey to identify whether you have achieved product / market fit or not. 40% of a 30 user cohort must answer “very dissapointed” to the question about how they would feel if your product didn’t exist.
  • Virginia Lee from my product team literally stalked our early users on facebook and linkedin to get their feedback. This must be done.
  • Ours was active users. “active” means they did a conference call that was longer than 5 minutes with more than 2 people on it within the last 30 days. We tracked our % of growth on a weekly and monthly basis.
  • I think we would have saved ourselves a few months if we had gone to one of these at the very beginning.It not only gets your product out there faster, connects you with really smart mentors but it will also jump start fundraising
  • It will take you twice as long to raise half as much. We had me (previous exit, published, harvard, decade+ of tech) and my co-founder (e-vite founder w/ exit, berkleymba, several years of biz dev for AOL instant messenger) and it took us about 6 months to raise our seed round. Granted we did a convertible note with a high cap and only took money from pro’s.
  • Thank you for having meNow please go put a dent in the damn universe by founding startups!
  • YOLO: You Only Launch Once

    1. 1. DrakeYOLO: You Only Launch Once Danny Boice Speek Co-founder & CTO @DannyBoice | @SpeekApp #YOLO #EE2013
    2. 2. What is Speek?
    3. 3. Current StateLots of Users100% Monthly Growth$1.5mm Seed Funding11 EmployeesJust hit “hockey stick”shaped growth curvelast month
    4. 4. Our JourneyStarted with NYC, ANapkin, and Beer. YOLO
    5. 5. February 2012Place: NYCProblem: Conferencecalls suck and people hatethemSolution: Use a linkinstead of a phonenumber and PIN YOLOFunding: $0Users: 0People: 2Assumption:People will use a link forconference callsExperiment: Lots ofcustomer interviews &some AdWord buys
    6. 6. March 2012Place: SXSWProblem: We need anapp for more experimentsSolution: Drink lots ofbeer (and bourbon) in ourAIRBNB house and hacka butt ugly MVP together YOLOFunding: $0Users: 0People: 2 + offshore devAssumption:We can overcome voicetechnology hurdlesExperiment: Get ourfriends and family to startdoing callsResult: FAIL - techglitches (Voice related)
    7. 7. June 2012Place: Arlington, VAProblem: Voice qualitysucksSolution: Host conferencecalls on hardware ratherthan AWSFunding: $50,000 YOLOUsers: 50People: 3 + offshore devAssumption:We can overcome voicetechnology hurdlesExperiment: Upgrade ourtechnology and keep gettingpeople to do calls.Result: Validated** This is when we finallyformed Speek, Inc **
    8. 8. September 2012Place: AOL Fishbowl Labs (ournew and current home)Problem: Not growingorganicallySolution: Start giving survey.iosurvey to all active usersFunding: $150,000 YOLOUsers: 1,000People: 3 + offshore devAssumption:We can grow without huge useracquisition costsExperiment: CustomerInterviews & Survey.io surveyand see if we can get to 40%“very disappointed if Speekdidn’t exist” for a given cohort.Result: 3+ months of iteration
    9. 9. December 2012Place: Fishbowl LabsProblem: Cheap useracquisition / feed the viralfunnelSolution: Try a bunch ofdifferent growth tactics -ITERATE YOLOFunding: $500,000Users: 20,000People: 6Assumption:We can grow our userbase without hugemarketing spendExperiment: Customerdevelopment + analyticsResult: 3+ months ofiteration
    10. 10. TodayPlace: Fishbowl LabsProblem: Scale growth,become ubiquitousSolution: Keep iteratingand get out early on newplatforms and devicesFunding: $1,500,000Monthly Growth: 100%People: 11Launching out of betaand charging $$
    11. 11. Lessons Learned
    12. 12. A great product trumps everything else
    13. 13. Your MVP can - and should - be butt ugly
    14. 14. Don’t be shy about growth and distro
    15. 15. Survey.io is the bees knees
    16. 16. People will not volunteer information –wrestle it out of them
    17. 17. Pick one single metric and track weeklygrowth rate
    18. 18. We should have done an accelerator
    19. 19. Fundraising sucks
    20. 20. Thank You!Be Sure To Check Out Speek.com @DannyBoice | @SpeekApp #YOLO #EE2013

    ×