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Copyright © 2013 All Rights Reserved
ILLUMINATING THE FUTURE
THE
SearchLite
Customer Discovery
for Tech Startups
“Loss Ave...
• The objective of this series is for TheSearchLite
to “get out of the building”and develop a deep
understanding of the pr...
Copyright © 2013 All Rights Reserved
• Bill Mayer founded and exited multiple start-ups in the
technology and finance secto...
Copyright © 2013 All Rights Reserved
• There is a big difference between 1st time and serial
entrepreneurs relative to the...
Copyright © 2013 All Rights Reserved
• We have 500 active startups at any given time plus
more walking through the front d...
Copyright © 2013 All Rights Reserved
• University research professors and entrepreneurs in
general have a hard time pullin...
Copyright © 2013 All Rights Reserved
• Often the more elapsed time that a professor or
entrepreneur has invested into thei...
Copyright © 2013 All Rights Reserved
• It is important for the startup entrepreneur to
understand that the interviewee nee...
Copyright © 2013 All Rights Reserved
• This level of exchange can keep the interviewee
engaged on a longer basis when addi...
Copyright © 2013 All Rights Reserved
• The SearchLite is an online community that helps
Tech Startups discover and match C...
Copyright © 2013 All Rights Reserved
ILLUMINATING THE FUTURE
THE
SearchLite
Customer Discovery
for Tech Startups
“Loss Ave...
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Customer Discovery for Tech Startups - Loss Aversion and the Ugly Baby - TheSearchLite.com

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Bill Mayer, Venture Catalyst at Ann Arbor SPARK - Customer Discovery Profile #14 - The objective of this series is for TheSearchLite 
to “get out of the building” and develop a deep understanding of the problems and challenges associated with the Early-stage Startup and the Customer Discovery Process. Visit TheSearchLite.com to see more Customer Discovery Profiles.

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Transcript of "Customer Discovery for Tech Startups - Loss Aversion and the Ugly Baby - TheSearchLite.com"

  1. 1. Copyright © 2013 All Rights Reserved ILLUMINATING THE FUTURE THE SearchLite Customer Discovery for Tech Startups “Loss Aversion and the Ugly Baby” Customer Discovery Profile @TheSearchLite
  2. 2. • The objective of this series is for TheSearchLite to “get out of the building”and develop a deep understanding of the problems and challenges associated with the Early-stage Startup and the Customer Discovery Process TheSearchLite -Discovery Profiles Copyright © 2013 All Rights Reserved
  3. 3. Copyright © 2013 All Rights Reserved • Bill Mayer founded and exited multiple start-ups in the technology and finance sectors. His areas of expertise are finance,securities and quantitative analysis. • He has founded and worked with numerous businesses covering a broad range of industry sectors ranging from start-up ventures through Fortune 500 companies. Bill Mayer -Customer Discovery Profile #14
  4. 4. Copyright © 2013 All Rights Reserved • There is a big difference between 1st time and serial entrepreneurs relative to the level of entrepreneurial services support that is needed from a publicly funded business accelerator like SPARK. • The 1st timers need two member teams,thoughtful matching of coaches,and structured programs to guide them (e.g.bootcamp). “1st Timers need Training Wheels”
  5. 5. Copyright © 2013 All Rights Reserved • We have 500 active startups at any given time plus more walking through the front door every day. • What we need help with is automated assessment tools or other methods to triage the startup entrepreneurs so that the business accelerator management team can be more efficient in where we spend our time. “Front-line Triage”
  6. 6. Copyright © 2013 All Rights Reserved • University research professors and entrepreneurs in general have a hard time pulling the plug on their startup venture solution,even when the jury is in and “the baby is ugly”. • Many psychological studies have demonstrated the physiological effects in the brain known as loss aversion or endowment effect. “Loss Aversion and the Ugly Baby”
  7. 7. Copyright © 2013 All Rights Reserved • Often the more elapsed time that a professor or entrepreneur has invested into their ugly baby solution,the harder it is to pull the plug. “Loss Aversion and the Ugly Baby”
  8. 8. Copyright © 2013 All Rights Reserved • It is important for the startup entrepreneur to understand that the interviewee needs to receive something in return for the wisdom they imparted during the conversation. • This could be as little as sharing data or other relevant industry insights that the interviewee might not see in their normal day-to-day routine. “Customer Discovery is a Two-way Street”
  9. 9. Copyright © 2013 All Rights Reserved • This level of exchange can keep the interviewee engaged on a longer basis when additional help may be needed down the road. “Customer Discovery is a Two-way Street”
  10. 10. Copyright © 2013 All Rights Reserved • The SearchLite is an online community that helps Tech Startups discover and match Customer Segments with Value Propositions to accelerate their Product- Market Fit and get to market faster • Check out TheSearchLite.com to learn more About TheSearchLite.com Copyright © 2013 All Rights Reserved
  11. 11. Copyright © 2013 All Rights Reserved ILLUMINATING THE FUTURE THE SearchLite Customer Discovery for Tech Startups “Loss Aversion and the Ugly Baby” Customer Discovery Profile @TheSearchLite

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