Selling in global markets - Taking your business to the US
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Taking your business to the US workshop was headed by Mr.B V Jagadeesh. Starting with the basics of Entrepreneurship and starting up a company to growth and expansion of the business, this presentation covers all the key points to keep in mind for expanding your business abroad. The workshop also covered the following: 1. Lead Gen methodologies 2. Positioning 3. Building sales and channel teams 4. Picking the right geographies 5. Early adapters Vs late adapters 6. Product Marketing Needs 7. Importance of analyst relationship 8. Importance of demonstrating thought leadership
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Selling in global markets - Taking your business to the US
- 1. SELLING IN GLOBAL MARKETS BV Jagadeesh KAAJVentures “Entrepreneur’sTrusted Partner”
- 2. ISSUES DISCUSSED Building Great companies Product – Market Fit Positioning Winning Early Customers Building Early Sales teams Marketing Geographies Funding andValuations SELL SELL SELL
- 3. DREAM OF AN ENTREPRENEUR
- 4. PERSONALITY AND WINNING People Network
- 5. STEP BY STEP START-UP BUILDING Initial Validation Customer Feedback Pitch to Investors Build the product or service Beta Test with Customers List Early Adapters Sales and Mktg Strategy Grow Business Cycle Repeats. New Products, expanded mkts etc.
- 6. BUILDING A GREAT COMPANY … Identification of problem and ability to solve Eco-system – Investors, Mentors and others Market adoption / Execution Build reliable and cost effective product 4 Key Pillars of a start-up success
- 7. EARLY STAGE DESIREDTEAM LEADERS • CEO • CTO • Product Mgmt • Engineering • Business Development / Sales • Marketing
- 8. ROLES OF EARLYTEAM MEMBERS • CEO: 1. Great execution, understand market, optimist + realist 2. Ability to attract talent, 3. Go in front of customers, Early stage validation, First sales person for the company 4. Delegate, Lead team, Honest, Strong values 5. RAISE MONEY • CTO: 1. Market vision + customer needs 2. Competition 3. Technology differential
- 9. ROLES OF EARLYTEAM MEMBERS • Product Management 1. Clearly define market segments, identify targets 2. Understand key features per target segment 3. Work with Engineering to commit + deliver product/s that generates revenue upon FCS One of the most critical positions in a start-up company.
- 10. ROLES OF EARLYTEAM MEMBERS • Engineering 1. Building world-class team 2. Work closely with CEO/CTO/PM + customers to properly architect /design/ deliver quality product in timely manner 3. Work with field to quickly turn around + enhance product to close sales
- 11. ROLES OF EARLYTEAM MEMBERS • Business Development / Sales • Identify initial customers per direction of CTO/CEO/PM • Help bring first 10-15 customers • Constant Interface between Customer and Company • Feedback on Pricing and Product Features and Quality • Get PO’s from these early customers.
- 12. EARLY STAGE DESIREDTEAM MEMBERS • Hard to build a team with all needed functions 1st few months • Founding team needs to wear multiple hats…depending on expertise + background. e.g. Founding Team A – Sales + Eng’g background Sales: CEO, BD, fundraising Engineering: CTO, Prod Mgmt, help CEO in funding e.g. Founding Team B – Eng’g + Prod Mgmt Background Prod Mgmt: BD, PM, fundraising, acting CEO Engineering: CTO, Eng’g
- 13. Hiring Someone 1. Just because you know them 2. To “help them out” 3. As partner because you can’t afford them 4. To do a bit of everything 5. Top-down vs. bottom-up 6. Not knowing what jobs you want the person for 7. For the job you hate Pitfalls to Avoid when Building aTalentedTeam
- 14. HIRINGTIPS Do’s 1. Build your company brand 2. Get concerned people involvement in hiring process 3. Recruit constantly 4. Do things professionally 5. Focus on personality + cultural fit 6. Take fast action when hiring mistake is made Don’t 1. Don't oversell stock options 2. Don't over hire
- 15. 1993 Today Founded Fouress Merged into Exodus Exodus IPO NetMagic Acquired by NTT Ankeena Acquired by Juniper 3Leaf Inabling NetScaler Acquired by Citrix Edurite Acquired by Pearsons Ocarina Acquired by Dell Arkin Rakya Cloud Vel Attivo Whodini ScaleArc MobileForce Fine line between Success and Failure Televital Numerify Nutanix Woxi
- 16. Fine line between Success and Failure Is itTechnology? Is it Execution? Is it the Market? Is it the Luck? Is it the Attitude? Is it the Money? Is it the People? What’s the Fine-Line?
- 17. “It is mainly the People with the right Attitude and ability to Execute what the Market wants with an Innovation and some amount of Money and Luck’’ What Clicks Between Success and Failure ?
- 18. Navigate during changing markets Assign right resources to better execute Manage finances at all times Change the priorities based on Needs Hire best people without just money Lead and bring right leadership People Figure Out how to
- 19. PRODUCT MARKET FIT Who’s your customer What problem are you solving What is the value of your product to the customer ROI ? customer willing to do a POC? Willing to write a check for POC Go beyond POC to production? Is the product ready for main stream?
- 20. PRODUCT MARKET FIT (SLICING AND DICINGTHE MARKET ) F500, HighValue, High $$, More complex environment ( 1B+ ) Mid Size Business( 500 – 1+ B ) Small/Mid Size Business Small Business Very Small Businesses Size of Business Vertical Markets MFG High Tech Oil & Gas Health Care Web Centric Auto Retail Fin Media & Ent
- 21. POSITIONING Know how and when to say NO Know what markets Know what features are needed for that market Focus on few things and do it right Know who the buyer is Let it be large Market Avoid trying to satisfy every customer – you will become consulting company
- 22. HOWTO WIN EARLY CUSTOMERS Your or your board/investors contacts Hiring Sales/BD Domain expert or hunting sales guys Smart ways of finding customers Work through product deficiencies Offer good discount for being an early customer Use LinkedIN, Hotjobs, Monster Google Ad words, SEO Case Studies – Exodus, NetScaler, Nutanix, Netmagic
- 23. PRODUCT CONTINUITY Every Market you pick the product has to go deeper At some point of time you have to expand into other markets Don’t ignore the first market – product needs to evolve constantly Packaging of your product with engg changes can take you to new opportunities Acquisition of other companies – Company culture, product integration, people continuity is very important for a better success
- 24. MARKETING Lead Gen Programs Marketing Collateral – Case Studies – Public/Private without revealing names Analyst influence Pricing Packaging Company launch and Product launch Events.
- 25. EXODUS REVENUE GROWTH 1994 – 200K 1996 – 2M 1997 – 12M 1998 – 48M 1999 – 200M 1995 – 600K 2000 – 800M Uncertainty Phase ~ 3.5 years Winning Hotmail Aug ‘94- first Sales/BD VP Nov’93 Birth of Company Start Channel Operations
- 26. EXODUS TIMELINE Internet Data Center evolution Founded by 2 people with ~10K personal $ 1993 October Kicked Off Business Internet Solutions 1994 Introduced Internet Consulting, 1st form of Hosting Still No funding, House Mortgaged, Loans from other companies 1995 August - Built 1st ever Internet DataCenter) Feb’96 Series A- $3.5M October’96 Series B - $7M 1996 Got rid of various consulting business, ISP. Focus on IDC mkt. Web centric companies early customers May - Raised another 20M Mezzanine round 1997 IPO in March 350M mkt cap. Raised 75M 1998
- 27. NetScaler Confidential NETSCALER REVENUE GROWTH 1998 – 0 2000 – 200K 2001 – 700K 2002 – 2M 2003 – 10M 1999 – 0K 2004 –20M Uncertainty Phase ~ 4.5 years 2005 –50M Winning Webex Hired VP Sales Hired 1st VP Sales Hired BD
- 28. NetScaler Confidential NETSCALER TIMELINE Web Application Delivery Innovation Angel Investment 3M 1998 World’s Fastest Load Balancer $37M Load Balancing Content Switching 2000 2-4x faster Security & AppCompress AppCache First Accelerated Web Application Delivery System 13M from Sequoia Capital 2002 5-10x faster AppCompress MP AppCache (dynamic) Continued raising the bar 20M Late Stage 2004 15x→ AppCompress Extreme AppCompress MP (bi-directional) Application Firewall Citrix bought at 325M 2005 SSL-VPN and WAN Optimizationn 2006
- 29. NetScaler Confidential 6,000+ Enterprise Deployments 75% of Internet Users PROVEN IN WORLD’S MOST DEMANDING ENVIRONMENTS Magic of Marketing
- 30. PARTNERSHIPS Two small companies partnering is generally hard and risky Partner with a big company – do it when you don’t have to allocate all your resources to that one company. Investment needs to be well thought out – what the implications are with other similar companies Case Studies – Ocarina – Dell, Exodus- Akamai, NetScaler – Juniper
- 31. GEOGRAPHIES West Coast – California and EastCoast NY are generally the first mkts to go after Depending on the product you expand next locations intoTexas, LA, Chicago, DC Next cities would be Seattle, Detroit, Boston UK and Japan first international countries UK similar culture to US. Easier for market adoption Japan – love to have US references. Slow to adopt. Once loyalty is built lasting relationship Very expensive proposition – make sure to have good valid points Other European countries – preferred to start as consultants Other Asian countries – Korea,Taiwan, HongKong, Singapore Channel/Distribution would be ideal in most countries.
- 32. INVESTMENTS ANDVALUATIONS Seed, Angel, Initial services revenue,VC funding, Strategic investment No standard formula for valuations First time entrepreneur – most often takes hit. Let the market set the valuation Pedigree Helps Have some revenues and customer validation. Seek money for expansion Don’t overly worry about valuation - 100% of 0 is 0
- 33. The Next Big Shift Content Distribution Network Messaging SaaS Any Enterprise Storage and computing ? (What a startup company can do)