Going from Concept to Cashflow - Login 2010

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  • So you’ve have that great idea that will change the world but how do you take those first few steps from bedroom project to multi-million dollar company?  Huddle’s Andy McLoughlin talks about the lessons they learnt in launching and managing their product, hiring a great team, raising venture capital, negotiating partnerships and – most importantly – making real money from their web app.
  • Going from Concept to Cashflow - Login 2010

    1. From Concept to Cashflow Andy McLoughlin
    2. I am co-founder and VP strategy at Huddle.net Award-winning cloud collaboration and project management Huddle was launched in April 2007 HQ in London, US office in San Francisco Venture funded, cash-flow profitable A little bit about us...
    3. Securely manage all your projects from one place Share files with online editing, auditing, versions, permissions and workflow Collaborate and organise with discussions, whiteboards and tasks Live meetings with integrated telephone and web conferencing Work the way you want! Multi language, RSS, iCal, social networks, desktop, iPhone, mobile, open API
    4. Who wants to build a $10M+ company?
    5. Who wants to build the next $100M+ company?
    6. <ul><li>Picture of a path (yellow brick road?) </li></ul>The beginning of the adventure
    7. On trend
    8. Taking the plunge Taking the plunge
    9. Founding Team <ul><li>Picture of old school football team </li></ul>Your founding team
    10. In the Gospel according to…
    11. Where to live (London vs San Fran) <ul><li>Picture: Golden Gate Vs Tower Bridge </li></ul>Do I stay or do I go? (i.e. know your market!)
    12. Launch: how soon is too soon?
    13. Launch early vs. launch late <ul><li>Early feedback </li></ul><ul><li>Early revenues </li></ul><ul><li>First mover adv. </li></ul><ul><li>Imperfect product </li></ul><ul><li>Production bugs </li></ul><ul><li>It could bomb  </li></ul><ul><li>Better product </li></ul><ul><li>Fewer bugs </li></ul><ul><li>Big launch buzz </li></ul><ul><li>No revenue </li></ul><ul><li>No user feedback </li></ul><ul><li>Someone gets there first! </li></ul>
    14. Generating buzz <ul><li>(or: how do i get featured on techcrunch?) </li></ul><ul><li>Build a great product </li></ul><ul><li>Learn how to pitch your product in one sentence </li></ul>Generating buzz (or, “How do I get featured on TechCrunch.com?!”)
    15. Finding your first customers
    16. Raising Finance Financing your start up
    17. Send me an angel Send me an angel
    18. Venture capital Venture (vulture?) capital
    19. AKA “Kissing Frogs” 
    20. The VC Process
    21. Things you’ll need to know! <ul><li>User acquisition cost </li></ul><ul><li>Cost to convert to paying </li></ul><ul><li>Lifetime value </li></ul><ul><li>“ Payback time” (less than 1 year FTW) </li></ul><ul><li>Monthly churn </li></ul><ul><li>Yearly churn </li></ul><ul><li>Viral co-efficient </li></ul><ul><li>Justification for all projections </li></ul>
    22. More money, more problems
    23. What’s in store post-funding? <ul><li>Lots of hiring (and some inevitable firing) </li></ul><ul><li>No longer in complete control </li></ul><ul><li>User targets </li></ul><ul><li>Revenue targets </li></ul><ul><li>Virality targets </li></ul><ul><li>Activity targets </li></ul><ul><li>Measurement targets </li></ul><ul><li>Targets to set targets </li></ul>
    24. Hiring
    25. Things we've learnt <ul><li>Your initial team may not make the grade </li></ul><ul><li>Don’t be afraid to say no </li></ul><ul><li>Meeting the perfect candidate is like falling in love </li></ul><ul><li>Working in a start-up isn’t for everyone </li></ul><ul><li>Don’t hire people if you wouldn’t want to spend all day, every day with them </li></ul><ul><li>Go for smart, entrepreneurial people </li></ul><ul><li>And… </li></ul>
    26. “ Bet on openness, build trust” <ul><li>Huddle’s product and company mantra </li></ul><ul><li>Keep the team in one building </li></ul><ul><li>Publish company targets and roadmap </li></ul><ul><li>Weekly company stand-up with open floor </li></ul><ul><li>Get engineers and product on sales calls </li></ul><ul><li>Get sales and marketing people testing </li></ul><ul><li>Company-wide product planning sessions </li></ul><ul><li>10% hack time to build cool stuff </li></ul>
    27. Development: Moving from fragile to agile Development: from fragile to agile
    28. Process, process, process
    29. Product Management FTW! Product management (a.k.a. ‘how to lose friends and alienate people’)
    30. Pricing your product
    31. Pricing – the hard lessons <ul><li>Decide how you’ll make money early </li></ul><ul><li>Ad-funded free? Freemium? Enterprise? </li></ul><ul><li>Don’t get into a price war </li></ul><ul><li>People will pay more than you think </li></ul><ul><li>Where possible, migrate customers to yearly payments </li></ul><ul><li>Iterate, iterate, iterate! </li></ul>
    32. Dealing with recruiters Building a sales team that sells
    33. Making partnerships work Making partnerships work
    34. Partnerships – what we learnt <ul><li>Good partnerships can deliver everything you want but... </li></ul><ul><li>Be realistic </li></ul><ul><li>Pick your battles wisely </li></ul><ul><li>Be prepared to invest </li></ul><ul><li>Be prepared to wait </li></ul><ul><li>Be prepared to argue, argue, argue </li></ul><ul><li>Only 1 in 10 will really succeed </li></ul><ul><li>But remember that David beat Goliath! </li></ul>
    35. “ A place I'd want to work” Creating “a place I would want to work”
    36. Creating that place <ul><li>Great people + nice surroundings = WIN </li></ul><ul><li>Make everyone a shareholder </li></ul><ul><li>Invest in a good coffee machine </li></ul><ul><li>Table football league / Wii / beanbag area encourage creative thinking and bonding </li></ul><ul><li>Eat together regularly </li></ul><ul><li>Regular outings with partners invited </li></ul><ul><li>Continually ask yourself if this truly is a place you’d want to work </li></ul>
    37. Exit Exit?
    38. Thank you! Email: andy@huddle.net Twitter: @bandrew Promo code: 1MONTHFREE

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