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NEXT SEA - Cust Dev and Value of Ideas - Week 1
 

NEXT SEA - Cust Dev and Value of Ideas - Week 1

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Startup NEXT Seattle - Week 1 - Customer Development and Value of Ideas. Dave Parker 2014.04.08.

Startup NEXT Seattle - Week 1 - Customer Development and Value of Ideas. Dave Parker 2014.04.08.

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    NEXT SEA - Cust Dev and Value of Ideas - Week 1 NEXT SEA - Cust Dev and Value of Ideas - Week 1 Presentation Transcript

    • Customer Development & The Value of Ideas April 2014
    • Agenda • Customer Development • Value of Ideas • Economics of Ideas • Value Propositions • Closing Thoughts @DaveParkerSEA www.UP.co
    • About Dave • Serial Entrepreneur - Five Startups, 2 sold, 1 closed, 2 Active. • Board Member - Mid Market Companies, six exits • FormerVC - $250M Intl Fund • VP Programs & People at UP Global • Husband & Dad @DaveParkerSEA www.UP.co
    • Section Title 2 Section Title 1 No campaign plan survives first contact with the enemy Field Marshall Helmuth Graf von Moltke ! No Plan Survives First Contact With Customers Steve Blank
    • My Assumptions • You want to spend the next five weeks answering real questions • It takes as long to build a small idea as a big idea • Investors have opinions on every idea - you need facts to overcome opinions • You want to build something that matters • Passion is important but not sufficient
    • Yes?
    • What is Customer Development? • Talking to Prospects about your idea • Maximizing learning • Showing a demo • Getting real <hard> feedback
    • Who isYour Customer? • Business to Business • Business to Consumer • Not both • What problem are you solving for them • What’s different at Launch and at Scale? • You need to survive to get to scale
    • Customer Development • Interviews work - surveys don’t - panels, maybe • Get out of the building - Interview real prospects (they aren’t customers until they pay) • Ask for referrals & Introductions • Have a great value prop <below>
    • Sidebar - Build a List • Build an email list of prospects • Ask them to opt-in • Setup a free Mailchimp account • Send a two week update (every two weeks) • What we built, what we’re going to build, where we need help
    • Tracking Customer Dev • Business Model Canvas is great… and to start, match: • Value Prop • Customer Segment • Let customers define priorities of your build (not what’s easiest to build) • If you have a “Fatal Flaw” in your idea when do you want to know - five weeks or five years?
    • What to Ask? • Ask them about their biggest problems & how they solve them • Ask them about tools they use today • Challenges they have in their work • Magic wand question - what would you make go away • Ask the questions to disprove your hypothesis
    • Test/Learn/Pivot on your MVP • What is your biggest risk? Take it on first! • State you hypothesis • Ask if it’s a problem • Pivot/change
    • Value of Ideas
    • Hard to Build LowValue Can’t Build HighValue Easy to Build
    • Hard to Build LowValue Can’t Build HighValue Easy to Build
    • Hard to Build LowValue Can’t Build HighValue Easy to Build
    • Hard to Build LowValue Can’t Build HighValue Easy to Build Mobile App for Organic Farmers OnVashon
    • Hard to Build LowValue Can’t Build HighValue Easy to Build Mobile App for Organic Farmers OnVashon
    • Cost of Ideas • Ideas do matter and so does Execution • Bad Ideas well executed will fail • Great teams in bad markets will fail • What’s the Cost of an Idea? • How do you tell if your idea is a good idea?
    • Value of Ideas • What will a customer pay you? • Does it save or make them $$? • Pain Pill orVitamin? • What’s the value of entertainment? • Bad Ideas & Bad Markets
    • Progressive Improvements & Copycats • Most ideas are a progression • Adding design to the ugliest thing you know • There are very view innovations - and customers won’t be looking for it! • Copycats are fine - if you know the market
    • Economics of Ideas
    • Cost of an Idea • What will it cost to build it? • Build length, team,“man months” • Cost to maintain it? • Support/customer service • What’s your roadmap
    • Cost of Customer Acquisition • How will you acquire customers? • Direct Sales, channel, web direct, white label, retail? • What will it cost you to sustain traffic • Paid search - requires demand • Organic search - slow • Excludes PR and one-time efforts
    • Revenue > Costs
    • Value Proposition
    • DefiningYourValue Prop • Products & Services • Gain Creators • Pain Relievers • “Associate Test” • Use the cohort
    • Closing Thoughts
    • DefiningYourValue Prop • Co-Founders • Team/Culture • Legal • Trusting your gut • Do you match the idea?
    • Section Title 2 Section Title 1
    • Thanks!
    • Resources •Startup Owners Manual - Steve Blank & Bob Dorf •Business Model Canvas - Alex Osterwalder •Business Model Generation •Simon Sinek - Start with Why Video •DKParker.com Blog