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Product/Market Fit - Twists and Turns
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Product/Market Fit - Twists and Turns

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For Founders Institute Sydney 2012 discussing two companies I founded as case studies. Lessons learned, axioms internalised and specific actions for early stage companies.

For Founders Institute Sydney 2012 discussing two companies I founded as case studies. Lessons learned, axioms internalised and specific actions for early stage companies.

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  • Maybe I need a random comment on slide #1 to get slideshare to see slidenotes 04/25/12

Product/Market Fit - Twists and Turns Product/Market Fit - Twists and Turns Presentation Transcript

  • Product/Market FitTwists and TurnsDavid JonesFounder StreetHawk, Mentor StartMateFounder ThreatMetrixFounder/CEO EmUTech->Surfcontrol FOUNDERS INSTITUTE APR 12 david DOT jones AT gmail DOT com | skype://djinoz | Cell:+61 412 683 111 | @djinoz
  • This talk is “Pivot”-free david DOT jones AT gmail DOT com | skype://djinoz | Cell:+61 412 683 111 | @djinoz
  • Case 1: Benefit of Knowing Your SectorIteration/Evolution Hind-sight AxiomEmail Filtering for corporate Client asked for 1st iteration and In ENTERPRISE, “Get out of developed to. the building” works. I knew the problem, worked with a customerSpam Detection CEOs secretary gets a porn spam. Be a pain-killer not a Trial immediately approved and vitamin. invoice paid.Melissa/Lovebug virus We were well-positioned for an Catch the wave as itsreleased unforseen event. breaking.Exit to Surfcontrol Acquirers make build, buy decisions to catch up1 year later Major AV vendors Catch the wave as itsdeliver email products breaking4 years later IronPort exits to Ride the wave requires bigCisco to >$800M david DOT jones AT gmail DOT com | skype://djinoz | Cell:+61 412 683 111 | @djinoz big VC revenue or
  • Startups exist because incumbents don’t innovate1. Incumbent rejection/deferral is actually a strong positive signal2. But make sure you have 10x differentiation in your core.3. Find the core because there are many conflicting signals david DOT jones AT gmail DOT com | skype://djinoz | Cell:+61 412 683 111 | @djinoz
  • Case 2: A History of “Twists”Iteration/Evolution Hind-sight AxiomSpamMATTERS forensic tools “early adopters have same Don’t validate with yourfor enforcement affliction as entrepreneurs” MumBotnet tracking/IP Reputation OEM Model not a scalable Know your investor. “Beginfor security revenue model in security with the end in mind”IP Reputation for fraud IP addresses not enough Be 10x betterprevention granularity Validate with target market early and often “Markets Shift”Device Intelligence for Listening to Gorilla’s tell you “Get TO the conversation”eCommerce about the future. Respond to customers needsReal-time fraud prevention Virtual Goods Be aware of “tectonic”and enabling ECommerce Virtual Currencies shifts (US Gov stops gambling) Social/FB Gaming (New Commerce models) Massive transaction scale (Privacy Laws) Machine Learning david DOT jones AT gmail DOT com | skype://djinoz | Cell:+61 412 683 111 | @djinoz
  • Consumer – still a work in progress for me• Your Product is NOT “The Product” – (Ash Maurya) – Acquisition more important than Product• Startup Metrics for Pirates (McClure) – Its about the pipeline to revenue baby • Assert(LTV > CPA) • Retention/Churn • Install/Visit->Login->Engagement->Transaction • “Vanity Metrics” debate david DOT jones AT gmail DOT com | skype://djinoz | Cell:+61 412 683 111 | @djinoz
  • Reading/Repeating startup tips is easy - Internalising is hard• “Enterprise” startups – Measurement is not easy – No large base of consumer feedback – Solution: Solve a big problem – Ask for money when MVP feature-set agreed – Grind out the case studies and references• “Consumer web/mobile” startups – Is it in your DNA? – ***Your product includes user acquisition*** – Don’t believe end-user conversations – Measure everything – use the key things – Pivot (company is “built to learn”) david DOT jones AT gmail DOT com | skype://djinoz | Cell:+61 412 683 111 | @djinoz
  • Great Tools for Enterprisedavid DOT jones AT gmail DOT com | skype://djinoz | Cell:+61 412 683 111 | @djinoz
  • Delusion: Picking the wrong metrics david DOT jones AT gmail DOT com | skype://djinoz | Cell:+61 412 683 111 | @djinoz
  • Axiom: “Be aware of tectonic Shifts”Mega-vendors:- Apple vs Google- Microsoft vs Google- Social vs Search (FB vs Google)Revenue Models:-Licence vs Monthly-Credit Card vs Virtual GoodsDeployments Models:-SaaS vs Enterprise install- Desktop vs MobileForm Factor:- Mobile vs Web vs Tablet- No easy acquisition on mobile- No easy “Wallet” on mobile david DOT jones AT gmail DOT com | skype://djinoz | Cell:+61 412 683 111 | @djinoz
  • Oz related challenges/opportunities• Cons – If you are not a “subject matter expert” then get them or get out – Often OZ startups say “No money to validate”? – Get advisors in the target market (don’t underestimate this value) – To overcome isolation – get TO the conversation. You MUST use: • Adwords->Analytics to learn what matters/resonates • Leadlander (or some origin based analytics) – What companies are on your site? • Surveys/Feedback (Google Docs, Wufoo forms, SurveyMonkey) • Social data mining (If enterprise product LinkedIn groups for segment is valuable and leadgen) • Tradeshows (enterprise). Spend the money that gets you into the conversation • Gorillas (talk to eBay etc). Spend the money that gets you into the conversation• Pros – Aussie companies are good early adopters (has pros/cons) – Leverage Gov Grant Funding to get target market validation david DOT jones AT gmail DOT com | skype://djinoz | Cell:+61 412 683 111 | @djinoz
  • http://www.google.com/profiles/david.jones @djinoz Slides at http://slideshare.net/djinoz david DOT jones AT gmail DOT com | skype://djinoz | Cell:+61 412 683 111 | @djinoz