Talk on Products for Founders Institute - July 2014Presentation Transcript
Founder & CEO - StreetHawk
Assumption:The FI Teams are:
‣ Don’t have a product
‣ Looking forTech Co-founder
‣Will be seeking Seed Funding
Begin with the End in Mind
(Or at least the end of the beginning)
Lesson 1: Dream Big
(with free cautionary tale at no extra cost)
Lesson 2:Andrew Chen will save you time
Go get zerototraction from AC - actionable steps in pre-product/market ﬁt
Getting to P/M ﬁt
First to Market Fast Follower
Lesson 3 :Nail the Problem on paper
0 1 2 3 4 5 6 7 8 9 10 11 12
Lesson 4: Revenue is a deodorant
david DOT jones AT gmail DOT com | skype://djinoz | Cell:+61 412 683 111 | @djinozdavid DOT jones AT gmail DOT com | skype://djinoz | Cell:+61 412 683 111 | @djinoz
Focus or Fail
In Australia you have limited resources and cash reserves
then focus is your most valuable discipline
if your hypothesis is wrong at least you “fail fast”
(picture credit: Mick Liubinskas/Pollenizer)
Perfect be the
Enemy of the
Get to the Core!
DON’T GET HYPOTHESIS BACKLOG
The mistake we all make is to generate product ideas without proving
they are so valuable that your customer “must have it”.
Have a look at Lean Canvas:
- Method is to break out biggest risk hypothesis
- Test first to prove/disprove
Lesson 5: People Lie
Validation Tip of the Day:
Look them deep in the eyes and ask for money
Lesson 6:Talk to the right people
Looking for 10x differentiation (paid or land grab)
Delusion: Picking the wrong metrics
speed though the loop before you run out of money and patience.
When you don’t have a large enough sample size.
Sukinder Singh Cassidy!http://ecorner.stanford.edu/authorMaterialInfo.html?mid=2900!
How many respondents are required for a good lean startup
Product vs Sales Matrix
Calibrate the company to the product sales needs
Product needs selling, strong sales
piece. This is a sales-driven
Product sells itself, strong sales piece.
This is ideal.
Product sells itself, no sales effort.
Does not exist.
Product needs selling, no sales effort.
You have no revenue.