A New Entrepreneurship - A Backwards Approach

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Presentation given by Eric & Ashley Jennings of Loopshot, for the 2010 Nevada Interactive Media Summit.

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  • - Raised $393M in two years (Emphasized execution over discovery) - Built several distribution centers, complete with custom-developed warehouse robots - Developed custom software to manage customer ordering and delivery processes - Launched in June 1999, filed for IPO 60 days later. End of 2000, -600M, 6 mos later bankrupt.
  • - Started in November 2006, scratched a personal itch - Heard that others might be interested in this. Decided to build a commercial version - Over years, redesigned site once, added too little number of features that solved painpoints, spent more than we care to share on adwords. - Now retrofitting into a customer-driven development. Survey.io, GetSatisfaction, etc.
  • - Started as etsy shop selling custom-made jewelry - Discovered quite by accident that supplies for jewelry are in higher demand than jewelry itself. (Etsy’s market was saturated with jewelry shops) - Decided instead to sell the findings for jewelry. Sales skyrocketed - Began investing in purchases of jewelry metal at wholesale quantity. Continued growth. Now full-time business--costs low, customer feedback loop is tight and helps guide continued product growth.
  • - Began from day one as a customer-driven development model. Solved a major pain point for many people, without being too broad. No boiling the ocean here. - Chose smart mentors in early stages, by applying to YCombinator. - Extremely simple interface. It just works. Has become a must-have for anybody sharing files online. Has received $7.2M in funding, funded by Sequoia Capital and Accel Partners, and has millions of users and growing rapidly.
  • A New Entrepreneurship - A Backwards Approach

    1. 1. Toward a New Entrepreneurship <ul><li>A Backwards Approach </li></ul>
    2. 3. Hello! <ul><li>Eric Jennings - Techno </li></ul><ul><li>Ashley Jennings - Marketeer </li></ul>
    3. 4. Let’s Try It Out
    4. 5. The worst thing about my bank is ____________ . (Hold that thought for a moment)
    5. 6. First, Brand!
    6. 7. First, Brand!
    7. 8. First, Brand! 2.0
    8. 9. Next, Product!
    9. 10. Next, Product!
    10. 11. Next, Product!
    11. 12. Next, Product!
    12. 13. Next, Product! and frappe!
    13. 14. Now, Market!
    14. 15. Now, Market!
    15. 16. Now, Market!
    16. 17. Now, Market!
    17. 18. Now, Market!
    18. 19. First Year Sales
    19. 20. First Year Sales
    20. 21. First Year Sales
    21. 22. What Went Wrong?
    22. 23. What Went Wrong? Stop doing, start listening
    23. 24. The Backwards Approach - Step 1 Customer Discovery
    24. 25. The Backwards Approach - Step 2 Minimum Viable Product (MVP)
    25. 26. The Backwards Approach - Step 3 Product/Market Fit (40% Fit)
    26. 27. Check Your Progress <ul><li>if (P/M Fit >= 40%) { </li></ul><ul><ul><li>Company::rampUp(); </li></ul></ul><ul><ul><li>Employees::hire(); </li></ul></ul><ul><ul><li>Marketing::purchase(); </li></ul></ul><ul><ul><li>startAtStep1Again(); </li></ul></ul><ul><ul><li>} else { </li></ul></ul><ul><ul><li>} </li></ul></ul>
    27. 28. From EPICFAIL to Grandmaster
    28. 29. From EPICFAIL to Grandmaster
    29. 30. From EPICFAIL to Grandmaster
    30. 31. From EPICFAIL to Grandmaster
    31. 32. From EPICFAIL to Grandmaster
    32. 33. To Recap
    33. 34. To Recap <ul><li>First, discover customer pain points </li></ul>
    34. 35. To Recap <ul><li>First, discover customer pain points </li></ul><ul><li>Next, build Minimum Viable Product </li></ul>
    35. 36. To Recap <ul><li>First, discover customer pain points </li></ul><ul><li>Next, build Minimum Viable Product </li></ul><ul><li>Then measure product/market fit </li></ul>
    36. 37. To Recap <ul><li>First, discover customer pain points </li></ul><ul><li>Next, build Minimum Viable Product </li></ul><ul><li>Then measure product/market fit </li></ul><ul><li>Have at least 40%? If not, repeat </li></ul>
    37. 38. To Recap <ul><li>First, discover customer pain points </li></ul><ul><li>Next, build Minimum Viable Product </li></ul><ul><li>Then measure product/market fit </li></ul><ul><li>Have at least 40%? If not, repeat </li></ul><ul><li>Under 40% after several iterations? Fail fast. Try another idea. </li></ul>
    38. 39. Tools of the CDD Trade <ul><li>Survey.io </li></ul><ul><li>GetSatisfaction </li></ul><ul><li>MailChimp </li></ul><ul><li>Google Analytics with conversion funneling and ROI goals </li></ul>
    39. 40. Thank you! Questions? Questions? Questions?

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