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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A New Entrepreneurship - A Backwards Approach
- 4. Let’s Try It Out
- 5. The worst thing about my bank is ____________ . (Hold that thought for a moment)
- 10. Next, Product!
- 11. Next, Product!
- 12. Next, Product!
- 13. Next, Product! and frappe!
- 14. Now, Market!
- 15. Now, Market!
- 16. Now, Market!
- 17. Now, Market!
- 18. Now, Market!
- 19. First Year Sales
- 20. First Year Sales
- 21. First Year Sales
- 22. What Went Wrong?
- 23. What Went Wrong? Stop doing, start listening
- 24. The Backwards Approach - Step 1 Customer Discovery
- 25. The Backwards Approach - Step 2 Minimum Viable Product (MVP)
- 26. The Backwards Approach - Step 3 Product/Market Fit (40% Fit)
- 28. From EPICFAIL to Grandmaster
- 29. From EPICFAIL to Grandmaster
- 30. From EPICFAIL to Grandmaster
- 31. From EPICFAIL to Grandmaster
- 32. From EPICFAIL to Grandmaster
- 33. To Recap
- 40. Thank you! Questions? Questions? Questions?
Editor's Notes
- - 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.