Tel Aviv University Entrepreneurs Night November 17 2011

Entrepreneurs Night @ Recanati November 17, 2011Tel Aviv University 1 (c) Liad Agmon, www.agmon.com

My Background DynamicYield 2

Recommended Reading

The 9 Building Blocks of Business Models

Mass MarketNiche MarketSegmentedDiversiﬁedMulti-sided platformsFor whom are we creating value?Who are our most important customers?

What value do we deliver to the customer? Which problems are we helping to solve?Newness (cellphones)Performance (faster PC)Customization (Lego)Getting the job done (Rolls Royce)Design (Apple)Brand/Status (Abercrombie)Price (Free email)Cost reduction (EasyJet)Risk reduction (Paypal, Amazon)Accessibility (HomeAway, Redﬁn)Convenience/Usability (iPod)

How to reach our customers?How are our channels integrated?Which ones work best?Which ones are most cost-efﬁcient?How are we integrating them with customer routines? Channel PhasesAwarenes Evaluation Purchase Delivery After Sales

Personal assistance (store)Dedicated personal assistance (private banking)Self-service (Posterous)Automated services (Amazon)Communities (Wix, ﬂickr)Co-Creation (Zazzle,Youtube)

Asset sale (cars)Usage fee (telecom)Subscription fees (Netﬂix)Lending/Renting/Leasing (Budget)Licensing (Qualcomm, HBO)Brokerage Fees (ebay, credit cards)Advertising (Most of the Internet)

PhysicalIntellectualHumanFinancial

Production (Toyota)Problem solving (McKinsey, Doctors)Platform / Network (eBay,Visa, Microsoft)

Optimization and economy of scale (Apple / Samsung)Reduction of risk and uncertainty (Blu-ray, HTML 5)Acquisition of particular resources and activities (Nokia/MS)

Cost-driven (easy-jet) Fixed costsValue-driven (luxury hotels) Variable costs Economies of scale (Walmart) Economies of scope (McAfee)

The Four Steps to the EpiphanyCustomer Customer Customer Company BuildingDiscovery Validation Creation 14

In Memory Of $188M in 9 months 3.2M Users Expenses: $19,000,000 per month Revenues: $1,000,000 per months $375M in 18 months $81M in 9 monthspets.com Any many others...

Customer Discovery Iteration ExecutionCustomer Customer Customer Company BuildingDiscovery Validation Creation 16

Who Are Your Customers? 17

Who Are Your Customers?Develop for the few 17

Who Are Your Customers?Develop for the fewFind Your Earlyvangelist 17

Who Are Your Customers? Develop for the few Find Your Earlyvangelist1. Has a problem 17

Who Are Your Customers? Develop for the few Find Your Earlyvangelist1. Has a problem2. Is aware of having a problem 17

Who Are Your Customers? Develop for the few Find Your Earlyvangelist1. Has a problem2. Is aware of having a problem3. Has been actively looking for a solution 17

Who Are Your Customers? Develop for the few Find Your Earlyvangelist1. Has a problem2. Is aware of having a problem3. Has been actively looking for a solution4. Has put together a solution out of pieceparts 17

Who Are Your Customers? Develop for the few Find Your Earlyvangelist1. Has a problem2. Is aware of having a problem3. Has been actively looking for a solution4. Has put together a solution out of pieceparts5. Has or can acquire a budget 17

Test and Qualify Your Hypothesis Friendly First Contacts• 50 Names• List of innovators• “Who should I talk to?”• 5-10 interviews 18

Test and Qualify Your Hypothesis Friendly First “Problem” Contacts Presentation• 50 Names • Don’t Sell, Listen!• List of innovators • Presentation:• “Who should I talk to?” 1. problem hypothesis• 5-10 interviews 2. available solutions 3. your solution • Find the pain! 18

Test and Qualify Your Hypothesis Friendly First “Problem” Customer Contacts Presentation Understanding• 50 Names • Don’t Sell, Listen! • Did we mention• List of innovators • Presentation: pain?• “Who should I talk to?” 1. problem hypothesis • What would make• 5-10 interviews 2. available solutions them use it? how 3. your solution often will they use it? • Find the pain! • How do you learn about new products? 18

Test and Qualify Your Hypothesis Friendly First “Problem” Customer Market Contacts Presentation Understanding Knowledge• 50 Names • Don’t Sell, Listen! • Did we mention • Become an expert in• List of innovators • Presentation: pain? your target market• “Who should I talk to?” 1. problem hypothesis • What would make • Read• 5-10 interviews 2. available solutions them use it? how often will they use it? • Talk to people all 3. your solution the time • Find the pain! • How do you learn about new products? • Listen and learn 18

Test and Qualify The Product Concept First Reality Check• Are we in the rightdirection? 19

Test and Qualify The Product Concept First Reality Product Check Presentation• Are we in the right • Don’t sell, Listendirection? 19

Test and Qualify The Product Concept First Reality Product More Customer Check Presentation Visits • Customer workﬂow• Are we in the right • Don’t sell, Listen with and without yourdirection? product 19

Test and Qualify The Product Concept First Reality Product More Customer Check Presentation Visits • Customer workﬂow• Are we in the right • Don’t sell, Listen with and without yourdirection? product • Ask about features 19

Test and Qualify The Product Concept First Reality Product More Customer Check Presentation Visits • Customer workﬂow• Are we in the right • Don’t sell, Listen with and without yourdirection? product • Ask about features • Discuss pricing 19

Test and Qualify The Product Concept First Reality Product More Customer Check Presentation Visits • Customer workﬂow• Are we in the right • Don’t sell, Listen with and without yourdirection? product • Ask about features • Discuss pricing • How can you reach them via marketing? 19

Test and Qualify The Product Concept First Reality Product More Customer Check Presentation Visits • Customer workﬂow• Are we in the right • Don’t sell, Listen with and without yourdirection? product • Ask about features • Discuss pricing • How can you reach them via marketing? • Who has the money? 19

Test and Qualify The Product Concept First Reality Product More Customer Check Presentation Visits • Customer workﬂow• Are we in the right • Don’t sell, Listen with and without yourdirection? product • Ask about features • Discuss pricing • How can you reach them via marketing? • Who has the money? • Talk to Channel partners 19

Test and Qualify The Product Concept First Reality Product More Customer Check Presentation Visits • Customer workﬂow• Are we in the right • Don’t sell, Listen with and without yourdirection? product • Ask about features • Discuss pricing • How can you reach them via marketing? • Who has the money? • Talk to Channel partners • Potential Advisors? 19

Test and Qualify The Product Concept First Reality Product More Customer Second Reality Check Presentation Visits Check • Customer workﬂow• Are we in the right • Don’t sell, Listen with and without your • Did they love yourdirection? product product? • Ask about features • Did they jump • Discuss pricing over the table? • How can you reach them via marketing? • Who has the money? • Talk to Channel partners • Potential Advisors? 19

Verify the ProductVerify the Verify the Verify the Iterate orProblem Product Business Model Exit 20

Enjoy the Ride! November 17, 2011Tel Aviv University 22 (c) Liad Agmon, www.agmon.com

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Tel Aviv University Entrepreneurs Night November 17 2011

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Tel Aviv University Entrepreneurs Night November 17 2011 — Presentation Transcript