How to Become Fundable?            vs.   How to Get Funding?Observations from a Silicon Valley Nerd
About Apaxys VenturesUSA           RussiaBelarus                              2
How Good Is This Opportunity?                            3
4 Categories of Investor Evaluation:  Intangibles: team, ego, appearanceTraction: scorecard of accomplishmentsExecution: t...
4 Categories of Investor Evaluation:  Intangibles: team, ego, appearanceTraction: scorecard of accomplishmentsExecution: t...
What Affects Traction?                     6
What Affects Traction?Startups have problems in 3 key areas:  •Management: Set Priorities, Define Key Metrics  •Product: B...
Exposure to a    Problemneed       3rd   Confirm need                   L      Prove concept                             ...
Exposure to a    Problemneeddemographic or industry with    Gap  unmet        Ready to go?  monetizable                 ...
Exposure to a    Problemneed       3rd   Confirm needdemographic or industry with    Gap  unmet                         ...
Discover Customers    (Steve Blank, SteveBlank.com)                                    11
Exposure to a    Problemneed       3rd   Confirm need                   L      Prove concept                             ...
Before “Launch”- Product/Market Fit                       (Sean Ellis, Startup-Marketing.com)         Growth       Transit...
Before “Launch” - The Lean Startup• Talk to Customers; Discover Problems• Progress ≠ Features (Less = More)• Fast, Frequen...
Before “Launch”- Iterate!                  (Eric Ries, StartupLessonsLearned.com)         IDEASLEARN                  BUIL...
Before “Launch” - Metrics•   Acquisition: users come to site from various channels•   Activation: users enjoy 1st visit: "...
Before “Launch” - Metrics                        17
Just Give me the GOOD Metrics.              Users, Pages, Clicks, Emails, $$$...?         Q: Which of these is best? How d...
Kill a feature             19
Kill a feature• Something Sucks. Find It. KILL It.• Find the ONE THING that users LOVE.• How to figure out? TAKE. SHIT. AW...
Exposure to a    Problemneed       3rd   Confirm need                   L      Prove concept                             ...
What Does Silicon Valley Have that Russia Doesn’t?• Good food?• Good weather?• Good programmers?• Good businessmen?• $ for...
What Does Silicon Valley Have that Russia Doesn’t?• Good food?GREAT FOOD BOTH PLACES.• Good weather?COLD MAKES YOU WORK HA...
I Thought Silicon Valley Funded Ideas!(Kinda true in late 1990’s, but…)Angels Today? Looking for:  –Validated idea & team ...
You Need To:• Stop playing at entrepreneurship and start  some real companies.• Stop waiting for government grants or mone...
Russia Needs…Successful & visible Internet      entrepreneurs.        Role models.                                26
Russia Needs…     You.                27
Russia Needs…                  You.to be rich, successful, visible, popular,     supportive, and awesome.                 ...
So…Get Started.               29
30
Thank You. Renat Khasanshynrenat.k@apaxys.com @renatkhasanshyn   Skype: renatk +1 (650) 395-7002                     31
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"How to become fundable?" vs "How to get funding?"

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"How to become fundable?" vs "How to get funding?"

  1. 1. How to Become Fundable? vs. How to Get Funding?Observations from a Silicon Valley Nerd
  2. 2. About Apaxys VenturesUSA RussiaBelarus 2
  3. 3. How Good Is This Opportunity? 3
  4. 4. 4 Categories of Investor Evaluation: Intangibles: team, ego, appearanceTraction: scorecard of accomplishmentsExecution: the ability to “get shit done”Concept Viability: can this make money? 4
  5. 5. 4 Categories of Investor Evaluation: Intangibles: team, ego, appearanceTraction: scorecard of accomplishmentsExecution: the ability to “get shit done”Concept Viability: can this make money? 5
  6. 6. What Affects Traction? 6
  7. 7. What Affects Traction?Startups have problems in 3 key areas: •Management: Set Priorities, Define Key Metrics •Product: Build “Right” Features. Measure, Iterate. •Marketing: Distribution, Distribution, Distribution. (Search, Social, Mobile) 7
  8. 8. Exposure to a Problemneed 3rd Confirm need L Prove concept P Ademographic or U A industry with Gap  unmet R Identify test users N Get testimonial C monetizable T Define rev model Y Refine value prop H Exchange valueproblems & gaps Founder(s) Committed Able Scope Project Triage Concept Milestones Scalable need exists MVTeam ITER We can deliver MVTimeline FIN. Let’s do v 2.0 MVResources SALES Team built UX Prep v 2.0 Litmus Test DEV Ops in place Gauge Metrics Runway in place Prove Team MKTG Public Launch! OPS 8
  9. 9. Exposure to a Problemneeddemographic or industry with Gap  unmet Ready to go? monetizable Define rev modelproblems & gaps Founder(s) Committed Able 9
  10. 10. Exposure to a Problemneed 3rd Confirm needdemographic or industry with Gap  unmet P A R Discover Customers Identify test users monetizable T Define rev model Y Refine value propproblems & gaps Founder(s) Committed Able Scope Project Milestones MVTeam MVTimeline MVResources 10
  11. 11. Discover Customers (Steve Blank, SteveBlank.com) 11
  12. 12. Exposure to a Problemneed 3rd Confirm need L Prove concept P Ademographic or U A industry with Gap  unmet R Identify test users N Get testimonial C monetizable T Define rev model Y Refine value prop H Exchange valueproblems & gaps Founder(s) Committed Able Scope Project Milestones MVTeam ITER MVTimeline FIN. MVResources SALES UX Litmus Test DEV Gauge Metrics Prove Team MKTG OPS 12
  13. 13. Before “Launch”- Product/Market Fit (Sean Ellis, Startup-Marketing.com) Growth Transition to Growth Product/Market Fit
  14. 14. Before “Launch” - The Lean Startup• Talk to Customers; Discover Problems• Progress ≠ Features (Less = More)• Fast, Frequent Iteration (+ Feedback Loop)• Measure Conversion; Compare 2+ Options• Focus on Product/Market Fit (don’t “launch” before)• Keep it Simple & Actionable 14
  15. 15. Before “Launch”- Iterate! (Eric Ries, StartupLessonsLearned.com) IDEASLEARN BUILD DATA CODE MEASURE
  16. 16. Before “Launch” - Metrics• Acquisition: users come to site from various channels• Activation: users enjoy 1st visit: "happy” experience• Retention: users come back, visit site multiple times• Referral: users like product enough to refer others• Revenue: users conduct some monetization behavior
  17. 17. Before “Launch” - Metrics 17
  18. 18. Just Give me the GOOD Metrics. Users, Pages, Clicks, Emails, $$$...? Q: Which of these is best? How do you know? • 1,000,000 one-time, unregistered unique visitors • 500,000 visitors who view 2+ pages / stay 10+ secthegood • 200,000 visitors who clicked on a link or buttonstuff. • 20,000 registered users w/ email address • 2,000 passionate fans who refer 5+ users / mo. • 1,000 monthly subscribers @ $5/mo 18
  19. 19. Kill a feature 19
  20. 20. Kill a feature• Something Sucks. Find It. KILL It.• Find the ONE THING that users LOVE.• How to figure out? TAKE. SHIT. AWAY.• When they SCREAM, you’ve FOUND it.• Then Bring it Back… Only Better.• Tip: KILL a Feature Every Week.
  21. 21. Exposure to a Problemneed 3rd Confirm need L Prove concept P Ademographic or U A industry with Gap  unmet R Identify test users N Get testimonial C monetizable T Define rev model Y Refine value prop H Exchange valueproblems & gaps Founder(s) Committed Able Scope Project Triage Concept Milestones Scalable need exists MVTeam ITER We can deliver MVTimeline FIN. Let’s do v 2.0 MVResources SALES Team built UX Prep v 2.0 Litmus Test DEV Ops in place Gauge Metrics Runway in place Prove Team MKTG Public Launch! OPS 21
  22. 22. What Does Silicon Valley Have that Russia Doesn’t?• Good food?• Good weather?• Good programmers?• Good businessmen?• $ for ideas?• Better access to information? 22
  23. 23. What Does Silicon Valley Have that Russia Doesn’t?• Good food?GREAT FOOD BOTH PLACES.• Good weather?COLD MAKES YOU WORK HARDER!• Good programmers? PLENTY!• Good businessmen?SERGEY BRIN AND HOST OF OTHERS ORIGINATE FROM RUSSIA• $ for ideas? US GOV’T PROVIDES NO FUNDING.• Better access to information?PACKETS DON’T TAKE YEARS TO CROSS THEBORDER. 23
  24. 24. I Thought Silicon Valley Funded Ideas!(Kinda true in late 1990’s, but…)Angels Today? Looking for: –Validated idea & team –Fanatical, paying customers.Ideas are worthless. The value is in execution. 24
  25. 25. You Need To:• Stop playing at entrepreneurship and start some real companies.• Stop waiting for government grants or money from investors.• Start selling to international market.• Start shooting for billion dollar opportunities. 25
  26. 26. Russia Needs…Successful & visible Internet entrepreneurs. Role models. 26
  27. 27. Russia Needs… You. 27
  28. 28. Russia Needs… You.to be rich, successful, visible, popular, supportive, and awesome. 28
  29. 29. So…Get Started. 29
  30. 30. 30
  31. 31. Thank You. Renat Khasanshynrenat.k@apaxys.com @renatkhasanshyn Skype: renatk +1 (650) 395-7002 31

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