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Startup weekend 050611
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Startup weekend 050611

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  • 1. New Rules for the New Internet Bubble<br />Steve Blank<br />Stanford - School of Engineering<br />www.steveblank.com<br />Twitter: @sgblank<br />
  • 2. I Write a Blog <br />www.steveblank.com<br />
  • 3. This Talk is Based On<br />Business Model Generation<br />Four Steps to the Epiphany<br />Lean Startup<br />
  • 4. First -What’s A Startup?<br />Five Types of Startups<br />
  • 5. Small Business<br />Startup<br />Small Business Startups<br /><ul><li>Serve known customer with known product
  • 6. Feed the family</li></li></ul><li>Small Business<br />Startup<br />Exit Criteria<br /><ul><li> Business Model found</li></ul>- Profitable business<br /><ul><li> Existing team</li></ul>< $1M in revenue<br />Small Business Startups<br /><ul><li>known customer known product
  • 7. Feed the family</li></li></ul><li>Small Business<br />Startup<br />- Business Model found<br />- Profitable business<br /><ul><li> Existing team</li></ul>< $10M in revenue<br />Small Business Startups<br /><ul><li>5.7 million small businesses in the U.S. <500 employees
  • 8. 99.7% of all companies
  • 9. ~ 50% of total U.S. workers</li></ul>http://www.sba.gov/advo/stats/sbfaq.pdf<br />
  • 10. Large Non-Profit<br />Social Startup<br />Social Entrepreneurship Startups<br /><ul><li>Solve pressing social problems
  • 11. Social Enterprise: Profitable
  • 12. Social Innovation: New Stratagies</li></li></ul><li>Large Company Sustaining Innovation<br />Sustaining Innovation<br />Transition<br />Scalable<br />Startup<br />Large Company<br /><ul><li> Existing Market / Known customer
  • 13. Known product feature needs</li></li></ul><li>Large Company Disruptive Innovation<br />New Division<br />Transition<br />Large Company<br />Disruptive Innovation<br /><ul><li>New Market
  • 14. New tech, customers, channels</li></li></ul><li>Large Company Disruptive Innovation<br />New Division<br />Transition<br />Large Company<br />Disruptive Innovation<br /><ul><li>Build
  • 15. Acquire</li></ul> - IP- Talent<br /> - Product<br /> - Customers<br /> - Business<br />
  • 16. Scalable<br />Startup<br />Large Company<br />Scalable Startup<br />Search<br />Goal is to solve for:<br /> unknown customer and unknown features <br />
  • 17. Execute<br />Search<br />Scalable<br />Startup<br />Large Company<br />Exit Criteria<br /><ul><li> Business model found
  • 18. Total Available Market > $500m -$1B
  • 19. Can grow to $100m/year</li></ul>Scalable Startup<br />
  • 20. Scalable<br />Startup<br />Large Company<br /><ul><li>Total Available Market > $500m
  • 21. Company can grow to $100m/year
  • 22. Business model found
  • 23. Focused on execution and process
  • 24. Typically requires “risk capital”</li></ul>Scalable Startup<br />Execute<br />Search<br /><ul><li> In contrast a scalable startup is designed to grow big
  • 25. Typically needs risk capital
  • 26. What Silicon Valley means when they say “Startup”</li></li></ul><li>Scalable<br />Startup<br />Large Company<br />Exit Criteria<br /><ul><li> Business model found
  • 27. Total Available Market > $500m -$1B
  • 28. Can grow to $100m/year</li></ul>Scalable Startup<br />Execute<br />Search<br /><ul><li> VC-backed scalable startups:
  • 29. 13% of all public companies
  • 30. 4% of total sales of all U.S. public companies ~$1 trillion</li></ul>Source: Josh Lerner, Harvard: VC and Innovation in Energey<br />
  • 31. Buyable Startup<br />Search<br />Sell<br />Scalable<br />Startup<br />$5 to 50M Acquisition<br />Goal is to solve for:<br /> Internet and Mobile Apps<br />
  • 32. Buyable Startup<br />Search<br />Sell<br />Scalable<br />Startup<br />$5 to 50M Acquisition<br />Goal is to solve for:<br /> Internet and Mobile Apps<br />Sell to larger company<br />
  • 33. Scalable<br />Startup<br />Large Company<br /><ul><li>Business Model found
  • 34. i.e. Product/Market fit</li></ul>- Repeatable sales model<br />- Managers hired<br />What’s A Startup?<br />Search <br />Execute<br />A Startup is a temporary organization used to search for a repeatable and scalable business model <br />
  • 35. Next,What’s A Founder?<br />
  • 36. What You and I Saw<br />
  • 37. What Michelangelo Saw<br />
  • 38. What You and I Saw<br />
  • 39. What Van Gogh Saw<br />
  • 40. Founders See Things Others Don’t<br />
  • 41. Founders See Things Others Don’t<br />Founders are Artists.<br />Actually They are Composers.<br />They Create Something From Nothing<br />
  • 42. Founders See Things Others Don’t<br />They Build a Company By Convincing Others To See What They Do<br />
  • 43. Founders See Things Others Don’t<br />The Early Employees Who Join Them <br />Are the Performers<br />
  • 44. A Few Short Stories<br />
  • 45. How Did We Get Here?<br />
  • 46. Paths to Building a Startup<br />1970 – 1995 build a business (revenue)<br />1995 – 2000 flip the business (concept IPO)<br />2001 – 2011 build a business (M&A)<br />2011 – 2014 flip a built business (M&A / IPO)<br />
  • 47. 1970 – 1995Building a BusinessStartups Are Small Versions of A Large Company<br />
  • 48. 1970 - 1995 Building a Startup the Hard Way<br />$Millions’sto start(Proprietary hdwr/sftwr)<br />Long product dev cycle (Waterfall)<br />Thousands customers (Businesses)<br />How you made Money= IPO(5 qtrsrevenue/profit)<br />No repeatable methodology(Smaller big company)<br />
  • 49. 1970 – 1995 Playbook<br />
  • 50. Product Introduction Model<br />Concept/Seed Round<br />Product Dev.<br />Alpha/Beta Test<br />Launch/<br />1st Ship<br />
  • 51. Product Introduction Model<br />The Leading Cause of Startup Death<br />Concept/Seed Round<br />Product Dev.<br />Alpha/Beta Test<br />Launch/<br />1st Ship<br />
  • 52. Product Introduction Model:Two Implicit Assumptions<br />Customer Problem: known<br />Concept/Seed Round<br />Product Dev.<br />Alpha/Beta Test<br />Launch/<br />1st Ship<br /> Product Features: known<br />
  • 53. Tradition – Hire Marketing<br />Concept/Seed Round<br />Product Dev.<br />Alpha/Beta Test<br />Launch/<br />1st Ship<br />- Create Demand<br />- Launch Event<br />- “Branding”<br />- Hire PR Agency<br />- Early Buzz<br /><ul><li> Create Marcom </li></ul> Materials<br />- Create Positioning<br />Marketing<br />
  • 54. Tradition – Hire Sales<br />Concept/Seed Round<br />Product Dev.<br />Alpha/Beta Test<br />Launch/<br />1st Ship<br />- Create Demand<br />- Launch Event<br />- “Branding”<br />- Hire PR Agency<br />- Early Buzz<br /><ul><li> Create Marcom </li></ul> Materials<br />- Create Positioning<br />Marketing<br /><ul><li> Build Sales Organization
  • 55. Hire Sales VP
  • 56. Hire 1st Sales Staff</li></ul>Sales<br />
  • 57. Tradition – Hire Bus Development<br />Concept<br />Product Dev.<br />Alpha/Beta Test<br />Launch/<br />1st Ship<br />- Create Demand<br />- Launch Event<br />- “Branding”<br />- Hire PR Agency<br />- Early Buzz<br /><ul><li> Create Marcom </li></ul> Materials<br />- Create Positioning<br />Marketing<br /><ul><li> Build Sales Channel / Distribution
  • 58. Hire Sales VP
  • 59. Pick distribution Channel</li></ul>Sales<br />Business <br />Development<br /><ul><li> Hire First Bus Dev
  • 60. Do deals for FCS</li></li></ul><li>Tradition – Hire Engineering<br />Concept<br />Product Dev.<br />Alpha/Beta Test<br />Launch/<br />1st Ship<br />- Create Demand<br />- Launch Event<br />- “Branding”<br />- Hire PR Agency<br />- Early Buzz<br /><ul><li> Create Marcom </li></ul> Materials<br />- Create Positioning<br />Marketing<br /><ul><li> Build Sales Channel / Distribution
  • 61. Hire Sales VP
  • 62. Pick distribution Channel</li></ul>Sales<br />Business <br />Development<br /><ul><li> Hire First Bus Dev
  • 63. Do deals for FCS</li></ul>Engineering<br /><ul><li> Write MRD
  • 64. Waterfall
  • 65. Q/A
  • 66. Tech Pubs</li></li></ul><li>More startups fail from a lack of customers than from a failure of product development<br />
  • 67. 1995 – 2000Flipping A BusinessThe Dot.comBubble <br />
  • 68. 1995 - 2000The Dot-com Bubble<br />10’s $millions to start (get big fast, create a brand)<br />Long product dev cycle (ship beta, 1st mover adv)<br />Millions customers (1st consumer internet wave)<br />How you made money= IPO(Little/no revenue, no profits)<br />Repeatable methodology (brand, hype, flip or IPO)<br />
  • 69. 1995 – 2000 Playbook<br />Netscape<br />
  • 70. 2001 – 2010Why Startups Are Not Small Versions of A Large Company<br />
  • 71. 2001 - 2010The Lean Startup<br />≤ $½ million to start(open source, commodity hdwr)<br />Short product dev cycle (Agile Development)<br />100’s millions Customers (Social networks, consumer)<br />Liquidity -M&A(revenue & network of users)<br />Repeatable methodology (Agile + Cust Dev)<br />
  • 72. Startups Search and Pivot<br />The Search for the Business Model<br />Scalable<br />Startup<br />Transition<br />Large Company<br /> Business Model found by founders<br /><ul><li> customer needs/product features found</li></ul> i.e. Product/Market fit<br /><ul><li> Repeatable sales model</li></ul>- Managers hired<br />
  • 73. Startups Search, Companies Execute<br />The Execution of the Business Model<br />The Search for the Business Model<br />Scalable<br />Startup<br />Transition<br />Large Company<br />- Cash-flow breakeven<br />- Profitable<br />- Rapid scale<br />- New Senior Mgmt<br />~ 150 people<br /><ul><li>Business Model found
  • 74. Product/Market fit</li></ul>- Repeatable sales model<br />- Managers hired<br />
  • 75. Metrics Versus Accounting<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large<br />Company<br />Traditional Accounting<br /><ul><li>Balance Sheet
  • 76. Cash Flow Statement
  • 77. Income Statement</li></li></ul><li>Metrics Versus Accounting<br />The Search for the Business Model<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large<br />Company<br />Startup Metrics<br /><ul><li> Customer Acquisition Cost
  • 78. Viral coefficient
  • 79. Customer Lifetime Value
  • 80. Average Selling Price/Order Size
  • 81. Monthly burn rate
  • 82. etc. </li></ul>Traditional Accounting<br /><ul><li> Balance Sheet
  • 83. Cash Flow Statement
  • 84. Income Statement</li></li></ul><li>Customer Validation Versus Sales<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large<br />Company<br />Sales<br /><ul><li>Sales Organization
  • 85. Scalable
  • 86. Price List/Data Sheets
  • 87. Revenue Plan</li></li></ul><li>Customer Validation Versus Sales<br />The Search for the Business Model<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large<br />Company<br />Customer Validation<br /><ul><li> Early Adopters
  • 88. Pricing/Feature unstable
  • 89. Not yet repeatable
  • 90. “One-off’s”</li></ul>Sales<br /><ul><li> Sales Organization
  • 91. Scalable
  • 92. Price List/Data Sheets
  • 93. Revenue Plan</li></li></ul><li>Engineering Versus Agile Development<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large Company<br />Engineering<br /><ul><li> Requirements Docs.
  • 94. Waterfall Development
  • 95. QA
  • 96. Tech Pubs</li></li></ul><li>Engineering Versus Agile Development<br />The Search for the Business Model<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large Company<br />Engineering<br /><ul><li> Requirements Docs.
  • 97. Waterfall Development
  • 98. QA
  • 99. Tech Pubs</li></ul>Agile Development<br /><ul><li> Continuous Deployment
  • 100. Continuous Learning
  • 101. Self Organizing Teams
  • 102. Minimum Feature Set
  • 103. Pivots</li></li></ul><li>Startups Model, Companies Plan<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large Company<br />Business Plan<br /><ul><li> describes “knowns”
  • 104. features
  • 105. customers/markets
  • 106. business model</li></li></ul><li>Startups Model, Companies Plan<br />The Search for the Business Model<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large Company<br /><ul><li>Business Model
  • 107. describes “unknowns”
  • 108. customer needs
  • 109. feature set
  • 110. business model
  • 111. found by iteration
  • 112. Plan describes “knowns”
  • 113. Known features for line extensions
  • 114. Known customers/markets
  • 115. Known business model</li></li></ul><li>2001 - 2011The Lean Startup<br />IPO market ~closed, M&A liquidity path<br />Build for long term but take short term sale<br />Founders learn Lean skills<br />Focus on building customers<br />Minimum hype<br />
  • 116. 2001 - 2011 Playbook<br />Four Steps to the Epiphany<br />Many Agile Texts<br />
  • 117. But We Were Still Using This<br />
  • 118. No Business Plan survives first contact with customers<br />
  • 119. So Search for a Business Model<br />
  • 120. The Business Model:<br />Any company can be described in 9 building blocks<br />
  • 121. CUSTOMER SEGMENTS<br />which customers and users are you serving? <br />which jobs do they really want to get done?<br />
  • 122. VALUE PROPOSITIONS<br />what are you offering them? what is that <br />getting done for them? do they care?<br />
  • 123. CHANNELS<br />how does each customer segment want to be reached? through which interaction points?<br />
  • 124. CUSTOMER RELATIONSHIPS<br />what relationships are you establishing with each segment? personal? automated? acquisitive? retentive?<br />
  • 125. REVENUE STREAMS<br />what are customers really willing to pay for? how? <br />are you generating transactional or recurring revenues?<br />
  • 126. KEY RESOURCES<br />which resources underpin your business model? which assets are essential?<br />
  • 127. KEY ACTIVITIES<br />which activities do you need to perform well in your business model? what is crucial?<br />69<br />
  • 128. KEY PARTNERS<br />which partners and suppliers leverage your model? <br />who do you need to rely on?<br />
  • 129. COST STRUCTURE<br />what is the resulting cost structure? <br />which key elements drive your costs?<br />
  • 130. value proposition<br />customer relationships<br />key activities<br />customer segments<br />key partners<br />cost structure<br />revenue streams<br />key <br />resources<br />channels<br />72<br />images by JAM<br />
  • 131. sketch out your business model<br />
  • 132. But,Realize They’re Hypotheses<br />
  • 133. 9 Guesses<br />Guess<br />Guess<br />Guess<br />Guess<br />Guess<br />Guess<br />Guess<br />Guess<br />Guess<br />
  • 134. How Do Startups Search For A Business Model?<br /><ul><li>The Search is Customer Development
  • 135. The Implementation is Agile Development
  • 136. The Sum is the Lean Startup</li></li></ul><li>Customer Development<br />
  • 137. Customer Development<br />The founders<br />^<br />Get Out of the Building<br />
  • 138. Customer DevelopmentThe Search For the Business Model<br />Company<br />Building<br />CustomerDiscovery<br />CustomerValidation<br />Customer Creation<br />Pivot<br />
  • 139. Customer Discovery<br />CustomerDiscovery<br />CustomerValidation<br />Company<br />Building<br />CustomerCreation<br />Stop selling, start listening<br />Test your hypotheses<br />Continuous Discovery<br />Done by founders<br />
  • 140. Test Hypotheses:<br /><ul><li>Product
  • 141. Market Type
  • 142. Competition</li></ul>Turning Hypotheses to Facts<br />
  • 143. Test Hypotheses:<br /><ul><li>Problem
  • 144. Customer
  • 145. User
  • 146. Payer</li></li></ul><li>Test Hypotheses:<br /><ul><li>Channel</li></li></ul><li>Test Hypotheses:<br /><ul><li>Demand Creation</li></ul>Test Hypotheses:<br /><ul><li>Problem
  • 147. Customer
  • 148. User
  • 149. Payer</li></ul>Test Hypotheses:<br /><ul><li>Product
  • 150. Market Type
  • 151. Competitive</li></ul>Test Hypotheses:<br /><ul><li>Channel
  • 152. (Customer)
  • 153. (Problem)</li></ul>Test Hypotheses:<br /><ul><li>Channel</li></ul>Test Hypotheses:<br /><ul><li>Pricing Model / Pricing</li></ul>Test Hypotheses:<br /><ul><li>Size of Opportunity/Market
  • 154. Validate Business Model</li></li></ul><li>Test Hypotheses:<br /><ul><li>Demand Creation</li></ul>Test Hypotheses:<br /><ul><li>Problem
  • 155. Customer
  • 156. User
  • 157. Payer</li></ul>Agile Development<br />Test Hypotheses:<br /><ul><li>Product
  • 158. Market Type
  • 159. Competitive</li></ul>Test Hypotheses:<br /><ul><li>Channel
  • 160. (Customer)
  • 161. (Problem)</li></ul>Customer Development Team<br />Test Hypotheses:<br /><ul><li>Channel</li></ul>Test Hypotheses:<br /><ul><li>Pricing Model / Pricing</li></ul>Test Hypotheses:<br /><ul><li>Size of Opportunity/Market
  • 162. Validate Business Model</li></li></ul><li>The Minimum Viable Product (MVP)<br /><ul><li> Smallest feature set that gets you the most …orders, learning, feedback, failure…
  • 163. MVP + Customer are the first two you need to nail
  • 164. MVP is just 1 of the 9 parts of your model</li></li></ul><li>The Pivot<br /><ul><li>The heart of Customer Development
  • 165. Iteration without crisis
  • 166. Fast, agile and opportunistic</li></li></ul><li>How Does This Really Work?Stanford Lean LaunchPad Class<br />
  • 167. OURCRAVE is an online social shopping platform where customers can make their own deals on products or services of their choosing with sellers who can offer them in bulk at a discounted price.<br />
  • 168. Business Canvas #1<br />Seller: - Access to large online customer pool<br />- Bulk sales with reduced commission<br />Buyer: - Better discounts<br />- Maintainingonline buyer/seller communities and credibilityof transactions- Promotionof website and brand <br />- Powerful sellers<br />- Server providers<br />- Automated services- Communities of buyers and sellers- Co-creation of value through customer feedback <br />Multi-sided platformSeller:<br />Pro-sellers in Amazon and eBay who sell electronicsBuyer:<br />Online shoppers<br /><ul><li> Web & App sales </li></ul>-Online social networks<br />- Physical resources (IT infrastructure)- Existing social networks -Buyer and seller communities,- Brand awareness<br />Seller side:- transaction fees <br />Buyer side:- targeted ads<br />- Variable costs: server and traffic maintenance costs- Fixed Cost: rent, salaries <br />
  • 169. Key Question for Business Canvass #1<br />WHO WILL BE OUR CUSTOMERS?<br />DO THEY FEEL ENOUGH VALUE? <br />
  • 170. Seller Side Test with a fake E-MAIL<br />Give me a quote<br />for a bulk sale!<br />Electronics Sellers on Amazon/Ebay<br />FAKE CEO<br />(Steve Feiberg)<br />57%<br />showed interest<br />90%<br />sell products <br />on Amazon<br /><ul><li>56% paid 10~20% transaction fee
  • 171. 22% paid 5~10% transaction fee
  • 172. 78% agreed it was too much
  • 173. 33% actually provided discount proportional to group size</li></li></ul><li>Seller Side<br />Interview with Industry Specialist (LG Electronics)<br />Main Target<br />Bestbuy<br />Target,<br />Walmart<br />25%<br />Associations of <br />RegionalBig Sellers<br />25%<br />40%<br />
  • 174. Seller Side<br />Interview with Industry Specialist (eBay)<br /><ul><li>Smaller sellers </li></ul>Large sellers already have sufficient traffic<br /><ul><li>Older products</li></ul>Sellers may want to clear the out-of-date products with huge discount<br />
  • 175. User Side<br />: Online User Survey<br />Power to choose products<br />Discount on products<br />Buyer community feedback<br />
  • 176. Business Canvas #2<br />Seller: - More customer traffic<br />- Bulk sales with reduced commission<br />Buyer: - Better discounts<br />- Power to choose product deal<br />- Buyer community feedback on products and sellers<br />- Maintainingonline buyer/seller communities and credibilityof transactions- Promotionof website and brand <br /><ul><li> Powerful sellers
  • 177. Sellers who need more traffic</li></ul>- Server providers<br />- Automated services- Communities of buyers and sellers- Co-creation of value through customer feedback <br />Multi-sided platformSeller:<br />Trustworthy online sellers with verifiable websitesBuyer:<br />Online shoppers who are willing to wait to get significant discounts on products<br /><ul><li> Web & App sales </li></ul>-Online social networks<br />- Physical resources (IT infrastructure)- Existing social networks -Buyer and seller communities,- Brand awareness<br />Seller side:- transaction fees <br />Buyer side:- targeted ads<br />- Variable costs: server and traffic maintenance costs- Fixed Cost: rent, salaries <br />
  • 178. Key Question for Business Canvass #2<br />HOW CAN WE ATTRACT BUYERS?<br />CUSTOMER ACQUISITION COST?<br />
  • 179. Buyer Demand Test<br />Best Marketing Channel for having buyers is Facebook Wall<br />: 144 Unique Visits,10 e-mail subscriptions for 3 days<br />Facebook Wall<br />Google Adwords<br />Facebook Ads<br />5%<br />0.08%<br />0.005%<br />(CTR)<br />$7.52<br />$4.88<br />$0<br />(COST)<br />
  • 180. Business Canvas #3<br />Seller: - More customer traffic<br />- Bulk sales with reduced commission<br />Buyer: - Better discounts<br />- Power to choose product deal<br />- Buyer community feedback on products and sellers<br />- Maintainingonline buyer/seller communities and credibilityof transactions- Promotionof website and brand <br /><ul><li> Sellers who need more traffic
  • 181. Server providers</li></ul>Established services- Online Marketing : Google/Facebook<br />- Automated services- Communities of buyers and sellers- Co-creation of value through customer feedback <br />Multi-sided platformSeller:<br />Trustworthy online sellers with verifiable websitesBuyer:<br />Online shoppers who are willing to wait to get significant discounts on products<br /><ul><li> Web & App sales
  • 182. Online social networks
  • 183. Online advertising</li></ul>- Physical resources (IT infrastructure)- Existing social networks -Buyer and seller communities,- Brand awareness<br />Seller side:- transaction fees <br />Buyer side:- targeted ads<br /><ul><li>Variable costs: server and traffic maintenance costs- Fixed Cost: rent, salaries </li></ul>- Online ad campaigns<br />
  • 184. Key Question for Business Canvass #3<br />HOW CAN WE ATTRACT SELLERS?<br />COOPERATE WITH SELLERS?<br />
  • 185. Seller Contact<br />Deal with sellers failed because no group pricing or discount too low.<br />Organize Real Group Deal<br /><ul><li>Contact popular online sellers
  • 186. 3 products: HD camera, protein drink, videogame
  • 187. Videogame was for pre-order</li></ul>Result<br /><ul><li>Most sellers: no group discounts
  • 188. Discounts offered < 10%
  • 189. With shipping and tax still >= Amazon price
  • 190. David vs. Goliath problem</li></li></ul><li>To Pivot or Not to Pivot?<br />Although dismayedat seller response, we did not give up.<br />What do do?<br /><ul><li>Deal with sellers disappointing
  • 191. Seller problem intractable?
  • 192. Teaching staff: Pivot or else…</li></ul>Beaten, but not defeated<br /><ul><li>Lost one battle, but not the war!
  • 193. Only contacted larger sellers
  • 194. Sellers need more value
  • 195. Show them a real website</li></ul>Filter advice and stay determined!<br />No Pivot Yet<br />
  • 196. Solution 1 : Rapid Implementation<br />Implement seller & buyer side features to give sellers fuller experience. <br />Site Upgrade Frenzy<br /><ul><li>Improved site design
  • 197. Buyer facebook login
  • 198. Online social networking integration
  • 199. Seller login and registration
  • 200. Seller bidding
  • 201. Seller group deal creation page</li></li></ul><li>Solution 1 : Rapid Implementation<br />Humble beginnings <br />
  • 202. Solution 1 : Rapid Implementation<br />The Real Deal <br />
  • 203. Solution 1 : Rapid Implementation<br />Main page<br />Facebook connect<br />Deal creation by sellers<br />Bidding dialog<br />
  • 204. Solution 2 : More seller value & spamming<br />Add value for sellers based on mentor and industry expert interviews<br />Add Seller Value<br /><ul><li>Low transaction fees
  • 205. Customer contact information
  • 206. Cross-selling products
  • 207. Ad banners
  • 208. Power to create group deal</li></ul>The Art of Spam<br /><ul><li>Massive seller e-mail campaign (16,000 in total)
  • 209. Stanford takes notice and issues warning (oops)
  • 210. Enumerate value propositions
  • 211. Show live website
  • 212. Hand out registration codes</li></li></ul><li>Seller Invitation Result<br />180 sellers<br /># of sellers who signed up<br /># of deals made by sellers<br />80 deals<br />(below Amazon price)<br />
  • 213. Seller Invitation Result<br /># of sellers who replied to our email<br />200 sellers<br /># of sellers who made suggestions on OURCRAVE<br />50 sellers<br />
  • 214. Seller Invitation Feedback<br />We’ve got two major pieces of feedback <br />Who will be in charge of<br />Shipping Cost & Sales Tax ?<br />There are <br />too diverse<br />Product Categories<br />
  • 215. Business Canvas #4<br />- Maintainingonline buyer/seller communities and credibilityof transactions- Promotionof website and brand <br />Seller: - More customer traffic<br /><ul><li>Bulk sales with reduced commission</li></ul>- Access to customer contact information <br /><ul><li> Cross-sell their products.- Site advertising- Power to create deals</li></ul>Buyer: - Better discounts<br />- Power to choose product deal<br />- Buyer community feedback on products and sellers<br /><ul><li> Sellers who need more traffic
  • 216. Server providers</li></ul>Established services- Online Marketing : Google/Facebook<br />-Payment Gateway : Paypal- Customer Service (Front side webservice) : Self- Customer Service (Product side) : Sellers- Delivery : Sellers<br />- Automated services- Communities of buyers and sellers- Co-creation of value through customer feedback <br />Multi-sided platformSeller:<br />Trustworthy online sellers with verifiable websitesBuyer:<br />Online shoppers who are willing to wait to get significant discounts on products<br /><ul><li> Web & App sales
  • 217. Online social networks
  • 218. Online advertising</li></ul>- Physical resources (IT infrastructure)- Existing social networks -Buyer and seller communities,- Brand awareness<br />Seller side:- transaction fees <br />Buyer side:- targeted ads<br /><ul><li>Variable costs: server and traffic maintenance costs- Fixed Cost: rent, salaries </li></ul>- Online ad campaigns<br />
  • 219. Key Question for Business Canvass #4<br />Key Activities for Next Stage<br />Can we make enough money?<br />
  • 220. Key Activity – Seller Management<br />We should manage main feedbacks from sellers by making basic function, <br />1. Convenient System<br /><ul><li>Auto Sales Tax Calculator
  • 221. Bulk List Uploading Function
  • 222. Notification to Sellers </li></ul> for relevant cravebags<br />2. Building credibility<br /><ul><li>FAQ List for Sellers
  • 223. Share buyer information
  • 224. F2F meeting with big sellers</li></ul>3. More Incentives<br /><ul><li>Cross selling Option
  • 225. Seller Advertisement Feature</li></li></ul><li>Key Activity – Initial Advertisement<br />By price comparison site and online ads, test our early service model. Then, Crazy deals needed for jumping<br />2nd Active : Crazy Deals<br /><ul><li>20~30 % sales for Promotion Deals
  • 226. Very very very famous products</li></ul>1st Passive : Online Ads<br /><ul><li>Google / Facebook / Yahoo Ads
  • 227. Price Comparison Site ( very important)</li></li></ul><li>Key Activity – Encouraging Buyer’s Viral<br />We will implement incentive system for sharing deals and help buyers communicate with each other in our service<br />Incentive for sharing<br />Buyer Community<br />14%<br />22%<br />People who willing to share deals in FB*<br />People who shared deals<br />In FB*<br /><ul><li>OurCrave Point
  • 228. Extra Discount
  • 229. Free shipping or tax Coupon
  • 230. Live comment on cravebags
  • 231. Weekly Best cravebag vote
  • 232. Youtube Ads Competition</li></ul>* OurCrave User Survey in 2/3 weeks<br />
  • 233. Revenue / Cost Source<br />Revenue<br />Cost<br />Product Ads<br />Transaction Fee ( Main )<br />Float Money<br />Site Maintenance <br />Marketing ( Main )<br />Customer Support<br />Server/Traffic<br />/Mobie Apps<br />15% of transaction<br />Ads for buyer<br />Seller Management<br />3~5% ( paypal)<br />Outsourcing<br />20%/60days*<br />* google/groupon’s rule, we are asking sellers about this rule.<br />
  • 234. Income Estimation<br />*<br /><ul><li>TRANSACTION FEE IS MAIN REVENUE
  • 235. MARKETING COEST IS MAIN COST
  • 236. BREAK-EVEN IS 3 DEALS/DAY</li></ul>*Appendix in Blogs<br />
  • 237. Business Canvas Final<br />Seller: - More customer traffic<br /><ul><li>Bulk sales with reduced commission</li></ul>- Access to customer contact information <br /><ul><li> Cross-sell their products.- Site advertising- Power to create deals</li></ul>Buyer: - Better discounts<br />- Power to choose product deal<br />- Buyer community feedback on products and sellers<br /><ul><li> Sellers who need more traffic
  • 238. Server providers</li></ul>Established services- Online Marketing : Google/Facebook<br />- Payment Gateway : Paypal- Customer Service (Front side webservice) : Self- Customer Service (Product side) : Sellers- Delivery : Sellers<br />- Automated services- Communities of buyers and sellers- Co-creation of value through customer feedback <br /><ul><li> Growing and maintaining online buyer/seller communities and credibilityof transactions- Promotionof website and brand </li></ul>- Establishing credibility<br />Multi-sided platformSeller:<br />Trustworthy online sellers with verifiable websitesBuyer:<br />Online shoppers who are willing to wait to get significant discounts on products<br /><ul><li> Web & App sales
  • 239. Online social networks
  • 240. Online advertising</li></ul>- Physical resources (IT infrastructure)- Existing social networks -Buyer and seller communities,- Brand awareness<br />Seller side:- transaction fees <br />Buyer side:- targeted ads<br />- float money<br /><ul><li>Variable costs: server and traffic maintenance costs- Fixed Cost: rent, salaries </li></ul>- Online ad campaigns<br />
  • 241. Key Lessons<br />
  • 242. Business Canvas – Week 1<br />Seller : - More customer traffic<br />- Bulk sales- Lower transaction feesBuyer : - Better discounts<br />- Platform/Networkmanagement (maintaining online buyer/seller communities and credibility)- promotion of website and brand <br />- Powerful sellers<br />- Server providers<br />- Automated services- Communities of buyers and sellers- Co-creation of value through customer feedback <br />Multi-sided platformSeller :pro-sellers on Amazon and eBayBuyer :Online shoppers<br />- Web & App sales <br />- Online social networks<br />- Physical resources (IT infrastructure)- Existing social networks - Buyer and seller communities,- Brand awareness<br />- Variable costs: server and traffic maintenance costs- Fixed costs: rent, salaries<br />Seller side:- transaction fees <br />Buyer side:- targeted ads <br />
  • 243. Business Canvas – Week 2<br />Seller : - More customer traffic<br />- Bulk sales- Lower transaction fees- Brand name marketingBuyer : - Better discounts<br />- Power to choose product deal<br />- Platform/Networkmanagement (maintaining online buyer/seller communities and credibility)- promotion of website and brand <br />- Powerful sellers<br />- Server providers<br />- Automated services- Communities of buyers and sellers- Co-creation of value through customer feedback <br />Multi-sided platformSeller :pro-sellers on Amazon and eBayBuyer :Online shoppers<br />- Web & App sales <br />- Online social networks<br />- Physical resources (IT infrastructure)- Existing social networks - Buyer and seller communities,- Brand awareness<br />- Variable costs: server and traffic maintenance costs- Fixed costs: rent, salaries<br />Seller side:- transaction fees <br />Buyer side:- targeted ads <br />
  • 244. Business Canvas – Week 3<br />Seller : - More customer traffic<br />- Bulk sales- Lower transaction fees- Brand name marketingBuyer : - Better discounts<br />- Power to choose product deal<br />- Buyer community feedback on products and sellers<br />- Platform/Networkmanagement (maintaining online buyer/seller communities and credibility)- promotion of website and brand <br />- Powerful sellers<br />-Regionalsellers<br />- Server providers<br />- Automated services- Communities of buyers and sellers- Co-creation of value through customer feedback <br />Multi-sided platformSeller :<br />Sellers on Amazon and eBayBuyer :Online shoppers who are willing to waitto get significant discounts on products<br />- Web & App sales <br />- Online social networks<br />- Physical resources (IT infrastructure)- Existing social networks - Buyer and seller communities,- Brand awareness<br />- Variable costs: server and traffic maintenance costs- Fixed costs: rent, salaries<br />Seller side:- transaction fees <br />Buyer side:- targeted ads <br />
  • 245. Business Canvas – Week 4<br />Seller : - More customer traffic<br /><ul><li>Bulk sales- Lower transaction fees- Brand name marketingBuyer : - Better discounts</li></ul>- Power to choose product deal<br />- Buyer community feedback on products and sellers<br />- Platform/Networkmanagement (maintaining online buyer/seller communities and credibility)- promotion of website and brand <br />- Sellers who need more traffic<br />-Regionalsellers<br />- Server providers<br />- Automated services- Communities of buyers and sellers- Co-creation of value through customer feedback <br />Multi-sided platformSeller :<br />Sellers on Amazon and eBayBuyer :Online shoppers who are willing to waitto get significant discounts on products<br />- Web & App sales <br />- Online social networks<br />- Onlineadvertising<br />- Physical resources (IT infrastructure)- Existing social networks - Buyer and seller communities,- Brand awareness<br />- Variable costs: server and traffic maintenance costs- Fixed costs: rent, salaries<br />Seller side:- transaction fees <br />Buyer side:- targeted ads <br />
  • 246. Business Canvas – Week 5<br />- Platform/Networkmanagement (maintaining online buyer/seller communities and credibility)- promotion of website and brand <br />Seller : - More customer traffic<br />- Bulk sales- Lower transaction fees- Brand name marketing<br /> - Access to customer contact information<br /> - Ability to cross-sell products<br /> - Site advertising<br />Buyer : - Better discounts<br />- Power to choose product deal<br />- Buyer community feedback on products and sellers<br />- Sellers who need more traffic<br />-Regionalsellers<br />- Server providers<br />- Automated services- Communities of buyers and sellers- Co-creation of value through customer feedback <br />Multi-sided platformSeller :<br />Sellers on Amazon and eBayBuyer :Online shoppers who arewilling to waitto get significant discounts on products<br />- Web & App sales <br />- Online social networks<br />- Onlineadvertising<br />- Physical resources (IT infrastructure)- Existing social networks - Buyer and seller communities,- Brand awareness<br />- Variable costs: server and traffic maintenance costs- Fixed costs: rent, salaries<br />- Online ads<br />Seller side:- transaction fees <br />Buyer side:- targeted ads<br />
  • 247. Business Canvas – Week 6<br />Seller : - More customer traffic<br />- Bulk sales- Lower transaction fees- Access to customer contact information <br />- Cross-sell their products.- Site advertising- Power to create dealsBuyer : - Better discounts- Power to choose product deal- Buyer community feedback on products and sellers <br />- Platform/Networkmanagement (maintaining online buyer/seller communities and credibility)- promotion of website and brand <br />- Sellers who need more traffic<br />-Regionalsellers<br />- Server providers<br />- Automated services- Communities of buyers and sellers- Co-creation of value through customer feedback <br />Multi-sided platformSeller :<br />Sellers on Amazon and eBayBuyer :Online shoppers who arewilling to waitto get significant discounts on products<br />- Web & App sales <br />- Online social networks<br />- Onlineadvertising<br />- Physical resources (IT infrastructure)- Existing social networks - Buyer and seller communities,- Brand awareness<br />- Variable costs: server and traffic maintenance costs- Fixed costs: rent, salaries<br />- Online ads<br />Seller side:- transaction fees <br />Buyer side:- targeted ads<br />- float money<br />
  • 248. Business Canvas – Week 7<br />Seller : - More customer traffic<br />- Bulk sales- Lower transaction fees- Access to customer contact information <br />- Cross-sell their products.- Site advertising- Power to create dealsBuyer : - Better discounts- Power to choose product deal- Buyer community feedback on products and sellers <br />- Platform/Networkmanagement (maintaining online buyer/seller communities and credibility)- Promotion of website and brand <br />- Sellers who need more traffic<br />- Regionalsellers<br />- Server providers<br />Established services- Online Marketing : Google/Facebook -Payment Gateway : Paypal- Customer Service (Front side webservice) : Self- Customer Service (Product side) : Sellers- Delivery : Sellers<br />- Automated services- Communities of buyers and sellers- Co-creation of value through customer feedback <br />Multi-sided platformSeller :Sellers on Amazon and eBay<br />Seller: <br />Trustworthy sellers with verifiable websites.Buyer :Online shoppers who arewilling to waitto get significant discounts on products<br />- Web & App sales <br />- Online social networks<br />- Onlineadvertising<br />- Physical resources (IT infrastructure)- Existing social networks - Buyer and seller communities,- Brand awareness<br />- Variable costs: server and traffic maintenance costs- Fixed costs: rent, salaries<br />- Online ads<br />Seller side:- transaction fees <br />Buyer side:- targeted ads<br />- float money<br />
  • 249. Business Canvas – Week 8<br />Seller : - More customer traffic<br />- Bulk sales- Lower transaction fees- Access to customer contact information <br />- Cross-sell their products.- Site advertising- Power to create dealsBuyer : - Better discounts- Power to choose product deal- Buyer community feedback on products and sellers <br />- Platform/Networkmanagement (maintaining and growing online buyer/seller communities and credibility)- Promotion of website and brand<br />- Establishing credibility<br />- Sellers who need more traffic<br />Established services- Online Marketing : Google/Facebook -Payment Gateway : Paypal- Customer Service (Front side webservice) : Self- Customer Service (Product side) : Sellers- Delivery : Sellers<br />- Automated services- Communities of buyers and sellers- Co-creation of value through customer feedback <br />Multi-sided platform<br />Seller: <br />Trustworthy sellers with verifiable websites.Buyer :Online shoppers who are willing to wait to get significant discounts on products<br />- Web & App sales <br />- Online social networks<br />- Onlineadvertising<br />- Physical resources (IT infrastructure)- Existing social networks - Buyer and seller communities,- Brand awareness<br />- Variable costs: server and traffic maintenance costs- Fixed costs: rent, salaries<br />- Online ads<br />Seller side:- transaction fees <br />Buyer side:- targeted ads<br />- float money<br />
  • 250. Pivot ExampleRobotic Weeding<br />Talked 75 Customers in 8 Weeks<br />
  • 251. Our initial plan<br />Confidential<br />
  • 252. 20 interviews, 6 site visits…We got OUR Boots dirty<br />Weeding<br />Visited two farms in Salinas Valley to better understand problem<br />Interviewed:<br /><ul><li>Bolthouse Farms, Large Agri-Industry in Bakersfield
  • 253. White Farms, Large Peanut farmer in Georgia
  • 254. REFCO Farms, large grower in Salinas Valley
  • 255. Rincon Farms, large grower in Salinas Valley
  • 256. Small Organic Corn/Soy grower in Nebraska
  • 257. Heirloom Organics, small owner/operator, Santa Cruz Mts
  • 258. Two small organic farmers at farmers market
  • 259. Ag Services of Salinas, Fertilizer applicator</li></ul>Mowing<br />Interviewed:<br /><ul><li>Golf: Stanford Golf course
  • 260. Parks: Stanford Grounds Supervisor, head of maintenance and lead operator (has crew of 6)
  • 261. Toro dealer (large mower manufacturer)
  • 262. User of back-yard mowing system
  • 263. Maintenance Services for City of Los Altos
  • 264. Colony Landscaping (Mowing service for stadiums)</li></ul>Confidential<br />
  • 265. Business Plan Autonomous Vehicles for Mowing & Weeding<br />Dealers sell, installs and supports customer<br />Co. trains dealers, supports dealers<br />- Innovation<br />- Customer Education<br />- Dealer training<br />Mowing<br />- Owners of public or commercially used green spaces (e.g. golf courses)<br />- Landscaping service provider<br />Weeding<br />- Farmers with manual weeding operations<br />We reduce operating cost<br />- Labor reduction<br />- Better utilization of assets (eg mow or weed at nights)<br />- Improved performance (less rework, food safety)<br />- Dealers (Mowing and Ag)<br />- Vehicle OEMs (John Deere, Toro, Jacobsen, etc)<br />- Research labs<br />- Mowing Dealers<br />- Ag Dealers<br />Engineers on Autonomous vehicles, GPS, path-planning<br />Dealer discount <br />COGS seek a 50-60% Gross Margin<br />Heavy R&D investment <br />Asset sale<br />Our revenue stream derives from selling the equipment<br />
  • 266. Autonomous vehiclesWEEDING<br />Dealers sell, installs and supports customer<br />Co. trains dealers, supports dealers<br />- Innovation<br />- Customer Education<br />- Dealer training<br />- Low density vegetable growers<br />- High density vegetable growers<br />- Thinning operations<br />- Conventional vegetables<br />We reduce operating cost<br />- Labor reduction (100 to 1)<br />- Reduced risk of contamination<br />- Mitigate labor availability concerns<br />- Ag Dealers<br />- Ag Service providers<br />- Research labs<br />- Ag Dealers<br />- Ag Service providers<br />Engineers on Machine Vision<br />Two problems:<br />- Identification<br />- Elimination<br />Dealer discount <br />COGS seek a 50-60% Gross Margin<br />Heavy R&D investment <br />Asset sale<br />Our revenue stream derives from selling the equipment<br />
  • 267. 1 Week – 1 CarrotBot<br />Confidential<br />
  • 268. The Business Plan Canvas Updated<br /><ul><li>Technology Design
  • 269. Marketing
  • 270. Demo and customer feedback
  • 271. Farming conventions.
  • 272. Demo, demo, and demo!!
  • 273. Proximity is paramount
  • 274. Organic Farmers
  • 275. Weeding Service Providers
  • 276. Conventional Farmers
  • 277. Cost Reduction
  • 278. Remove labor force pains
  • 279. Eliminate bio-waste hazards
  • 280. Research Labs
  • 281. Equipment Manufacturers
  • 282. Distribution Network
  • 283. Service Providers
  • 284. IP – Patents
  • 285. Video Classifier Files
  • 286. Robust Technology
  • 287. Dealers
  • 288. Direct Service
  • 289. Indirect Service
  • 290. … then Dealers
  • 291. Asset Sale
  • 292. Direct Service with equipment rental
  • 293. … then Asset Sale</li></ul>Value-Driven<br />
  • 294. The Business Plan Canvas Updated<br /><ul><li>Technology Design
  • 295. Marketing
  • 296. Demo and customer feedback
  • 297. Farming conventions.
  • 298. Demo, demo, and demo!!
  • 299. Proximity is paramount
  • 300. Mid/Large Organic Farmers
  • 301. Agricultural corporations
  • 302. Weeding Service Providers
  • 303. Mid/Large Conventional Farmers
  • 304. Cost Reduction
  • 305. Remove labor force pains
  • 306. Eliminate bio-waste hazards
  • 307. Research Labs
  • 308. Equipment Manufacturers
  • 309. Distribution Network
  • 310. Service Providers
  • 311. IP – Patents
  • 312. Video Classifier Files
  • 313. Robust Technology
  • 314. Direct Service
  • 315. Indirect Service
  • 316. … then Dealers
  • 317. Direct Service with equipment rental
  • 318. ($1,500/d; 120d/yr )
  • 319. Low density: $1,500/d
  • 320. High density: $6,000/d</li></ul>Value-Driven<br />
  • 321. World Ag Expo interviews:the need is real and wide spread<br />10+ interviews at show<br />Everyone confirmed the need<br />Robocrop, UK based, crude competitor sells for $171 K<br />Revenue Stream<br />Mid to small growers prefer a service<br />Large growers prefer to buy, but OK with service until technology is proven<br />Charging for labor cost saved is OK, as we provide other benefits (food safety, labor availability)<br />Confidential<br />
  • 322. The Business Plan Canvas Updated<br /><ul><li>Technology Design
  • 323. Marketing
  • 324. Demo and customer feedback
  • 325. Farming conventions.
  • 326. Demo, demo, and demo!!
  • 327. Proximity is paramount
  • 328. Mid/Large Organic Farmers
  • 329. Agricultural corporations
  • 330. Weeding Service Providers
  • 331. Mid/Large Conventional Farmers
  • 332. Research Labs
  • 333. Equipment Manufacturer
  • 334. Distribution Network
  • 335. Service Providers
  • 336. 2 or 3 Key Farms
  • 337. Cost Reduction
  • 338. Remove labor force pains
  • 339. Eliminate bio-waste hazards
  • 340. IP – Patents
  • 341. Video Classifier Files
  • 342. Robust Technology
  • 343. Direct Service
  • 344. Indirect Service
  • 345. … then Dealers
  • 346. Direct Service with equipment rental
  • 347. Low density: $1,500/d
  • 348. High density: $6,000/d</li></ul>Value-Driven<br /><ul><li> R&D
  • 349. Bill of Materials
  • 350. Training & Service
  • 351. Sales</li></li></ul><li>Autonomous weeding - Final<br />Direct<br />- Provide high quality service at competitive price<br />- Innovation<br />- Customer Education<br />- Dealer training<br />- Low density vegetable growers<br />- High density vegetable growers<br />- Thinning operations<br />- Conventional vegetables<br />We reduce operating cost<br />- Labor reduction (100 to 1)<br />- Reduced risk of contamination<br />- Mitigate labor availability concerns<br />- Ag Service providers<br />- Research Institutes (eg UC Davis, Laser Zentrum Hannover)<br />- 3-4 key farms<br />Direct <br />- Alliance with service providers<br />- Eventually sell through dealers<br />Engineers on Machine Vision<br />Two problems:<br />- Identification<br />- Elimination<br />Costs for service provision<br />COGS seek a 50-60% Gross Margin<br />Heavy R&D investment <br />Service provision<br />- Charge by the acre with modifier according to weed density <br />- Eventually move to asset sale<br />
  • 352. Why Startups Aren’t Run By Accountants<br />
  • 353. Inventor of the Modern Corporation<br />Scalable<br />Startup<br />Transition<br />Large Company<br />
  • 354. Inventor of the Modern Corporation<br />Scalable<br />Startup<br />Transition<br />Large Company<br />Alfred P. Sloan<br />
  • 355. Alfred P. Sloan<br />Scalable<br />Startup<br />Transition<br />Large Company<br />General Motors, President/Chairman<br /><ul><li> Cost Accounting
  • 356. MIT Sloan School
  • 357. Sloan Foundation
  • 358. etc. </li></li></ul><li>Founder of General Motors<br />Scalable<br />Startup<br />Transition<br />Large Company<br />
  • 359. Founder of General Motors<br />Scalable<br />Startup<br />Transition<br />Large Company<br />Billy Durant<br />
  • 360. Billy Durant<br />Scalable<br />Startup<br />Transition<br />Large Company<br /><ul><li> Leader in horse-drawn buggy’s
  • 361. Fired by board, starts Chevrolet
  • 362. Regains control of GM
  • 363. Fired by board, GM ~$3.6 billion*</li></ul>* GM Net sales in 1921 $304.5M = $3.6 Billion today<br />
  • 364. Durant Versus Sloan<br />Scalable<br />Startup<br />Transition<br />Large Company<br />
  • 365. Durant Versus Sloan<br /><ul><li>Dies, rich, honored and famous</li></li></ul><li>Durant Versus Sloan<br /><ul><li>Dies managing a bowling alley
  • 366. Dies, rich, honored and famous</li></li></ul><li>Durant Versus Sloan<br />Accountant<br /><ul><li>Dies managing a bowling alley
  • 367. Dies, rich, honored and famous</li></li></ul><li>You are here<br />Scalable<br />Startup<br />Transition<br />Large Company<br />
  • 368. Carpe Diem<br />www.steveblank.com<br />
  • 369. Thanks<br />www.steveblank.com<br />

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