What to do once you have an idea

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Presentation on how to turn ideas into developed ideas and ideas into prototypes.

Presentation on how to turn ideas into developed ideas and ideas into prototypes.

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  • http://underdoggraphics.com/app1/
  • http://underdoggraphics.com/app1/
  • http://wecarpool.com/ http://www.conferencebywire.com/
  • http://underdoggraphics.com/app1/

Transcript

  • 1. What to Do Once You Have an Idea 1 FAST START STUDIO SERGEY SUNDUKOVSKIY PH.D.
  • 2. Introduction 2
  • 3. Background 3
  • 4. Agenda 4Visualizing Your IdeaPutting Together a DeckFinding Co-Founders/Mentors/AdvisorsBuilding a Prototype
  • 5. Startup Progression 5Idea is not a product, product is not a company
  • 6. Visuals 6Idea DescriptionIdea VisualizationWireframesMockups (UI)Clickable Prototype (UX)VideolizeMind Mapping
  • 7. Idea Description 7Idea Description  Success Calculator: Inventor (cloud over the head). Many factors represented by circles (founder experience circle, previous startup experience circle, competition circle, funding circle, customer circle, market size, industry circle, board of directors circle, product development experience, advisers circle) go into the SourceIgniter Predictor Engine box, what comes out is a Success Score
  • 8. Idea Visualization 8
  • 9. Wireframes vs. Mockups 9
  • 10. Clickable Prototype 10
  • 11. Prototyping Tools 11
  • 12. Videolize 12Videolize aka video scribe – Same as visualize only better
  • 13. Putting Together a Deck 1310-20-30 RuleShow Do Not TellTaxicab and Elevator PitchesTarget CustomerMarket AnalysisDifferentiation and JUDPressure TestingCompetitive Advantages
  • 14. Business Plan vs. Business Deck 14Business Plan as we knew it in the Business School is dead
  • 15. Putting Together a Deck 15
  • 16. Deck Rules 1610 slides  In reality it is 3 (others are used as reference)20 min  In reality it is 5 (at most)30 point font  Last guy from the end of the table  Too much information
  • 17. Deck Rules 17Picture is always better !!!!! It is worth 84.1 words
  • 18. Deck Structure 18Executive Summary Financial ProjectionsProblem CompetitorsSolution DifferentiationPlatform Competitive AdvantagesMarket Opportunity TeamBusiness Model Milestones/RoadmapPricing
  • 19. Mind Mapping 19Organize Your Thoughts
  • 20. Mind Mapping Tools 20
  • 21. Pitches 21
  • 22. Pitches 22Taxicab Pitch“Facebook for teenagers”, “Flicker for Video”Elevator Pitch  What do we do?  Who are we doing it for?  How are we different?“ConferenceByWire is an event streaming solution that brings live and on-demand events directly to the remote viewers over the Internet. Unlike other solutions it does not require significant infrastructure investment”
  • 23. Pressure Testing 23Have your idea and the pitch pressure tested Do not insist on NDAs. Nobody cares
  • 24. Market and Customer 24
  • 25. Differentiation 25Distinction without difference
  • 26. Differentiation 26 FeaturesBusiness ModelTarget Audience
  • 27. Differentiation and JUD 27What Investors Are Looking For?  JUD – Just Enough Difference  Different Enough  Not Too DifferentValid Question  “Why existing competitors are not focused in ‘this’ area?”Invalid Question  “Why wouldn’t existing competitors replicate ‘this’?”
  • 28. Competitive Strategies 28Prices  We are just like that only cheaperDifferentiation  We are just like that with following differencesNiche  We are just like that only verticalized
  • 29. Competitive Advantages 29Not Easy to Overcome  Original Content  Execution  Loyal Customer Base  Brand AwarenessEasy to Overcome  Patents  First Mover  Obscurity
  • 30. Deck Distribution 30Push your deck online
  • 31. Finding Co-Founders/Mentors/Advisors 31Co-Founder Selection CriteriaFinding Co-FoundersCommitment vs. InvolvementMentor/Advisor Selection CriteriaMentor/Advisor ExpectationsIncubators
  • 32. Co-Founder Selection Criteria 32NOT GOOD BAD GOOD
  • 33. Where to Find One? 33
  • 34. Co-Founder Selection Criteria (cont.) 34Complementary SkillsetWorked Together BeforeSimilar Work EthicSimilar Commitment LevelSimilar Conflict Resolution StyleCan Disagree and CommitIdeal Number of Co-Founders is 3
  • 35. Commitment vs. Involvement 35
  • 36. Decide How to Decide 36Do no block unless you feel very strongly about it
  • 37. Mentor vs. Advisor 37Expectation Setting  Hands On vs. Not Hands OnMentor  AdviceAdvisor  Cover Gaps  Pressure Testing  Industry IQ  Introductions
  • 38. Mentoring 38Real difference is focus. Mentors focus on you. What do advisors focus on?
  • 39. Incubators 39Help Getting StartedLearning the RopesGood MentorsGreat AdvisorsHelpful IntroductionsRight AtmospherePlace to “Hang Your Hat”
  • 40. Right Incubator Program 40Make sure to pick a right program for you
  • 41. Building a Prototype 41Prototype PurposePrototype FeaturesPrototype DurationPrototype Starting PointEvolutionary vs. Throwaway
  • 42. Fine Line 42Half-Baked and the Prototype are not the same thing
  • 43. Building a Prototype 43If you are not failing you are not trying hard enough
  • 44. Product Development 44Startup DNAby Yevgeniy Brikman
  • 45. Product Development 45Startup DNAby Yevgeniy Brikman
  • 46. Prototype Purpose 46Fail Quickly and PivotProve Business HypothesisDiscover Inflection PointsCollect Customer FeedbackCollect Initial AnalyticsZero in on a Customer ProfileGet Funding
  • 47. Product Evolution vs. Revolution 47 OR Which picture do you think is right? Hint: They are not identical
  • 48. Product Analytics 48If you can’t measure it you can’t improve it
  • 49. Analytical Tools 49
  • 50. Traction Points 50Sample Traction Points  CTR  Number of sign ups  Number of sign ins  Number of video uploads  Number of product configurations  Number of store deployments
  • 51. User Testing 51ABT – Always Be Testing
  • 52. A/B Testing 52Less the data, louder the opinion
  • 53. What Can Be A/B Tested? 53HeadlineLead (first sentence)Hero ShotFontColorCall To ActionNumber of Steps in the FunnelAlgorithm
  • 54. A/B Testing Tools 54
  • 55. Usability Testing 55 Eye Tracking
  • 56. What Are They Measuring? 56AttentionEmotionTask Completion TimeHoveringClicksHotspottingPath
  • 57. Usability Testing Tools 57
  • 58. Business Metrics 58Sample Business Metrics  CPA (Cost Per Acquisition)  Churn  Break Even Duration  TOC (Total Cost of Ownership)  LTV (Live Time Value)  Average Support Contracts
  • 59. Prototype Starting Point 59Find open source starter product to build upon
  • 60. Prototype Features 60
  • 61. Prototype Features 61Features need to prove business hypothesis aka core functionality  Usability trumps completeness  Speed trumps completenessSome Business models are too complex for an evolutionary prototype. You might have to settle for throw away prototype  Too much technical debt to remedy  Too expensive to evolve  Can’t find needed resources