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What to Do Once You Have an            Idea                   1            FAST START STUDIO        SERGEY SUNDUKOVSKIY PH...
Introduction     2
Background    3
Agenda                           4Visualizing Your IdeaPutting Together a DeckFinding Co-Founders/Mentors/AdvisorsBuil...
Startup Progression                       5Idea is not a product, product is not a company
Visuals                            6Idea DescriptionIdea VisualizationWireframesMockups (UI)Clickable Prototype (UX)...
Idea Description                                     7Idea Description    Success Calculator: Inventor (cloud over the h...
Idea Visualization        8
Wireframes vs. Mockups          9
Clickable Prototype        10
Prototyping Tools       11
Videolize                            12Videolize aka video scribe – Same as visualize only better
Putting Together a Deck                           1310-20-30 RuleShow Do Not TellTaxicab and Elevator PitchesTarget Cu...
Business Plan vs. Business Deck                            14Business Plan as we knew it in the Business School is dead
Putting Together a Deck          15
Deck Rules                                      1610 slides    In reality it is 3 (others are used as reference)20 min ...
Deck Rules              17Picture is always better !!!!!    It is worth 84.1 words
Deck Structure                        18Executive Summary           Financial ProjectionsProblem                     C...
Mind Mapping          19Organize Your Thoughts
Mind Mapping Tools        20
Pitches  21
Pitches                                   22Taxicab Pitch“Facebook for teenagers”, “Flicker for Video”Elevator Pitch   ...
Pressure Testing                     23Have your idea and the pitch pressure tested   Do not insist on NDAs. Nobody cares
Market and Customer         24
Differentiation              25Distinction without difference
Differentiation       26   FeaturesBusiness ModelTarget Audience
Differentiation and JUD                                    27What Investors Are Looking For?  JUD – Just Enough Differen...
Competitive Strategies                                     28Prices    We are just like that only cheaperDifferentiatio...
Competitive Advantages                           29Not Easy to Overcome  Original Content  Execution  Loyal Customer B...
Deck Distribution          30Push your deck online
Finding Co-Founders/Mentors/Advisors                            31Co-Founder Selection CriteriaFinding Co-FoundersCommi...
Co-Founder Selection Criteria             32NOT GOOD                    BAD             GOOD
Where to Find One?        33
Co-Founder Selection Criteria (cont.)                             34Complementary SkillsetWorked Together BeforeSimilar...
Commitment vs. Involvement            35
Decide How to Decide                        36Do no block unless you feel very strongly about it
Mentor vs. Advisor                                 37Expectation Setting    Hands On vs. Not Hands OnMentor    Advice...
Mentoring                           38Real difference is focus. Mentors focus on you. What do                    advisors ...
Incubators                             39Help Getting StartedLearning the RopesGood MentorsGreat AdvisorsHelpful Intr...
Right Incubator Program                   40Make sure to pick a right program for you
Building a Prototype                            41Prototype PurposePrototype FeaturesPrototype DurationPrototype Start...
Fine Line                         42Half-Baked and the Prototype are not the same thing
Building a Prototype                         43If you are not failing you are not trying hard enough
Product Development                               44Startup DNAby Yevgeniy Brikman
Product Development                               45Startup DNAby Yevgeniy Brikman
Prototype Purpose                              46Fail Quickly and PivotProve Business HypothesisDiscover Inflection Poi...
Product Evolution vs. Revolution                    47             OR Which picture do you think is right?       Hint: The...
Product Analytics                     48If you can’t measure it you can’t improve it
Analytical Tools       49
Traction Points                                50Sample Traction Points  CTR  Number of sign ups  Number of sign ins ...
User Testing           51ABT – Always Be Testing
A/B Testing               52Less the data, louder the opinion
What Can Be A/B Tested?                          53HeadlineLead (first sentence)Hero ShotFontColorCall To ActionNum...
A/B Testing Tools       54
Usability Testing       55  Eye Tracking
What Are They Measuring?                          56AttentionEmotionTask Completion TimeHoveringClicksHotspottingPath
Usability Testing Tools          57
Business Metrics                               58Sample Business Metrics  CPA (Cost Per Acquisition)  Churn  Break Eve...
Prototype Starting Point                      59Find open source starter product to build upon
Prototype Features        60
Prototype Features                                   61Features need to prove business hypothesis aka core functionality ...
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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.

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  • http://underdoggraphics.com/app1/
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  • http://wecarpool.com/ http://www.conferencebywire.com/
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  • Transcript of "What to do once you have an idea"

    1. 1. What to Do Once You Have an Idea 1 FAST START STUDIO SERGEY SUNDUKOVSKIY PH.D.
    2. 2. Introduction 2
    3. 3. Background 3
    4. 4. Agenda 4Visualizing Your IdeaPutting Together a DeckFinding Co-Founders/Mentors/AdvisorsBuilding a Prototype
    5. 5. Startup Progression 5Idea is not a product, product is not a company
    6. 6. Visuals 6Idea DescriptionIdea VisualizationWireframesMockups (UI)Clickable Prototype (UX)VideolizeMind Mapping
    7. 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. 8. Idea Visualization 8
    9. 9. Wireframes vs. Mockups 9
    10. 10. Clickable Prototype 10
    11. 11. Prototyping Tools 11
    12. 12. Videolize 12Videolize aka video scribe – Same as visualize only better
    13. 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. 14. Business Plan vs. Business Deck 14Business Plan as we knew it in the Business School is dead
    15. 15. Putting Together a Deck 15
    16. 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. 17. Deck Rules 17Picture is always better !!!!! It is worth 84.1 words
    18. 18. Deck Structure 18Executive Summary Financial ProjectionsProblem CompetitorsSolution DifferentiationPlatform Competitive AdvantagesMarket Opportunity TeamBusiness Model Milestones/RoadmapPricing
    19. 19. Mind Mapping 19Organize Your Thoughts
    20. 20. Mind Mapping Tools 20
    21. 21. Pitches 21
    22. 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. 23. Pressure Testing 23Have your idea and the pitch pressure tested Do not insist on NDAs. Nobody cares
    24. 24. Market and Customer 24
    25. 25. Differentiation 25Distinction without difference
    26. 26. Differentiation 26 FeaturesBusiness ModelTarget Audience
    27. 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. 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. 29. Competitive Advantages 29Not Easy to Overcome  Original Content  Execution  Loyal Customer Base  Brand AwarenessEasy to Overcome  Patents  First Mover  Obscurity
    30. 30. Deck Distribution 30Push your deck online
    31. 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. 32. Co-Founder Selection Criteria 32NOT GOOD BAD GOOD
    33. 33. Where to Find One? 33
    34. 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. 35. Commitment vs. Involvement 35
    36. 36. Decide How to Decide 36Do no block unless you feel very strongly about it
    37. 37. Mentor vs. Advisor 37Expectation Setting  Hands On vs. Not Hands OnMentor  AdviceAdvisor  Cover Gaps  Pressure Testing  Industry IQ  Introductions
    38. 38. Mentoring 38Real difference is focus. Mentors focus on you. What do advisors focus on?
    39. 39. Incubators 39Help Getting StartedLearning the RopesGood MentorsGreat AdvisorsHelpful IntroductionsRight AtmospherePlace to “Hang Your Hat”
    40. 40. Right Incubator Program 40Make sure to pick a right program for you
    41. 41. Building a Prototype 41Prototype PurposePrototype FeaturesPrototype DurationPrototype Starting PointEvolutionary vs. Throwaway
    42. 42. Fine Line 42Half-Baked and the Prototype are not the same thing
    43. 43. Building a Prototype 43If you are not failing you are not trying hard enough
    44. 44. Product Development 44Startup DNAby Yevgeniy Brikman
    45. 45. Product Development 45Startup DNAby Yevgeniy Brikman
    46. 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. 47. Product Evolution vs. Revolution 47 OR Which picture do you think is right? Hint: They are not identical
    48. 48. Product Analytics 48If you can’t measure it you can’t improve it
    49. 49. Analytical Tools 49
    50. 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. 51. User Testing 51ABT – Always Be Testing
    52. 52. A/B Testing 52Less the data, louder the opinion
    53. 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. 54. A/B Testing Tools 54
    55. 55. Usability Testing 55 Eye Tracking
    56. 56. What Are They Measuring? 56AttentionEmotionTask Completion TimeHoveringClicksHotspottingPath
    57. 57. Usability Testing Tools 57
    58. 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. 59. Prototype Starting Point 59Find open source starter product to build upon
    60. 60. Prototype Features 60
    61. 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
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