What to Do Once You Have an Idea (case study)

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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/
  • http://underdoggraphics.com/app1/
  • http://wecarpool.com/
    http://www.conferencebywire.com/
  • http://wecarpool.com/
    http://www.conferencebywire.com/
  • http://underdoggraphics.com/app1/
  • What to Do Once You Have an Idea (case study)

    1. 1. FAST START STUDIO ACADEMY SERGEY SUNDUKOVSKIY PH.D. What to Do Once You Have an Idea 1
    2. 2. Introduction 2
    3. 3. Background 3
    4. 4. Agenda Putting Together a Deck Visualizing Your Idea Finding Co-Founders/Mentors/Advisors Prototype Wireframing 4
    5. 5. Startup Progression Idea is not a product, product is not a company 5
    6. 6. Putting Together a Deck 10-20-30 Rule Show Do Not Tell Taxicab and Elevator Pitches Target Customer Market Analysis Differentiation and JUD Pressure Testing Competitive Advantages 6
    7. 7. Business Plan vs. Business Deck Business Plan as we knew it in the Business School is dead 7
    8. 8. Putting Together a Deck 8
    9. 9. Deck Rules 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 9
    10. 10. Deck Rules Picture is always better !!!!! It is worth 84.1 words 10
    11. 11. Deck Structure Executive Summary Problem Solution Platform Market Opportunity Business Model Pricing 11 Financial Projections Competitors Differentiation Competitive Advantages Team Milestones/Roadmap
    12. 12. Example Company 12
    13. 13. Executive Summary GuidedFlow is a help management platform designed to enable website owners and self-service solutions to produce interactive tutorials, walkthroughs aiding end-consumer adoption and task completion 13
    14. 14. Problem Problem: Traditional websites and software platforms struggle with user onboarding, feature discovery and task completion due to confusion and complexity of software interaction 14
    15. 15. Solution Solution: GuidedFlow allows website owners and software platform companies to produce interactive tutorials, walkthroughs and guided help workflows to aid customer onboarding, feature discovery and complex task completion 15
    16. 16. Guided Flow 16 Help Bar
    17. 17. Competitors 17
    18. 18. Competitors (cont.) 18
    19. 19. Pitches 19
    20. 20. Pitches 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” 20
    21. 21. Pressure Testing Have your idea and the pitch pressure tested Do not insist on NDAs. Nobody cares 21
    22. 22. Market and Customer 22
    23. 23. Differentiation Distinction without difference 23
    24. 24. Differentiation Features Business Model Target Audience 24
    25. 25. Differentiation and JUD 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’?” 25
    26. 26. Competitive Strategies 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 26
    27. 27. Competitive Advantages Not Easy to Overcome  Original Content  Execution  Loyal Customer Base  Brand Awareness Easy to Overcome  Patents  First Mover  Obscurity 27
    28. 28. Deck Distribution Push your deck online 28
    29. 29. Visualizing Your Idea Idea Description Idea Visualization Wireframes Mockups (UI) Clickable Prototype (UX) Videolize Mind Mapping 29
    30. 30. Idea Description 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 30
    31. 31. Idea Visualization 31
    32. 32. Wireframes vs. Mockups 32
    33. 33. Clickable Prototype 33
    34. 34. WifeFraming Tools 34
    35. 35. Mark Up 35
    36. 36. Videolize Videolize aka video scribe – Same as visualize only better 36
    37. 37. Mind Mapping Organize Your Thoughts 37
    38. 38. Mind Mapping Tools 38
    39. 39. Wireframe 39
    40. 40. Mockup 40
    41. 41. Finding Co-Founders/Mentors/Advisors Co-Founder Selection Criteria Finding Co-Founders Commitment vs. Involvement Mentor/Advisor Selection Criteria Mentor/Advisor Expectations Incubators 41
    42. 42. Co-Founder Selection Criteria 42 NOT GOOD BAD GOOD
    43. 43. Where to Find One? 43
    44. 44. Co-Founder Selection Criteria (cont.) 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 44
    45. 45. Commitment vs. Involvement 45
    46. 46. Decide How to Decide Do no block unless you feel very strongly about it 46
    47. 47. Mentor vs. Advisor Expectation Setting  Hands On vs. Not Hands On Mentor  Advice Advisor  Cover Gaps  Pressure Testing  Industry IQ  Introductions 47
    48. 48. Mentoring Real difference is focus. Mentors focus on you. What do advisors focus on? 48
    49. 49. Mentoring (cont.) Do I know anything about being pregnant? 49
    50. 50. Incubators Help Getting Started Learning the Ropes Good Mentors Great Advisors Helpful Introductions Right Atmosphere Place to “Hang Your Hat” 50
    51. 51. Right Incubator Program Make sure to pick a right program for you 51
    52. 52. Building a Static Prototype Prototype’s Purpose Prototype Features Prototype Duration Prototype Starting Point 52
    53. 53. Fine Line Half-Baked and the Prototype are not the same thing 53
    54. 54. Prototype Purpose Fail Quickly and Pivot Prove Business Hypothesis Discover Inflection Points Collect Customer Feedback Collect Initial Analytics Zero in on a Customer Profile Get Funding 54
    55. 55. Prototype Mockups 55
    56. 56. Prototype Mockups (cont.) 56
    57. 57. Prototype Mockups (cont.) 57
    58. 58. Prototype Mockups (cont.) 58
    59. 59. Prototype Structure 59
    60. 60. Prototype Wiring Wire it together 60
    61. 61. Product Development 61 Startup DNA by Yevgeniy Brikman
    62. 62. Product Development 62 Startup DNA by Yevgeniy Brikman
    63. 63. Product Analytics If you can’t measure it you can’t improve it 63
    64. 64. Analytical Tools 64
    65. 65. Traction Points Sample Traction Points  CTR  Number of sign ups  Number of sign ins  Number of video uploads  Number of product configurations  Number of store deployments 65
    66. 66. User Testing ABT – Always Be Testing 66
    67. 67. A/B Testing Less the data, louder the opinion 67
    68. 68. What Can Be A/B Tested? Headline Lead (first sentence) Hero Shot Font Color Call To Action Number of Steps in the Funnel Algorithm 68
    69. 69. A/B Testing Tools 69
    70. 70. Usability Testing Eye Tracking 70
    71. 71. What Are They Measuring? Attention Emotion Task Completion Time Hovering Clicks Hotspotting Path 71
    72. 72. Usability Testing Tools 72
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