www.impersuasion.com Presentation on thinking lean for startups and investors.

1. Thinking Lean – For Startups And Investors Chu Tzu Ming www.impersuasion.com Note: Applicable for software/ web type companies only coz I know nothing much about anything else

2. Why I am Here I became moderately good at Excel after 10 years in the venture capital industry. I have scars and tattoos to share with you. I had to unlearn what I learned. We share so we can learn from mistakes. Movement – is the next cornerstone in corporate culture “You don’t get extra points for learning things the hard way “ – Mr. Kawasaki

3. Textbook Model (Kilang Model) Write Bplan (30 pages and forecasts) What’s wrong with this? Nothing. It just doesn’t work very often, it’s wasteful and it gets people into debt Form Team Get Funding Oh, that’s the risk inherent in early stage companies, too bad… Build Product Marketing The ones that succeed – know who to sell to somehow and end up doing what they did b4. Sell/Hire Sales guy RIP

4. How Things Get Screwy Founders: They don’t know what problem they’re solving, feature driven instead. They confuse a feature with a ‘product’. They’re not subject matter experts – yet. Lack a clear/repeatable path to the customer They don’t know if customer thinks they add value. (The “I think so” syndrome) They don’t know who’s going to buy immediately They always say I need the money first to start. Many end up getting old. ‘Corporate Drama’ – investors, fellow founders are lazy/greedy/ team problem/ husband and wife/bf/gf

5. This Lean Startup* Thing… Evaluate Team/Equity contribution Write 2 page Bplan/Problem Form Team Small Funding/ Bootstrap/MSI Sell/Hire Sales guy Build Prototype/ MVP Customer Discovery Product/market fit/Validation Repeat Orders/ Feedback VC Round: Optional Test Marketing Customer Development Refining Sales Methodology Scale Note*: Eric Ries, Steve Blank’s Four Steps to the Epiphany Lean Startup Steps/Activities

7. Small Wins

8. Agile/Pivot

10. The Funnel Acquisition – FB, SEO, Paid Traffic Activation – Attention Confirmed. Clicks, Likes, sign ups, comments, downloads Retention – Returning visits, usage, comments Referral– Invites, Backlinks, shares, mentions, retweets Revenue, Goal - $$$, sign ups, Invites Your Goals May Be One Any Of The Metrics Themselves

13. How Does This Fit Again? Acquisition Revenue/Goal Referral Activation Retention X Invites Y Accept Invites Z Reinvites DEFINE AARRR OBJECT PURPOSE DEFINE XYZ Elements DEFINE ACTIONS

14. Tools & Leverage Minimum Viable Product (MVP) LAMP/ROR Amazon AWS, heroku Wordpress, Uservoice programmableweb, GOOG, FB, Odesk PPC Survey monkey/Poll daddy Google Analytics/Crazy egg Website optimizer/Tracking Urls Robert Cialdini, Influence Direct response Marketing Linkedin Dan Kennedy/Joe Polish Negotiation Skills Viral Loop (Tell a friend), FB Automated Email marketing/sequences SEO/Online PR/Online PR Build Prototype Test Marketing Traffic, bootstrap FB groups, pages, emails Refining Sales Methodology Scaling

22. “What About Investors? -LS Enables Intelligent Risk Assessment For Early Stage Companies”

23. Deal Assessment Metrics – Clearer Risk Profile To Early Stage Projects Market Definition And Size (ground up), Keyword Research AARRR Analytics, funnels, conversions, time on site ROE (Return On Effort) Leverage Metrics: How much faster, better, cheaper? Invest less, less onerous terms (to the entrepreneur), close more deals. Talk to customers or to-be customers. Is this problem something they would pay to solve Would they buy it today if it was ready?

24. Caveats Don’t measure for the sake of measuring Make ‘Lean Startup’ a habit when you have no money/limited budget. It’s hard to do it when you have loads of cash.

25. Resources Eric Ries, Steve Blank’s blogs Ash Maurya’s blog Quicksprout.com Viral Loop- Adam Penenberg Founders at work - Livingston Books on dealing with difficult people Praying Tenacity through exercise Dave McClure’s prez on Slideshare Rework – Jason Fried/David Hansson 80/20 Principle – Richard Koch www.impersuasion.com

26. Contact Email: tzuming@impersuasion.com or Email: tzuming@gmail.com