Slides from PreSeed Academy #23 - David Ventzel (Speaker 3 of 3)
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Slides by David Ventzel on validating your business idea. Visit PreSeed Academy for more resources.
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Slides from PreSeed Academy #23 - David Ventzel (Speaker 3 of 3)
- 1. Accelerace for PreSeed Academy StartupTalk #23: Validating Your Business Idea 19.08.2020 1
- 2. The typical Accelerace startup has a complete full-time team that has just lunched a product used by pilot customers. Average Max Minimum Prior funding: 176.645 DKK 3.760.000 DKK 0 DKK Founders: 2 founders 5+ founders 1 founder Company age: 26 months 282 months 1 month Used by selected pilot customers/users 38% On the market with customers 32% More than 6 months from market 16% Less than 3 months from market 14% 0% 10% 20% 30% 40% 50% 60% Other Norway Germany Sweden India Spain Italy Denmark Data based on Accelerace applicants in the years 2015-20182
- 3. When startups joins our program, their chances of success increases remarkably. +400 applications per year 5 year survival rate (Ratio active five years after application) 2 year funding ratio (Ratio that raised follow up funding two years after application) 76% 60% Office hours. Camps and workshops. Mentoring from industry experts and serial entrepreneurs. Introductions to customers, partners and investors. Resources and tools. 5 year survival rate (How many are active 5 years after application) 2 year funding ratio (How many have raised follow up funding 2 years after application) 58% 5,9% No acceleration Six months Accelerace program Significant deal flow Effective de-risking Higher success ratio We believe the higher success ratio for accelerated startups is due to them achieving product market fit earlier than non-accelerated companies. 3
- 4. +500M EUR valuation +30M EUR valuation +200M EUR valuation +90M EUR valuation +90M EUR valuation +25M EUR valuation +90M EUR valuation The reason why Accelerace startups are more successful is because we instill experience from 700 startups who came before them. Selected alumni companies accelerated Accelerace alumni from 2015 Donkey Republic 4
- 5. The difference between Entry and Excellence criteria in startups 5
- 6. The most important question at your stage: who is your customer? What most entrepreneurs see when they look at the “market”. Startups fail when they spend their entire randomly chase zebras runway
- 7. Most startups fail when they extrapolate validation from the unrepresentative customers. Only the beachhead counts. Friends Crazy people Beach head Buy because they want to help you. Buy because they have some special personal interest. Buy because they desperately need what you have. Everyone else Defined by desperation
- 8. Startups succeed when they identify and focus on a beachhead Used under imperfect information. Focus all available resource on dominating a single spot. Establish a base. Grow from there.
- 9. A good beachhead have the following characteristics: • They are desperate. • They are identifiable. • They are accessible. • Have money. • Have reference value. • Are part of a dense community. • You have empathy for them.
- 10. Connect with me on Linkedin. David Ventzel. Thank you. If you want to read my stuff:
Editor's Notes
- The beach head is different because we operate on imperfect information. Instead we are looking for the first place we can dominate. We do not need to know exactly what the entire beach looks like. We just need to know that we can dominate THAT spot.