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Game-Changing Business Models

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Standard Startup Secrets presentation for Game-Changing Business Models Workshop

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Game-Changing Business Models

  1. 1. Startup Secrets: Game-Changing Business Models 6.14.19
  2. 2. Confidential & Proprietary @underscorevc Startup Secrets Workshops 2 1. What’s Your Roadmap to Success? 2. Building a Compelling Value Proposition 3. Turning Products into Companies 4. Culture, Mission and Vision 5. Hiring A+ Talent 6. Game-Changing Business Models 7. Go to Market Strategies 8. Getting Behind the Perfect Investor Pitch 9. Funding Strategies to go the Distance 10. Have You Got What It Takes? 11. Mastering Mutual Mentorship
  3. 3. Confidential & Proprietary @underscorevc Introductions & Case Examples ● Established ○ Google ● Startup ○ Acquia ○ Demandware ● Not-for-profit ○ One Laptop Per Child ○ Diagnostics For All (on the web) 3
  4. 4. Confidential & Proprietary @underscorevc Agenda 1. Finding a Disruptive Business Model 2. Focusing on CORE differentiation 3. Multiply and Leverage it with innovation 4. Designing for high value 4
  5. 5. Confidential & Proprietary @underscorevc What is your model for: ○ Creating ○ Delivering ○ Harnessing VALUE? Business Model: How do you make money? 5
  6. 6. Confidential & Proprietary @underscorevc Today Let’s get creative and think specifically about startups! 6
  7. 7. Confidential & Proprietary @underscorevc Business Model as a Disruptor ● Why? ○ Time to market ○ Market adoption ○ Sustainability ● Connecting the dots for you, as a founder: ○ Spend ○ Cash efficiency ○ Your ownership ○ Valuation 7
  8. 8. Confidential & Proprietary @underscorevc The Perfect Startup Storm Disruptive Business Model Disruptive Technology & Defensible IP New Market & GTM 8
  9. 9. Confidential & Proprietary @underscorevc ● Change the game? ● Rewrite the rules? ● Cause an innovator’s dilemma? ● Be as disruptive as your technology? New Game New playing field New boundaries New rules YOU choose players How can your business model... 9
  10. 10. Confidential & Proprietary @underscorevc Symantec Antivirus for Mac (SAM) Best seller – Licensed Product Norton Antivirus for PC (NAV) How to change the game Best seller – Subscription Service Example 1: Symantec – Many Years Ago! 10
  11. 11. Confidential & Proprietary @underscorevc ● Dramatic! ● Game changing ○ Flipped the model on its head ■ Competitors caught off guard ○ Predictable profitable business model ● Led to solution leadership vs. battle: “Data Security” ○ Customer need met more effectively ○ More value extracted ○ 1.5 product / seat => 2.6x Results? 11
  12. 12. Confidential & Proprietary @underscorevc ● Off balance sheet Publisher of US products ○ Investment in Management, Sales, Marketing, Support, Translation & Localization ● Acquired back by US corporation when profitable ○ Pooling of interest ○ Non-dilutive ○ Growing earnings ● Symantec example Win / Win Example 2: European Software Publishing 12
  13. 13. Confidential & Proprietary @underscorevc Results? 13 ● Win / win / win ○ Customers = better local product, support, services ○ Publishers = accelerated, off balance sheet setup of profitable business ○ Shareholders = 97x return on original investment ● Non-technology disruptive business model ○ Economies of scale ○ Pooling of interests (tax) ○ Time shifting expense → Accretive outcome
  14. 14. Confidential & Proprietary @underscorevc ● Shared ownership (Zipcar) ● Flash sales (Vente Privee) ● Crowdsourcing (uTest) ● Lead Gen (Mint.com) ● Virtual goods/currencies (Tapjoy) ● Combinations ○ Acquia - OSS, SaaS ○ AirBnB - Commission on P2P rentals ○ Demandware - SaaS, success based rev share ○ Groupon - broker, revshare ○ Spotify -adbased, freemium Sample Models 14
  15. 15. Confidential & Proprietary @underscorevc ● Process or Product? ● Software or Services? ● Open or Proprietary? ● Content or Data? ● Freemium or Premium? ● Subscription or License? Business Model: Sample Questions 15
  16. 16. Confidential & Proprietary @underscorevc First key question! Capabilities Of Really Exceptional Value Focus on it! C.O.R.E. Value What is Your Core Value? 16
  17. 17. Confidential & Proprietary @underscorevc Where is your CORE value? ■ Software/other technology ■ Data ■ Content ■ Service, support ■ User network Disruptively monetize it! ○ To your competitive advantage ○ Where are others most vulnerable? CORE Cut to the CORE! 17
  18. 18. Confidential & Proprietary @underscorevc ● Google Apps vs. Microsoft office ○ What is the C.O.R.E for each? ■ Software, Data, Advertising? ● Don’t compete head-on ○ Microsoft Office = enterprise market ○ Google Apps = consumer market ○ Free vs. $500 license ○ Simple vs. Complicated ○ 80% solution vs. Professional Tool Example 1: Apps 18
  19. 19. Confidential & Proprietary @underscorevc How can you compete with a market leader who has 80% to 90% market share? ● Don’t compete head-on ● Innovator’s Dilemma – go for low end ● Disruptive technology, business model, or market approach ● Examples: Gmail, Google Apps, Chrome Competing with Market Leaders 19
  20. 20. Confidential & Proprietary @underscorevc ● Apple vs. Google ○ What is the C.O.R.E for each? ■ Hardware, Software, Content? ● Others in Ecosystem ○ Samsung, HTC ● Alternative approaches ○ Amazon Example 2: Mobile 20
  21. 21. Confidential & Proprietary @underscorevc ● Who is winning? ● Why? ● Is technology the difference? ● Apple, Google, & Microsoft strategies ○ Always play to your strength ○ Apple Mac, Google Search, Microsoft Windows Android vs. iPhone 21
  22. 22. Confidential & Proprietary @underscorevc ● Disrupt the market leader ○ Apple disrupted carriers and manufacturers ■ Verizon, Sprint, Nokia, Motorola, RIM, Symbian ○ Android allowed them to fight back ● Disruptive business model ○ Android is free ○ Advertising business model ○ Search, Maps, Local, Wallet, YouTube Android vs. iPhone 22
  23. 23. Creating Value
  24. 24. Confidential & Proprietary @underscorevc Be Open and Extensible (e.g., Software APIs) ● Enabling external multipliers to your value ● Building on yourself ● Eating your own cooking ● Being your own customer Startup Secret! Co-Creating Value 24
  25. 25. Confidential & Proprietary @underscorevc Be Open and Extensible (e.g., Software APIs) ● Enabling external multipliers to your value ● Building on yourself ● Eating your own cooking ● Being your own customer Open Source ● Leverage through community ● Make the customer the product manager ○ Scratching their own itch Startup Secret! Co-Creating Value 25
  26. 26. Confidential & Proprietary @underscorevc Dries Buytaert Founder and Project Lead Drupal Co-Founder and CTO Acquia http://buytaert.net @Dries 26
  27. 27. Meet Dries 12 years ago when he started work on Drupal ... 27 Compiler books Collection of stamps Chess board Assembly books All furniture is from IKEA Student dorm in Antwerp where I started Drupal
  28. 28. 1 out of 50 websites in the world 10,000+ modules 300,000+ downloads/month 1.5M unique visitors/month FREE 28
  29. 29. 71 of the World's Top 100 Universities Use Drupal 29
  30. 30. 1. Freedom to run the program 2. Freedom to study the program 3. Freedom to modify the program 4. Freedom to re-distribute the program 30 Open Source is a Software License
  31. 31. Drupal Wins Because it is Less Expensive … Yet Technically Superior! 31
  32. 32. Open Source Collaboration 32
  33. 33. 3,800 people contributed to Drupal 8 Open Source is not just a software license, it is also a development model 33
  34. 34. Open Source Collaboration Community 34
  35. 35. 35
  36. 36. Open Source Collaboration Community Innovation 36
  37. 37. Technically Superior 37
  38. 38. 38 Joseph Schumpeter Economist, 1883-1950 Drupal and Open Source are Catalysts for “Creative Destruction” ● Changes how we develop software ● Changes how we build websites ● Changes a multi-billion dollar industry ● Open Source enables business model innovation ● Bonus: allows people to do well, and do good
  39. 39. Delivering & Capturing Value
  40. 40. Confidential & Proprietary @underscorevc Multiply and Leverage your CORE Multipliers: ● Increase revenue ● Increase reach ● Increase coverage Levers: ● Reduce time ● Reduce costs ● Reduce resources CO RE Levers Multipliers Startup Secret! Multipliers and Levers 40
  41. 41. Confidential & Proprietary @underscorevc Multipliers: ● Added functionality ● Community reach Levers: ● Community development ● Community marketing Multiply AND Leverage CORE Drupal and Open Source 41 CO RE Levers Multipliers
  42. 42. Confidential & Proprietary @underscorevc Multiplier Examples: ● Sales & Marketing ○ Tiered Pricing ○ Freemium ○ Channel partners ● Product ○ Slippery products * ○ “Russian Doll” Packaging * ○ Technology stacks Lever Examples: ● Sales & Marketing ○ Web ○ Inside ○ Inbound ○ Viral ● Product, Support ○ Offshoring ○ Outsourcing ○ Crowdsourcing ○ Co-creation * ○ Technology stacks * Covered in this presentation Examples in Software: CO RE Levers Multipliers Startup Secret! Multipliers and Levers 42
  43. 43. Confidential & Proprietary @underscorevc 43 Get Multipliers and Levers Working Together! Strategies that enable Multipliers and Levers to work together around your CORE are the real winners.
  44. 44. Acquia
  45. 45. Confidential & Proprietary @underscorevc ● Provider of cloud-based solutions and support for enterprises using the open source product Drupal ● 2000+ customers ● 250+ employees ● 150% 4 year CAGR ● Global operations ● Highly predictable and repeatable model ● Land and expand strategy Acquia at a Glance 45
  46. 46. Confidential & Proprietary @underscorevc Acquia Business Model ● Drupal is FREE ● It is also Open Source ● So how do you make money from FREE and Open IP? ○ Create valuable products and services around the CORE of Drupal ○ Use FOSS as multiplier and a lever in R&D, sales and marketing 46
  47. 47. Confidential & Proprietary @underscorevc Acquia Products Around Drupal CORE 47
  48. 48. Confidential & Proprietary @underscorevc Free and Open Source Software (FOSS) As a multiplier AND a lever (in R&D, sales, marketing, and more) Example Multipliers: ● Upsell value added products & services ● Cloud & SaaS Example Levers: ● Target installed base ● Expand usage through partners 48 CO RE Levers Multipliers
  49. 49. Confidential & Proprietary @underscorevc One more thing... 49
  50. 50. Confidential & Proprietary @underscorevc ● Product feeds the business model: ○ User experience ○ Supportability ○ Maintenance, updates (= lifecycle) ○ Upgrades ○ Upsells ● Leads to two startup secrets: ○ Russian Dolls and SLIPPERY products Designing for Success 50
  51. 51. Confidential & Proprietary @underscorevc • Simple • Low to no initial cost • Installs easily • Proves value quickly • Plays well with others • Easy to use • ROI is obvious • Your customers can’t live without it Think of how this improves the Gain/Pain Ratio in our Value Proposition Workshop Gain Pain Startup Secret! Friction Free, SLIPPERY Products 51
  52. 52. Confidential & Proprietary @underscorevc ● Simple: Update your site from the browser ● Low to no initial cost: free ● Installs easy: Windows/Mac installers + SaaS ● Proves value quickly: Distributions + Start using immediately ● Plays well with others: Lots of integrations with other platforms ● Easy to use: Web-based ● ROI is obvious: Better, faster, cheaper ● Your customers can’t live without: flexibility and extensibility What makes Drupal SLIPPERY? 52
  53. 53. Confidential & Proprietary @underscorevc Multi purpose strategy ○ Packaging ○ Pricing ○ Distribution ○ And more! Startup Secret! Build a Russian Doll 53
  54. 54. Confidential & Proprietary @underscorevc Free Incent 54
  55. 55. Confidential & Proprietary @underscorevc Free Freemium 55 Limited
  56. 56. Confidential & Proprietary @underscorevc Free OEM Solution 56 Limited Personal
  57. 57. Confidential & Proprietary @underscorevc Free Premium 57 Limited Personal Work Group
  58. 58. Confidential & Proprietary @underscorevc Free Sales Enabler 58 Limited Personal Work Group Corporate
  59. 59. Confidential & Proprietary @underscorevc Free Adoption 59 Limited Personal Work Group Corporate Enterprise
  60. 60. Confidential & Proprietary @underscorevc Startup Secret! Build a Russian Doll Gives you, your partners and your customers: ▶ Digestible starting point ▶ Up-sell Options ▶ Channel Flexibility …and more 60 Addiction before Adoption
  61. 61. Confidential & Proprietary @underscorevc Acquire On-board Upsell / Cross Sell Acquia example = increasing LTV “Land & Expand” Startup Secret! Build a Russian Doll 61 Addiction before Adoption
  62. 62. Create, Deliver and Harness Value Putting it All Together
  63. 63. Confidential & Proprietary @underscorevc Basic Startup Model 63 CO RE Levers Multipliers ● Lifetime Value of Customer (LTV) ● Cost of Acquiring Customer (CAC)
  64. 64. Confidential & Proprietary @underscorevc ● Repeatable ● Scalable – with leverage ● Profitable / Sustainable ● Predictable ● Valuable What makes for a GREAT business model? 64
  65. 65. Confidential & Proprietary @underscorevc Development Target Gross Margin 80% R&D 100%+ 15% Sales & Marketing 10% G&A 45% Profit (Loss) -100% 20% Example: Phases of a software companyPercent of Revenue Spent 65
  66. 66. Confidential & Proprietary @underscorevc Expenses as Percentage of Revenue 66
  67. 67. Confidential & Proprietary @underscorevc ● Today: ○ 70% of all bookings are renewable subscriptions ○ 30% are consulting services (key differentiator) ○ 85%+ annual renewal rate for non-project work ● Long-term Model: ○ 80% renewable subscriptions ○ 20% consulting services ○ 90% annual renewal rate for non-project work Highly Predictable and Repeatable Model 67
  68. 68. Confidential & Proprietary @underscorevc New Geographies New Partners New Verticals Potential M&A Cross-sell Up-sell New Sites New Products New Customers Existing Customers Total Revenue Result: Disruptive Business Model for Continued Growth 68
  69. 69. Valuable
  70. 70. Confidential & Proprietary @underscorevc 2013 Revenue Multiples Median 5.2x Valuations - SaaS 70
  71. 71. Confidential & Proprietary @underscorevc 2013 Revenue Multiples Median 5.2x Valuations - SaaS 71 2012-2013 Revenue Growth
  72. 72. Confidential & Proprietary @underscorevc Valuations - SaaS 72
  73. 73. Confidential & Proprietary @underscorevc 73 Valuations - SaaS
  74. 74. Confidential & Proprietary @underscorevc Retention (Renewal) 74
  75. 75. Confidential & Proprietary @underscorevc 14x leverage! Upsell 75
  76. 76. Confidential & Proprietary @underscorevc Basic Startup Model 76 CO RE Levers Multipliers ● Lifetime Value of Customer (LTV) ● Cost of Acquiring Customer (CAC)
  77. 77. Confidential & Proprietary @underscorevc The Model Refined – Enabling Retention & Upsell Lifecycle Value of Customer (LCV) Cost of Acquiring & Re-Engaging Customer (CARC) 77 CORE Levers Multipliers Re-Trial Up-sell
  78. 78. Confidential & Proprietary @underscorevc Re- Engagement Costs ● Must be included in CARC ● Example: ○ Support ○ Customer Service ○ Professional Services 78
  79. 79. Confidential & Proprietary @underscorevc Connecting it to Gain/Pain ● They are two views of the same principle: ○ Customer view = Gain/Pain ○ Vendor view = LCV/CARC CO RE Levers Multipliers Re-Trial Up-sell 79
  80. 80. Confidential & Proprietary @underscorevc 80 Start as You Plan to Finish...
  81. 81. Confidential & Proprietary @underscorevc A Typical Product Life Cycle But it doesn’t have to be this way ! See Try Buy Fly Die Long, costly (CAC), slow payback, short lifetime value (LTV) 81
  82. 82. Confidential & Proprietary @underscorevc Adding Retention and Upsell See Try Buy Fly Die Re-TrialUp-sell Extended Lifecycle Long, costly (CAC), slow payback, EXTENDED lifetime value (LTV) 82
  83. 83. Confidential & Proprietary @underscorevc Web Self service On demand SaaS Subscription Open source A Disruptive and Valuable Lifecycle See Try Buy Fly Die Up-sell Extended Lifecycle Re-Trial Up-sell Extended Lifecycle Short, low cost (CARC), quick payback, extended lifecycle value (LCV) Re-Trial 83
  84. 84. Confidential & Proprietary @underscorevc Applied to Software ● Installed by IT ● Customized ● Infrequent upgrades ● Proprietary ● License 1990+ 2010+ ✓ On demand, SaaS ✓ Web based ✓ Self service ✓ Open Source ✓ Subscription …a fundamentally disruptive and more valuable business model! 84
  85. 85. Demandware Pre-IPO
  86. 86. 93
  87. 87. Confidential & Proprietary @underscorevc Summary ● Disruptive Business Model – as significant as Technology ● Focus on CORE differentiation ● Multiply and Leverage it with innovation like: ○ Co-Creation ○ Strategic Partners ○ Russian Doll Packaging ○ And Friction Free, SLIPPERY products ● Design for high value using LCV & CARC 97
  88. 88. Startup Secrets: Game-Changing Business Models 6.14.19

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