This presentation is about helping you structure how you build out and plan your company's milestones. The full blog post can be found here - http://thedrawingboard.me/2012/10/12/setting-appropriate-milestones-in-an-early-stage-startup/
• What should I focus on next?• What do I need to accomplish before anyone is impressed?• How do I know when I’m ready to go fundraising?• How do I know how much money I should raise?
There are many ways to slice a watermelonthis is just one that I find works well
As with all large problemsMake them solvable simple problemsWhat should I Focus on next?
Break it UP Into Parts• Identify your next major steps• Set them on a timeline• Map cash use to this timeline• ANALYTICS!!!!• Plan around success and not mitigatingfailure
What DO I need to Accomplish BEforeAnyone is Impressed?Month 3: Minimum Viable ProductMonth 5: Private Beta LaunchMonth 8: Key HireMonth 11: Public Beta LaunchMonth 12: x% daily growth rate insubscribersTime
What DO I need to Accomplish BEforeAnyone is Impressed?Month 3, 2 Founders, MVP = 20K (3 per m / per p)Month 5, +1 Employee, Private Beta = 30K + (20K)(5pm / pp)Month 8: Key Hire = 300KMonth 11: Public Beta Launch = 400KMonth 12: x% daily growth rate in subscribers = 500KTime
How do I KNOW WHEN I’m Ready to goFundraising?• You have identified material milestones that matter!• You have enough time to go fundraise• You can articulate what you will do with the cash:• what your cash burn is & will be• what you will have to show as your approach your next next round
How much Money Should I Raise• As much as you can!• Typically at least 8 months of run-way, ideally 12-18 months• Typically to validate the next major milestone in your business + 3-6 months forfundraising (depends on the amount being raised)• DON’T GET CAUGHT IN THEVALLEY OF DEATH!!!