Startup Secrets Overview

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This presentation is designed to give you a high-level overview of the Startup Secrets series (including topics and case studies). Held in conjunction with Harvard innovation lab, the Startup Secrets series was created to provide a framework for entrepreneurs and innovators to think through some of the key steps that could accelerate their success in starting a business.

For more Startup Secrets, visit: http://www.mjskok.com/resources/introduction

Published in: Business, Economy & Finance
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  • Hi Michael. I've enjoyed your video lectures. The only real complaint I have about your "SLIPPERY product" framework is that it's very difficult to google! Have you written about the ideas online? I'd like to explore them in a bit more detail than the video lecture. Thanks.
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  • thought provoking.
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  • Thank you for your presentation Michael
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  • As I looked down the wall,  I imagined the immense vision one must’ve had to have even started the wall.   As I took this photo, I began thinking about how many bricks must’ve been used to build it.  I subsequently learned that in fact before the use of bricks the Great Wall was mainly built from rammed earth stones and wood. It was only during the Ming Dynasty that bricks and other new materials such as  bricks and tiles came to be used and helped quicken the pace of construction. 
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  • Startup Secrets Overview

    1. Hi Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok Harvard innovation lab #startupsecrets www.startupsecrets.com START UP SECRETS An insider’s guide to unfair competitive advantage MICHAEL J SKOK North Bridge Venture Partners twitter: @mjskok startupsecrets.com 1
    2. Hi Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok Harvard innovation lab #startupsecrets www.startupsecrets.com START UP SECRETS An insider’s guide to unfair competitive advantage Startup Secrets Overview MICHAEL J SKOK North Bridge Venture Partners twitter: @mjskok startupsecrets.com 2
    3. Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok #startupsecrets www.startupsecrets.com Please note • What follows are highlighted excerpts from 5 of the “Startup Secrets” workshops • Full versions of the workshops and the complete series can be found on the next page 3 3
    4. Harvard innovation lab : Hi #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok #startupsecrets www.startupsecrets.com The Startup Secrets curriculum • • • • • • • • Overview Getting Behind the Perfect Pitch Building a Compelling Value Proposition Company Formation: Culture and Hiring Disruptive Business Models Go-To-Market: Strategy & Tactics Turning Products into Companies Funding to go the distance 4
    5. Hi Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok Harvard innovation lab #startupsecrets www.startupsecrets.com START UP SECRETS An insider’s guide to unfair competitive advantage Getting behind the Perfect Pitch MICHAEL J SKOK North Bridge Venture Partners twitter: @mjskok startupsecrets.com 5
    6. Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok #startupsecrets www.startupsecrets.com Market opportunity 6
    7. Harvard innovation lab : Hi #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok #startupsecrets www.startupsecrets.com Incomplete stand outs are better than complete stand ups! • We looking for outstanding: – People – Technology or other disruption – Market opportunity • One outstanding of the above literally stands out vs. all good, but none great • We don’t expect complete – – – – – • Team Product Value prop GTM plan Business Model Entrepreneurs don’t need all the answers! – Self aware, listening, leaders… 7
    8. Hi Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok Harvard innovation lab #startupsecrets www.startupsecrets.com START UP SECRETS An insider’s guide to unfair competitive advantage Building a Compelling Value Proposition MICHAEL J SKOK North Bridge Venture Partners twitter: @mjskok mjskok.com 8
    9. Hi Harvard innovation lab : Startup Secrets : wrap up session @mjskok #innovationlab Michael J Skok : #startupsecrets www.startupsecrets.com Agenda - Problem Problem Ideas Solution Define Gain Pain Evaluate Value Prop Build 9
    10. Harvard innovation lab : Hi Michael J Skok : Startup Secrets : wrap up session @mjskok #startupsecrets www.startupsecrets.com #innovationlab Gain/Pain ratio • • • • • • • Revenue Cost savings Time People Competitive advantage Reputation Etc.. • • • • • • Inertia Switching costs? Default = do nothing Alternatives? Good enough = good enough! RISK on a startup • • • • • • Find (See) Try Buy Implement Deploy Own – eg TCO Pain Inertia, RISK Gain >10 10
    11. Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok #startupsecrets www.startupsecrets.com Video Matt Johnston, CMO, uTest 11
    12. Hi Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok Harvard innovation lab #startupsecrets www.startupsecrets.com START UP SECRETS An insider’s guide to unfair competitive advantage Company Formation: Building an Enduring Company MICHAEL J SKOK North Bridge Venture Partners twitter: @mjskok startupsecrets.com 12
    13. Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok #startupsecrets www.startupsecrets.com Building an enduring company: Roadmap… Vision Execution Value Prop Startup People Culture Enduring Company 13
    14. Harvard innovation lab : Hi #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok #startupsecrets www.startupsecrets.com Startup Secret: Culture • • • • Comes from YOU Comes from the top Is modeled Is valued by CONSISTENCY Startup Cultural Consistency Enduring Company 14
    15. Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok #startupsecrets www.startupsecrets.com Video Tom Erickson, CEO, Acquia 15
    16. Hi Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok Harvard innovation lab #startupsecrets www.startupsecrets.com START UP SECRETS An insider’s guide to unfair competitive advantage Going To Market (GTM) MICHAEL J SKOK North Bridge Venture Partners twitter: @mjskok mjskok.com 16
    17. Hi Harvard innovation lab : Startup Secrets : wrap up session @mjskok #innovationlab Michael J Skok : #startupsecrets www.startupsecrets.com A Startup GTM Framework Marketing & Sales Cycle Strategies Tactics Awareness Understanding Engagement Trial OUTbound / INboound Interest Brand Positioning Messaging Social Media PR Services Audience Channel Direct vs. Channel Targeting, Segmentation Channel Development, Management, Etc. Personas Actors/Scenes Strategic Partners References Purchase • • Results Oriented, Metrics, Execution Driven Continuous Iteration & Improvement 17
    18. Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok #startupsecrets www.startupsecrets.com The Web: Changes (nearly) everything Negatives: Positives: • One click away • Measure everything  Competitors • Closed loop  Distractions • Lower cost Closed Loop via Web Virtual Sales, Marketing, Services  Webinars  Video  Podcasts Don’t forget the human factors  Personal touch  Relationships – better real than virtual!  Experiential learning is invaluable 18
    19. Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok #startupsecrets www.startupsecrets.com Video Brian Halligan, CEO & Founder, Hubspot 19
    20. Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok #startupsecrets www.startupsecrets.com Video Mark Lorion, VP Marketing, Spotfire Analytics 20
    21. Hi Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok Harvard innovation lab #startupsecrets www.startupsecrets.com START UP SECRETS An insider’s guide to unfair competitive advantage Disruptive Business Models to build Value MICHAEL J SKOK North Bridge Venture Partners twitter: @mjskok mjskok.com 21
    22. Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok #startupsecrets www.startupsecrets.com How can your Business Model… • Change the game? • Rewrite the rules? • Cause an innovator’s dilemma New Game New playing field New boundaries • Be as disruptive as your technology? New rules YOU choose players 22
    23. Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok #startupsecrets www.startupsecrets.com Video Dan Dodge, Developer Advocate, Google Disrupting Leaders 23
    24. Hi Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok Harvard innovation lab #startupsecrets www.startupsecrets.com START UP SECRETS An insider’s guide to unfair competitive advantage Turning Products into Companies by Design & Architecture MICHAEL J SKOK North Bridge Venture Partners twitter: @mjskok startupsecrets.com 24
    25. Harvard innovation lab : Hi #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok #startupsecrets www.startupsecrets.com Friction Free, SLIPPERY products • • • • • • • 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 – it’s stickY 25
    26. Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : Product to Company @mjskok #startupsecrets www.mjskok.com Cases • Gregg Favalora, Principal, Optics for Hire – Founder Actuality Systems – @gfavalora • John McEleney, CEO Belmont Systems – Previously CEO Solidworks – @johnmceleney 26
    27. Inventing and almost commercializing 3-D displays: When “tech looking for a market” goes from awesome, to painful, to a patent sale 12 years later April 2013 Gregg Favalora Principal, Optics for Hire * Founder, Actuality Systems (1997 – 2009) gregg@opticsforhire.com Client Confidential
    28. Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok #startupsecrets www.startupsecrets.com Video Gregg Favalora, Principal, Optics for Hire 28
    29. Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok #startupsecrets www.startupsecrets.com CAD is the Basis of Every Product 4/1/13 Hi 29
    30. Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok #startupsecrets www.startupsecrets.com Does anyone know what this is? 1-5-0-3 30
    31. Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok #startupsecrets www.startupsecrets.com Where to sell? 11+ # Units 1 2 6-10 3 1-5 0-3 4-6 # Months 31
    32. Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok #startupsecrets www.startupsecrets.com Video John McEleney, Former CEO, SolidWorks 32
    33. Hi Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok Harvard innovation lab #startupsecrets www.startupsecrets.com START UP SECRETS An insider’s guide to unfair competitive advantage Funding strategies to go the distance MICHAEL J SKOK North Bridge Venture Partners twitter: @mjskok startupsecrets.com 33
    34. Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok #startupsecrets www.startupsecrets.com The 2 best times to raise capital • With all the POTENTIAL… – Or • Plenty of PROOF ! 34
    35. Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok #startupsecrets www.startupsecrets.com Video Steve Papa, Former CEO, Endeca 35
    36. Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok #startupsecrets www.startupsecrets.com NUMBER ONE Startup Secret Don’t be afraid to FOCUS! • Narrow as possible to start! – Think small targets to dominate • Which would you rather… – Expand on success? – Contract on failure? • Balance Vision vs. Execution – See post on mjskok.com #1 36
    37. Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok #startupsecrets www.startupsecrets.com Case Studies 37
    38. Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok #startupsecrets www.startupsecrets.com Visit Startup Secrets at http://mjskok.com/resources/startup-secrets Thank you! 38
    39. Hi Hi Harvard innovation lab : #innovationlab Michael J Skok : Startup Secrets : wrap up session @mjskok Harvard innovation lab #startupsecrets www.startupsecrets.com START UP SECRETS An insider’s guide to unfair competitive advantage MICHAEL J SKOK North Bridge Venture Partners twitter: @mjskok startupsecrets.com 39

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