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Oct J-Sprint info-session

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Slides for the info-session in preparation for the J-Term Startup Sprint, led by the NYU Entrepreneurial Institute.

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Oct J-Sprint info-session

  1. 1. 1 1 Rebecca Silver NYU Entrepreneurial Institute November 3, 2017
  2. 2. 2 Startup Sprint Overview New 2-week sprint to propel diverse startup teams of NYU undergrad, grad students & post-docs toward problem- solution fit.
  3. 3. 3 Startup Sprint Overview This program is NOT for credit. It’s to help you build a startup which addresses a meaningful problem for your target customers.
  4. 4. Understand your customer
  5. 5. Build startup skills
  6. 6. Prototype your invention
  7. 7. #n yu ef Get coaching from experts
  8. 8. Talk with startup founders
  9. 9. Work alongside other startups
  10. 10. Be part of a community
  11. 11. Receive $350 + Eligible for $1-3K Follow On & Interview for SLP
  12. 12. $5,000 Credits Legal Coaching Plus over $5,000 in perks! + Lunch & Coffee!
  13. 13. To reduce the mortality rate of startups!
  14. 14. 75% of startups fail to return investors capital Shikhar Ghosh Harvard Business School
  15. 15. So why do so many startups fail?
  16. 16. “More startups fail from a lack of customers than from a failure of product development.”
  17. 17. Top 12 Reasons Startups Fail
  18. 18. Top 12 Reasons Startups Fail 42%cite lack of market need
  19. 19. What it’s all about? o Getting customer feedback before finishing building & launching your product o Launching products that customers actually want, more quickly & cheaply o An approach that favors: o Customer feedback over intuition o Experimentation over elaborate planning o Iterative design over sequential design 19
  20. 20. What are we looking for? o Multidisciplinary teams of 2 or more o In love with a problem & an idea for a solution o Looking to learn o Seeking customer input o Capable of building & executing o Looking to build a business o Graduating within next 1.5 years o Prefer STEM teams w 1+ female founder o All in! 20
  21. 21. Program Detail: Customer & Business Model Development 21
  22. 22. Customer Development Test assumptions about customer needs/problem & develop MVPs Seek validation that people are interested in your product/ solution Begins to build demand & improve efficiency of customer acquisition Drive growth aggressively & execute business model
  23. 23. The Business Model Canvas Revenue Streams Channels Customer SegmentsValue PropositionsKey ActivitiesKey Partners Key Resources Cost Structure Customer Relationships Designed by: Date: Version:Designed for: What are the most important costs inherent in our business model? Which Key Resources are most expensive? Which Key Activities are most expensive? is your business more Cost Driven (leanest cost structure, low price value proposition, maximum automation, extensive outsourcing) Value Driven (focused on value creation, premium value proposition) sample characteristics Fixed Costs (salaries, rents, utilities) Variable costs Economies of scale Economies of scope Through which Channels do our Customer Segments want to be reached? How are we reaching them now? How are our Channels integrated? Which ones work best? Which ones are most cost-efficient? How are we integrating them with customer routines? channel phases 1. Awareness How do we raise awareness about our company’s products and services? 2. Evaluation How do we help customers evaluate our organization’s Value Proposition? 3. Purchase How do we allow customers to purchase specific products and services? 4. Delivery How do we deliver a Value Proposition to customers? 5. After sales How do we provide post-purchase customer support? For what value are our customers really willing to pay? For what do they currently pay? How are they currently paying? How would they prefer to pay? How much does each Revenue Stream contribute to overall revenues? For whom are we creating value? Who are our most important customers? Mass Market Niche Market Segmented Diversified Multi-sided Platform What type of relationship does each of our Customer Segments expect us to establish and maintain with them? Which ones have we established? How are they integrated with the rest of our business model? How costly are they? examples Personal assistance Dedicated Personal Assistance Self-Service Automated Services Communities Co-creation What Key Activities do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue streams? categories Production Problem Solving Platform/Network What Key Resources do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue Streams? types of resources Physical Intellectual (brand patents, copyrights, data) Human Financial Who are our Key Partners? Who are our key suppliers? Which Key Resources are we acquiring from partners? Which Key Activities do partners perform? motivations for partnerships Optimization and economy Reduction of risk and uncertainty Acquisition of particular resources and activities What value do we deliver to the customer? Which one of our customer’s problems are we helping to solve? What bundles of products and services are we offering to each Customer Segment? Which customer needs are we satisfying? characteristics Newness Performance Customization “Getting the Job Done” Design Brand/Status Price Cost Reduction Risk Reduction Accessibility Convenience/Usability types Asset sale Usage fee Subscription Fees Lending/Renting/Leasing Licensing Brokerage fees Advertising fixed pricing List Price Product feature dependent Customer segment dependent Volume dependent dynamic pricing Negotiation (bargaining) Yield Management Real-time-Market The Business Model Canvas Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis Hypothesis
  24. 24. More than half of your assumptions are wrong! 24
  25. 25. During J-Sprint you will… 26 o Establish your hypotheses for your business o Test hypotheses by talking to 50+ customers o Run experiments & prototype solutions o Dive deep into each aspect of the business model o Present every other day to program advisors and other teams about who you spoke to, what you learned o Get feedback to help you continue to move your business forward
  26. 26. Schedule & Deadlines 27
  27. 27. Application Process & Timing o Attend the Team Hunt | Nov 10, noon-2pm o Online applications due | Nov 20 by 5pm o Interviews (~20 teams) | Nov 21 – Dec 1 o Selected teams announced | December 4 o Program dates | January 8–19 28
  28. 28. 2018 Schedule 29
  29. 29. Why J-Sprint? 30
  30. 30. Why J-Sprint? 31 o Learn a ton about how to launch a venture…. o …Greatly increasing your likelihood of success o …Make starting a company less risky! o Meet advisors & entrepreneurs who will support you this semester & beyond o Become part of a great community o A little free money to get you started doesn’t hurt
  31. 31. “Listen to what people tell you especially if someone tells you the same thing twice. This caused us to take a step back and resulted us in changing our business model.” 32
  32. 32. “The raw and sometimes brutal feedback from customers not only helps you dig deeper but tests your passion for what you do because you have to constantly stop yourself from wanting to interrupt to pitch in your 2-cents.” 33
  33. 33. “A good mentor doesn't TELL you that your idea is a horrible idea - they ask the right questions and guide in the direction to prove to you WHY your idea is horrible.” 34
  34. 34. Resources 35 TALKING TO HUMANS Success starts with understanding your customers GIFF CONSTABLE with Frank Rimalovski illustrations by Tom Fishburne and foreword by Steve Blank talkingtohumans.com bit.ly/htbas-ep245
  35. 35. Questions? entrepreneur@nyu.edu @nyuentrepreneur entrepreneur.nyu.edu 16 Washington Place 36

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