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SXP Day 2

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SXP Day 2

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SXP Day 2

  1. 1. Identify USER Define Problem Create solutions Create Business Model Improve Business Model LAUNCH Prototype & Pitch WelcomeBack☺ Today
  2. 2. So…. What did you do? …what did you learn??? …….so what will you do now?
  3. 3. A Startup Founder •  Works before the money is available •  Will do ANY job proactively •  Is not afraid to share ideas *ideas are cheap! •  Communicates effectively *EQ •  Celebrates mistakes! *failing faster is cheaper! •  Intelligence, Drive & Integrity
  4. 4. Three generic Biz Models
  5. 5. (USERS)
  6. 6. (USERS) (USERS)
  7. 7. Don’t just rely on advertisement!!! CPM = “cost per 1000 impressions” = cost per 1000 times that an add is viewed on your website = CPM = 1$ to 4$
  8. 8. bmfiddle.com Leanstack.com
  9. 9. Where to start? Test your riskiest assumption! But what’s my riskiest assumption?
  10. 10. Who should we talk to??
  11. 11. Problem Interview -  Learn about the early adopter’s problems -  Don’t talk about your solution Solution interview -  Not a pitch to sell your product – focus on learning -  Confirm the MUST-HAVE PROBLEM -  Use a Demo to test if your solution is what the user wants -  Test pricing What should we ask?
  12. 12. CustomerInterviewing
  13. 13. Customer Development Guide Interview Preparation: Who is your primary User? (only talk to relevant people!) What do you need to test? (riskiest assumptions?) How will you test your assumptions? What will you ask during the interview/experiment? How will you measure success?
  14. 14. ! CustomerDevelopmentGuide! Goals:!! 1. Testing!your!riskiest!assumptions!! (Do$your$primary$users$actually$behave$and$think$like$you$believe$they$do?)$ 2. Discover!important!insights!about!your!primary!users:!Problems,!frustrations,!behaviors,! preferences,!and!current!solutions!to!the!problem.! 3. Get!contact!information!for!your!primary!users! ! Describe!what!you!are!going!to!test!–!what!do!you!need!to!learn?! What$problem$do$you$think$the$users$have?$What$is$your$riskiest$assumption?$ Example:$Do$seniors$with$Alzheimer’s$disease$have$a$problem$getting$lost$when$they$go$for$a$walk$outside?$ $ ! ! ! Who!is!your!primary!user!and!how!will!you!get!in!contact!with!them?! Example:$Users:$Single$senior$citizens$(age$65G85)$with$mild$Alzheimer’s$decease$living$at$nursing$homes$in$city$ environments$in$Mexico.$Method:$InGperson$interviews$at$nursing$homes.$ *Don’t$talk$to$people$you$know$since$they$won’t$tell$you$the$truth,$and$don’t$waste$your$time$talking$to$random$people$ who$are$not$in$your$user$segment$–$their$opinion$is$irrelevant.$ ! ! ! Describe!how!you!will!test!your!assumptions! G$What$experiment$will$you$run;$personal$interview/survey/simulated$product?$ G$How$many$people$will$you$include$in$your$experiment?! ! ! ! What!are!the!success!criteria?! Example:$15$out$20$people$we$talked$to$felt$a$strong$need$to$solve$X$problem$and$gave$us$their$contact$information$so$ they$could$buy$the$product$when$it’s$ready.$ ! ! What!will!you!ask!during!the!interview?! Remember$not$to$pitch/sell!$Focus$on$learning$about$your$users$and$their$problems.$ $ ! ! ! ! ! Good!luck!with!your!interview!!!AND!REMEMBER!TO!GET!CONTACT!information!for!the!people! you!talk!to!if!they!agree!to!let!you!follow!up!with!clarifying!questions.!
  15. 15. BE BACK AT 12:00
  16. 16. So…. What did you do? …what did you learn??? …….so what will you do now?
  17. 17. HOW TO MEASURE PROGRESS?
  18. 18. WHAT IS AN MVP? A version of a product that allows the team to test the riskiest assumption with the least effort MVP is NOT a BETA MVP types: Video Power Point Demo Landing page Facebook add (represents your product – testing sign-ups) 3D printed product
  19. 19. Testing Product-Market-Fit Interview Pre-sell Simulation
  20. 20. The Art of Interviewing Problem Interview -  Learn about the early adopter’s problems -  Don’t talk about your solution Solution interview -  Not a pitch to sell your product – focus on learning -  Confirm the MUST-HAVE PROBLEM -  Use a Demo to test if your solution is what the user wants -  Test pricing
  21. 21. Testing Product-Market-Fit Interview Pre-sell Simulation
  22. 22. Sell it before you build it.. The 3-minute video demonstrated Dropbox’s intended functionality and resulted in signups increasing from 5,000 people to 75,000 overnight — all of this in absence of a real product.
  23. 23. $630,862 $467,167
  24. 24. Testing Product-Market-Fit Interview Pre-sell Simulation
  25. 25. Fake it until you make it…
  26. 26. A/B Testing
  27. 27. Pricing models Don’t give away your product for free (If you are going to charge for your product – charge for the product from day 1) Quality/price relationship (perception of quality) Align your pricing with your market positioning Fair price is often higher than you think! (and higher than what the customer thinks)
  28. 28. Pricing models Don’t ask what customers will pay for your product Don’t use cost-based pricing! Do use price anchoring Set a price – and test customers’ reaction (A/B testing)
  29. 29. 60 minutes to launch!
  30. 30. tinyurl.com/60launch
  31. 31. Growth Hacking
  32. 32. https://www.youtube.com/watch?v=U03KwQa7a0o
  33. 33. -  Raised $375M in funding at $4.8B valuation -  $1B order for warehouses and delivery trucks -  Trying to achieve first-mover advantage -  Bankrupt in 2001 -  Forgot to do customer development
  34. 34. PITCHING
  35. 35. Entrepreneurs are always pitching
  36. 36. Elevator Pitch Your goal is to grab the investor's attention in the first 10 seconds so you have their attention for the next 20 minutes. Your goal?
  37. 37. Short Pitch Example
  38. 38. Problem Solution Market Business Chris Lipp
  39. 39. A thousand songs in your pocket… Golden rule: Features tell, Benefits sell!
  40. 40. Mark Twain Famous American writer “I didn’t have time to write you a short letter – so I wrote you a long one…”
  41. 41. Role-play drawing Software demo Video PROTOTYPING
  42. 42. Analyze…
  43. 43. ENERGY
  44. 44. What  affects  the  audience?   7                         55   38   Words  (%)   Voice  (%)   Non  Verbal  (%)  
  45. 45. Content VS Delivery?
  46. 46. Be visual Don’t talk to your slides
  47. 47. Kids are thirsty Drinking dirty water Get sick from bacteria
  48. 48. Tips Posture Fewer slides/words Let your hands “talk” Do not walk and talk Smile
  49. 49. The high concept pitch A high concept pitch distills a startup’s vision into a single sentence. “It’s Jaws in space!”
  50. 50. The high concept pitch A high concept pitch distills a startup’s vision into a single sentence. “Flickr for video.”
  51. 51. The power of storytelling
  52. 52. Practice Train to stay within the time limit Ask your buddy team
  53. 53. Professional Business Pitch (to investors) Slide 1: Vision / Elevator Pitch Slide 2: The Problem Slide 3: Product / Service Slide 4: Market Opportunity Slide 5: Traction / Validation Slide 6: Revenue Model Slide 7: Competition Slide 8: Marketing & Growth strategy Slide 9: Team Slide 10: Financials Slide 11: Investment ‘Ask’ / milestones
  54. 54. 3-minute pitch Slide 1: Vision / Elevator Pitch Slide 2: The Problem Slide 3: Product / Service Slide 4: Market Opportunity Slide 5: Traction / Validation Slide 6: Revenue Model Slide 7: Competition Slide 8: Marketing & Growth strategy Slide 9: Team Slide 10: Financials Slide 11: Investment ‘Ask’ / milestones
  55. 55. Pitch Outline Understanding of USERS and their PROBLEM Product/service idea (unique value proposition, technology, features) Market Understanding (size, competition, potential, *impact potential) Business Model (revenue model, go-to-market plan) Hand in presentations on USBor: mail@startupxp.com By 4:15pm 3 min to PITCH 3 min Q&A + feedback
  56. 56. Pitch Outline Understanding of USERS and their PROBLEM Market Understanding (size, competition, potential, *impact potential) Product/service idea (unique value proposition, technology, features) Business Model (revenue model, go-to-market plan) Traction/Validation (proof of concept) 4 min to PITCH 4 min Q&A + feedback Hand in presentations on USBor: mail@startupxp.com By 4.15
  57. 57. Watering hole
  58. 58. Shut up and listen… Don’t defend yourself – just listen Write down the insights you get… Feedback is a gift!
  59. 59. CONTINUE
  60. 60. Next steps…. 1. Keep working on your idea with your current team 2. Form a new team and work on another idea 3. Get a mentor and LAUNCH your business
  61. 61. SME VS Startup Revenue/ cash flow/ jobs Revenue/ cash flow/ jobs High growth StartupSmall/medium Business (SME)
  62. 62. Awesome books to check out..
  63. 63. focus.customerdevlabs.com DISCOUNT CODE: SXP
  64. 64. “Choose a job you love, and you will never have to work a day in your life.” - Confucius (Chinese philosopher)
  65. 65. “Whether you think you can, or you think you can’t - you’re right!” Henry Ford Henrik Scheel henrik@startupxp.com www.linkedin.com/in/henrikscheel Facebook.com/startupexperience Slideshare.com/startupexperience Good luck with your entrepreneurial journey! THANKS J Scheel.youcanbook.me

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