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Taking Action and Launching Your First Venture

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Taking Action and Launching Your First Venture by Henrik Scheel

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Taking Action and Launching Your First Venture

  1. 1. Taking action on your startup idea Henrik Scheel Founder & CEO henrik@startupxp.com
  2. 2. I D E A E Q U I T Y P R O D U C T F O U N D I N G T E A M L O C AT I O N D E L E G AT I O N C O N F I D E N C E F O C U S E VA L U AT I O N R I S K T I M E H O R I Z O N G R O W T H H A C K I N G F I N A N C I N G C U LT U R E O P E R AT I O N S M A N A G E M E N T L E G A L B U S I N E S S S T R AT E G Y E X E C U T I O N S C A L I N G M A R K E T I N G D E S I G N C O M P E T I T I O N R E C R U I T I N G P I V O T I N G C O M M U N I C AT I O N F O C U S G R O U P S G O I N G P U B L I C V I S I O N D ATA P E R S I S T E N C E F L E X I B I L I T Y
  3. 3. Entrepreneur DK USA
  4. 4. Topics we can dive into.. Fundraising basics (types of funding, investors, amounts, valuation, terms, equity distribution, cap table) The investor meeting (who, what, how) Business Model Innovation Startup Metrics Market sizing (TAM, SAM, SOM) User Personas The ultimate pitch deck Startup lingo/terminology MPV – rapid launch Customer segmentation Customer interviewing Product-market fit Presentation techniques (story, body, voice) Press hack Running experiments (A/B testing) Elevator pitch
  5. 5. Topics we can dive into.. Fundraising basics (types of funding, investors, amounts, valuation, terms, equity distribution, cap table) The investor meeting (who, what, how) Business Model Innovation Startup Metrics Market sizing (TAM, SAM, SOM) User Personas The ultimate pitch deck Startup lingo/terminology MPV – rapid launch Customer segmentation Customer interviewing Product-market fit Presentation techniques (story, body, voice) Press hack Running experiments (A/B testing) Elevator pitch
  6. 6. The Startup Curve Before Startup Source: Paul Graham; avc.com Time Happiness The Startup Curve Initial Enthusiasm Before Startup Source: Paul Graham; avc.com Time Happiness The Startup Curve Initial Enthusiasm Reality Sets In Before Startup Source: Paul Graham; avc.com Time Happiness The Startup Curve Initial Enthusiasm Reality Sets In TROUGH OF SORROW Before Startup Experimenting & PivotingSource: Paul Graham; avc.com Time Happiness The Startup Curve Initial Enthusiasm Reality Sets In TROUGH OF SORROW Before Startup Starts Working Experimenting & PivotingSource: Paul Graham; avc.com Time Happiness The Startup Curve Initial Enthusiasm Reality Sets In TROUGH OF SORROW Before Startup Product/ Market Fit! Starts Working Experimenting & PivotingSource: Paul Graham; avc.com Time Happiness The Startup Curve Initial Enthusiasm Reality Sets In TROUGH OF SORROW Before Startup Product/ Market Fit! Scale Starts Working Experimenting & PivotingSource: Paul Graham; avc.com Time Happiness
  7. 7. SME VS Startup Revenue/ cash flow/ jobs Revenue/ cash flow/ jobs High growth StartupSmall/medium Business (SME)
  8. 8. SCREW IT, LET’S DO IT ! - Richard Branson
  9. 9. BUILDING THE RIGHT TEAM
  10. 10. 16 Who Are You?
  11. 11. TheHacker Strongpassionfortechnology Focusesonproductandcontrolsthebackend Specifictechnicalskills Typicallyengineeringorcomputersciencedegree
  12. 12. Can sell anything to anyone Identifies opportunities for innovative business models Breaks down any barriers Builds his/her professional network and manages it wisely Recognizes trends and sees patterns
  13. 13. The Artist Focuses on “Front-End” User Interface (UI) and User Experience (UX) Understands how design affects the user experience Creative and curious Sees many perspectives Observes with an open mind
  14. 14. Hustler Artist
  15. 15. PROBLEM Fall in love with the PROBLEM ..Not your solution!!
  16. 16. User Segment Persona Name Age Location Occupation Education Income level Living situation Market Description: TAM, SAM, SOM Problem Statement: Try to structure your statement in this format: How can we help X specific user segment solve X specific problem? Example 1: How can we help seniors with Alzheimer’s who live in a nursing home and can’t find their way home if they go out of the building alone? Example 2: How can we help students (age 12-15) from low-income families who live in rural villages in South India to get a better education? TAM # Users Revenue $ SAM # Users Revenue $ SOM # Users Revenue $ Competitive Landscape: Scenario Description: When and how is the user affected by the problem?
  17. 17. New tech Big Problem
  18. 18. PROBLEM: TECHNOLOGY: 1. QUALITY OF LIFE FOR SENIORS DRONES 2. OBESITY WEARABLE TECHNOLOGY 3. EDUCATION VIRTUAL REALITY
  19. 19. New tech Big Problem • What’s the problem? • Who’s the user? • What’s your solution? • How’re you making money?
  20. 20. Starting at 3:30 pm
  21. 21. 33 Entrepreneurship... is an eXtreme sport
  22. 22. Pivot
  23. 23. Steve Blank
  24. 24. HOW TO MEASURE PROGRESS? Adding features doesn’t equal progress!
  25. 25. 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
  26. 26. Testing Product-Market-Fit Interview Pre-sell Simulation
  27. 27. 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
  28. 28. Testing Product-Market-Fit Interview Pre-sell Simulation
  29. 29. 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.
  30. 30. $630,862 $467,167
  31. 31. A/B Testing
  32. 32. Testing Product-Market-Fit Interview Pre-sell Simulation
  33. 33. Fake it until you make it…
  34. 34. - 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
  35. 35. Problem Solution Market Business Chris Lipp TEAM
  36. 36. 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
  37. 37. Awesome books to check out..
  38. 38. “Choose a job you love, and you will never have to work a day in your life.” - Confucius (Chinese philosopher)
  39. 39. “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 StartupExperience.com/resources Good luck with your entrepreneurial journey!

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