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6 Month Startup - Seattle CII Month 2

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Dave Parker's 6 Month Startup - Month 2, Customer Development, Competitive Analysis and Awkward Co-Founder Discussions

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6 Month Startup - Seattle CII Month 2

  1. 1. Copyright DKParker, LLC 2015 Dave Parker @DaveParkerSEA @6MonthStartup www.dkparker.com/blog Slides -
  2. 2. Copyright DKParker, LLC 2015 Welcome!
  3. 3. Copyright DKParker, LLC 2015 OFFICE HOURS – July 11, before session. Thanks!
  4. 4. Copyright DKParker, LLC 2015 Agenda ¤ The Program ¤ New SLACK Channel ¤ Mentor Feedback ¤ Month 2 Agenda ¤ Competitive Landscape ¤ Customer Development ¤ Awkward Co-Founder Discussions ¤ Month 2 Deliverables
  5. 5. Copyright DKParker, LLC 2015 About Dave ¤ 5X founder, Board Member, former SVP Programs at UP Global (Startup Weekend + Startup America) ¤ Startup Next creator ¤ Start Week Organizer ¤ Soon to be Author “6 Month Startup – Ideation to Revenue” ¤ 8 transactions – 6 sell side, 2 buy side ¤ VC @SevenPeaksVC – Mountain West, Seed Stage ¤ Why? Looking for future founders to invest in…
  6. 6. Copyright DKParker, LLC 2015 The next 6 Months ¤ Ideation/Research - ¤ Customer Development/Competitive analysis ¤ Value Prop/Product/Features/Expense ¤ Revenue - Monetization, Sales, Marketing and Business Development ¤ Product/MVP/Product Market Fit ¤ Launch/Go to Market/Revenue
  7. 7. Copyright DKParker, LLC 2015 Monthly Mechanics ¤ 1:Many Meeting with Mentors – during dinner ¤ Training material ¤ Workshop as small groups ¤ Monthly Deliverables ¤ Meetups are stand alone events – come for what you need, Mentors are based on deliverables, not “drop ins”
  8. 8. Copyright DKParker, LLC 2015 Rules of the Road ¤ #GiveFirst ¤ Don’t Ramble – I’ll interrupt ¤ Network – you need to build you network for the future starting tonight ¤ No I won’t do the work for you! I’m not checking your deliverable! Your table mates will ¤ Mentor access is based on your work
  9. 9. Copyright DKParker, LLC 2015 Mentor Feedback ¤ Tablemates ¤ Review deliverables ¤ Who goes first? Table Picks ¤ Mentor Intros
  10. 10. Copyright DKParker, LLC 2015 Introductions • Martina • Javier • Nick • Bill • Brenton • Nick
  11. 11. Copyright DKParker, LLC 2015 Mentor Feedback ¤ Deliverables: ¤ Why are you doing this startup ¤ Product/Service Deliverables ¤ Market Size ¤ What I thought, What I Learned, What I’m going to do about it Hi, I’m <your name here>, and I’m the problem I’m solving is <insert problem here>. Our product <insert product info here> is designed for our target customer of <insert target customer here>. We make money by <insert method here> and our team is the right team because <insert why you’re awesome here>
  12. 12. Copyright DKParker, LLC 2015 Timer – 5 Minutes
  13. 13. Copyright DKParker, LLC 2015 Break
  14. 14. Copyright DKParker, LLC 2015 Now that you’ve narrowed your ideas – let’s get started
  15. 15. Copyright DKParker, LLC 2015 Competitive Landscape
  16. 16. Copyright DKParker, LLC 2015 Competitor List & Notes Competitor URL Techcrunch Link Amount Funded Team Features Notes
  17. 17. Copyright DKParker, LLC 2015 Getting Data ¤ Right Mouse click ¤ Keywords, meta data ¤ Pull keywords for competitors – Google Sheet ¤ Tools ¤ https://www.semrush.com/ ¤ https://topics.seomonitor.com/query ¤ Google Keyword tool ¤ Social ¤ https://www.rivaliq.com/
  18. 18. Copyright DKParker, LLC 2015 Competition ¤ Feature List ¤ Product positioning ¤ Gaps ¤ Pricing ¤ Target customer/profile ¤ Marketing approach
  19. 19. Copyright DKParker, LLC 2015 Looking Back ¤ Feature List – then and now ¤ Product Positioning ¤ Pricing changes over time
  20. 20. Copyright DKParker, LLC 2015 Your Naming and Branding ¤ Do you need a name yet? ¤ Not really, but… it helps on the pitch ¤ Naming/Branding can be a sinkhole ¤ Tools ¤ http://www.leandomainsearch.com/ ¤ http://wordoid.com/ ¤ Make it a contest ¤ http://www.squadhelp.com/howitworks.php
  21. 21. Copyright DKParker, LLC 2015 Customer Development
  22. 22. Copyright DKParker, LLC 2015 Converging Definitions ¤ Design Thinking ¤ Stanford “D-School” IDEO U Crash Course ¤ Lean Startup ¤ Steve Blank ¤ Eric Reis ¤ Agile Development
  23. 23. Copyright DKParker, LLC 2015 Design Thinking For Companies it assumes you have customers (and resources) ¤ Emphasize ¤ Define ¤ Ideate ¤ Prototype ¤ Test
  24. 24. Copyright DKParker, LLC 2015 Lean Startup ¤ Entrepreneurs are everywhere ¤ Validate learning ¤ Build, Measure, Learn
  25. 25. Copyright DKParker, LLC 2015 Agile Development ¤ “Our highest priority is to satisfy the customer through early and continuous deliver of valuable software” AgileManifesto.org ¤ Known Problems vs unknown problems
  26. 26. Copyright DKParker, LLC 2015 Customer Development ¤ Parallel process with Product Development ¤ “Get out of the Building” ¤ Develop for a few not Many ¤ Prioritize features based on Needs not Wants ¤ Validate with Revenue/Commitment
  27. 27. Copyright DKParker, LLC 2015 What is Customer Development? ¤ Four Steps of an Epiphany – Steve Blank
  28. 28. Copyright DKParker, LLC 2015 A More Mature Model
  29. 29. Copyright DKParker, LLC 2015 You are not Henry Ford
  30. 30. Copyright DKParker, LLC 2015 Customer Discovery Goals ¤ Acute focus on problem – not product ¤ Find out if customers care? ¤ What do they want? ¤ Determines the difference your product at launch and at scale ¤ Feature priorities & Product Roadmap
  31. 31. Copyright DKParker, LLC 2015 Customer Dev Mechanics ¤ Google Forms ¤ Structured questions ¤ Progression ¤ Easy to Hard ¤ What do you really want to know? ¤ Will they pay for it? How much ¤ Why will it fail ¤ Neutral, not Guided Questions
  32. 32. Copyright DKParker, LLC 2015 Customer Dev Mechanics, Cont ¤ Build a list of interested parties ¤ Mail Chimp List setup ¤ Ask for permission to email ¤ Two week updates – Format: “What we did, what we’re going to do and where we can use your help” ¤ This setups you up to make progress every two weeks!
  33. 33. Copyright DKParker, LLC 2015 What Not To Do ¤ You are not the customer ¤ Don’t tolerate a small sample set – this could delay your success by Years ¤ Avoid “Selection Bias” ¤ “Isn’t our product amazing” ¤ No rhetorical questions ¤ No blind surveys ¤ Can’t outsource
  34. 34. Copyright DKParker, LLC 2015 How Many Customer Interviews ¤ B2B – 25+ ¤ Profile ¤ Job Title ¤ Type of Company ¤ B2C – 50+ ¤ Demographic ¤ ¯_( )_/¯ = bad
  35. 35. Copyright DKParker, LLC 2015 Fundraising Note You have opinions You have Data You get money! Investors have opinions They have money
  36. 36. Copyright DKParker, LLC 2015 Repeat after me: Hi, my name is <your name>, I’m an entrepreneur, half my ideas are great, half are crap, let’s test this one”
  37. 37. Copyright DKParker, LLC 2015 Hypothesis vs Fact ¤ If you are convinced your right you won’t be open to radical feedback that could change the trajectory of your business & life! ¤ Always testing what you think you know ¤ Permission to give negative feedback ¤ If this idea was to fail, why would it fail? ¤ Why is this idea stupid?
  38. 38. Copyright DKParker, LLC 2015 What questions do you want to answer? Top five now?
  39. 39. Copyright DKParker, LLC 2015 Examples – Go!
  40. 40. Copyright DKParker, LLC 2015 Awkward Co-Founder Discussions
  41. 41. Copyright DKParker, LLC 2015 Everyone Has Expectations ¤ Set up a process to get the expectations out in the open ¤ Pre-Incorporation ¤ Meeting 1 of 2 ¤ Why do you want to do this ¤ Capital in vs out ¤ Timing of life ¤ Passion ¤ Go to Startup Equity Calculator
  42. 42. Copyright DKParker, LLC 2015
  43. 43. Copyright DKParker, LLC 2015 Co-founders, part 2 ¤ Meeting 2 of 2 ¤ Print out a copy- bring it to the meeting ¤ How far off are you? What responsibilities? ¤ At Incorporation ¤ Reverse vesting schedule ¤ What happens when someone leaves? ¤ Option pool 20% ¤ Why 50/50 is the only wrong decision
  44. 44. Copyright DKParker, LLC 2015 Post Incorporation ¤ Milestones/Deliverables ¤ Slicing Pie ¤ Market rates ¤ Don’t over inflate ¤ Track time and contribution ¤ Regular meeting ¤ Weekly standups ¤ Make HR changes fast – they won’t get easier
  45. 45. Copyright DKParker, LLC 2015 Exercise: Write up your co-founder concerns and expectations. Don’t have a co-founder? Who do you need to find?
  46. 46. Copyright DKParker, LLC 2015 Next Session – July 11, Value Prop/ Product/ Features /Expenses
  47. 47. Copyright DKParker, LLC 2015 Month 2 Resources ¤ Books ¤ Lean Startup ¤ Startup Owners Manual ¤ Business Model Generation ¤ The Founder’s Dilemmas ¤ Blogs ¤ Competitive Analysis for websites ¤ Slicing Pie ¤ Foundrs
  48. 48. Copyright DKParker, LLC 2015 Month 2 Deliverables ¤ https://wp.me/P3bssR-j23 ¤ Build your Competitive landscape ¤ Subscribe to Google Alerts for all competitors ¤ Customer Development ¤ Write your questions ¤ Build your forms ¤ Get first 20+ interviews completed ¤ Bring back your results ¤ Schedule both co-founders meetings ¤ Print out the Foundrs.com results ¤ Get the discussion out there and competed before you incorporate ¤ If you’ve incorporated, get it right ¤ Setup Slicing Pie
  49. 49. Copyright DKParker, LLC 2015 BREAK!

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