2. Summary
of
addi,onal
findings:
•
1.
Fundadores
que
aprendem
tem
mais
sucesso:
startups
que
tem
ajuda
de
mentores,
acompanham
métricas
eficientemente
e
aprendem
com
os
líderes
do
pensamento
de
startup
levantam
7
vezes
mais
dinheiro
e
tem
crescimento
de
usuários
3,5
vezes
melhor;
• 2.
Startups
que
fazem
pivot
1
ou
2
vezes
levantam
2,5
vezes
mais
dinheiro,
tem
3,6
vezes
melhor
crescimento
no
número
de
usuários
e
são
52%
menos
prováveis
de
escalarem
prematuramente
do
que
as
startups
que
pivotam
mais
de
2
vezes
ou
nenhuma
vez;
• 3.
Fundos
investem
de
2
a
3
vezes
mais
capital
do
que
necessário
em
startups
que
ainda
não
encontraram
o
ajuste
entre
problema
e
solução.
Também
investem
demais
em
fundadores
únicos
ou
equipes
fundadas
sem
técnicos
–
apesar
dos
indicadores
mostrarem
que
nesses
casos
as
probabilidades
de
sucesso
são
bem
menores;
• 4.
Inves,dores
que
providenciam
ajuda
mão-­‐na-­‐massa
tem
pouco
ou
nenhum
efeito
na
performance
operacional
da
companhia.
Mas
os
mentores
certos
influenciam
significaLvamente
a
performance
e
a
habilidade
de
conseguir
dinheiro.
Entretanto,
isso
não
significa
que
invesLdores
não
tenham
efeito
significaLvo
nas
“avaliações”
(de
quanto
a
empresa
vale)
e
M&A;
• 5.
Fundadores
solitários
levam
3,6
vezes
mais
tempo
para
chegar
ao
estágio
de
escala
comparando
com
equipes
de
2,
e
levam
tem
2,3
vezes
menos
probabilidade
de
fazer
pivot:
• 6.
Equipes
com
base
sólida
de
negócios
tem
6,2
vezes
mais
chances
de
obterem
escala
com
sucesso
nas
startups
orientadas
a
vendas
do
que
nas
orientadas
a
produtos
(pense
nisso
–
aliás,
leia
na
íntegra);
• 7.
Equipes
com
base
técnica
sólida
tem
3,3
vezes
mais
chance
de
obterem
escala
com
sucesso
em
startups
focadas
em
produtos
sem
efeito
de
rede
do
que
em
startups
focadas
em
produto
com
efeito
de
rede
(uau!);

3. Summary
of
addi,onal
findings:
• 8.
Equipes
balanceadas
com
um
fundador
técnico
e
um
fundador
da
área
de
negócios
levantam
30%
mais
dinheiro,
tem
aumento
de
clientes
2,9
vezes
maior
e
tem
19%
menos
probabilidade
de
escalarem
prematuramente
do
que
equipes
com
fundadores
focados
em
só
um
Lpo
de
competência;
• 9.
A
maioria
dos
fundadores
de
sucesso
são
movidos
pelo
impacto,
mais
do
que
por
experiência
ou
dinheiro;
• 10.
Fundadores
superes,mam
o
valor
do
IP
em
255%
antes
do
ajuste
entre
o
produto
e
o
mercado;
• 11.
Startups
precisam
de
2
a
3
vezes
mais
tempo
para
validarem
seu
mercado
do
que
a
maioria
dos
fundadores
imagina.
Esta
subesLmação
cria
a
pressão
de
escalar
prematuramente;
• 12.
Startups
que
não
levantaram
inves,mento
superes,mam
100
vezes
o
tamanho
do
seu
mercado
e
comumente
confundem
seu
mercado
como
um
novo
mercado;
• 13.
Escalara
prematuramente
é
a
principal
razão
de
as
startups
irem
pior.
Tendem
a
perder
a
batalha
cedo
por
atropelarem
a
si
mesmos;
• 14.
B2C
versus
B2B
não
é
mais
uma
segmentação/diferenciação
significa,va
para
startups
de
Internet
porque
a
Internet
mudou
as
regras
do
negócio.
O
estudo
descobriu
4
grupos
principais
diferentes
de
startups
que
tem
comportamento
específico
de
acordo
com
aquisição
de
consumidores,
tempo,
produto,
mercado
e
equipe

4. Type 1 - The Automizer
Common characteristics: self-service customer
acquisition, consumer focused, product centric, fast
execution, often automize a manual process.
- technology heavy founding teams perform better
than other teams- market size is 2x bigger for Type 1
(The Automizer) compared to Type 2 (The
Integrator)- more likely to tackle existing markets-
need the least capital of all types
Examples:Google, Dropbox, Eventbrite, Slideshare,
Mint, Pandora, Kickstarter, Hunch, Zynga,Playdom,
Modcloth, Box.net, Basecamp, Hipmunk, etc

5. Type 1N - The Social Transformer
Common characteristics: self service customer acquisition, critical mass,
runaway user growth, winner take all markets, complex ux, network
effects, typically create new ways for people to interact.
- need 50% longer than Type 1 (The Automizer) and Type 2
(The Integrator) to reach scale stage- business heavy and balanced teams
perform better than technology heavy teams
- market size is 2x bigger for Type 1N (The Social Transformer) compared
to Type 2 (The Integrator)- more likely to tackle new markets- more likely
to have large team growth at the scale stage- need more capital than Type
1 (The Automizer) and Type 2 (The Integrator)- more likely to have large
user growth
Examples:Facebook,Ebay, OkCupid, Skype, Airbnb, Craigslist, Etsy,
IMVU, Flickr, LinkedIn, Yelp, Aardvark,, Twitter, Foursquare, Youtube,
Dailybooth, Mechanical Turk,MyYearbook, Prosper, Paypal, Quora, etc

6. Type 2 - The Integrator
Common characteristics: lead generation with inside sales
reps, high certainty, product centric, early monetization, SME
focused, smaller markets, often take innovations from
consumer Internet and rebuild it for smaller enterprises.
- business heavy and balanced founding teams perform
better than technology heavy teams- more likely to tackle
existing markets with a product that is cheaper- more likely
to maintain small teams even when they scale- monetize a
high percentage of their users
Examples:PBworks, Uservoice, Kissmetrics, Mixpanel,
Dimdim, HubSpot, Marketo, Xignite,Zendesk,
GetSatisfaction, Flowtown, etc.

7. Type 3 - The Challenger
Common characteristics: enterprise sales, high customer dependency,
complex& rigid markets, repeatable sales process.
- To reach scale stage they need about 2x more time compared to 1N and
3x more time compared to Type 1 (The Automizer) and Type 2
(The Integrator).
- business heavy founding teams perform better than technology and
balanced founding teams- market size is 6-7 times bigger than all other
types- more likely to either tackle existing markets with a better product or
tackle a new market
- are more likely to either pivot a lot or not at all
- more likely to have large team growth at the scaling phase
- need significantly more capital than the other types
- monetize a high percentage of their users
Examples:Oracle, Salesforce, MySQL, Redhat, Jive, Ariba, Rapleaf,
Involver Apptio, Zuora,Cloudera, Splunk, SuccessFactor, Yammer,

8. Stages
1)
Discovery
2)
Valida,on
3)
Efficiency
4)
Scale
Purpose:
Startups
are
Purpose:
Startups
are
Purpose:
Startups
Purpose:
Startups
step
focused
on
validaLng
looking
to
get
early
refine
their
business
on
the
gas
pedal
and
whether
they
are
validaLon
that
people
model
and
improve
the
try
to
drive
growth
solving
ameaningful
are
interested
in
their
efficiency
of
their
very
aggressively
problem
and
whether
product
through
the
customer
acquisiLon
anybody
would
exchange
of
money
or
process.
Startups
hypotheLcally
be
aeenLon.
should
be
able
to
interested
intheir
efficiently
acquire
soluLon.
customers
in
order
to
avoid
scaling
with
a
leaky
bucket.
Events:
Founding
team
is
formed,
Events:
refinement
of
core
Events:
value
proposiLon
refined,
Events:
Large
A
Round,
massive
many
customer
interviews
are
features,
iniLal
user
growth,
user
experienced
overhauled,
customer
acquisiLon,
back-­‐end
conducted,
value
proposiLon
is
metrics
and
analyLcs
conversion
funnel
opLmized,
viral
scalability
improvements,
first
found,
minimally
viable
products
implementaLon,
seed
funding,
growth
achieved,
repeatable
sales
execuLve
hires,
process
are
created,
team
joins
an
first
key
hires,
pivots
(if
necessary)
process
and/or
scalable
customer
implementaLon,
establishment
of
accelerator
or
incubator,
Friends
first
paying
customers,
product
acquisiLon
channels
found.
Time:
departments
.Time:
7-­‐9
months
and
Family
financing
round,
first
market
fit.Time:
3-­‐5
months
5-­‐6
months
(average
for
all
types)
(average
for
all
types)
mentors
&
advisors
come
on
(average
for
all
types)
board.Time:
5-­‐7
months
(average
for
all
types)

12. Customer
Lifecycle
/
Conversion
Behavior
Apps
&
Campaigns,
Direct,
Tel,
TV
SEM
Blogs
Biz
Dev
Widgets
Contests
Domains
Social
Networks
Email
SEO
PR
Affiliates
Homepage / Product
Landing Page Features 2.
AcLvaLon
Emails
&
System
Events
&
Time-­‐
Alerts
based
Features
3.
RETENTION
Blogs,
Content
Emails
&
Campaigns,
widgets
Contests
4.
REFERRAL
Ads,
Lead
Gen,
SubscripLons,
Biz
5.
Revenue
$$$
Dev
,etc

13. QuanLtaLve
&
ComparaLve
Measurement
• Conversion
Criteria:
– best-­‐performing
(%)
channels
/
campaigns
/
copy
– largest-­‐volume
(#)
channels
/
campaigns
/
copy
– lowest-­‐cost
($)
channels
/
campaigns
/
copy

14. QuanLtaLve
&
ComparaLve
Measurement
• Conversion
Criteria:
– best-­‐performing
(%)
channels
/
campaigns
/
copy
– largest-­‐volume
(#)
channels
/
campaigns
/
copy
– lowest-­‐cost
($)
channels
/
campaigns
/
copy
• Measurement
Components:
– Audience
Segment
(young
women,
regional
metro,
older
singles)
– Channel
Source
(social
network,
SEM,
organic,
PR,
etc)
– Campaign
Theme
/
Brand
Promise
(“find
a
job”,
“learn
to
cook”)
– Landing
Page
&
CTA
– Copy
&
Graphics

15. Example
Conversion
Metrics
(note:
*not*
actuals;
your
mileage
may
vary…)
Category User Status Conv % Est. Value
Acquisition Visit Site 100% $.01
(or landing page, or external widget)
Acquisition Doesn't Abandon 70% $.05
(views 2+ pages, stays 10+ sec, 2+ clicks)
Activation Happy 1st Visit 30% $.25
(views X pages, stays Y sec, Z clicks)
Activation Email/Blog/RSS/Widget Signup 5% $1
(anything that could lead to repeat visit)
Activation Acct Signup 2% $3
(includes profile data)
Retention Email Open / RSS view -> Clickthru 3% $2
Retention Repeat Visitor 2% $5
(3+ visits in first 30 days)
Referral Refer 1+ users who visit site 2% $3
Referral Refer 1+ users who activate 1% $10
Revenue User generates minimum revenue 2% $5
Revenue User generates break-even revenue 1% $25

16. Example
Conversion
Metrics
(note:
*not*
actuals;
your
mileage
may
vary…)
Category User Status Conv % Est. Value
Acquisition Visit Site 100% $.01
(or landing page, or external widget)
Acquisition Doesn't Abandon 70% $.05
(views 2+ pages, stays 10+ sec, 2+ clicks)
Activation Happy 1st Visit 30% $.25
(views X pages, stays Y sec, Z clicks)
Activation Email/Blog/RSS/Widget Signup 5% $1
(anything that could lead to repeat visit)
Activation Acct Signup 2% $3
(includes profile data)
Retention Email Open / RSS view -> Clickthru 3% $2
Retention Repeat Visitor 2% $5
(3+ visits in first 30 days)
Referral Refer 1+ users who visit site 2% $3
Referral Refer 1+ users who activate 1% $10
Revenue User generates minimum revenue 2% $5
Revenue User generates break-even revenue 1% $25

17. Example
Conversion
Metrics
(note:
*not*
actuals;
your
mileage
may
vary…)
Category User Status Conv % Est. Value
Acquisition Visit Site 100% $.01
(or landing page, or external widget)
Acquisition Doesn't Abandon 70% $.05
(views 2+ pages, stays 10+ sec, 2+ clicks)
Activation Happy 1st Visit 30% $.25
(views X pages, stays Y sec, Z clicks)
Activation Email/Blog/RSS/Widget Signup 5% $1
(anything that could lead to repeat visit)
Activation Acct Signup 2% $3
(includes profile data)
Retention Email Open / RSS view -> Clickthru 3% $2
Retention Repeat Visitor 2% $5
(3+ visits in first 30 days)
Referral Refer 1+ users who visit site 2% $3
Referral Refer 1+ users who activate 1% $10
Revenue User generates minimum revenue 2% $5
Revenue User generates break-even revenue 1% $25

18. Example
Conversion
Metrics
(note:
*not*
actuals;
your
mileage
may
vary…)
Category User Status Conv % Est. Value
Acquisition Visit Site 100% $.01
(or landing page, or external widget)
Acquisition Doesn't Abandon 70% $.05
(views 2+ pages, stays 10+ sec, 2+ clicks)
Activation Happy 1st Visit 30% $.25
(views X pages, stays Y sec, Z clicks)
Activation Email/Blog/RSS/Widget Signup 5% $1
(anything that could lead to repeat visit)
Activation Acct Signup 2% $3
(includes profile data)
Retention Email Open / RSS view -> Clickthru 3% $2
Retention Repeat Visitor 2% $5
(3+ visits in first 30 days)
Referral Refer 1+ users who visit site 2% $3
Referral Refer 1+ users who activate 1% $10
Revenue User generates minimum revenue 2% $5
Revenue User generates break-even revenue 1% $25

19. Example
Conversion
Metrics
(note:
*not*
actuals;
your
mileage
may
vary…)
Category User Status Conv % Est. Value
Acquisition Visit Site 100% $.01
(or landing page, or external widget)
Acquisition Doesn't Abandon 70% $.05
(views 2+ pages, stays 10+ sec, 2+ clicks)
Activation Happy 1st Visit 30% $.25
(views X pages, stays Y sec, Z clicks)
Activation Email/Blog/RSS/Widget Signup 5% $1
(anything that could lead to repeat visit)
Activation Acct Signup 2% $3
(includes profile data)
Retention Email Open / RSS view -> Clickthru 3% $2
Retention Repeat Visitor 2% $5
(3+ visits in first 30 days)
Referral Refer 1+ users who visit site 2% $3
Referral Refer 1+ users who activate 1% $10
Revenue User generates minimum revenue 2% $5
Revenue User generates break-even revenue 1% $25

20. MarkeLng
Q:
what
channels
/
who
do
you
market
to?
• Design
&
Test
MulLple
Mktg
Channels
• Select
&
Focus
on
Channels
with:
– High
Volume
– High
Conversion
– Low
Cost
• Measure
*deeper*
down
the
conversion
funnel,
not
just
to
website
/
landing
page
• Segment
&
Select
channels
&
customers
by
conversion
@
deepest
possible
level
(ideally
$$$)

21. Product
Q:
how
do
you
choose
what
to
build?
• Choose
features
for
conversion
improvement
– 80%
on
exisLng
feature
opLmizaLon
– 20%
on
new
feature
development
• Just
guess,
then
A/B
test…
A
LOT
• Measure
conversion
improvement
• Rinse
&
Repeat

22. Founder/CEO
Q:
What
metrics
do
you
choose
to
watch?
• Hypothesize
Customer
Lifecycle
&
Refine
– Choose
5-­‐10
conversion
steps
– Less,
not
More
is
beeer
• BUT
measure
&
iterate
• Focus
on
conversion
improvement
• Delegate
each
Metric
to
someone
to
OWN