Things to think about if you want to make an idea a reality Presentation from Kristjan Kristjansson, Co-founder & CEO at 50skills for students at the University of Toronto Website for details: https://www.vikingherald.com/

1. Idea to reality
2 0 2 2 - O C T - 1 0
V I S I T F R O M U N I V E R S I T Y O F T O R O N T O M I S S I S S A U G A
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2. Hi
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3. Hi
VIKINGHERALD.COM

4. Hi
VIKINGHERALD.COM

5. Hi
VIKINGHERALD.COM

6. Hi
VIKINGHERALD.COM

7. Hi
VIKINGHERALD.COM

8. Hi
I'm Kristjan
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9. V I K I N G H E R A L D . C O M

10. V I K I N G H E R A L D . C O M

11. V I K I N G H E R A L D . C O M

12. V I K I N G H E R A L D . C O M

13. V I K I N G H E R A L D . C O M

14. V I K I N G H E R A L D . C O M

15. Idea → Reality
How does it happen?
V I K I N G H E R A L D . C O M

16. Real example
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17. Workshop in London
Real example
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18. Workshop in London
Eyjafjallajökull
Real example
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19. Workshop in London
Eyjafjallajökull
Who else is in town?
Real example
V I K I N G H E R A L D . C O M

20. Workshop in London
Eyjafjallajökull
Who else is in town?
What if we sell the ash?
Real example
V I K I N G H E R A L D . C O M

21. Workshop in London
Eyjafjallajökull
Who else is in town?
What if we sell the ash?
Real example
V I K I N G H E R A L D . C O M

22. Workshop in London
Eyjafjallajökull
Who else is in town?
What if we sell the ash?
Real example
V I K I N G H E R A L D . C O M

23. Workshop in London
Eyjafjallajökull
Who else is in town?
What if we sell the ash?
Real example
(12 years ago)

24. Workshop in London
Eyjafjallajökull
Who else is in town?
What if we sell the ash?
Real example
Started with side income
put aside from the ash
business
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25. Few thoughts based
on my experience.
(continue at your own risk).
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26. Start with the problem
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27. Start with the problem
→ Then explore many
solutions.
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28. If a product doesn't
solve a problem, no
one cares.
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29. Is it a big problem?
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30. IDEA:
Every hair salon should take photos of customers before and after haircuts!
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31. IDEA:
Every hair salon should take photos of customers before and after haircuts!
How big is the market for that in, lets say USA?
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32. How many Barber shops are there in my city?
100
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33. How many Barber shops are there in my city?
100
How many people live in my city?
300k
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34. How many Barber shops are there in my city?
100
How many people live in my city?
300k
1 shop per 3.000 people
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35. How many Barber shops are there in my city?
100
How many people live in my city?
300k
How many people live in the USA?
300m
1 shop per 3.000 people
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36. How many Barber shops are there in my city?
100
How many people live in my city?
300k
How many people live in the USA?
300m
1 shop per 3.000 people
Marketsize for Barbershops?
100.000 (=300m/3k)
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37. Is it worth solving?
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38. How do people solve
this today?
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39. How are you going to
be different?
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40. "The speed of a plane at the price of a car, whenever you need it"
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41. "The speed of a plane at the price of a car, whenever you need it"
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42. Dig deep on who it
makes most sense for
you to solve this
problem for.
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44. Restaurants →
Coffee shops →
Types of coffee shops→
→→→→→→→→→
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45. Criteria Why?
25-250 Employees Our customers have to be large enough to need our service. However, if they are too large, they
tend to hire someone in-house to do it full-time
Sample Ideal customer profile criteria
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46. Criteria Why?
25-250 Employees Our customers have to be large enough to need our service. However, if they are too large, they
tend to hire someone in-house to do it full-time
Industries The industries we are most successful in are media, technology and business services
Sample Ideal customer profile criteria
V I K I N G H E R A L D . C O M

47. Criteria Why?
25-250 Employees Our customers have to be large enough to need our service. However, if they are too large, they
tend to hire someone in-house to do it full-time
Industries The industries we are most successful in are media, technology and business services
Sales Model They have a direct sales organzation, with at least 3 sales reps in place and a sales manager
Sample Ideal customer profile criteria
V I K I N G H E R A L D . C O M

48. Criteria Why?
25-250 Employees Our customers have to be large enough to need our service. However, if they are too large, they
tend to hire someone in-house to do it full-time
Industries The industries we are most successful in are media, technology and business services
Sales Model They have a direct sales organzation, with at least 3 sales reps in place and a sales manager
spend more than $__ per mont on ___ This function is important to them, and they can afford us.
Sample Ideal customer profile criteria
V I K I N G H E R A L D . C O M

49. Criteria Why?
25-250 Employees Our customers have to be large enough to need our service. However, if they are too large, they
tend to hire someone in-house to do it full-time
Industries The industries we are most successful in are media, technology and business services
Sales Model They have a direct sales organzation, with at least 3 sales reps in place and a sales manager
spend more than $__ per mont on ___ This function is important to them, and they can afford us.
Financial Status Growing or profitable businesses have been our best long-term customers. Struggling
companies usually end up as problematic customers.
Sample Ideal customer profile criteria
V I K I N G H E R A L D . C O M

50. Criteria Why?
25-250 Employees Our customers have to be large enough to need our service. However, if they are too large, they
tend to hire someone in-house to do it full-time
Industries The industries we are most successful in are media, technology and business services
Sales Model They have a direct sales organzation, with at least 3 sales reps in place and a sales manager
spend more than $__ per mont on ___ This function is important to them, and they can afford us.
Financial Status Growing or profitable businesses have been our best long-term customers. Struggling
companies usually end up as problematic customers.
No ad agency in place If they have an ad agency they won't work with us unless they are looking to replace them.
Sample Ideal customer profile criteria
V I K I N G H E R A L D . C O M

51. Criteria Why?
25-250 Employees Our customers have to be large enough to need our service. However, if they are too large, they
tend to hire someone in-house to do it full-time
Industries The industries we are most successful in are media, technology and business services
Sales Model They have a direct sales organzation, with at least 3 sales reps in place and a sales manager
spend more than $__ per mont on ___ This function is important to them, and they can afford us.
Financial Status Growing or profitable businesses have been our best long-term customers. Struggling
companies usually end up as problematic customers.
No ad agency in place If they have an ad agency they won't work with us unless they are looking to replace them.
Values, people
The peopl we deal with are smart, honest, responsible, collaborative and respectful. Our best
long-term customers have been the ones that we like as people.
Sample Ideal customer profile criteria
V I K I N G H E R A L D . C O M

52. Criteria Why?
25-250 Employees Our customers have to be large enough to need our service. However, if they are too large, they
tend to hire someone in-house to do it full-time
Industries The industries we are most successful in are media, technology and business services
Sales Model They have a direct sales organzation, with at least 3 sales reps in place and a sales manager
spend more than $__ per mont on ___ This function is important to them, and they can afford us.
Financial Status Growing or profitable businesses have been our best long-term customers. Struggling
companies usually end up as problematic customers.
No ad agency in place If they have an ad agency they won't work with us unless they are looking to replace them.
Values, people
The peopl we deal with are smart, honest, responsible, collaborative and respectful. Our best
long-term customers have been the ones that we like as people.
No in-house person If there is a person in the company whose sole responsibility is _____, they see us as
unnecessary.
Sample Ideal customer profile criteria
V I K I N G H E R A L D . C O M

53. Criteria Why?
25-250 Employees Our customers have to be large enough to need our service. However, if they are too large, they
tend to hire someone in-house to do it full-time
Industries The industries we are most successful in are media, technology and business services
Sales Model They have a direct sales organzation, with at least 3 sales reps in place and a sales manager
spend more than $__ per mont on ___ This function is important to them, and they can afford us.
Financial Status Growing or profitable businesses have been our best long-term customers. Struggling
companies usually end up as problematic customers.
No ad agency in place If they have an ad agency they won't work with us unless they are looking to replace them.
Values, people
The peopl we deal with are smart, honest, responsible, collaborative and respectful. Our best
long-term customers have been the ones that we like as people.
No in-house person If there is a person in the company whose sole responsibility is _____, they see us as
unnecessary.
Current system They should have some kind of ____ system in place; optimally it would be ____ or ____
Sample Ideal customer profile criteria
V I K I N G H E R A L D . C O M

54. Features we want to build Impact (0-10) Effort (0-10) Score (Impact-Effort) Version
Feature 2 10 1 9 MVP
Feature 4 8 1 7 MVP
Feature 5 7 1 6 MVP
Feature 1 8 8 0 Backlog
Feature 3 9 10 -1 Backlog
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55. $100m business
1k elephants
or
10m flies
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56. V I K I N G H E R A L D . C O M

57. V I K I N G H E R A L D . C O M

58. How many people
seem to think it works
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59. Start V I K I N G H E R A L D . C O M

60. Start V I K I N G H E R A L D . C O M

61. Start
MVP
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62. Start V I K I N G H E R A L D . C O M

63. V I K I N G H E R A L D . C O M

64. Learn by doing.
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65. Our initial drawings
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66. V I K I N G H E R A L D . C O M

67. V I K I N G H E R A L D . C O M

68. V I K I N G H E R A L D . C O M

69. V I K I N G H E R A L D . C O M

70. V I K I N G H E R A L D . C O M

74. V I K I N G H E R A L D . C O M

77. 500k applications later…
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78. V I K I N G H E R A L D . C O M

79. Get out of the building:
Get customer feedback
as soon as possible
(don't build stuff nobody wants).
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80. V I K I N G H E R A L D . C O M

81. V I K I N G H E R A L D . C O M

82. Common mistakes
(mistakes, and learning from them is part of the journey.)
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83. CFIMITYM
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84. CFIMITYM
Ken Morse, director of the MIT Entrepreneurship Center,
dropped by for a chat today, and passed along an acronym
every entrepreneur should learn: CFIMITYM.
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85. In other words
If you run out of money, your business is done.
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86. In other words
If you run out of money, your business is done.
Whatever success you are aiming for with your
product, it better be good enough to get you
enough revenue, or traction to get funding, to
reach the next milestone.
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87. V I K I N G H E R A L D . C O M

88. Do you have the right customers?
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89. V I K I N G H E R A L D . C O M

90. Do this and you are
x100 more likely to succeed
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91. Thesis & Metrics
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92. Thesis & Metrics
Plan & Execute
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93. Thesis & Metrics
Plan & Execute
Learn, Iterate & Repeat
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94. V I K I N G H E R A L D . C O M

95. Contact
kristjan@50skills.com
Bjargargata 1
102 Reykjavik
Iceland
E - M A I L A D D R E S S
Kristjan Kristjansson
vikingherald.com
P E R S O N A L W E B S I T E
V I K I N G H E R A L D . C O M