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kbs+ Ventures Fellows #3: Building a Business - Product/Marketing
- 1. 1 FELLOWS CLASS #3 DECEMBER 4TH, 2014
- 2. IN TODAY’S CLASS... 2 • LAST WEEK’S READING / VIDEO • HOMEWORK #2 TIPS: DILIGENCE - PRESENTED DECEMBER 12TH • PRODUCT / MARKETING LECTURE • REAL WORLD PERSPECTIVE: JOSH BOWEN, CROWDTWIST • QUESTIONS
- 3. HOMEWORK #2: DILIGENCE 3 TELL A STORY: YOU KNOW HOW WHEN... THE PROBLEM WOULDN’T IT BE GREAT IF... THE GAP / INEFFICIENCY WELL, WE CREATED.... THE SOLUTION
- 4. 4 HOMEWORK #2: DILIGENCE IDENTIFYING THE MAJOR PLAYERS / COMPETITION:
- 5. PRODUCT & MARKETING 5 “A STARTUP IS A TEMPORARY ORGANIZATION IN SEARCH OF A SCALABLE, REPEATABLE, PROFITABLE BUSINESS MODEL” -‐ STEVE BLANK SERIAL ENTREPRENEUR, FOUR STEPS TO EPIPHANY
- 6. 6 PRODUCT & MARKETING “A STARTUP IS A HUMAN INSTITUTION DESIGNED TO CREATE A NEW PRODUCT OR SERVICE UNDER CONDITIONS OF EXTREME UNCERTAINTY” -‐ ERIC RIES FOUNDER, THE LEAN STARTUP
- 7. 7 MARKET / CUSTOMER “SO OFTEN PEOPLE ARE WORKING HARD AT THE WRONG THING. WORKING ON THE RIGHT THING IS PROBABLY MORE IMPORTANT THAN WORKING HARD” -‐ CATERINA FAKE FOUNDER, FLICKR, PINWHEEL
- 8. 8 MARKET / CUSTOMER “BE A USER OF YOUR OWN PRODUCT. MAKE IT BETTER BASED ON YOUR OWN DESIRES. BUT DON’T TRICK YOURSELF INTO THINKING YOU ARE THE USER” -‐ EVAN WILLIAMS FOUNDER, TWITTER, MEDIUM
- 9. 9 MARKET / CUSTOMER YOU’VE DONE SOME RESEARCH, IT’S TIME TO TEST YOUR IDEA: HIT THE STREETS! “THERE ARE NO FACTS INSIDE THE BUILDING, SO GET THE HECK OUTSIDE!” -‐ STEVE BLANK SERIAL ENTREPRENEUR, FOUR STEPS TO EPIPHANY
- 10. THE MVP: PRODUCT 10 BUILD MEASURE LEARN
- 11. PRODUCT 11
- 12. PRODUCT 12 VALIDATED LEARNING: • FAIL FAST • FAIL CHEAP • ADDRESS KEY RISKS UPFRONT • LET THE DATA TELL A STORY TEST HYPOTHESES
- 13. PRODUCT 13 “IF YOU’RE NOT EMBARASSED BY YOUR FIRST LAUNCH, YOU LAUNCHED TOO LATE” -‐ REID HOFFMAN FOUNDER, LINKEDIN
- 14. PRODUCT 14 THIS WAS NOT BUILT IN A DAY
- 15. PRODUCT: MVP 15 START WITH THE SIMPLEST POSSIBLE IMPLEMENTATION: • GROUND UP: FINE TUNE BASIC FEATURES • CREATE ACTIONABLE METRICS • DEMONSTRATE CAUSE AND EFFECT • LISTEN AND LEARN FROM CUSTOMERS
- 16. BUILDING A MVP 16 FROM MVP… …. TO TODAY
- 17. 17 BUILDING A MVP FROM MVP… …. TO TODAY
- 18. 18 BUILDING A MVP FROM MVP… …. TO TODAY
- 19. 19 BUILDING A MVP LEARN FROM METRICS • ITERATE • PIVOT • SPLIT (A/B) TEST • CONTINUOUS DEPLOYMENT
- 20. BUILDING A MVP 20 KANBAN • VISUALIZE WORK • LIMIT WORK IN PROCESS • FOCUS ON FLOW • CONTINUOUS IMPROVEMENT LEAN MANUFACTURING
- 21. PRODUCT / METRICS 21 STARTUP METRICS ARE OPERATIONAL, NOT FINANCIAL • WEBSITE TRAFFIC (E.G. PAGEVIEWS, UNIQUES, TIME SPENT, ETC.) • USER REGISTRATIONS • USER ACTIVATIONS • DAILY ACTIVE USERS (DAU) • MONTHLY ACTIVE USERS (MAU) • PAYING CUSTOMERS • MONTHLY REOCCURRING REVENUE (MRR) • CHURN • RETENTIONS: 30+, 90+ DAYS • LIFE TIME VALUE (LTV) • REVENUE PER USERS (RPU) • VIRAL COEFFICIENT
- 22. PRODUCT METRICS 22 LARGE COMPANIES NEED FINANCIAL TOOLS TO MONITOR HOW WELL THEY ARE EXECUTING A KNOWN BUSINESS MODEL.... ... AND STARTUPS NEED METRICS TO MONITOR HOW WELL THE SEARCH FOR A BUSINESS MODEL IS GOING. TO ULTIMATELY ANSWER THE BURNING QUESTION: IS THIS BUSINESS MODEL WORTH SCALING INTO A COMPANY?
- 23. TYPES OF BUSINESS MODELS 23 STANDARD BUSINESS MODELS: • AD-SUPPORTED (BRAND PARTNERSHIPS) • PAID (SUBSCRIPTION / ONE-TIME) • IN-APP PURCHASES • FREEMIUM • FREE (TEMPORARILY...) • LICENSING
- 24. SCALING EARLY WITH BRANDS 24 EARLY STAGE COLLABORATION WITH BIG BRANDS PROS: • EARLY PROOF OF CONCEPT (VALIDATION) • BUILD A BETTER MOUSETRAP • POTENTIAL TO DISCOVER NEW USE CASES OR REVENUE STREAMS • BRANDS (SOMETIMES) LOVE FIRST MOVER ADVANTAGE • PRESS OPPORTUNITIES • BARTER PILOT COSTS FOR INCREMENTAL EXPOSURE (E.G. FACEBOOK POSTS, EMAIL CONS: • PARTNERSHIPS CAN CAUSE DISTRACTIONS • REQUIRE SIGNIFICANT BANDWIDTH • PILOTS ARE TYPICALLY LOW/NO REVENUE • OFTEN SLOW TO EXECUTE
- 25. SCALING EARLY WITH BRANDS 25
- 26. REAL WORLD PERSPECTIVE 26 FOUNDER SPOTLIGHT! JOSH BOWEN • CO-FOUNDER AND COO • TECHSTARS NYC GRADUATE • 15 YEARS IN SOFTWARE AND DIGITAL MEDIA • CORNELL UNIVERSITY: ELECTRICAL ENGINEERING
- 27. NEXT WEEK... 27 • HOMEWORK ASSIGNMENT #2 DUE! • MEETINGS WITH VENTURES TEAM • MARVIN LIAO, PARTNER FROM 500 STARTUPS • CLASS WILL GO UNTIL 130P (OPTIONAL TO STAY LATER)