This document provides an agenda and materials for a startup accelerator program called OHUB KC – Month 1. The agenda includes introductions, an overview of the instructor Dave Parker's background, discussions on venture-ready companies, storytelling, research, markets, co-founder discussions, and deliverables. The document outlines program outcomes, rules, and mechanics. It also includes templates for participant pitches and exercises on evaluating problems, markets, and potential reasons for startup failure. The goal of the program appears to be helping startups become venture-ready over the course of several months.
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Month 1 Agenda
¤ Intro
¤ About Dave
¤ Venture Scale Companies
¤ Venture Ready
¤ Telling your story – Madlibs version
¤ Your Gaps
¤ Research & Competitive Analysis
¤ Markets
¤ Awkward Co-Founder Discussions
¤ Deliverables & Resources
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About Dave
¤ 5X founder, Board Member, former SVP Programs at UP
Global (Startup Weekend + Startup America)
¤ Startup Next creator
¤ Startup Week
¤ Author – soon to launch “6 Month Startup – Ideation to
Revenue”
¤ 8 transactions – 6 sell side, 2 buy side
¤ VC/Investor
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Program Outcomes
¤ Strong Opinions – held loosely
¤ Solid Story
¤ For Customers & Co-Founders
¤ Investor Presentation – 11 Slides
¤ Backed by DATA
¤ Product Roadmap
¤ Quarterly Milestones
¤ Go-To-Market Plan
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Rules of the Road
¤ #GiveFirst – you have complimentary skills around you
¤ Don’t Ramble – I’ll interrupt
¤ Network – you need to build you network for the future
starting today
¤ Ask questions as we go
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Monthly Mechanics
¤ Your work/Mentor Feedback – during first hour
¤ 1:Many Meeting with Mentors – starting next month
¤ Deliverables – your company, your work!
¤ Monthly Content - what you need to be venture ready
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Dave’s Madlibs Pitch
Hi, I’m <your name here>, and my company <your Company
name here> 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>. I need help with <insert help
needed here>.
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Score Yourself 1-4
Team: Why you, balanced team (talents, diversity), domain experts,
serially successful founders, great company experience
Idea: Are you solving a problem? New or existing problem, big category
(vs tool), early/late continuum, technical achievable, pain pill or vitamin
Product: do you have a product, how mature, customer first, solid design,
clear roadmap to scale
Market/Customer: big market (TAM/SOM), cash available, new or nascent
market?
Competition: How many incumbents, funding status, are you incremental
better or 10X better?
Traction: Customer validation, revenue, improving unit economics?
Timing: Why now? Are you late, early, too early?
Revenue Model/Finance: How will you monetize your idea? Do you have
a basic budget on spending, big or small economics
IP/Moat: Is your idea defensible? Can you build a moat over time?
Clear Ask: What do you need help with? Advice, funding, introduction,
help finding staff?
Total out of 40
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Venture Ready
Fast NO
¤ Market
¤ Team
¤ Product
¤ Traction
Slow Yes
¤ Idea
¤ Competition
¤ Business Model/Finance
¤ Timing
¤ Intellectual Property/Moat
¤ Clear Ask
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¤ Responses – 22 of 52 companies
¤ 72% like/loved their IP/Moat
¤ 59% love their big idea
¤ 54% love their market
¤ 50% love their product
¤ 36% like their traction
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Epochs
¤ BC
¤ Pre Internet
¤ Pre Game of Thrones
¤ Pre Product-Market Fit
¤ AD
¤ Post Internet
¤ Post Game of Thrones
¤ Post Product-Market Fit
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Product Market Fit
¤ Forecastable and predictable revenue
¤ A level of accuracy to future revenue
¤ Shift discussion on valuation from Trailing 12 to Future 12
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Ideation – Vectors of Idea
¤ What is a Vector
¤ Direction
¤ Magnitude
¤ Type of Vectors (not all inclusive)
¤ Power to the People
¤ Latent Need
¤ Frustration
¤ Market or Industry Trend – when the internet launched, when
Bitcoin launched, space travel
¤ Does the vector get you where you want to go?
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Surfing Analogy
¤ The Wave
¤ The Board
¤ The Surfer
¤ The Trend
¤ The Product
¤ The Leader/Team
Market timing = bad waves
Small waves are bad
Bad product
Wrong person/team for the market
Are all three lined up for you?
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Dave’s Madlibs Pitch
Hi, I’m <your name here>, and my company <your Company
name here> 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>. I need help with <insert help
needed here>.
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Product & Companies
¤ Products aren’t fundable – Companies are fundable
¤ Lifestyle businesses – won’t funded
¤ Local vs. Scalable businesses
Which one will you be?
¤ Services vs Product
¤ Exit multiples
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Research
¤ You are not the customer
¤ Methods of Research
¤ Blue Ocean
¤ Gartner Magic Quadrant
¤ Documentation and Analysis
¤ Google Search – what are the keywords someone would
type to find your solution
¤ Crunchbase Search – funding, timing, categories
¤ Competitive Product/Service pricing
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Research Project
¤ “Can I have your financial model?”
¤ 6 Year – 2,650 Funded Companies
¤ Results
¤ 16 Revenue Models – increasing level of complexity
¤ 4 Basic Sales Models
¤ Time from Seed to B Round
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Research Deliverable
¤ Create a Google Sheet with your research
¤ One tab for research, one for competitors (next section)
¤ Who has written about your market
¤ Professionals, bloggers, others
¤ Who has raised capital in this market
¤ What’s the state of the “Wave?”
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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/
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Dave’s Madlibs Pitch
Hi, I’m <your name here>, and my company <your Company
name here> 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>. I need help with <insert help
needed here>.
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Total Addressable Market
¤ Also called Total Available Market
¤ Think global – launch local
¤ The Upside
¤ Calculating – bottom up, Total number of customers X
Annual Revenue for your product
¤ Direct Data
¤ Explicate data
¤ Indirect Data
¤ Implicit data
¤ Triangulation Data
¤ A combination of different data sources
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Service Addressable Market
¤ Or Serviceable Available Market
¤ The part of the market that can actually be reached
¤ Sales and Marketing driven
¤ With the features you have now
¤ With the product roadmap you have
¤ Competition
¤ Not everyone that might use it, if they found it, if it was in
their language and currency
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Launch Addressable Market
¤ Given you TAM, SAM and SOM – WHO is the customer?
¤ And limited features
¤ Who can you sell to today?
¤ B2B
¤ B2C
¤ Buyer profile
¤ What features will you need to launch to expand your
market and price?
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10, 100, 1000 Customers
¤ Have a plan for how you get your first customers
¤ 10 – it’s you and your co-founder
¤ 100 – still you, maybe one insides sales person, forming a
process to scale
¤ 1000 – not you, scalable processs
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Market Conditions
¤ Nascent/New market
¤ Uber, AirBnB
¤ Large markets - >$100M or $1B
¤ Large market provide “at bat” opportunities
¤ Small markets suck
¤ Headwinds or tailwinds?
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Who is your customer?
¤ Product vs. Services
¤ Product is something you can deliver or ship – can you make
$$ while you sleep
¤ Services require people to deliver on the value and promise
– consulting or a restaurant
¤ Who pays the bill?
¤ A business
¤ The Consumer
¤ The product user and who pays can be different as in
Facebook or Google that make money on advertising
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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
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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
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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
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If Your Startup was to Fail, Why?
¤ What’s the number one reason
¤ Product
¤ Customer Acquisition
¤ Competition
¤ Lack of funding
¤ Rank
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Dave’s Madlibs Pitch
Hi, I’m <your name here>, and my company <your Company
name here> 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>. I need help with <insert help
needed here>.
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Month 1 Resources
¤ Books
¤ Creative Confidence – Tom Kelley & David Kelley
¤ Crossing the Chasm – Geoffrey Moore
¤ Four Steps of an Epiphany – Steve Blank
¤ A Curious Mind – Brian Grazer and Charles Fishman
¤ Industries of the Future – Alec Ross
¤ Blog
¤ Tom Tunguz, Redpoint http://tomtunguz.com/ SaaS and MRR
¤ Brad Feld, Foundry Group http://www.feld.com/
¤ Fred Wilson, Union Square http://avc.com/
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Month 1Deliverables
¤ Track your Venture Ready Score Before/After
¤ What can you do over the next 90 days to improve
¤ List your research and sources
¤ Build your Competitive landscape
¤ Subscribe to Google Alerts for all competitors
¤ Write is your pre-mortum – if you were to fail, why would you fail
¤ Schedule both co-founders meetings
¤ Print out the Foundrs.com results
¤ Setup Slicing Pie
¤ Document – what I thought, what I learned, what I’m doing about it