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Session 9 fall 2014
- 1.
- 2. Part 1 –Milestones (proof of concept)
- 3. What is thebiggest barrier for an investor to invest?
- 4. Milestones? • It’sabout proof to validate the earlier than stable revenues or growth • A milestone should reduce market/customer, tech or financial risk significantly
- 5. Think Big –but break it down We are Swedish!!
- 6. Understand the differentrequirements and consequences P/S-fit P/M-fit MVP Growth Verifieringsbidrag Customer ”Utlysningar” A-rounds Big VC’s Pre-seed Incubators Family office Angels Almi Seed Angels Small VC’s
- 7. Type of milestones? • Qualitative – Signed partner agreement – Working MVP – Proven technology – LOI – Problem validated – … • Quantitative – 1000 sign-ups – 1000 active users – 10 paying customers – 10% churn – CAC < LTV
- 8. What is nota good milestone or proof of concept? • An article in Techcrunch (it can be a user acquisition strategy) • Winning startup prizes • Investor interest • Tweets • Market analysis made • Segments defined • Product plan defined • Sold to a few customer (not necessarily, it’s about the business model) • …
- 9. How to definemilestones? Areas: • Market (customer) • Product • Financial • Team To think about: • B2C or B2B • Segment • Revenue model type • Dependencies in the business model • Phase • Tempo
- 10. Examples • Proofthat you can work together as a team, usually historical evidence • Proof that you can build something, i.e. working prototype • Proof that it’s useful to someone – first users and clients • Proof that you can talk to investors – every financing round, even small ones • Proof that you can talk to audiences – 100k users or 1M users or 10M users… • Proof that the initial team is able to attract talent • Proof that ecosystem agrees with your ideas – bringing respected industry advisors or partnerships on board • Proof that there is market – $1M annually • Proof that you can manage your finances – cash-flow positive operation • Proof that you can scale – $10M annually • Proof that the market is big! – $25M annually and beyond
- 11. Workshop • Defineyour key proofs needed (you think) that when fulfilled CLEARLY have reduced the market and product risk at this stage – Is it 10 interested customers, a MVP that can… – Is it 1000 sign-ups and… – Is it 2 paying customers and an indication that there are 10000 ”look a likes”? • 20 mins
- 12. Part 2 -The Deck
- 13. The deck/the pitch • A deck is for investors and show off’s • A structured way to iterate and get feedback (not a static ”pitch”) • Connect with the audience • Be factual • The primary purpose is to gain interest
- 14. The deck -10 slides • Oneliner/hook • Problem • Solution • Market (size)/traction • Business model • Unfair advantage/tech • Competition • Go to market/market plan • Team • Roadmap (and money) • Use common tools
- 15.
- 16. Oneliner/hook • Asimple way to set your company into context • Gain interest • ”Tinder is how people meet. It's like real life, but better. ” • ”Mint is the free, easy way to manage your money online”
- 17. 1. Set theproblem
- 18. 2. A crisp,unique solution Get love (sex) Get rich Get power
- 19.
- 20. 4. Market YOURmarket, not ALL market
- 21. 5. Revenue model List 1-3 models
- 22. 6. Unfair advantage Technology, team, competence, partnership….
- 23. 7. Competition Whyare you better? (Or different)
- 26. 8. How doyou reach your customers? How will you reach your first 100(0) customers?
- 27. 9. Team Avoiddegrees, what’s important to the startup?
- 30. 10. Roadmap &financials • Where have you been – Progress & proof points (beta sign-ups, LoI, revenue) • Where are you going – Major milestones (First revenue, 100k users, break-even, next funding round) • Do it visually clear and simple
- 33.
- 34. Perception is everything! (traction beats everything)
- 37. The Demoday •It’s a show! • The right answer vs hypothesis • 5 minutes…. Practice, practice • The product MUST be shown in some way • Youtube, slideshare etc • http://bestpitchdecks.com/ pitchenvy.com • Google 500startups, Techstars, Y Combinator pitches • 2-3 st practice opportunities (video recording)
Editor's Notes
- #15 We like business plans that present a lot of information in as few words as possible. The following business plan format, within 15–20 slides, is all that’s needed. Company purpose Define the company/business in a single declarative sentence. Problem Describe the pain of the customer (or the customer’s customer). Outline how the customer addresses the issue today. Solution Demonstrate your company’s value proposition to make the customer’s life better. Show where your product physically sits. Provide use cases. Why now Set-up the historical evolution of your category. Define recent trends that make your solution possible. Market size Identify/profile the customer you cater to. Calculate the TAM (top down), SAM (bottoms up) and SOM. Competition List competitors List competitive advantages Product Product line-up (form factor, functionality, features, architecture, intellectual property). Development roadmap. Business model Revenue model Pricing Average account size and/or lifetime value Sales & distribution model Customer/pipeline list Team Founders & Management Board of Directors/Board of Advisors Financials P&L Balance sheet Cash flow Cap table The deal See also Elements of Enduring Companies