The document provides advice for starting a business from Jake Weatherly, CEO of SheerID. It discusses evaluating the total addressable market and timing of product adoption. Traditional business functions like marketing, sales, development, and finance are also addressed. The importance of hiring the right team is emphasized. Additional tips include leveraging existing platforms, incubators, contractors and being wary of overestimating market potential or celebrating success too early. SheerID is introduced as a solution for verifying customer eligibility for discounts across different industries.
3. Idea vs. Opportunity
• Total Addressable Market
• Market Size x Value of Product/Service = Opportunity
• Beware the “$1 from Everyone in China Assumption”
• Timing – Product/Service Adoption
• Apple Newton vs. Apple iPad
• BEWARE of the “If you build it, they will come” trap
• Tests
• Get Pitch-ready
• Is the Team Forming?
• Are Advisors Joining?
• Are you Getting (Potential) Investors/Partners/Prospects Excited?
BONUS 3
4. Don’t Lose Sight of Tradition
• Functional Areas of Business
• Marketing
• Sales
• Ecommerce:
Funnel, Platform, Processing, Fulfillment, Service/Support
• Direct Sales Model: Prospecting, Network, Tools, Style
• Channels, Partners, Resellers, JVs, Affiliates
• Development
• Subscribe to the Agile Manifesto
• Architecture/Design, Engineering, Testing
• Improvements, Project Management
• Service
• Never Lose Customers
• Finance 4
• Bring in Accounting Early
5. Marketing
• Phase 1: Research
• Planning & Getting Pitch-Ready
• Focus Groups & Surveys
• Go Old-School, Guerilla Tactics
• Phase 2: Test Marketing/Sales
• Create Value with Contracts, LOI’s, Quotes
• Phase 3: Launch
• Multi-variant Test EVERYTHING
• Rinse & Repeat
• Phase 4: Leveraging Success/Validation
• Develop Content for Validation – Expertise, Testimonials, White
Papers
• Phase 5: Exit
• There’s an Art to Marketing for Exit
BONUS 5
6. It’s ALL About the Team
• Be a Co-Founder, not a Founder
• Collaborate
• Start-up Team Math is Multiples (1+1=3)
• Hire Right
• Your Network – Team, Advisors, Family, Friends
• YOU CAN BUY TIME
• Fire Fast!
BONUS
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2. 6
3.
9. Beware of the Sexy Factor
• Investment is Dangerous
• Don’t Celebrate Early, but Definitely Celebrate Often
• Pass Break-Even & Build
• 24 Hours in Vegas, 12 Hours in San Francisco
• 24 Hours in Malibu – On the Beach?
• Spend Money like You’re Homeless
BONUS
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10. The Plan is ALWAYS Wrong!
• Banks want Business Plans
• Start-up Funding from Banks is Dead
• Pitch Deck is the New Plan
• Forecast your Financials – Constantly
• ….And be Religious about “Planned vs Actual” Analysis
BONUS
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11. SheerID Verifies
Student Discounts
Coupon Codes
Customer Loyalty Programs
Active-Duty Military
Teacher/Faculty
Government Employees Travel Agencies
Discounts for Corporate Partners
Membership Groups
Discounts for Non-Profits
Military Veterans
Employee Discounts
New Customer Discounts
Small Businesses
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First Responders
SheerID, Inc. Confidential and Proprietary Information
12. Hosted Solution--PGA
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Go To Site
SheerID, Inc. Confidential and Proprietary Information