Building a Great Startup Culture - Flat6 Ignite Program, Abu DhabiDave Parker
How do you build a great startup culture? It starts with Vision, Mission, and Values. This workshop helps you put those pieces together.
Starting with Why?
Values
Vision
Mission
Personal Mission
Resources
Building a Great Startup Culture - Flat6 Ignite Program, Abu DhabiDave Parker
How do you build a great startup culture? It starts with Vision, Mission, and Values. This workshop helps you put those pieces together.
Starting with Why?
Values
Vision
Mission
Personal Mission
Resources
Intro
Telling Your Story in 10/12 Slides
Research & Competitive Analysis
Markets
Value Propositions
Customer Development Data
Awkward Co-Founder Discussions
Startup Revenue Drivers and ForecastingDave Parker
Flat6 Abu Dhabi Ignite Program July 2021
Outcomes for the day:
Telling a financial story
Key metrics
Templates with Key Inputs
Common mistakes
Rolling up your sleeves
Trajectory Startup Program Session One (Jordan Sept 2021)Dave Parker
Intro
Telling Your Story in 10/12 Slides
Research & Competitive Analysis
Markets
Value Propositions
Customer Development Data
Awkward Co-Founder Discussions
Trajectory Startup Program Session 1 - Bahrain Cycle 7Dave Parker
April 2021
Intro
Telling Your Story in 10/12 Slides
Research & Competitive Analysis
Markets
Value Propositions
Customer Development Data
Awkward Co-Founder Discussions
How Startup Make Money –
Marketing
Sales
Business Development
14 Revenue Models
Pricing and Metrics that Matter
Go-to-Market
Traction and Product / Market Fit
Pitch Reviews
Flat6 Labs Cairo Cycle 15 Bootcamp Day 2 with Dave Parker Dave Parker
19 July 2020. Flat6 Labs, Cycle 15 Bootcamp. Dave Parker
- How Startup Make Money
- 14 Revenue Models
- Pricing and Metrics that Matter
- Go-to-Market
- When, Why and How to Pivot
- Traction and Product / Market Fit
- Product and Company Roadmap
- Funding 101
Your startups is (hopefully) unique - but how you monetize your startup isn't. There are 16 startup revenue models - from simple (services and commerce) to complex (big data and panels). What to know how startups make money? PIck one or two... but you don't have to invent a new one.
Copyright DKParker, LLC 2018
Trajectory Series Startup Program Session 1 (Cairo Cycle 16)Dave Parker
Intro
Telling Your Story in 10/12 Slides
Research & Competitive Analysis
Markets
Value Propositions
Customer Development Data
Awkward Co-Founder Discussions
ROTR/OHUB Program
Intro
Telling Your Story in 11/13 Slides
Research & Competitive Analysis
Markets
Value Propositions
Customer Development Data
Awkward Co-Founder Discussions
KIC - Korean Innovation Center - WTIA Bootcamp Day 1Dave Parker
Intro
Telling Your Story in 11 Slides
Research & Competitive Analysis
Markets
Value Propositions
Customer Development Data
Awkward Co-Founder Discussions
Intro
Telling Your Story in 10/12 Slides
Research & Competitive Analysis
Markets
Value Propositions
Customer Development Data
Awkward Co-Founder Discussions
Startup Revenue Drivers and ForecastingDave Parker
Flat6 Abu Dhabi Ignite Program July 2021
Outcomes for the day:
Telling a financial story
Key metrics
Templates with Key Inputs
Common mistakes
Rolling up your sleeves
Trajectory Startup Program Session One (Jordan Sept 2021)Dave Parker
Intro
Telling Your Story in 10/12 Slides
Research & Competitive Analysis
Markets
Value Propositions
Customer Development Data
Awkward Co-Founder Discussions
Trajectory Startup Program Session 1 - Bahrain Cycle 7Dave Parker
April 2021
Intro
Telling Your Story in 10/12 Slides
Research & Competitive Analysis
Markets
Value Propositions
Customer Development Data
Awkward Co-Founder Discussions
How Startup Make Money –
Marketing
Sales
Business Development
14 Revenue Models
Pricing and Metrics that Matter
Go-to-Market
Traction and Product / Market Fit
Pitch Reviews
Flat6 Labs Cairo Cycle 15 Bootcamp Day 2 with Dave Parker Dave Parker
19 July 2020. Flat6 Labs, Cycle 15 Bootcamp. Dave Parker
- How Startup Make Money
- 14 Revenue Models
- Pricing and Metrics that Matter
- Go-to-Market
- When, Why and How to Pivot
- Traction and Product / Market Fit
- Product and Company Roadmap
- Funding 101
Your startups is (hopefully) unique - but how you monetize your startup isn't. There are 16 startup revenue models - from simple (services and commerce) to complex (big data and panels). What to know how startups make money? PIck one or two... but you don't have to invent a new one.
Copyright DKParker, LLC 2018
Trajectory Series Startup Program Session 1 (Cairo Cycle 16)Dave Parker
Intro
Telling Your Story in 10/12 Slides
Research & Competitive Analysis
Markets
Value Propositions
Customer Development Data
Awkward Co-Founder Discussions
ROTR/OHUB Program
Intro
Telling Your Story in 11/13 Slides
Research & Competitive Analysis
Markets
Value Propositions
Customer Development Data
Awkward Co-Founder Discussions
KIC - Korean Innovation Center - WTIA Bootcamp Day 1Dave Parker
Intro
Telling Your Story in 11 Slides
Research & Competitive Analysis
Markets
Value Propositions
Customer Development Data
Awkward Co-Founder Discussions
Flat6 Labs Bahrain Cycle 6 Bootcamp Day 1 Dave Parker
Introductions, Telling your story in 10/12 Slide, Research, Market Sizing, Value Propositions, Customer Development Data, Awkward co-founder discussions.
Flat6 Labs Cairo Cycle 15 Bootcamp Day 1Dave Parker
18 July 2020. Flat6 Labs, Cycle 15 Bootcamp. Dave Parker
- Intro
- Telling Your Story in 11 Slides
- Research & Competitive Analysis
- Markets
- Value Propositions
- Customer Development Data
- Awkward Co-Founder Discussions
Trajectory Startup Program Session 2 (Cairo July 2021)Dave Parker
Flat6 Labs Cairo Bootcamp Program
Market Sizing
Customer Development Data
How Startups Make Money
Marketing/Sales/Business Development
Go-to-Market Planning
Pitch Reviews
Flat6 Labs Cairo Cycle 14 Bootcamp Day 1 Dave Parker
January 2020, Flat6 Labs Cairo Cycle 14. Bootcamp Program, day 1. Venture Ready Score, 13 Slides, Research and Competitive Analysis, Markets and Awkward Co-Founder Discussions.
Trajectory Startup Program Abu Dhabi Day 2Dave Parker
Flat6 Labs Abu Dhabi Cycle 1 Bootcamp - Day 2
How Startup Make Money – 14 Revenue Models
Pricing and Metrics that Matter
Go-to-Market
Traction and Product / Market Fit
Pitch Reviews
Startup Revenue Models, Pricing and Enterprise ValueDave Parker
About Dave
Business model breakdown
Identify Key Inputs, Identify Unit Economics
Choose primary/secondary revenue models
Marketing and Sales
Pricing Mechanics
Enterprise Value
Outcomes for this presentation:
Business model breakdown
Identify Key Inputs
Identify Unit Economics
Choose primary/secondary revenue models
Go-to-Market – Marketing and Sales choices
Techstars Seattle — Startup Revenue Models and ForecastingDave Parker
Business model breakdown
Identify Key Inputs
Identify Unit Economics
Choose primary/secondary revenue models
Go-to-Market – Marketing and Sales choices
Choose financial template
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This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
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Trajectory Startup Program Session Abu Dhabi Day 1
1. Copyright, DKParker, LLC 2020
Trajectory Series
Bootcamp – Session 1
Dave Parker
www.dkparker.com
@DaveParkerSEA
https://www.dkparker.com/flat6-abu-dhabi-cycle1/
2. Copyright, DKParker, LLC 2020
Session 1 Agenda
¤ Intro
¤ Telling Your Story in 10/12 Slides
¤ Research & Competitive Analysis
¤ Markets
¤ Value Propositions
¤ Customer Development Data
¤ Awkward Co-Founder Discussions
4. Copyright, DKParker, LLC 2020
About Dave
¤ 5X founder, Board Member, former SVP Programs at UP
Global (Startup Weekend + Startup America)
¤ Startup Next creator
¤ Startup Week
¤ Author – “Trajectory: Startup – Ideation to Product Market
Fit”
¤ 11 transactions – 9 sell side, 2 buy side
¤ VC/Investor
5. Copyright, DKParker, LLC 2020
Rules of the Road
¤ Ask questions as we go – especially if I talk too fast!
¤ Meta questions please! Not just about your company
¤ Don’t Ramble – I’ll interrupt
¤ Virtually…
¤ Network – you need to build you network for the future
starting today
¤ #GiveFirst – you have complimentary skills around you
6. Copyright, DKParker, LLC 2020
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
7. Copyright, DKParker, LLC 2020
Venture Ready
Fast NO
¤ Market
¤ Team
¤ Product
¤ Traction
Slow Yes
¤ Idea
¤ Competition
¤ Business Model/Finance
¤ Timing
¤ Intellectual Property/Moat
¤ Clear Ask
8. Copyright, DKParker, LLC 2020
Addressing the Weaknesses
¤ Where were you weak
¤ How would you answer differently
¤ What can you change now – before final pitches?
¤ Don’t ignore the elephant in the room – investors won’t!
11. Copyright, DKParker, LLC 2020
Capturing
Value:
Reasonable to
Exceptional
Returns –
Traction & Idea
Business Model
12. Copyright, DKParker, LLC 2020
Creating Value:
Product
Delivering
Value: Price,
Economics,
S&M
Capturing
Value
Reasonable to
Exceptional
Returns
Defining Business Model
13. Copyright, DKParker, LLC 2020
Creating Value:
Product
Delivering
Value:
Marketing
and Sales
Capturing Value
Reasonable to
Exceptional
Returns
Defining Business Model
15. Copyright, DKParker, LLC 2020
Epochs
¤ BC
¤ Pre Internet
¤ Pre Game of Thrones
¤ Pre Product-Market Fit
¤ Risk Capital
¤ AD
¤ Post Internet
¤ Post Game of Thrones
¤ Post Product-Market Fit
¤ Growth Capital
18. Copyright, DKParker, LLC 2020
Judging a Startup – Bill Gross
Ultimate success – AT SCALE – Assumes good market
https://www.ted.com/talks/bill_gross_the_single_bigge
st_reason_why_start_ups_succeed?language=en
19. Copyright, DKParker, LLC 2020
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?
21. Copyright, DKParker, LLC 2020
Categorizing Your Solution
Product Service
B2B Salesforce Consulting
B2C Games For profit school
22. Copyright, DKParker, LLC 2020
What Problem/Opportunity
¤ What’s the problem
¤ Pain Pill
¤ Vitamin
¤ What’s the opportunity
¤ Solving for who?
¤ Can you create and capture value?
¤ Who will pay?
23. Copyright, DKParker, LLC 2020
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
27. Copyright, DKParker, LLC 2020
If Your Startup was to Fail, Why?
¤ What’s the number one reason
¤ Product
¤ Customer Acquisition
¤ Competition
¤ Lack of funding
¤ Rank
29. Copyright, DKParker, LLC 2020
Two Use Cases - Two Decks
Slides for Stage
¤ 10 Slides
¤ It’s a contrived event
¤ Check boxes for hitting
required elements
¤ Supporting Slides
Slides for Conf Room
¤ 12 Slides
¤ It’s about the dialog and
understanding the investor
questions
¤ Supporting Slides
30. Copyright, DKParker, LLC 2020
10/12 Slides for Your Pitch
1. Title, Value Proposition,
Contact Info
2. Presentation Overview*
3. Problem
4. Solution
5. Market Size
6. Competitive Analysis*
7. Traction/Timing – why you,
why now?
8. Product Roadmap/Demo
How You Make Money/Key
Metrics
9. Go-To-Market
10. Secret Sauce/Moat/IP*
11. Team
12. Clear Ask/What do you
need from Flat6
*for conf room pitch. Supporting
Slides – Architecture, etc.
Blog Post
31. Copyright, DKParker, LLC 2020
Famous Pitch Decks
¤ 30 Famous Pitch Decks
¤ Facebook, LinkedIn, etc
¤ Early to later stage
¤ Not all had great graphics
¤ Uber, AirBnB, Facebook examples
33. Copyright, DKParker, LLC 2020
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
35. Copyright, DKParker, LLC 2020
Research
¤ Create a Google Sheet with your research
¤ One tab for research, one for competitors
¤ Who has written about your market
¤ Professionals, bloggers, others
¤ Who has raised capital in this market
¤ What’s the state of the “Wave?”
36. Copyright, DKParker, LLC 2020
Competitor List & Notes
Competitor URL Crunchbase
Link
Amount
Funded
Team Features Notes
38. Copyright, DKParker, LLC 2020
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/
52. Copyright, DKParker, LLC 2020
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
53. Copyright, DKParker, LLC 2020
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
54. Copyright, DKParker, LLC 2020
Service Obtainable Market
¤ The subset of the market you can capture
¤ A proxy for short term upside
¤ Not Aspirational
56. Copyright, DKParker, LLC 2020
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?
57. Copyright, DKParker, LLC 2020
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 salesperson, forming a
process to scale
¤ 1000 – not you, scalable process
¤ Your LAM maps to your Go-to-Market (GTM)
¤ Customer
¤ Value Prop
¤ Pricing
¤ Marketing Spend and Sales effort
58. Copyright, DKParker, LLC 2020
Market Conditions
¤ Nascent/New market
¤ Uber, AirBnB
¤ Large markets - >$100M or $1B
¤ Large market provide “at bat” opportunities
¤ Small markets suck
¤ Headwinds or tailwinds?
¤ Covid
59. Copyright, DKParker, LLC 2020
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
60. Copyright, DKParker, LLC 2020
Why/How do they buy?
¤ Make Money vs. Save Money?
¤ Searching for product
¤ Needs to be sold
63. Copyright, DKParker, LLC 2020
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>.
65. Copyright, DKParker, LLC 2020
Positioning
¤ Positioning is holding a place in your customer’s mind –
not as everything, what’s memorable?
¤ Who is the initial customer
¤ Think about limiting service and customer first – before
you expand
¤ You’re not precluded from selling other services or products
¤ What claim or promise will you make?
66. Copyright, DKParker, LLC 2020
Don’t Bury the Lead
¤ Think of this like journalism
¤ What’s the headline?
¤ What’s the Lead?
¤ What’s the Story?
67. Copyright, DKParker, LLC 2020
Testing
¤ Each pitch is a rapid A/B testing
¤ Look for 1:Many opportunities to test your value
proposition
¤ Trade shows
¤ Peers
¤ Test tag lines
68. Copyright, DKParker, LLC 2020
Taglines
¤ The one sentence summary
¤ Pull from the Madlibs Pitch
¤ Benefits to customer – not features
¤ Simple
¤ Evolve with the company
69. Copyright, DKParker, LLC 2020
Branding
¤ You don’t have a big budget – so you can’t afford brand
advertising
¤ Start with brand neutral and build
¤ Memorable
¤ Phonetically easy to spell
¤ Avoid double letters, etc
70. Copyright, DKParker, LLC 2020
Exercise
¤ Write out:
¤ What makes you different?
¤ Why should people buy from you?
¤ Write your websites tagline and opening paragraph
¤ What claim/promise will you make
¤ Write your DRAFT Unique Selling Proposition
¤ Compare this to your Pitch
72. Copyright, DKParker, LLC 2020
Customer Development
¤ Parallel process with Product Development
¤ “Get out of the Building”
¤ Develop for a few not Many
¤ Prioritize features based on Needs not Wants
¤ Validate with Revenue/Commitment
73. Copyright, DKParker, LLC 2020
What is Customer Development?
¤ Four Steps of an Epiphany – Steve Blank
74. Copyright, DKParker, LLC 2020
Customer Development Goals
¤ Acute focus on problem – not product
¤ Find out if customers care?
¤ What do they want?
¤ Determines the difference your product at launch and at
scale
¤ Feature priorities & Product Roadmap
75. Copyright, DKParker, LLC 2020
Customer Dev Mechanics
¤ Google Forms
¤ Structured questions
¤ Progression
¤ Easy to Hard
¤ What do you really want to know?
¤ Will they pay for it? How much
¤ Why will it fail
¤ Neutral, not Guided Questions
76. Copyright, DKParker, LLC 2020
Customer Dev Mechanics, Cont
¤ Build a list of interested parties
¤ Mail Chimp List setup
¤ Ask for permission to email
¤ Monthly updates –
¤ Format: “What we did, what we’re going to do and
where we can use your help”
¤ Regular frequency – be predictable
77. Copyright, DKParker, LLC 2020
What Not To Do
¤ You are not the customer
¤ Don’t tolerate a small sample set – this could delay your
success by Years
¤ Avoid “Selection Bias”
¤ “Isn’t our product amazing”
¤ No rhetorical questions
¤ No blind surveys
¤ Can’t outsource
78. Copyright, DKParker, LLC 2020
How Many Customer Interviews
¤ B2B – 25+
¤ Profile
¤ Job Title
¤ Type of Company
¤ B2C – 50+
¤ Demographic
¤ ¯_(ツ)_/¯ = bad
79. Copyright, DKParker, LLC 2020
Fundraising Note
You have opinions
You have Data
You get money!
Investors have opinions
They have money
80. Copyright, DKParker, LLC 2020
Hypothesis vs Fact
¤ If you are convinced you’re right you won’t be open to
radical feedback that could change the trajectory of
your business & life!
¤ Always testing what you think you know
¤ Permission to give negative feedback
¤ If this idea was to fail, why would it fail?
¤ Why is this idea stupid?
82. Copyright, DKParker, LLC 2020
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
84. Copyright, DKParker, LLC 2020
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
85. Copyright, DKParker, LLC 2020
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
86. Copyright, DKParker, LLC 2020
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>.
87. Copyright, DKParker, LLC 2020
Session 1 Deliverables
¤ Track your Venture Ready
Score Before/After
¤ What can you do over the next
90 days to improve
¤ Start drafting your 13 slides
¤ List your research, competition
and sources
¤ Outline your Market including
your TAM, SAM, & SOM (hint,
it’s a number)
¤ Write is your pre-mortem – if
you were to fail, why would
you fail
¤ Draft your value proposition
¤ Outline your existing and
required Customer
Development data
¤ Have your awkward co-
founder discussion
88. Copyright, DKParker, LLC 2020
Session 1 Deliverables
1. Title, Value Proposition,
Contact Info
2. Traction
3. Problem/Solution
4. Market – TAM, SAM, SOM
5. Timing/Competition
6. Product Roadmap/Demo
7. How You Make Money/Key
Metrics
8. Go-To-Market
9. Secret Sauce/Moat/IP
10.Team
11.Clear Ask
Supporting Slides – Roadmap,
etc.
Blog Post
93. Copyright, DKParker, LLC 2020
Do you know?
¤ Cost to Build Known Unknown
¤ Cost to Sell Known Unknown
¤ Price Known Unknown
¤ Profit Known Unknown
94. Copyright, DKParker, LLC 2020
How not to make money?
¤ Small transaction values are bad
¤ Small percentages are bad
¤ Not being able to capture value is bad
¤ Lumpy sales cycles are bad
¤ Long sales cycles are bad
¤ Pricing too low could kill your idea before you start
96. Copyright, DKParker, LLC 2020
Business and Revenue Models
¤ Business Models – abstract framework of Creating,
Delivering and Capturing Value
¤ Revenue Models (part of business model) is the
framework of revenue, pricing, who pay
¤ Models Lean toward Tech and Product
97. Copyright, DKParker, LLC 2020
1. Fee for Service
¤ Example: Consulting Services company
¤ Use: B2B & B2C
¤ Key Metrics
¤ Project Revenue
¤ Cost of delivering (usually time)
¤ Gross Margin
¤ Services are hard to scale because they require people
to deliver including Restaurant, Contractors, etc.
¤ Services include markup on cost of goods sold
98. Copyright, DKParker, LLC 2020
2. Commerce
¤ Example: Amazon, AmazonSupply
¤ Use: B2C & B2B
¤ Key Metrics:
¤ Wholesale or cost of goods sold
¤ Average Margin %
¤ Average Basket
¤ Commerce – Physical Goods- Wholesale, cost of goods,
retail, average margin, physical good
¤ Notes: Can mature into marketplace
99. Copyright, DKParker, LLC 2020
3. Subscription
¤ Example: Salesforce , Box, Spotify
¤ Use: B2C & B2B
¤ Key Metrics
¤ Average Revenue Per User (ARPU)
¤ Conversion ratio – e.g. trial to purchase
¤ Churn
¤ Challenges: MVP won’t be enough to be Kick Ass Product
¤ Notes: Highest multiple, forecastable revenue
100. Copyright, DKParker, LLC 2020
4. Metered Servcie
¤ Example: AWS, Splunk, Azure
¤ Use: Favors B2B
¤ Key Metrics
¤ Average Revenue Per User (ARPU)
¤ Conversion ratio – e.g. trial to purchase
¤ Churn
¤ Challenges: MVP won’t be enough to be Kick Ass Product
¤ Notes: Highest multiple, forecastable revenue
101. Copyright, DKParker, LLC 2020
5. Transaction Fees/Rental
¤ Example: 99Designs, KickStarter, Elance, Chugg
¤ Use: B2C & B2B
¤ Key Metrics
¤ Average transaction revenue
¤ Fee % per transaction
¤ Number of transactions
¤ Challenges: Margins are small (15%), need efficiency
¤ Notes: Don’t start too low
102. Copyright, DKParker, LLC 2020
6. Productize a Service
¤ Your offerings is generally complex and requires services
to deploy
¤ Gross margin on Services >35%
¤ Product development comes with services
¤ Use: B2C & B2B
¤ Examples: Moz, service company convert to tools.
¤ Challenges – difficult to make the transition away from
services
103. Copyright, DKParker, LLC 2020
7. Marketplaces
¤ Example: eBay, Alibaba
¤ Use: B2C & B2B
¤ Key Metrics
¤ Average Transaction Amount
¤ Number of Monthly Transactions
¤ Commission %
¤ Challenges: two sided market places require you start
with one side, value to seller & Product market fit (x2)
¤ Notes: critical mass or marketplace required
104. Copyright, DKParker, LLC 2020
8. Combinations
¤ Combinations business models happen for two reasons
¤ You don’t know which model is right
¤ At scale you can expand revenue sources
¤ Examples: Hardware sensors + software services to create
data analytics
¤ Challenges – most require scale or at least traction
105. Copyright, DKParker, LLC 2020
9. Lead Generation
¤ Example: Mint.com, AllStarDirectories, NetQuote
¤ Use: B2C & B2B
¤ Key Metrics
¤ Cost to generate traffic
¤ % conversion of form data
¤ Price per lead
¤ Challenges: Highly competitive, barrier of entry is low
¤ Notes: Conversion rates average 0.06%
106. Copyright, DKParker, LLC 2020
10. Gaming
¤ Example: King.com/Candy Crush
¤ Use: B2C Only
¤ Key Metrics:
¤ Downloads
¤ % play
¤ Average in app purchase
¤ Challenges – tends to be “hit driven business”
¤ Notes: use in first 21 days is a predictor of success
108. Copyright, DKParker, LLC 2020
12. New Media
¤ Example: SnapChat, WhatsApp
¤ Use: B2C only
¤ Key Metrics:
¤ K-Factor (Viral Co-efficient)
¤ Network effect of inviting others to join
¤ Challenges – K-Factor is hard. Little revenue until scale
¤ Notes: Everyone wants to! Not happening in B2B
¤ No revenue acutally required
109. Copyright, DKParker, LLC 2020
13. Big Data
¤ Examples: PatientsLikeMe
¤ Use: B2B
¤ Key Metrics:
¤ Per API Call
¤ Per record pricing
¤ Frequency/recency
¤ To monetize data, you need to have the data in
advance or massive cash
110. Copyright, DKParker, LLC 2020
14. Licensing
¤ Example: Think Microsoft office license or server license –
before subscription. Content Licensing
¤ Use: B2B
¤ Key Metrics:
¤ Duration of license
¤ Upgrades & maintenance (20-25% annually)
¤ Use can be based on vertical market or geography
111. Copyright, DKParker, LLC 2020
Revenue Models– Pick Two
1. Fee for Service
2. Commerce
3. Subscription
4. Metered Service
5. Transaction Fee/Rental
6. Productize a Service
7. Marketplace
8. Combinations
9. Lead Generation
10.Gaming
11.Advertising/Search
12.New Media
13.Big Data
14.Licensing
114. Copyright, DKParker, LLC 2020
Your price will be wrong!
Increase it every year and
grandfather early customers for a
period of time
115. Copyright, DKParker, LLC 2020
Art or Science?
¤ Pricing is an informed decision based on data and
proven revenue modesl
¤ Benchmarks
¤ Comparable products
¤ Don’t start too low
¤ Cost base vs Value based
¤ What is the alternate for the “Job to be Done”?
116. Copyright, DKParker, LLC 2020
Pricing needs to cover
¤ Cost of Building
¤ Cost of Delivering and support
¤ Cost of Selling
¤ Customer Acquisition Cost
¤ Marketing expense
¤ Marketing team
¤ Sales expense
¤ Sales Team
117. Copyright, DKParker, LLC 2020
Cost vs. Value Based
¤ Cost based is mark up over expense
¤ Pay rate vs bill rate
¤ Mark up from cost of goods
¤ Value based is what you can charge for it
¤ Can be a range
¤ Depends on product maturity
118. Copyright, DKParker, LLC 2020
Jobs to Be Done Framework
¤ Clayton Christensen – HBS
“When we buy a product, we essentially ‘hire’ something to get a job
done. If it does the job well, when we are confronted with the same job,
we hire that same product again. And if the product does a crummy
job, we ‘fire’ it and look around for something else we might hire to
solve the problem.”
¤ What job is your customer hiring your product to do?
¤ Does it replace 20% of a staff person’s time
¤ Does it save them money, make them money
119. Copyright, DKParker, LLC 2020
Product Pricing
¤ First Product
¤ Staged pricing – up or down over time
¤ Second Product
¤ Staged pricing – up or down over time
¤ Launch timeline based on product road map
¤ Services?
¤ Could it improve you sales cycle
120. Copyright, DKParker, LLC 2020
A/B Testing
¤ With your hypothesis
¤ Hide the current pricing page
¤ Drive traffic to Pricing landing pages
¤ Squeeze page
¤ Test pricing
¤ Unbounce or other tool to tack
¤ Optimizes based on conversions
121. Copyright, DKParker, LLC 2020
Promotions
¤ Freemium
¤ Time based
¤ Early adopter based
¤ Percentage discount
¤ Grandfather early users
* Prices subject to change
122. Copyright, DKParker, LLC 2020
Common Errors
¤ Setting pricing too low
¤ Too opaque of a price will frustrate customer – especially
if it’s low
¤ Knowing the answer vs testing
¤ Positioning as “me too” just like your competitor, but less
¤ Same price for all customers
¤ ”Free for Life!”
123. Copyright, DKParker, LLC 2020
Where to Start
¤ Pick your primary/secondary model
¤ Do a competitive analysis
¤ Building a pricing hypothesis
¤ A/B Test
¤ Three tiers, maximum
¤ Price high and promo the discount based on time to
close
128. Copyright, DKParker, LLC 2020
Marketing – Finding Customers
¤ Messaging/Value Proposition
¤ Does it resonate with the target customer segment
¤ They are the hero of the story
¤ Is it repeatable?
¤ Strategy
¤ Outbound first
¤ Inbound second
129. Copyright, DKParker, LLC 2020
Key Metric Terms
¤ State your hypothesis
¤ CAC
¤ LTV
¤ ARPU
¤ Churn
¤ Time to Close
¤ Customer engagement
¤ Time on Site
130. Copyright, DKParker, LLC 2020
Organic
Search
Paid
Search
Word
of
Mouth
Sales
Calls
PR
Miracles!
Time
to
Close
Month
1
Month
2
Month
3
Month
4
$
Spen
d
#
Conv
#
Conv
#
MRR
Time
131. Copyright, DKParker, LLC 2020
Marketing Channels
¤ Paid Search
¤ Organic Search
¤ Word of mouth
¤ Sales calls
¤ Public Relations
¤ Affiliate
¤ Email marketing
¤ Social
132. Copyright, DKParker, LLC 2020
Marketing Qualified Leads
¤ Define qualified vs list
¤ Suspects
¤ Prospects
¤ Qualified Prospects
133. Copyright, DKParker, LLC 2020
Sales Qualified Leads
¤ Hand off to Sales
¤ Identify steps to close
¤ Number of calls
134. Copyright, DKParker, LLC 2020
Time to Close
¤ Lead attribution
¤ Source time
¤ Compressing or Expanding
¤ Trend by source
135. Copyright, DKParker, LLC 2020
Tracking
¤ Data allows you to know where to double
down and where to hold back
¤ Conversion ratios
137. Copyright, DKParker, LLC 2020
How will they buy?
¤ Web Direct – place the order to buy on the web
¤ Direct – outbound sales, inside/outside
¤ Indirect/Channel – fulfills demand, doesn’t generate
¤ Retail – BestBuy, etc
138. Copyright, DKParker, LLC 2020
Sales Model Hypothesis
Known
Market
Unknown
Market
Low
Price
Point
High
Price
Point
Known
Search
Words
Unknown
Search
words
Web Direct ✔ ✔ ✔
Direct ✔ ✔ ✔ ✔ ✔
Indirect ✔ ✔ ✔
Retail
139. Copyright, DKParker, LLC 2020
Sales
¤ Model – Pick one, why?
¤ Strategy
¤ Who
¤ Tactics
¤ How
¤ Tools
¤ Sales tools
141. Copyright, DKParker, LLC 2020
Business Development
¤ Strategic relationships
¤ Who has the list you want
¤ How do you get the partnership
142. Copyright, DKParker, LLC 2020
Business Development
¤ Strategy
¤ Who should you get as a partner
¤ How will you build the relationship?
¤ What channels
¤ Tactics
¤ Messaging/Value proposition
¤ Tools
¤ CRM
148. Copyright, DKParker, LLC 2020
Product Market Fit
Two Epoch’s of every startup
¤ Pre - Product Market Fit
¤ The only thing that matters is getting there
¤ Post – Product Market Fit
¤ A whole new set of questions – Scale, Culture and People
149. Copyright, DKParker, LLC 2020
Pre – PMF
¤ Some Revenue
¤ Some Customers
¤ Some Marketing
¤ A lot Hypothesis
151. Copyright, DKParker, LLC 2020
PMF Scorecard
¤ How would you feel if you could no longer use [product]?
¤ The answers are the following:
¤ Very disappointed
¤ Somewhat disappointed
¤ Not disappointed
¤ I no longer use [product]
152. Copyright, DKParker, LLC 2020
Tracking Over Time
¤ Churn Rate
¤ Net Negative Churn
¤ NPS vs CSAT
¤ Product usage level
¤ Frequency
¤ Recency
¤ Growth Rate
154. Copyright, DKParker, LLC 2020
Predictable/Forecastable Revenue
¤ De-risking your <time> investment
¤ Predictable revenue moves you from valuations based
on trailing 12 to future 12
¤ Target customer
¤ Sales Cycle
¤ Tools trail Strategy and Tactics
155. Copyright, DKParker, LLC 2020
Customer Acquisition Hypothesis
¤ Cost of Customer Acquisition (CAC)
¤ Lifetime value of Customer (LTV)
¤ 36 month calculation in a mature business, 12 months for you
¤ Time to close sale
¤ How does this change with product/market maturity?
¤ Churn/Retention
¤ Average Revenue/measure (User, Account, etc)
¤ Word of mouth vs. Virality
157. Copyright, DKParker, LLC 2020
Templates
¤ Do this after you get in the program – not highest and
best use today
¤ Four Templates
¤ Marketplace
¤ Subscription
¤ Transaction Fee (works for commerce)
¤ Productize a service
¤ Templates in shared Google Drive
158. Copyright, DKParker, LLC 2020
Financial Model Heuristics
¤ $0- $40 is likely OK
¤ Start with Assumptions
¤ Product 1, 2
¤ Services
¤ Release timing
¤ Scale Revenue first
¤ Customer count and timing
¤ Keep expenses in line as you grow
160. Copyright, DKParker, LLC 2020
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>.
166. Copyright, DKParker, LLC 2020
Fundraising 101
● Stage appropriate capital = what’s the right
money at the right time?
○ Early – Angels, early stage VCs,
○ Later – Large venture funds
● Control shifts – Board roles, deal terms
● Dilution: every round of funding you will sell 25-
35% of new shares
● Bad boards = bad enterprise value
167. Copyright, DKParker, LLC 2020
Raising for What?
¤ 18 months of runway
¤ Not too short
¤ To hit milestones
¤ Product
¤ Customers
¤ “Use of proceeds”
168. Copyright, DKParker, LLC 2020
Angels
● Invest in you and your passion
● Like the market or idea
● Have made money in the sector before
● Something to talk about at a cocktail party!
● Deal type
○ Convertible note with a cap
○ Pro-rata participation (keep my % going
forward)
○ Highest risk – least educated (F&F) should
be best deal
169. Copyright, DKParker, LLC 2020
Early Stage = Risk Capital
● Know your numbers, if you don’t have your numbers
know your hypothesis (have a position)
● Seed stage VC’s are investing other people's money
○ Charter and Thesis
○ Stage, vertical market, size, geography
○ 10% (+/-) stakes plus syndicates
● VC perspective - Elusive deals need to be found
○ Revenue but Pre-product market fit
● ”Return the Fund” deals that can produce >10X
170. Copyright, DKParker, LLC 2020
Later Stage = Growth Capital
● Post product market fit
● $10K in marketing spend = Internal rate of return (IRR) of
how many days?
● MBA’s calculate returns – cash on cash
● Strategics aren’t valuation sensitive, but will be slow
● Bigger checks – 20% stakes
171. Copyright, DKParker, LLC 2020
Fundraising Process
● Enterprise Sales Process – landing multiple planes at the
same time
● Top of the Funnel
○ Research
■ Crunchbase (cheap) Technation UK
■ Pitchbook (expensive)
■ Angelist
■ Competitive deals (w/ Exits)
○ Create a forwardable email
■ Ask for approval
■ Follow with Intro
172. Copyright, DKParker, LLC 2020
Target Investors
● Targets – build a list of targets, look for LinkedIn
and/or email introductions
● They have invested in your market/stage in the
past
● They have Board experience for your stage
● They can help with strategic introductions
○ Investors
○ Customers
173. Copyright, DKParker, LLC 2020
First Impressions Matter
● Targets – build a list of targets, look for LinkedIn
and/or email introductions
● They have invested in your market/stage in the
past
● They have Board experience for your stage
● They can help with strategic introductions
○ Investors
○ Customers
174. Copyright, DKParker, LLC 2020
Monthly Updates
¤ Using MailChimp Free Account
¤ Investors – Tagged
¤ Customers
¤ 30 day intervals
¤ What we thought
¤ What we learned
¤ What we’re doing about it
¤ Where we need help
¤ Regularly
175. Copyright, DKParker, LLC 2020
Tools for Pitching
¤Forwardable Email
¤Executive Summary
¤Presentation
¤ ~13 Slides
¤ More is OK if you have data/traction
¤Monthly Update
176. Copyright, DKParker, LLC 2020
Forwardable Intro Email
¤ Great blog post from Alex Iskold, Techstars NYC
¤ The associate needs to be able to repeat your
message
¤ Make it easy to get the introduction
¤ Avoid buzzword bingo
178. Copyright, DKParker, LLC 2020
Executive Summary
¤Two pages
¤ ”Don’t Bury your Lead”
¤ Your headlines and opening paragraph tell the
story (see slide 10)
¤ It’s designed to get the next meeting, not to get
a check
¤ Stay at 10k feet and out of the weeds
¤ Numbers should sync with deck and forecast!
You’ll be tempted to get out of sync – be careful!
179. Copyright, DKParker, LLC 2020
Deck
¤Generally lead with problem/solution format
¤However:
¤ If you have traction lead with traction
¤ If you’re in a complex market, you may want to
lead with your team
¤ Have one customer story arch
¤Include contact info
180. Copyright, DKParker, LLC 2020
Tools
● Google Sheets
● https://freebusy.io/ allows you to show your calendar
(including multiple Google Calendars) – save the back
and forth ($6/month)
○ Accept or rearrange
● Email tracker pro (chrome extension)
● Zoom Meeting – you control the variables (not free, 45
minute limit) ($15/month)
● Use tools that show professionalism, drive the meeting
schedule – don’t wait on their assistant
181. Copyright, DKParker, LLC 2020
What’s happening with the VC?
● Most filter – sector, size, stage, growth, referral source
● Then Screen at Partner Meeting – looking for consensus
● Then invite in for presentation
● So! You need to make the presentation that the most
Junior team member has confidence repeating! Have a
lead within the firm
● No one’s writing a check from an Exec Summary or PPT!
Get the next meeting
182. Copyright, DKParker, LLC 2020
Due Diligence Process
• Deal Memo – internal memo used to validate
why they are leading the round – it will likely be
shared with other investors or future investors
• Document review post
• Data room
• Corporate Hygiene
• Customer calls – you likely have a few
customers, don’t over burden them with
random call.
• Meet with other investor
183. Copyright, DKParker, LLC 2020
Your Due Diligence
● Ask to talk to their portfolio company CEOs – ask for a
couple of companies they passed on investing as well
● Have a structured list of questions
○ Have they been a good investor
○ Give me an example of a time when they were
helpful
○ Give me an example of a time they weren’t helpful
○ Have they done the things they said they would do
when they invested
● Not all money is good money
184. Copyright, DKParker, LLC 2020
Tactics for dealing with VCs
● You want to create momentum or a sense of
momentum
● Create a reason to close – not a reason to wait!
○ Good news next month is a reason to wait
○ New features shipping next month is a reason to way
○ Booked revenue is a reason to close = increased
valuation
● Not all VCs are arrogant assholes (but many are)
○ Pattern matching – break the mold!
185. Copyright, DKParker, LLC 2020
Final Do’s and Don’ts
Do
● Keep your eye on the ball
– don’t miss your numbers
● Manage the process
● Qualify your investor
● Create optionality
● If there’s an ELEPHANT
room, call it out
Don’ts
● Get < 6 Month of capital
● Hide the ball on any bad
news
● Be too transparent
● Let the investor miss a
deadline – escrow
example
186. Copyright, DKParker, LLC 2020
Conclusions
● Broad funnel gives you the most choices
● They will be talking to other investors
● How you interact in the process will indicate
the future
● What do you need in addition to capital?
○ Go to market help
○ Product help
○ Know your blind spots
● Time kills ALL deals
188. Copyright, DKParker, LLC 2020
Product Vision
¤ Product vision is important
¤ Long term features
¤ Startup with PROBLEM not product – pivot product/
features around the problem
¤ It won’t be what you ship first
¤ What the world looks like before your product
¤ What the world looks like after your product
189. Copyright, DKParker, LLC 2020
Minimum Viable Product (MVP)
¤ Narrow and list features
¤ PowerPoint/Keynote first as your demo
¤ What screens do you need to show (e.g. do you need to
really show registration – answer no)
¤ Have them rank the features
¤ Prioritize the build based on the feedback
¤ More Customer Development Interviews!
190. Copyright, DKParker, LLC 2020
Product Roadmap
¤ What Features, When
¤ Quarterly targets based on
¤ Budget
¤ Available developers
192. Copyright, DKParker, LLC 2020
Estimating Costs
¤ Write specification
¤ Required for launch
¤ Design & Flow
¤ Post project on Fiverr.com
¤ PPT/Keynote first with design
¤ Test design and flow
¤ Revise specification
193. Copyright, DKParker, LLC 2020
MVP Mechanics
¤ MVP Series
¤ Blog 1 – Launching a product
¤ Blog 2 – Writing a spec
¤ Blog 3 – picking a vendor
¤ Blog 4 – Contracts, Monitoring Progress
¤ Cost to market and sell – Next Month!
195. Copyright, DKParker, LLC 2020
Company Roadmap
¤ Quarterly Targets
¤ Product
¤ Milestones
¤ People
¤ Hires
¤ # and who
¤ Customers
¤ Onboarded
¤ Revenue
¤ Cash out date
This is a
Supporting Slide
196. Copyright, DKParker, LLC 2020
Roadmap Cont.
¤ Roadmap is NOT dependent on fundraising
¤ If you raise capital, you move things forward in the roadmap
¤ E.G. items from Q4 move to Q2 next year
¤ Where will you be in 18 and 36 months
¤ Does it map to your financial model
¤ Maps to use of proceeds
198. Copyright, DKParker, LLC 2020
Highlight Key Milestones
¤ This is a bit of an eye chart, so highlight key milestones
¤ Product ship dates
¤ First revenue
¤ Key hires
201. Copyright, DKParker, LLC 2020
What is a Pivot?
¤ When a startup shifts business strategy to accommodate
industry, market, or customer
¤ The process of direct and indirect feedback changing
your business model
¤ Iterations vs. Pivots
¤ Iterations are course corrections
¤ Pivots are painful – we were in the tire business, we’re now in
apps
¤ Odeo and Slack
202. Copyright, DKParker, LLC 2020
When & Why
¤ When – 90-180 days
¤ Get out of your head and get in front of the customer
¤ 50-100 customer interviews
¤ Build an email list
¤ Solid effort in Customer Development and no positive
signals
¤ Didn’t find a pain point
¤ Didn’t find payment
¤ Some exceptions – Enterprise is hard and slow… New Media
model is about growth not cash
203. Copyright, DKParker, LLC 2020
How to Pivot
¤ Are you staying in the same TAM?
¤ Is the product wrong?
¤ Is the brand wrong?
¤ Focus on problem first, solution second!
205. Copyright, DKParker, LLC 2020
Session 3 Deliverables
¤ Pivoting –
¤ What’s your timeline
¤ What should you accomplish in 6 months
¤ Build your product and company roadmap
¤ Three year visual for Flat6
¤ 18 Month, category milestones for your financial model
¤ Fundraising
¤ List building
¤ Monthly Update email
¤ Forwardable Email
209. Copyright, DKParker, LLC 2020
Fundraising Process
● Asking for advice vs cash
○ Who do you know that would like out type
of deal
○ What other things would you like to see us
complete before we talk again
● Deals that get closed are pulled by the
investor, not pushed by you
● Find your lead investors – keep the others
warm