Spotify, Slack, and Intuit have completely changed the way we listen to music, communicate with teams at work, and manage our finances. These three companies are now worth billions, but all began as startups and all came close to failing. Let’s break down their stories together and examine the insights they each had that led to an exponential increase in their ability to attract paying users.

1. The information contained in this document is being provided on a confidential basis to the recipient solely for the purpose of evaluating TheFamily (“TheFamily” or the “Company”). The document is intended for the exclusive use of the persons to whom it is
given. By accepting a copy of this document, the recipient agrees, for itself and its related bodies corporate, and each of their directors, officers, employees, agents, representatives and advisers, to maintain the confidentiality of this information. Any reproduction
or distribution of this document, in whole or in part, or any disclosure of its contents, or use of any information contained herein for any purpose other than to evaluate an investment in the Company, is prohibited. The information contained in this document or
subsequently provided to the recipient whether orally or in writing by, or on behalf of the Company, or any of its respective related bodies corporate, or any of their respective partners, owners, officers, employees, agents, representatives and advisers (the
“Parties”) is provided to the recipient on the terms and conditions set out in this notice.
TRANSFORMING USERS
INTO CUSTOMERS:
3 CASE STUDIES

2. USERS -> CUSTOMERS
=
PAIN POINT -> NEED -> DEMAND
PAIN POINT FOR 1 PERSON
NEED IS PAIN POINT SHARED BY MANY PEOPLE
SOME OF WHOM ARE WILLING TO PAY = DEMAND

3. HOW DO
MARKETS FORM?
SHIFTS IN
WHAT IS BEING SOLD
WHO IS BUYING

4. MARKET DEMAND ANALYSIS
HAS MARKET CLEARLY STATED ITS NEED?
HOW MUCH IS MARKET WILLING TO PAY?

5. INTO THE UNKNOWN
ANALYZING MARKETS
0% —————————— 99%
PUSH PULL

6. “MARKETS THAT DON’T EXIST DON’T
CARE HOW SMART YOU ARE.”
- MARC ANDREESSEN

7. CASE STUDIES:
Slack
Spotify
Intuit

8. FEB 2014 ➔ 15,000 DAU
AUG 2014 ➔ 171,000 DAU
NOV 2014 ➔ 285,000 DAU
FEB 2015 ➔ 500,000 DAU
3,233% Y/Y GROWTH

9. 1. DEFINED MARKET BY IDENTIFYING USER PAIN
2. NAILED PRODUCT EXPERIENCE BY DOING FEW THINGS EXCEPTIONALLY WELL
3. FUELED BOTTOM-UP, WORD-OF-MOUTH GROWTH BY USING FREEMIUM MODEL

10. STUART BUTTERFIELD
SLACK CEO
“And then over the course of 3.5 years working on the game,
we got up to about 45 people. And every time one of our
internal communication problems got to the point where we
just couldn’t stand it anymore we would spend the minimum
number of minutes addressing that and then move on and
slowly iterate. So we didn’t know it at the time and it wasn’t
obvious until [like] a year ago, in this very non self conscious,
non speculative way we were designing Slack – but based
on the actual needs that we had as a team.
This is the good news and the bad news.After a couple years
we had some insight into why it was successful.The bad news
is that it’s a hard thing to replicate – to be able to actually
design something while not actively thinking about it – but it’s
definitely the best way. Because I think that one of the biggest
problems that software designers, product managers,
entrepreneurs have is the temptation to be really
speculative with what some hypothetical person would
want as opposed to something that you know you need.

11. STUART BUTTERFIELD
SLACK CEO
“When we asked the other 70 to 80%
what they were using for internal
communication, they said,‘Nothing.’
But obviously they were using
something.They just weren’t thinking
of this as a category of software.”

12. STUART BUTTERFIELD
SLACK CEO
“We’re selling a reduction in
information overload, relief from
stress, and a new ability to extract the
enormous value of hitherto useless
corporate archives.We’re selling better
organizations, better teams.That’s a
good thing for people to buy and it is a
much better thing for us to sell in the
long run.We will be successful to the
extent that we create better teams.”

13. 1. PROBLEM SOLVED FOR USER > WHAT YOUR PRODUCT DOES
2. YOUR PRODUCT > DEFINED CATEGORIES
3. NO GROWTH STRATEGY = NO GROWTH

14. SPOTIFY
VALUATION > $10 BILLION
> 50 MILLION USERS
12.5 MILLION PAYING CUSTOMERS

15. DANIEL EK, SPOTIFY FOUNDER & CEO
DEFINITION OF AN ENTREPRENEUR
“SOMEONE WHO IS ANNOYED ENOUGH BY A PROBLEM TO WANT TO SOLVE IT.”

16. SPOTIFY GROWTH
• NAÏVETÉ WAS AN ASSET
• EXECUTION WAS ALL THAT MATTERED
• OPPORTUNITY IS EVERYWHERE

17. SPOTIFY
1. LASER FOCUS ON PRODUCT MARKET FIT
2. FREEMIUM MODEL = VIRAL EFFECTS
3. EXCLUSIVE DEAL WITH FACEBOOK

18. SPOTIFY
“THINK ABOUT WHAT PROBLEM YOU
WANT TO SOLVE AND BE REALLY CRISP
ABOUT THAT, ESPECIALLY IF YOU’RE A
TEAM OF PEOPLE... WHAT’S THE
ULTIMATE PRODUCT SOLUTION AND
THEN RATCHET IT DOWN AND THINK
ABOUT THE SHORTEST WAY FROM
POINT A TO POINT B FOR THE USER.”

19. DANIEL EK’ GROWTH TIPS
1. SAY “NO” MORE OFTEN
2. STATE COMPANY WIDE METRIC GOALS VERY CLEARLY
3. SURROUND YOURSELF WITH A PLAYERS
4. HIRE FAST AND FIRE FAST

20. INTUIT & MINT
PERSONAL FINANCE SOFTWARE
INTUIT FOUNDED IN 1983 BY SCOTT COOK
MARKET CAP : $24 BILLION
MINT FOUNDED IN 2006 BY AARON PATZER
SOLD TO INTUIT FOR $170 MILLION

21. INTUIT
NOT SELLING “PERSONAL FINANCE SOFTWARE”
FOCUSED ON REDUCING TIME & HASSLE

22. INTUIT & MINT
NEITHER WERE FIRST TO MARKET
BOTH CONQUERED MARKET USING ITERATIVE DESIGN

23. MINT
2 YEARS AFTER FOUNDING, GREW
TO 1.5 MILLION USERS AND WAS
BOUGHT BY INTUIT FOR $170
MILLION
WHY ?
HOW?

24. MINT VS INTUIT
MINT BEAT INTUIT AT ITS OWN GAME
MINT SETUP TIME10 MINUTES VS 1 HOUR FOR QUICKEN
50% OF QUICKEN EXPENSES FELL UNDER “UNCATEGORIZED”

25. ADVICE IS GENERAL
EVERY STARTUP IS UNIQUE
PERSONAL FINANCE MVP
HIGH LEVEL OF TRUST REQUIRED
NO VIRAL EFFECTS BUILT IN - HOW TO GROW?

26. MINT GO-TO-MARKET
FREE PRODUCT
HIGH QUALITY BLOG CONTENT
EMAIL COLLECTION AT END OF EVERY BLOG POST
BLOG FILTER: “WILL THIS GET PEOPLE TALKING & SHARING?”
VIP ACCESS TO USERS WHO POSTED BADGE TO SOCIAL MEDIA
PRESS: 550 INTERVIEWS, 255% INCREASE, 20K SIGNUPS/DAY, CAC < $1
SEO: OPTIMIZED LANDING PAGES FOR PERSONAL FINANCE QUERIES
PAID ADS: TARGETED COMPETITORS’ KEYWORDS

27. UNDERSTAND YOUR GROWTH
CHANNEL 1 X CTR X CONVERSION RATE
CHANNEL 2 X CTR X CONVERSION RATE
CHANNEL 3 X CTR X CONVERSION RATE
CHANNEL 4 X CTR X CONVERSION RATE
CHANNEL 5 X CTR X CONVERSION RATE
…

28. WHAT DID WE LEARN?
1. TALK ABOUT HOW YOUR PRODUCT IMPROVES USERS’ LIVES
2. DON’T LIMIT YOURSELF TO EXISTING MARKETS (BUT NEW = HARD)
3. UNDERSTAND WHAT’S DRIVING YOUR GROWTH
4. PLEASE CUSTOMERS & THEY’LL SAY NICE THINGS ABOUT YOU
5. FOCUS YOUR COMPANY ON GROWING ONE METRIC AT A TIME
6. OBSERVE YOUR CUSTOMERS & ITERATE REGULARLY
THIS IS ALWAYS TRUE, EVEN FOR A $BILLION COMPANY

29. YOUR STARTUP?
0% ———————— 99%
PUSH PULL

30. The information contained in this document is being provided on a confidential basis to the recipient solely for the purpose of evaluating TheFamily (“TheFamily” or the “Company”). The document is intended for the exclusive use of the persons to whom it is
given. By accepting a copy of this document, the recipient agrees, for itself and its related bodies corporate, and each of their directors, officers, employees, agents, representatives and advisers, to maintain the confidentiality of this information. Any reproduction
or distribution of this document, in whole or in part, or any disclosure of its contents, or use of any information contained herein for any purpose other than to evaluate an investment in the Company, is prohibited. The information contained in this document or
subsequently provided to the recipient whether orally or in writing by, or on behalf of the Company, or any of its respective related bodies corporate, or any of their respective partners, owners, officers, employees, agents, representatives and advisers (the
“Parties”) is provided to the recipient on the terms and conditions set out in this notice.
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