NWEN and Founder Institute Ideation Bootcamp - Week 2 - Venture Ready Research & Models
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The document summarizes Week 2 of an Ideation Bootcamp. It includes details about the weekly format which involves food/beverages, introductions, presentations from two mentors on research and models, Q&A, break, and working groups. Biographies are provided for the two mentors, David Bluhm and Dave Parker. Various business models are then discussed including B2B, B2C, pricing, and the B2B sales process. 13 consumer business models are listed. Attendees are asked to explain their ideas and pick a proxy business model. Homework involves gathering total addressable market, serviceable addressable market, and share of market data plus a competitive analysis and defining key assumptions benchmarked
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NWEN and Founder Institute Ideation Bootcamp - Week 2 - Venture Ready Research & Models
- 1. Ideation Bootcamp Week 2
- 2. Weekly Format • 6:30 – Food/beverages • 6:45 – Introduction to topics & mentors • 7:00 – David Bluhm – Research • 7:30 – Dave Parker – Models • 8:00 – Q&A • 8:25 – Break • 8:45 - Working Groups • 9:15 – Home work
- 3. About Mentors David Bluhm Dave Parker • Entrepreneur & Founder • Director, Seattle Founder Institute • Chairman of Z2Live Mobile • Entrepreneur Gaming • Board Member Guidant Financial • Enterprise Software • Former Board Member • Venture Capital Classmates.com
- 4. David Bluhm
- 5. Customer Acquisition “The primary reason that I think most startups fail is lack of customer acquisition at at reasonable economics” Dave McClure • Business Model – B2B, B2C, Retail, Web Direct, Channel • Product Pricing
- 6. B2B Models
- 7. Business to Business • Direct Sales – Inside Sales – Outside Sales – High Price Point • Indirect (Channel) Sales – Does NOT create demand, only fulfills demand – Partnered with Services • Web Direct – PPC, Banner – Prospects need to be looking for your product
- 8. B2B Sales Process B2B Sales Process Step 1: Suspects (0% – 20%) 1 UNDERSTAND Step 2: Prospects (20% – 30%) My Needs & Desires Step 3: Qualified Prospects “SMART” (30% – 50%) 2 Step 4: Requirements ~ Go No-go (50% – 65%) ALTERNATIVES Step 5: Develop “Draft” and Pre-Sell Solution (65% – 80%) To Satisfy My… Step 6: Finalize your Proposal (80% – 90%) 3 Step 7: Close (90% – 95%) SELECT BEST TIME, Price, Closing Ratios Between Steps
- 10. 13 Consumer Models • TechCrunch Teardown: 13 Consumer Internet Business Models (Part I) « The World According To Carp http://fndri.com/jEvuYa - Steven Carpenter – Media – Paid Service – Physical Commerce • Your idea has to foot to a model! • Benchmarks
- 13. Your examples • What model will you use? How will you model it
- 16. Idealibs for Startups I want to develop (a defined offering) to help (a target audience) (solve a problem) (with secret sauce)
- 17. Founder Institute - Seattle • http://fi.co/apply/135/ • 15 Week Program with Local Founder/CEOs • Ideation to fundraising, office hours/coaching • Tuesday night meals • Costs – $50 Application Fee/TestWaived if applying by Feb 17th – $995 Course Fee – 3.5% of company into shared pool (peers, mentors and FI) – Post funding tuition - $4,500
- 18. Home Work • Gather and present – TAM – SAM – SOM • Gather and present competitive analysis • Pick a proxy business model – Begin to define your key assumptions – Benchmark assumptions to industry data