Startup 101-final

AN INTRODUCTION TO BUILDING A STARTUP

Housekeeping

Escape Introduction

Please be introduced…

Volunteers for ‘Grill a VC’

1. Conversation vs. Answers

“…there are no magic formulas. So, while many of you have been asking me for a roadmap to prosperity — and I’ve tried to offer a blueprint of a better kind of business — it might be that, despite what late-night infomercials and endless banner ads suggest, there’s probably no framework you can pick up off the shelf, pay a few bucks for, do a little dance around, and (voila!) prosper.”

(Umair Haque)

2. Networks vs. Ideas

“I sort of have an idea, but haven’t really developed it.”

Concentrate on developing your network instead.

3. Autonomy vs. obedience

“Don’t fancy getting your hands dirty? Then don’t join an early stage startup. And whatever you do, don’t start one: I spend at least 50% of my time doing crap that I wouldn’t ask anyone else in the company to do. Like I said earlier, you can probably snag a product management role at a corporate or even a later stage startup and do a great job there.”

(Matt, GoCardless)

AIM OF THE DAY: Rewiring internal monologue.

MODULE #1 IDEA GENERATION

MODULE #1 IDEA GENERATION

SPEAKER: ADELE BARLOW

MODULE #1 IDEA GENERATION

RUNNING ORDER: TALK, EXERCISE, Q&A

How do you generate lots of creative and business ideas?

How can you test ideas before fully committing to them?

How do you distinguish projects from viable business ideas?

How do you get from idea to execution and launch?

How do I make sure this thing doesn’t fail?

How do I make sure this thing doesn’t fail?

Idea + team + execution = system

A company is a vehicle for achieving a goal.

Success = snapshot

How do you generate lots of creative and business ideas?

work the muscle

“Pay particular attention to things that chafe you. The advantage of taking the status quo for granted is not just that it makes life (locally) more efficient, but also that it makes life more tolerable. If you knew about all the things we'll get in the next 50 years but don't have yet, you'd find present day life pretty constraining, just as someone from the present would if they were sent back 50 years in a time machine. When something annoys you, it could be because you're living in the future.”

(Paul Graham – Founder, Y Combinator)

Concentrate on making meaning.

Great companies tend to be built around one of three kinds of meaning:

1.  Increase the quality of life. Make people more productive or their lives easier or more enjoyable.

2. Right a wrong. A variant on the above. Be a part of the solution, not a part of the problem.

3. Prevent the end of something good. Preserve something classic or historical.

find a workout buddy

How can you test ideas before fully committing to them?

iterate towards hypotheses

a.k.a. “date before committing”

Your idea’s not THAT awesome…

… because you have no idea what it could become.

ship an MVP

How do you distinguish projects from viable business ideas?

clarify your assumptions

“Figuring out what the customer wants and will buy sounds easy. It’s not.”

(John Mullins)

build a dashboard

How do you get from idea to execution and launch?

MAT - Milestones, Assumptions, Tasks. All startups must face these seven milestones:  Prove your concept  Complete your design specifications  Create a prototype  Finance yourself (raising capital or some other means)  Ship a beta  Ship the real thing  Break even in terms of money.

Write down a list of assumptions that you are making about the business, and keep track of them. See if they’re true or whether things need correcting.

“You don’t learn to walk by following rules.

You learn by doing and falling over.” (Richard Branson)

build a canvas

Before you can prove a concept, you need to be able to express the concept.

find a sounding board

How do you generate lots of creative and business ideas?

work the muscle

find a workout buddy

How can you test ideas before fully committing to them?

iterate towards hypotheses

a.k.a. “date before committing”

ship an MVP

How do you distinguish projects from viable business ideas?

clarify your assumptions

build a dashboard

How do you get from idea to execution and launch?

build a canvas

find a sounding board

How do I make sure this thing doesn’t fail?

“Ever tried. Ever failed. No matter. Try again. Fail again. Fail better.”

(Samuel Beckett)

IDEA GENERATION EXERCISE #1 20 frustrations

Frustration, Conviction, Time, Skills

This is your idea for the day

IDEA GENERATION EXERCISE #2 Business Model Canvas

IDEA GENERATION EXERCISE #2 Business Model Canvas

Volunteer Group Please!

Q&A How to come up with a business idea? How to test ideas before committing ?

How to distinguish projects from business ideas? How to get from idea to execution?

MODULE #2 STRATEGY & METRICS

MODULE #2 STRATEGY & METRICS

SPEAKER: PAUL GRANT

MODULE #2 STRATEGY & METRICS

RUNNING ORDER: TALK, EXERCISE, Q&A

STRATEGY & METRICS EXERCISE #1 Create your own funnel

Acquisition Activation Retention Referral Revenue

£

STRATEGY & METRICS EXERCISE #2 Create a team dashboard

STRATEGY & METRICS EXERCISE #2 Create a team dashboard

What are the 6 numbers to watch?

STRATEGY & METRICS EXERCISE #2 Create a team dashboard

Volunteer Group Please!

Q&A How to develop a viable strategy?

How to measure progress against goals? How to test towards success?

How to conduct customer development?

MODULE #3: 21ST CENTURY MARKETING

MODULE #3: 21ST CENTURY MARKETING

SPEAKER: ROB SYMINGTON

MODULE #3: 21ST CENTURY MARKETING

RUNNING ORDER: CASE STUDY, EXERCISE, Q&A

A CASE STUDY

+600,000 unique site visitors

pr coverage way above our station

£0 marketing spend

How?

BUILD SOMETHING PEOPLE WANT

GET IN PUBLIC EARLY

subscribers?

my mum, dom’s mum

CONTENT COMMUNITY

CONCEPT

of course that is only half the story

of course that is only half the story

Hustle!

this approach will only get us so far…

VIRAL SEARCH

PAID ADS

what next for esc?

the product becomes the marketing

21ST CENTRURY MARKETING EXERCISE Matthias Surgery!

Q&A How to establish a strong brand identity?

How to navigate the world of social media? How to measure the impact of your efforts? How to do startup PR that gets coverage?

ESCAPES ANONYMOUS

THEN… LUNCH!

LUNCH PLEASE BE BACK IN 20 MINS

(AT 12:50)

LUNCHTIME TALK CHRISTIAN ROTHHARDT

LOO BREAK PLEASE BE BACK IN 5 MINS

MODULE #4: SALES, SALES, SALES

MODULE #4: SALES, SALES, SALES

SPEAKER: ALEX O’BYRNE

MODULE #4: SALES, SALES, SALES

RUNNING ORDER: TALK, EXERCISE, Q&A

SALES EXERCISE #1 The elevator pitch

(in pairs)

SALES EXERCISE #2 The group pitch

Sacrificial lamb from each group

SALES EXERCISE #2 The group pitch

Allocate your team’s £20 in £5 bills

SALES EXERCISE #2 The group pitch

Team spokesperson to justify choice

Q&A How to find your potential customers?

How to get your first 100 paying clients? How to price your products intelligently?

How to build effective sales funnels?

MODULE #5: FINANCE & FUNDING

MODULE #5: FINANCE & FUNDING

SPEAKER: HARRY BRIGGS

MODULE #5: FINANCE & FUNDING

RUNNING ORDER: HOSTED Q&A

THE REVERSE DRAGON’S DEN

INTRODUCING A WORLD FIRST…

MODULE #6: TECH & IT SYSTEMS

MODULE #6: TECH & IT SYSTEMS

SPEAKER: GWYN MORFEY

MODULE #6: TECH & IT SYSTEMS

RUNNING ORDER: TALK, EXERCISE, Q&A

Q&A How to build a website if you can’t code?

How to find good web developers? How to pick the right software tools?

How to build landing pages & A/B test?

MODULE #7: TEAM & RECRUITMENT

MODULE #7: TEAM & RECRUITMENT

SPEAKER: DAVID ANDERSON

MODULE #7: TEAM & RECRUITMENT

RUNNING ORDER: TALK, Q&A

Q&A How to structure strong employee relationships?

How to make your first hire? How to incentivise your team?

How to build strong startup culture?

MODULE #8: STARTUP LEGALS

MODULE #8: STARTUP LEGALS

SPEAKER: WILLIAM ROBBINS

MODULE #8: STARTUP LEGALS

RUNNING ORDER: TALK, Q&A

Q&A How to cover off all my legal bases?

What should I be focusing on at this stage?

MODULE #9 EARLY-STAGE ACCOUNTING

MODULE #9 EARLY-STAGE ACCOUNTING

SPEAKER: DARREN FELL

MODULE #9 EARLY-STAGE ACCOUNTING

RUNNING ORDER: TALK, Q&A

Q&A How to automate financial reporting?

How to know what numbers to measure? How to find the right payment tools?

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