Agenda • Business Model Canvas • Customer Persona • Customer Development Interviews • How to Find Early Customers @lloyedlobo #sirdablabsrocks You will get all you want in life if you help enough other people get what they want -Co-founder, Boast Capital, advisory firm, offices in canada & US -Co-founder, Plug & Play Canada, startup investing -Co-founder, boast Media, Cloud Factory, Cascadia summit, traction -columnist, financial post’s calgary herald -run startup next by google for entrepreneurs
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Agenda
• Business Model Canvas • Customer Persona • Customer Development Interviews • How to Find Early Customers
@lloyedlobo #sirdablabsrocks
You will get all you want in life if you help enough other people get what they want
-Co-founder, Boast Capital, advisory firm, offices in canada & US -Co-founder, Plug & Play Canada, startup investing -Co-founder, boast Media, Cloud Factory, Cascadia summit, traction -columnist, financial post’s calgary herald -run startup next by google for entrepreneurs
Agenda
v Startup Metrics
v Perfec@ng Your Pitch
What Is A startup?
“A startup is a company working to solve a problem where the solu@on is
not obvious and success is not guaranteed,” Neil Blumenthal,
cofounder, Warby Parker
What Is A startup?
“A startup is a human ins@tu@on
designed to deliver a new product or service under condi@ons of extreme uncertainty,” Eric Ries, Author, Lean
Startup
What Is A startup?
“A startup is an organiza@on formed to search for a repeatable and scalable business model,” Steve Blank, Serial
Entrepreneurs
This is broken
Traffic
Users
Revenue
Growth Funnel
Acquisi@on
The process of talking to customers to validate the assump@ons on your
business model so you’re not was@ng @me & money building something no
one wants.
Ac@va@on
Reten@on
Referral
Referral
Referral
Referral
A/B Test
Tools
Takeaways
v Understand your market v Know your goal v Analyze each phase of the growth funnel v Focus on one key metric at a @me v Obsess about tes@ng
12 Key Ques.ons
1. Why should I pay a[en@on? The Introduc@on 2. Do you understand your customer’s pain? The Problem 3. Do you take the pain away? The Solu@on
4. Is the market a[rac@ve (big and growing)? The Market 5. Who else is doing this and why pick you? The Compe@@ve Difference 6. What sets you apart? Easy to copy/recreate? The Technology
7. Can you find and get customers? The Approach to Market 8. How will you make money flow to you? The Revenue Model 9. How much money will you make? The Forecast
10. Do you have a growth plan? Exit Plan? The Milestones 11. Can you execute? The Team 12. Who’s help do you need & how much? The ASK
1. Introduc.on
v High level summary of answers to the 12 ques@ons
v Grab the a[en@on and interest of your audience
FAST
v Convince your audience to spend @me considering
your product
v Start SELLING immediately
2. The Problem
v Understand your Customer PAIN in ac@onable terms across ALL impacted stakeholder groups
v Discover “what's in it for them” v Quan@fy the Pain -‐ $$$$ v Key to senng product delivery priori@es v Show you know the buying mo@va@on v Get a head start on senng your price
3. Your Solu.on
v Describe how you take the pain away § Qualify your solu@on – Reduce, eliminate, Improve... § Quan@fy your value proposi@on -‐ $$$$ § For ALL stakeholder groups § At department, company and target market levels
v Prove you solve the pain v Set your price v Show TRACTION
4. Market
v Describe the market for your solu@on How many customers exist for your product Where are they located? How many products will they buy? How much revenue will you generate ?
v Prove demand for your solu@on is growing v Show your path to market dominance
Show your market penetra@on targets and @ming
v Describe market sensi@vi@es v Show the opportunity is BIG and GROWING
5. The Compe..on
v Name your direct compe@tors v Why pick you?
Show your cri@cal differen@a@on
v Show you deliver compelling VALUE v Show why customers will pick YOU
6. Technology
v Show your product Product status... Test, produc@on? Scalability
v Plan and partnerships v What’s your secret sauce? v How do you create barriers to entry?
IP strategy...
7. Approach to Market
v Can you find customers? v How do you build Awareness?
Web site, tradeshows, Social Media, press
v How do you sa@sfy demand? Direct sales? Channel Strategy?
v Describe sales/marke@ng funnel
8. Revenue Model
v Show unit pricing v Describe cash flow model
Recurring? One @me? Scalability? Describe Up sell poten@al
v Show how $ flows from customer to you For each channel Show your target margins per product Show how much your channels make
v Describe sales cycle v Show your gross / net margin targets
9. Forecast
v Show 2, 3, 5 year Revenue Targets Top line Revenue Costs EBITDA
v Show related annual Customer or Unit counts v Show key revenue / financing events v Show Breakeven Point
10. Milestones
v Show major Milestones only Varies according to path chosen
v Historically – what have you done so far v Future – show you have a plan for growth v Show you have a plan for their $$ v High Level only v Show @me line
11. Team
v Show key execu@ves Show WHY they are ideal for company Show what roles they play in company Show team balance – Market, Business, Tech
v Show current Board members Advisory, Fiduciary
v Show external partners Legal, Accoun@ng, manufacturing, channels
v Show outstanding recrui@ng needs
12. Ask
v Show Money already invested Founders Friends and Family Past 3rd party $ raises, Grants, loans etc...
v Specify THE ASK How much $ are you looking for What % of the company will it buy What is investment mechanism Show use of proceeds – high level % only
v Discuss EXIT Strategy Show comparables
Credits
v Dave McClure
v Innovate Calgary
Q&A?
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