Post on 20-Sep-2014
description
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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