Agile Marketing Meetup - Distribution to raise VC $
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Transcript of Agile Marketing Meetup - Distribution to raise VC $
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Agile Marketing Meetup - February 11, 2014Mike Harden - Artis Ventures
Paul Willard - Subtraction Capital
Sponsors: Mindjet + Hotwire
Distribution to Raise VC $
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• Never legal/tax advice
• Distribution focus
• Still too broad
• Snowflakes
• Disruptive software
Disclaimers
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• 4 Tech Startups
• >$500m raised
• Dozens of advisory raises
• Move to the Dark Side
My Scars
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• Problem
• Not “how does this make the world a better place”
• Vitamin pain pill: Addiction?
• 7 deadly sins
• Portfolio test
Series Seed: The Problem
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• Market - Run rate
• People - Tech/Product/Distribution
• Multiple - perceived value
• Bonus points: virality, network, ip
• Pilot - the bar
Series Seed - The Rest
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• Beta customers• Enterprise - 5• Consumer - fanboys
• Take the product away?
• LTV proxies• Conversion/Activation• Engagement/1st Time UX• Retention
Series A: Product-Market Fit
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Active User %
Month since sign-up
Active %
100%
Reverse Engineering
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• eCommerce
• Media
• Seat License
• Freemium
• Free for consumers
• Fortune 500 premium
• Sales method
Series A: Revenue Model
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• Funnel
• Cohorts
• Addictive design
• Seeding the funnel
• Virality, network, ip
• Scalable growth
• Progress - the bar
ASeries A: Bonus Points
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Cumulative Customers
% Customers Paying
• Up and to the right/scalable
• Quality/LTV/ROI - Cohorts
• Revenue• Ramp• Quality
Growth Rounds B+
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• Vintage curves
• Very predictive
• Almost anything can be cohorted
• Unitization
• Cohort buildup vs averages
Cumulative LTV/customer
Active User %
Cohorts (the shizzles)