Jan kennedy - I have an idea - what now? @WBIS2014
description
Transcript of Jan kennedy - I have an idea - what now? @WBIS2014
http://fi.co | @founding
Jan KennedyDirector: Founder Institute
2014
http://fi.co | @founding
Globalizing Silicon Valley
A peek at Founder Institute…
The Vision
To help launch meaningful and
enduring technology companies
The Mission
Launch 1,000 companies per
year…
Across 100 cities
An idea-stage incubator that helps entrepreneurs create meaningful and enduring technology companies.
Great People
Expert Training
Aligned Incentives
As featured in
4 months
IDEA
VIABLE BUSINESS
42% Funded
90% Success Rate
http://fi.co | @founding
SO YOU HAVE AN IDEA
now what?
http://fi.co | @founding
0. LOOK IN THE MIRROR
Do you have Entrepreneurial
DNA?
“Ideas are worthless if you can’t execute”
Gifted to do the same?
Job Interview: Guard Dog
GOOD TRAITS1. High Fluid Intelligence (not IQ –
recognise patterns & adapt)
2. High Openness (curiosity to challenge norms)
3. Moderate Agreeableness (flexibility)
4. Experience (increases until 40)
BAD TRAITS1. Predatory Aggressiveness
2. Excuse Making
3. Deceit
4. Emotional Instability
5. Narcissism (vanity)
http://fi.co | @founding
1. IDEATE
Goal: Develop a set of strong ideas
The Typical Process…
1. You see a great opportunity 2. You tell your mum & she tells you it’s fantastic
3. You build the solution
You lose all your money!
99.9% of ideas are bad!
http://fi.co | @founding
2. CUSTOMER VALIDATION
Goal: Test your ideas with Research
Who is (going to
be) drinking
your wine?
Problem – Solution Fit
1. Oil is Bad
1. Vespa Buyer
1. Electric Scooter2. No Vespa friends - Educate 2. Trial Vespa
2. Difficult Commute
„skinny tie“ „not sure if I‘m a scooter person“„tried my firends Vespa“
3. Not Sure
2. Difficult Commute
3. Rent then Buy
Interview & Observe Extreme Users
Insights to test…
Get Testing
Early Experiments- Exploration (interview, observation, survey)- Pitch (currency / real proof)
Later Experiments- Concierge Service (manual execution)- Prototype (minimal viable product)
http://fi.co | @founding
3. REVENUE MODELS
Goal: chose an idea on financial merit
Compare Revenue:
StreamsBarriers
Time Steps
DriversModel
Know your Ideal Customer for each Revenue Stream
PersonaDemographic
Preferences
Does it match your Value Proposition?
Looks like you are…
Solving a real Problem+ For real paying
Customers+ With a Viable Solution
= GOOD CHANCE OF MAKING MONEY
Chose 1 idea and move past GO…
http://fi.co | @founding
5. NAMING & POSITIONING
http://fi.co | @founding
6. LEGAL
http://fi.co | @founding
7. ADVISORS & TEAM
Recruit AdvisorsPrep Team Roles to help launchStart RecruitmentCash Vs Equity CompensationComplete Alignment
Joe Abraham
http://fi.co | @founding
8. Product Development
Identify Assumptions to test with an MVP:
Later Experiments- Concierge Service (manual execution)- Prototype (minimal viable product)
Consider Kickstarter Test for physical products
Be current on competitor offerings
Start Wireframing & Paper Prototyping to get fast feedback (Rapid Experimentation)
Product RoadmapWhenProduct SpecificationWhatDevelopment PlanHow
Testing as you build
http://fi.co | @founding
9. Sales Traction
LaunchHigh PriceGet ReferralsClose first dealAnalyse conversion funnel
Refine & Sell More
http://fi.co | @founding
10. Branding + Marketing
GOAL: Establish Market Credibility
http://fi.co | @founding
11. Fundraising
Goal: Seed Capital / Loan
My company,
is developing
to help
(solve a problem)
(with secret sauce)
(company name)
(a defined offering)
(a target audience)
,
Investor Pitch Deck
Company OverviewWhat is the Problem & Opportunity?Size?SolutionHow to deliver the solutionBenefits / Value of solutionSecret SauceCompetitive AdvantageCompetitor MatrixBusiness ModelFinancial ProjectionsFinancial Requirements / MilestoneSummary
42% Funded
90% Success Rate
If all else fails…