What to do once you have an idea
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Transcript of What to do once you have an idea
FAST START STUDIO
SERGEY SUNDUKOVSKIY PH.D.
What to Do Once You Have an Idea
1
Introduction2
Background3
Agenda
Visualizing Your IdeaPutting Together a DeckFinding Co-Founders/Mentors/AdvisorsBuilding a Prototype
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Startup Progression
Idea is not a product, product is not a company
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Visuals
Idea DescriptionIdea VisualizationWireframes Mockups (UI)Clickable Prototype (UX)VideolizeMind Mapping
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Idea Description
Idea Description Success Calculator: Inventor (cloud over the head). Many factors
represented by circles (founder experience circle, previous startup experience circle, competition circle, funding circle, customer circle, market size, industry circle, board of directors circle, product development experience, advisers circle) go into the SourceIgniter Predictor Engine box, what comes out is a Success Score
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Idea Visualization8
Wireframes vs. Mockups9
Clickable Prototype10
Prototyping Tools11
Videolize
Videolize aka video scribe – Same as visualize only better
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Putting Together a Deck
10-20-30 RuleShow Do Not TellTaxicab and Elevator PitchesTarget CustomerMarket AnalysisDifferentiation and JUDPressure TestingCompetitive Advantages
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Business Plan vs. Business Deck
Business Plan as we knew it in the Business School is dead
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Putting Together a Deck15
Deck Rules
10 slides In reality it is 3 (others are used as reference)
20 min In reality it is 5 (at most)
30 point font Last guy from the end of the table Too much information
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Deck Rules
Picture is always better !!!!!It is worth 84.1 words
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Deck Structure
Executive SummaryProblemSolutionPlatformMarket OpportunityBusiness ModelPricing
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Financial ProjectionsCompetitorsDifferentiationCompetitive AdvantagesTeamMilestones/Roadmap
Mind Mapping
Organize Your Thoughts
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Mind Mapping Tools20
Pitches21
Pitches
Taxicab Pitch“Facebook for teenagers”, “Flicker for Video”Elevator Pitch
What do we do? Who are we doing it for? How are we different?
“ConferenceByWire is an event streaming solution that brings live and on-demand events directly to the remote viewers over the Internet. Unlike other solutions it does not require significant infrastructure investment”
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Pressure Testing
Have your idea and the pitch pressure testedDo not insist on NDAs. Nobody cares
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Market and Customer24
Differentiation
Distinction without difference
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Differentiation
FeaturesBusiness ModelTarget Audience
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Differentiation and JUD
What Investors Are Looking For? JUD – Just Enough Difference Different Enough Not Too Different
Valid Question “Why existing competitors are not focused in ‘this’ area?”
Invalid Question “Why wouldn’t existing competitors replicate ‘this’?”
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Competitive Strategies
Prices We are just like that only cheaper
Differentiation We are just like that with following differences
Niche We are just like that only verticalized
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Competitive Advantages
Not Easy to Overcome Original Content Execution Loyal Customer Base Brand Awareness
Easy to Overcome Patents First Mover Obscurity
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Deck Distribution
Push your deck online
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Finding Co-Founders/Mentors/Advisors
Co-Founder Selection CriteriaFinding Co-FoundersCommitment vs. InvolvementMentor/Advisor Selection CriteriaMentor/Advisor ExpectationsIncubators
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Co-Founder Selection Criteria32
NOT GOOD BAD
GOOD
Where to Find One?33
Co-Founder Selection Criteria (cont.)
Complementary SkillsetWorked Together BeforeSimilar Work EthicSimilar Commitment LevelSimilar Conflict Resolution StyleCan Disagree and CommitIdeal Number of Co-Founders is 3
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Commitment vs. Involvement35
Decide How to Decide
Do no block unless you feel very strongly about it
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Mentor vs. Advisor
Expectation Setting Hands On vs. Not Hands On
Mentor Advice
Advisor Cover Gaps Pressure Testing Industry IQ Introductions
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Mentoring
Real difference is focus. Mentors focus on you. What do advisors focus on?
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Incubators
Help Getting StartedLearning the RopesGood MentorsGreat AdvisorsHelpful IntroductionsRight Atmosphere Place to “Hang Your Hat”
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Right Incubator Program
Make sure to pick a right program for you
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Building a Prototype
Prototype PurposePrototype FeaturesPrototype DurationPrototype Starting PointEvolutionary vs. Throwaway
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Fine Line
Half-Baked and the Prototype are not the same thing
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Building a Prototype
If you are not failing you are not trying hard enough
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Product Development44
Startup DNAby Yevgeniy Brikman
Product Development45
Startup DNAby Yevgeniy Brikman
Prototype Purpose
Fail Quickly and PivotProve Business HypothesisDiscover Inflection PointsCollect Customer FeedbackCollect Initial AnalyticsZero in on a Customer ProfileGet Funding
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Product Evolution vs. Revolution
Which picture do you think is right?Hint: They are not identical
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OR
Product Analytics
If you can’t measure it you can’t improve it
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Analytical Tools49
Traction Points
Sample Traction Points CTR Number of sign ups Number of sign ins Number of video uploads Number of product configurations Number of store deployments
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User Testing
ABT – Always Be Testing
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A/B Testing
Less the data, louder the opinion
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What Can Be A/B Tested?
HeadlineLead (first sentence)Hero ShotFontColorCall To Action Number of Steps in the FunnelAlgorithm
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A/B Testing Tools54
Usability Testing
Eye Tracking
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What Are They Measuring?
AttentionEmotion Task Completion TimeHoveringClicksHotspottingPath
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Usability Testing Tools57
Business Metrics
Sample Business Metrics CPA (Cost Per Acquisition) Churn Break Even Duration TOC (Total Cost of Ownership) LTV (Live Time Value) Average Support Contracts
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Prototype Starting Point
Find open source starter product to build upon
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Prototype Features60
Prototype Features
Features need to prove business hypothesis aka core functionality Usability trumps completeness Speed trumps completeness
Some Business models are too complex for an evolutionary prototype. You might have to settle for throw away prototype Too much technical debt to remedy Too expensive to evolve Can’t find needed resources
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