online tuesday #34 - what's app? - king yiu chu - beebump

STARTUP

from an idea to an app

King Yiu Chu, CEO & co-founder of beebump

2006 2008

2010 2012

2013

Spark a smile before you arrive!

START-UP

from an idea to a successful app

King Yiu Chu, CEO & co-founder of beebump

“FOUNDING A STARTUP IS REALLY

FUCKING HARD. NO JOKE.”

Joe Stump, CEO SimpleGEO

“Focus on the need not the solution!”

You’ll lose interest when the solution doesn’t fit the need.

Adil Wali (CTO, ModCLoth)

Apps are part of an eco system

Adapt to it or create one!

Let your vision evolve over time

Funding  

Your  brain  Start  

v1.0  

PUNCTUATED EQUILIBRIUM

The theory that speciation occurs in spurts of major genetic alterations that punctuate long periods of little change.

Rapid evolutionary change caused by …

•  changes in the eco-systems •  the power of the added feature •  impact on other eco-systems •  development within a small group •  luck

Ook wel genoemd…

Strong vision follows an evolutionary path, just like in nature. Nature, shows rapidly changes because of changes in eco-systems. The only difference with nature is that we can introduce or change eco-systems in the real world to initiate rapid changes.

Location based services

•  Share your location = bye bye privacy •  GPS drains your phone’s battery •  Friends have to use it as well

•  Perfect timing for a new eco-system:

•  Developers •  Brands •  Agencies •  Online social sharing

•  Small groups make the product evolve

Evolution of online social networks

•  Who solves the privacy issues? •  Who secures my photos, data and social graph? •  The mobile advertising space…

Evolution of online social networks

Make markets more efficient.

Go disrupt an eco system!

Or create new markets.

Form the company

How many partners?

You cannot do this on your own! •  Investors want you to have a partner •  Maximum of 3 founders to avoid control issues

Choose your partner wisely

What to look for? •  Someone who has different skills than you •  Someone with the same work ethic •  Someone who has the same vision

about product development •  Find people with similar values

WATCH OUT!

“Don’t start a startup because you want fame

or fortune. Do it because you are obsessed in

solving a problem.”

•  King Yiu Chu, chinese/dutch passionate, experienced and creative mobile product manager with visionary skills and a sharp eye for details.

•  Michael Gachet, a curious, passionate and creative French engineer with an entrepreneurial streak, a solid software and product development experience.

Funding

Bootstrapping

Venture funding

•  Startups are money drainers! •  funding = losing shares = losing control

create value with millions of users who love your product

Venture funding

•  What’s the investors track record with startups? •  Can they fund a second time? •  Do they have some of their own money in play? •  What’s their sweetspot? •  Are they just as excited as you are?

•  Show them at least a minimal viable product

Investors are NOT your friends!

Venture funding

•  Hire a financial & legal advisor •  Get to know all the details about VC’s

EXPLORE APPS IN THE SAME CATEGORY

•  Learn how they work •  Learn how the flows work •  Read the reviews •  Read comments about the apps on forums •  Ask people what they think about it

“If you are not embarrassed when you ship your first version, you waited too long”

Matt Mullenweg, CEO & Co-founder of Wordpress

PRODUCT DEVELOPMENT

“The best products in the world start out as features.”

Kevin Systrom, CEO Instagram

PRODUCT DEVELOPMENT

“You can’t learn if you can’t fail.”

ERIC RIES, former CTO IMVU

PRODUCT DEVELOPMENT

PRODUCT DEVELOPMENT

PRODUCT DEVELOPMENT

develop a minimal viable product to get your first VC funding

PRODUCT DEVELOPMENT

Minimal Viable Product 1.  Focus on one use case which

addresses the problem 2.  Start with a minimal core of features 3.  Release and listen to your users 4.  Question your initial assumptions

based on feedback 5.  Change and repeat

PRODUCT DEVELOPMENT

•  Don’t focus on backend development •  Focus on what the customer can see and test

PRODUCT DEVELOPMENT

•  Prepare yourself for building a bigger team •  Bring in tools to manage and record progress

STAY  LEAN  &  

STAY  FOCUSSED  ON  YOUR  OBSESSION  

GO TO MARKET STRATEGY

•  Launch within the right target group •  Organize a launch event to start building

your eco-system •  Build virality into your product from the start

•  Don’t spend money on advertising •  Don’t be afraid to take bold decisions

AFTER LAUNCH

•  Kill your darlings •  Evolve fast •  Stay lean & stay focussed

Pull the plug in time when you recognize you’ve failed!

“Stay stubborn when it comes to your vision. But listen when users tell you to change.”

King Yiu Chu

king@beebump.com