Download - Pirate dashboard
To know when to stop backing a startup or double down
The lack of clear data from startups erodes trust
Investors haven’t got the time to be chasing startups for updates
They require better Transparency into their investments
The issue for investors..
“Wayra Ireland is now using Pirate Dashboard to drive quantitative, metric driven reporting with our investment portfolio, enabling us to better manage and drive accelerated growth and net book value.”
- Karl Aherne, Director Wayra Ireland
The problem with startups…If startups were focusing on the right things, they would be more successful!
• Customers• Revenue
Investors tell them that they are most interested in seeing• User growth • Revenue
But during customer development we learned• 20% of them gather NO metrics• 60% put little (or merely some) importance on collecting them
You can’t show what you don’t measure!
So what are the reasons a startup give for not collecting metrics?• Hard to implement – what should I measure and with which tools? • Time consuming to do regularly• Not a priority
The reality is that they are afraid to learn the truth!• Maybe they haven’t got a business• They have no customers• They need to pivot
Metrics make for Honest startups!• Give them nowhere to hide• Provide real focus
The problem with startups…
“Pirate dashboard will make Eventmama incredibly more efficient in how we gather and report on what's going on in our startup.
Reporting they offer will not only save us manually gathering and analysing data - but the real-time insights into our business will allow us to act and iterate much faster.”
- Louise Caldwell, CEO EventMama
Our Goal is…To be the standard in communications between startups and investors!
Startups need to be HONEST with themselves. Dave McClure’s Pirate Metrics framework is used to keep a startup focused on customers and revenue from the start.• Acquisition, Activation, Retention, Revenue and Referral
Investors require TRANSPARENCYBy using data from 3rd party tools that the startup uses, trust can be built. The more data, the clearer the view.Display an up to date investor dashboard
We like to call it “The Trust Equation”
The Trust Equation
Startup InvestorHonesty Transparency
Investment&
Support
Trust
The Pirate Dashboard
1. What type of startup are you?
2. Your startups Pirate Metrics at a glance
3. Easily setup custom metrics with data from 3rd party tools
5. Create a story around your data with the newsfeed
4. You can manually input data 6. Share dashboards with investors
What makes us different?Layer Approach
• We sit on top of a startups’ existing tools• They can continue to use their marketing, sales and engineering tools in their
day to day and use Pirate Dashboard to get a 360º view of their business
Singular Focus• We provide a rigid framework focused on the Pirate Metrics• There are many things a startup can measure but we focus them on what they
should measure!
Fit for purpose• NOT a financial planning tool• Designed to be used on a daily basis for decision making!• Building a tool that we ourselves use to get customers and investors
Product RoadmapOur development philosophy
Features come from two sources: customer requests and our own hypotheses.
Customers are able to suggest and “up-vote” which 3rd party tools or features they want us to develop.
All features requested are validated through user testing.
This has led to a dynamic roadmap based on our customers’ needs.
Product RoadmapFeature Jan Feb March Arpil May June July Aug SeptInvestor Portfolio Dashboard XPeer Benchmarking XOne Metric That Matters XGoal Setting XData Export XBasic Reporting XTV Mode XDashboard Alerts XEmail Alerts XShared Dashboards XForecasting XData Import XAdvanced Reporting XPush API X3rd Party Tool Integration X X X X X X X X X
The TeamRussell BanksSales & Marketing20 years selling
Daniel KerstenEngineering14 years coding
Eoin McKiernanEngineeringMSc. Computer Science
Eoin HurrellData ScientistPhD. Computer Science
As a team we….
• previously from Conker.io• Predictive analytics for games
• learned that startup success comes from• Revenue • Execution
• are focused on• Delivery• Revenue
The Team
David Coallier(Previously Conker Advisor)
NOWInvestor & Advisor
Eamon Leonard(Previously Conker
Advisor)
NOWAdvisor
Wayra Ireland(Previously Conker
Investor)
NOWCustomer
Appendix A – Customer Development• Who we have spoken to
• Types of startups
• What metrics do investors tell you are important?
• Metric use in decision making VS collection of metrics
• Commonly used metrics tools
• Basic metrics framework
150+ Customer Development meetings and counting
The following results come from over 70+ cus dev meetings with startups during The Dublin Web Summit
Appendix B - Investors• Market Opportunity
• Revenue Generating
• Funding Requirement
• Competition
“Russell and Dan have shown exceptional drive and an unwavering focus in the development of the Pirate Dashboard product, customer development and early revenue generation.”
- Karl Aherne, Director Wayra Ireland
Market OpportunitySTARTUPS (funding stage)Friends & Family
Angel
Seed
Growth
Operational
INVESTORS (type)
Angel
Super Angel
Accelerators/Incubators
State Agencies
VC’s
192,616*-205,882** Startups
11,385*-24,242** Investors
3,605** Publicly Raising 298*-1,478** Incubators
Annual Subscription(per startup)
€1,200
€4,207,200 €17,736,000* **
Startups per Incubator
10 Initial Market
€21,943,200BUT
VC’s did 4,905 deals worth $41.5bn
in 2012***
*** Ernst & Young: Global venture capital insights and trends 2013
Revenue Generating• 150 + Customer development meetings since September’13
• 24 Pre-orders @ €50 each to participate in beta
• Private Beta starts in Jan ‘14
• Letter of Intent:• Wayra Europe for 50+ Startups.
Competition
Investor Transparency(Shared live dashboards and/or financial reports)
Star
tup
Hon
esty
(Pro
vide
s rig
id m
etric
s ba
sed
fram
ewor
k)
High
Low High