Founders Institute David Jones Founder & CEO - StreetHawk July 2014

www.slideshare.com/djinoz @djinoz

Assumption: The FI Teams are:

‣ Professionals !

‣ Non-technical !

‣ Don’t have a product !

‣ Looking for Tech Co-founder !

‣Will be seeking Seed Funding !

True?

http://robgo.org/2013/10/29/a-seed-vcs-decision-tree/

Begin with the End in Mind

(Or at least the end of the beginning)

Lesson 1: Dream Big

(with free cautionary tale at no extra cost)

Lesson 2: Andrew Chen will save you time

Go get zerototraction from AC - actionable steps in pre-product/market fit

Getting to P/M fit

First to Market Fast Follower

Lesson 3 :Nail the Problem on paper StreetHawk Example

0%

25%

50%

75%

100%

0 1 2 3 4 5 6 7 8 9 10 11 12

Months

Massive Opportunity

App Retention

Lesson 4: Revenue is a deodorant

david DOT jones AT gmail DOT com | skype://djinoz | Cell:+61 412 683 111 | @djinozdavid DOT jones AT gmail DOT com | skype://djinoz | Cell:+61 412 683 111 | @djinoz

Focus or Fail In Australia you have limited resources and cash reserves

then focus is your most valuable disciplineif your hypothesis is wrong at least you “fail fast”

(picture credit: Mick Liubinskas/Pollenizer)

Don’t let Perfect be the Enemy of the

Good

Get to the Core!

DON’T GET HYPOTHESIS BACKLOG !The mistake we all make is to generate product ideas without proving they are so valuable that your customer “must have it”. !Have a look at Lean Canvas: - Method is to break out biggest risk hypothesis - Test first to prove/disprove

Lesson 5: People Lie

So………

Validation Tip of the Day: Look them deep in the eyes and ask for money

Lesson 6:Talk to the right people Looking for 10x differentiation (paid or land grab)

Delusion: Picking the wrong metrics speed though the loop before you run out of money and patience.

Gut-Data-Gut When you don’t have a large enough sample size.

Sukinder Singh Cassidy!http://ecorner.stanford.edu/authorMaterialInfo.html?mid=2900!

How many respondents are required for a good lean startup product-market-fit survey?!http://www.quora.com/How-many-respondents-are-required-for-a-good-lean-startup-product-market-fit-survey

Product vs Sales Matrix Calibrate the company to the product sales needs

!Product needs selling, strong sales

piece. This is a sales-driven company.

!Product sells itself, strong sales piece.

This is ideal. 

!Product sells itself, no sales effort.

Does not exist.

!Product needs selling, no sales effort.

You have no revenue.

Credit: Thiel http://blakemasters.tumblr.com/post/22405055017/peter-thiels-cs183-startup-class-9-notes-essay