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Agenda Business Model Canvas Customer Persona Customer Development Interviews How to Find Early Customers @lloyedlobo #sirdablabsrocks You will get all you want in life if you help enough other people get what they want -Co-founder, Boast Capital, advisory firm, offices in canada & US -Co-founder, Plug & Play Canada, startup investing -Co-founder, boast Media, Cloud Factory, Cascadia summit, traction -columnist, financial post’s calgary herald -run startup next by google for entrepreneurs

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Agenda  

•  Business  Model  Canvas    •  Customer  Persona    •  Customer  Development  Interviews    • How  to  Find  Early  Customers  

@lloyedlobo #sirdablabsrocks

You will get all you want in life if you help enough other people get what they want

-Co-founder, Boast Capital, advisory firm, offices in canada & US -Co-founder, Plug & Play Canada, startup investing -Co-founder, boast Media, Cloud Factory, Cascadia summit, traction -columnist, financial post’s calgary herald -run startup next by google for entrepreneurs

Agenda  

v  Startup  Metrics  

v  Perfec@ng  Your  Pitch  

 

What  Is  A  startup?  

 “A  startup  is  a  company  working  to  solve  a  problem  where  the  solu@on  is  

not  obvious  and  success  is  not  guaranteed,”  Neil  Blumenthal,  

cofounder,  Warby  Parker  

What  Is  A  startup?  

 “A  startup  is  a  human  ins@tu@on  

designed  to  deliver  a  new  product  or  service  under  condi@ons  of  extreme  uncertainty,”  Eric  Ries,  Author,  Lean  

Startup    

What  Is  A  startup?  

 “A  startup  is  an  organiza@on  formed  to  search  for  a  repeatable  and  scalable  business  model,”  Steve  Blank,  Serial  

Entrepreneurs  

This  is  broken  

 Traffic  

 Users    

Revenue  

Growth  Funnel  

Acquisi@on  

 The  process  of  talking  to  customers  to  validate  the  assump@ons  on  your  

business  model  so  you’re  not  was@ng  @me  &  money  building  something  no  

one  wants.  

Ac@va@on  

Reten@on  

Referral  

Referral  

Referral  

Referral  

A/B  Test  

Tools  

Takeaways  

v  Understand  your  market  v  Know  your  goal  v  Analyze  each  phase  of  the  growth  funnel  v  Focus  on  one  key  metric  at  a  @me  v  Obsess  about  tes@ng  

12  Key  Ques.ons  

1.  Why  should  I  pay  a[en@on?          The  Introduc@on  2.  Do  you  understand  your  customer’s  pain?    The  Problem    3.  Do  you  take  the  pain  away?          The  Solu@on    

4.  Is  the  market  a[rac@ve  (big  and  growing)?    The  Market  5.  Who  else  is  doing  this  and  why  pick  you?    The  Compe@@ve  Difference  6.  What  sets  you  apart?  Easy  to  copy/recreate?  The  Technology  

7.  Can  you  find  and  get  customers?        The  Approach  to  Market  8.  How  will  you  make  money  flow  to  you?      The  Revenue  Model  9.  How  much  money  will  you  make?        The  Forecast  

10.  Do  you  have  a  growth  plan?  Exit  Plan?      The  Milestones    11.  Can  you  execute?                The  Team    12.  Who’s  help  do  you  need  &  how  much?      The  ASK      

 

1.  Introduc.on  

v   High  level  summary  of  answers  to  the  12  ques@ons  

v   Grab  the  a[en@on  and  interest  of  your  audience  

FAST  

v   Convince  your  audience  to  spend  @me  considering  

your  product  

v   Start  SELLING  immediately  

2.  The  Problem  

v  Understand  your  Customer  PAIN    in  ac@onable  terms    across  ALL  impacted  stakeholder  groups    

v  Discover  “what's  in  it  for  them”  v  Quan@fy  the  Pain  -­‐  $$$$  v  Key  to  senng  product  delivery  priori@es  v  Show  you  know  the  buying  mo@va@on  v  Get  a  head  start  on  senng  your  price  

3.  Your  Solu.on  

v Describe  how  you  take  the  pain  away  § Qualify  your  solu@on  –  Reduce,  eliminate,  Improve...    § Quan@fy  your  value  proposi@on  -­‐  $$$$  §  For  ALL  stakeholder  groups    § At  department,  company  and  target  market  levels  

v Prove  you  solve  the  pain  v Set  your  price  v Show  TRACTION  

4.  Market  

v  Describe  the  market  for  your  solu@on    How  many  customers  exist  for  your  product  Where  are  they  located?  How  many  products  will  they  buy?  How  much  revenue  will  you  generate  ?  

v  Prove  demand  for  your  solu@on  is  growing  v  Show  your  path  to  market  dominance  

Show  your  market  penetra@on  targets  and  @ming  

v  Describe  market  sensi@vi@es    v  Show  the  opportunity  is  BIG  and  GROWING  

5.  The  Compe..on  

v  Name  your  direct  compe@tors  v  Why  pick  you?  

Show  your  cri@cal  differen@a@on  

v  Show  you  deliver  compelling  VALUE  v  Show  why  customers  will  pick  YOU  

6.  Technology  

v  Show  your  product  Product  status...  Test,  produc@on?  Scalability  

v  Plan  and  partnerships  v  What’s  your  secret  sauce?  v  How  do  you  create  barriers  to  entry?  

IP  strategy...  

7.  Approach  to  Market  

v  Can  you  find  customers?  v  How  do  you  build  Awareness?  

Web  site,  tradeshows,  Social  Media,  press  

v  How  do  you  sa@sfy  demand?  Direct  sales?  Channel  Strategy?    

v     Describe  sales/marke@ng  funnel  

8.  Revenue  Model  

v  Show  unit  pricing  v  Describe  cash  flow  model  

Recurring?  One  @me?  Scalability?  Describe  Up  sell  poten@al  

v  Show  how  $  flows  from  customer  to  you  For  each  channel  Show  your  target  margins  per  product  Show  how  much  your  channels  make  

v  Describe  sales  cycle  v  Show  your  gross  /  net  margin  targets    

9.  Forecast  

v  Show  2,  3,  5  year  Revenue  Targets  Top  line  Revenue  Costs  EBITDA  

v  Show  related  annual  Customer  or  Unit  counts  v  Show  key  revenue  /  financing  events    v  Show  Breakeven  Point  

10.  Milestones  

v  Show  major  Milestones  only  Varies  according  to  path  chosen  

v  Historically  –  what  have  you  done  so  far  v  Future  –  show  you  have  a  plan  for  growth  v  Show  you  have  a  plan  for  their  $$  v  High  Level  only  v  Show  @me  line    

11.  Team  

v  Show  key  execu@ves  Show  WHY  they  are  ideal  for  company  Show  what  roles  they  play  in  company  Show  team  balance  –  Market,  Business,  Tech  

v  Show  current  Board  members  Advisory,  Fiduciary    

v  Show  external  partners    Legal,  Accoun@ng,  manufacturing,  channels  

v  Show  outstanding  recrui@ng  needs  

12.  Ask  

v  Show  Money  already  invested  Founders  Friends  and  Family  Past  3rd  party  $  raises,  Grants,  loans  etc...  

v  Specify  THE  ASK  How  much  $  are  you  looking  for  What  %  of  the  company  will  it  buy    What  is  investment  mechanism  Show  use  of  proceeds  –  high  level  %  only  

v  Discuss  EXIT  Strategy  Show  comparables  

Credits  

v  Dave  McClure    

v  Innovate  Calgary  

Q&A?