San Jose 2017 Q2 Startup Bootcamp (Young Coders) session3
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Adapted, with permission, from original decks by Amit Seth @ https://about.me/aseth
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San Jose 2017 Q2 Startup Bootcamp (Young Coders) session3
- 1. Session 3: Turning your Passion into a Business Opportunity
- 2. Master Agenda Session 1 – April 15th What is creativity? Session 2 – April 22nd Behavior traits of a successful entrepreneur. Session 3 – April 29th, 2:00-3:00 Turning your passion into a business opportunity. 3:00-4:00 App Development Session 4 – May 6th , 2:00-3:00 Steps needed for your startup ... 1, 2, 3 GO. 3:00-4:00 App Development Session 5 – May 13th ,2:00-3:00 Financials of the business opportunity. 3:00-4:00 App Development Session 6 – May 20th , 2:00-3:00 Presentation skills, successful pitches, what ideas got funded. 3:00-4:00 App Develpment Session 7 – May 27th , 2:00-3:00 Tweaking business plans and getting it presentation ready . 3:00-4:00 App Development Session 8 – June 3rd Pitch your business plan to VCs (12 spots will be available).
- 3. Week 1 and 2 recap • Week 1 • Passion • Creativity • Problem • Week 2 • Leadership • Hardwork • Integrity • Social Good
- 4. Example of Turning Passion to Reality “… making the world more open and connected.”
- 5. Marc Zuckerberg Wanted to make the world more open and connected…. Facebook now has over a Billion active users every day!
- 6. Example of Turning Passion to Reality “At a basketball game… If these simple socks started such a craze, he wondered: What would happen if he kicked things up a notch and printed custom designs on them.”
- 7. Brennan Agranoff is a 17-year-old Wanted to make socks more fun • HoopSwagg now offers more than 200 original designs created by Agranoff himself. • Wants to allow customers to create their own designs in the future. • Sells on Amazon, Etsy, ebay.
- 8. TheHacker Way • Quotes from Mark Zuckerberg IPO Letter: • “Facebook was not originally created to be a company. It was built to accomplish a social mission — to make the world more open and connected.” • “Simply put: we don’t build services to make money; we make money to build better services.”
- 9. The Hacker Way – Lot’s to Learn and Imbibe • “The Hacker Way is an approach to building that involves continuous improvement and iteration. Hackers believe that something can always be better, and that nothing is ever complete.“ • Focus on Impact • Move Fast • Be Bold • Be Open • Build Social Value
- 11. Influence & Inspiration of Silicon Valley … • Every field needs expertise in Computing (the ‘Digital’ Era is upon us and here to stay) • It’s all about Data - Big Data • Artificial Intelligence (Machine Learning) - where Computers think and act like humans
- 12. SiliconValley – where VCs are your friends … • What / who is a VC? • Why is a VC important? • Name a VC firm …
- 13. ThinkOutoftheBox
- 14. You have an idea … Now What?
- 16. BusinessPlan Components – Problem, Solution. • Problem Statement • What problem are you trying to solve? • Why is it a big problem? • FFT (Food-for-Thought): What big problem are we facing with our health? • Solution to Problem • What is your solution? • Why are you uniquely positioned to solve the problem? • FFT (Food-for-Thought): What big problem did iPhone solve?
- 17. Business Plan Components – Product, Business. • Business Model • Who will be your customers? • How will you make money? • FFT: How does Facebook make money? • Product and Technology • What is the Product? What will it look like to your customers? • What is the ”special sauce” in your product? What technology will you build? • FFT: What is the product and technology that Google offers?
- 18. Business Plan Components – Market, Sales. • Marketing and Sales • How will you market and sell your product? • FFT: How and where is Coca Cola sold? • Competition • Who else is trying to solve the problem you are solving? • FFT: Who is competing with Tesla?
- 19. Business Plan Components – Team, Finance. • The Team • The Founding Team • The Management Team • FFT: Do startups get founded and run by a single person? Why yes or why not? • Financial Model • Profit = Sales (Revenue) – Cost • FFT: Why do startups fail (only 1 in 10 succeed)?
- 20. Class Exercise
- 21. Class Exercise • My passion: <explain what area(s) you are passionate about> • A problem to be solved in my area of passion: <uncover problem(s) in your area of passion that you think you can help solve> • My startup idea that addresses the problem: <what is the solution you propose that can help solve the problem(s)> •
- 22. Homework
- 23. Homework • Create a founding team – pick team members based on similarity of idea from Week 3 Homework • … or friends of similar age group – in which case pick one of the ideas from the team • Start to convert your Week 3 Homework into a Business Plan (you don’t have to finish it in 1 week) • First focus on your strengths – product, technology, marketing, etc. - We will help you fill the rest … • Use Business Plan Template provided in this presentation
- 24. Appendix – Business Plan Template
- 25. Startup Business Plan Template For Presentation to VCs Adapted from Guy Kawasaki’s 10/20/30 Principle 10 Slides, 20 Minutes, 30 Points Font
- 26. Before you Pitch to a VC! • Uncover your audience’s “Hot Buttons” • Ask yourself the question: • “To make today’s meeting as effective as possible, what are the three most important things that you would like the audience to learn about your company at this time?” • Adjust time & emphasis on sections accordingly 26
- 27. Executive Summary • <Your Company> is a <what you are> specializing in <what you do> for <specific customers>. • Our <special sauce> gives us a <unique advantage> that will capture ??% of this $??? M market. • We will be looking for $?? M to build an <enabling function> that will generate $?? M over the next XX months. • <20% of presenters do this well Business plan template Start filling!
- 28. What’s the Problem? • Describe the problem you are looking to address in simple, clear concise terms • Current state, seriousness of problem • Desired future state, benefit to customer • Scale of the initial market • No more than 6 bullets • Graphics better than words • < 10% of presenters do this well Business plan template Start filling!
- 29. What’s your Solution • Describe your solution in simple, clear, concise terms. • Key benefits, features • Product roadmap • No more than 6 bullets • Graphics better than words • > 70% of presenters do this well Business plan template Start filling!
- 30. What’s the Business Model • Explain how you are going to make money - clear, concise (If you can’t describe your business model in 20 words or less, you probably don’t have a workable model) • What’s the value to the customer? Customer Value =(Seriousness of Current State + Benefits of the Desired Future State) Cost of the Solution • Bottom up is better than top down • < 10% of presenters to this well Business plan template Start filling!
- 31. What’s your “Special Sauce” • What’s the proprietary, underlying “magic” that gives you a clear, defensible advantage? • Patents on their own are rarely sufficient • What are you going to do particularly well that it will be difficult to copy? • Graphics better than words • <30% of presenters do this well Business plan template Start filling!
- 32. How you are going to Market & Sell your product or Service • Describe your Marketing & Sales strategies in simple, clear, concise terms. • 1 or 2 marketing strategies • Sales cycle & strategy for initial market • No more than 6 bullets • Graphics better than words • < 50% of presenters do this well Business plan template Start filling!
- 33. Competition • There is ALWAYS competition – even if it’s the way it’s done now. • Provide a Competition Analysis – a table/chart comparing your solution to the current approach and major competitors, by key benefit • The more realistic you are, the more believable your case • < 30% of presenters do this well Business plan template Start filling!
- 34. Who’s on the Team? • Management Team – Why is this the Right Team? – relevant information only - shorter is better – include relevant company names & positions – include independent Directors, if relevant • Identify holes that will need to be filled • < 10% of presenters do this well Business plan template Start filling!
- 35. Financial Projections • P & L (by Quarter for first year, annually thereafter, 3 years out) • Past Year Q1 Q2 Q3 Q4 TOT 2nd Year 3rd Year • Revenue • COGS • R&D • S&M • G&A • EBIT • Cash Flow • Bottoms up better that top down • Assumptions more important than numbers – be prepared to explain them • < 10% of presenters do this well Business plan template Start filling!
- 36. Status & Timeline • Major Milestones, what’s been achieved to date, Current Status, what still needs to be done & how long it’s going to take. • Include expected liquidity event. • <30% of presenters do this well Business plan template Start filling!