6 Month Startup - Month 1 - Seattle Cohort III
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Ideation, Markets and Research. Month 1 of 6 Month Startup Seattle covers orientation of the program and the monthly deliverables for month 2. Ideation - not sure what startup idea to pursue? Here are a number of ways to look at your idea(s). Markets - are you going after a large and growing market or a small and niche market? Research - How do you do startup research, especially when
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6 Month Startup - Month 1 - Seattle Cohort III
- 4. Copyright DKParker, LLC 2015 @6MonthStartup Office Hours – Month 3 & Month 6
- 5. Copyright DKParker, LLC 2015 @6MonthStartup Agenda ¤ About Dave ¤ The next 6 months – what to expect ¤ Mechanics ¤ Scoring your current status ¤ Workshop ¤ Ideation ¤ Markets ¤ Cohort meetup – between sessions for progress check
- 6. Copyright DKParker, LLC 2015 @6MonthStartup About Dave ¤ 5X founder, Board Member, former SVP Programs at UP Global (Startup Weekend + Startup America) ¤ Startup Next creator, Start Week creator/Organizer ¤ Soon to be Author “6 Month Startup – Ideation to Revenue” ¤ 8 transactions – 6 sell side, 2 buy side ¤ VC @SevenPeaksVC – Mountain West, Seed Stage ¤ WTIA Startup Programs Chair ¤ Why? Looking for future founders to invest in…
- 7. Copyright DKParker, LLC 2015 @6MonthStartup The Next 6 Months 1. Ideation/Research/Markets - tonight 2. Customer Development/Competitive analysis 3. Value Prop/Product/Features/Expense/Specifications 4. Revenue - Monetization, Sales, Marketing and Business Development 5. Pitch Prep/Fundraising 6. Pitches
- 8. Copyright DKParker, LLC 2015 @6MonthStartup Hard Problems – start at the base
- 9. Copyright DKParker, LLC 2015 @6MonthStartup Hard Problems – start at the base
- 10. Copyright DKParker, LLC 2015 @6MonthStartup Monthly Mechanics ¤ Your work/Mentor Feedback – during dinner (first hour) ¤ 1:Many Meeting with Mentors – starting next month ¤ Deliverables – your company, your work! ¤ Monthly Content - what you need to be venture ready ¤ Meetups are stand alone events – come for what you need, Mentors are based on homework, not “drop ins”
- 11. Copyright DKParker, LLC 2015 @6MonthStartup Communications ¤ Monthly follow-up email for ticket holders ¤ Morning following event ¤ Slides, deliverables, video ¤ Slack Channel –invite included in tomorrow AM email https://bit.ly/2CaC4mH ¤ #general channel ¤ #introductions channel ¤ #2019seattle channel ¤ Please ask questions there – we’ll answer for everyone’s benefit
- 12. Copyright DKParker, LLC 2015 @6MonthStartup Rules of the Road ¤ #GiveFirst ¤ Network – you need to build you network for the future starting tonight ¤ Don’t Ramble – I’ll interrupt ¤ Mentor access is based on your work ¤ No I won’t do the work for you! Am I checking your homework? ¤ Two months of no deliverables tells the story
- 13. Copyright DKParker, LLC 2015 @6MonthStartup Overview ¤ @6MonthStartup is designed to get you out of your head and get you to revenue in six months ¤ Not all ideas can be accomplished in this time. But you’ll be surprised how far you can get in six months ¤ Can you go faster? Of course, but not all customers will be available on your timeline ¤ The next six months is about preparing you and your idea to prove it’s worth your time
- 14. Copyright DKParker, LLC 2015 @6MonthStartup A Note on Fundraising ¤ Your need for capital does not equal your ability to raise capital! ¤ Need to prove your idea prior to raising $ ¤ Can’t raise on a napkin or Idea (FFF) ¤ More traction means you’ll sell less of your company ¤ Data first – your deliverables will provide the backing
- 15. Copyright DKParker, LLC 2015 @6MonthStartup Venture Ready? Score Your Idea
- 16. Copyright DKParker, LLC 2015 @6MonthStartup Score Yourself 1-4 Team: Why you, balanced team (talents, diversity), domain experts, serially successful founders, great company experience Idea: Are you solving a problem? New or existing problem, big category (vs tool), early/late continuum, technical achievable, pain pill or vitamin Product: do you have a product, how mature, customer first, solid design, clear roadmap to scale Market/Customer: big market (TAM/SOM), cash available, new or nascent market? Competition: How many incumbents, funding status, are you incremental better or 10X better? Traction: Customer validation, revenue, improving unit economics? Timing: Why now? Are you late, early, too early? Revenue Model/Finance: How will you monetize your idea? Do you have a basic budget on spending, big or small economics IP/Moat: Is your idea defensible? Can you build a moat over time? Clear Ask: What do you need help with? Advice, funding, introduction, help finding staff? Total out of 40
- 17. Copyright DKParker, LLC 2015 @6MonthStartup How did you do? Where do you need to improve?
- 18. Copyright DKParker, LLC 2015 @6MonthStartup Starting with Why! ¤ Doing a startup is difficult, odds of failure are high ¤ Simon Sinek Video ¤ About the $$ ¤ Changing the world ¤ Solving a problem ¤ Big or little ¤ Expensive or cheap ¤ A lot of solutions or not many ¤ Unique Intellectual Property – or not
- 19. Copyright DKParker, LLC 2015 @6MonthStartup Passion is important – but not sufficient
- 20. Copyright DKParker, LLC 2015 @6MonthStartup Questions? Take 5 minutes now and write down your Why
- 23. Copyright DKParker, LLC 2015 @6MonthStartup Don’t Fail Fast - Kill Bad Ideas Fast ¤ Unless you have a trust fund writing a big check… don’t fail fast. ¤ Learn to kill bad ideas fast ¤ A mediocre team in a great market can still have a good result – a great team in a poor market will fail
- 24. Copyright DKParker, LLC 2015 @6MonthStartup Ideation – Vectors of Idea ¤ What is a Vector ¤ Direction ¤ Magnitude ¤ Type of Vectors (not all inclusive) ¤ Power to the People ¤ Latent Need ¤ Frustration ¤ Market or Industry Trend – when the internet launched, when Bitcoin launched, space travel ¤ Does the vector get you where you want to go?
- 25. Copyright DKParker, LLC 2015 @6MonthStartup Surfing Analogy ¤ The Wave ¤ The Board ¤ The Surfer ¤ The Trend ¤ The Product ¤ The Leader/Team Market timing = bad waves Small waves are bad Bad product Wrong person/team for the market Are all three lined up for you?
- 26. Copyright DKParker, LLC 2015 @6MonthStartup What problem/opportunity ¤ What’s the problem ¤ Pain Pill ¤ Vitamin ¤ What’s the opportunity ¤ Solving for who? ¤ Can you create and capture value? ¤ Who will pay?
- 27. Copyright DKParker, LLC 2015 @6MonthStartup Your idea changes over time
- 28. Copyright DKParker, LLC 2015 @6MonthStartup Product & Companies ¤ Products aren’t fundable – Companies are fundable ¤ Lifestyle businesses – won’t funded ¤ Local vs. Scalable businesses Which one will you be? ¤ Services vs Product ¤ Exit multiples
- 29. Copyright DKParker, LLC 2015 @6MonthStartup Categorizing your Solution Product Service B2B Salesforce Consulting B2C Games For profit school
- 30. Copyright DKParker, LLC 2015 @6MonthStartup Should you build it?
- 31. Copyright DKParker, LLC 2015 @6MonthStartup And than there’s this ($120M)
- 32. Copyright DKParker, LLC 2015 @6MonthStartup Questions? Take 5 Minutes now and list your Ideas as Problem & Solutions
- 34. Copyright DKParker, LLC 2015 @6MonthStartup Who is the Market & Customer
- 35. Copyright DKParker, LLC 2015 @6MonthStartup Who is the Market & Customer
- 36. Copyright DKParker, LLC 2015 @6MonthStartup Market Conditions ¤ Nascent market ¤ Large markets - >$100M or $1B ¤ Large market provide “at bat” opportunities ¤ Small markets suck ¤ Headwinds or tailwinds?
- 37. Copyright DKParker, LLC 2015 @6MonthStartup Who is your customer? ¤ Product vs. Services ¤ Product is something you can deliver or ship – can you make $$ while you sleep ¤ Services require people to deliver on the value and promise – consulting or a restaurant ¤ Who pays the bill? ¤ A business ¤ The Consumer ¤ The product user and who pays can be different as in Facebook or Google that make money on advertising
- 38. Copyright DKParker, LLC 2015 @6MonthStartup Why/How do they buy? ¤ Make Money vs. Save Money? ¤ Searching for product ¤ Needs to be sold ¤ More on this in Month 4
- 39. Copyright DKParker, LLC 2015 @6MonthStartup Questions? How big is the market? Who Target Customer? How can you find out?
- 41. Copyright DKParker, LLC 2015 @6MonthStartup Research ¤ You are not the customer ¤ Methods of Research ¤ Blue Ocean ¤ Gartner Magic Quadrant ¤ Documentation and Analysis ¤ Google Search – what are the keywords someone would type to find your solution ¤ Crunchbase Search – funding, timing, categories ¤ Competitive Product/Service pricing
- 42. Copyright DKParker, LLC 2015 @6MonthStartup Pattern Matching ¤ Stage ¤ Customer Type ¤ Categories
- 43. Copyright DKParker, LLC 2015 @6MonthStartup Who has tried this before? ¤ What about Analyst report? ¤ Why did they fail? ¤ Use Wayback Machine to look back
- 45. Copyright DKParker, LLC 2015 @6MonthStartup A Note Regarding Biases
- 46. Copyright DKParker, LLC 2015 @6MonthStartup Questions? Where to source your data for your research?
- 49. Copyright DKParker, LLC 2015 @6MonthStartup Pitching your Idea ¤ Clearly communicating your idea is critical for recruiting a co-founder and capital ¤ Starting strong ¤ What questions do you want the audience to ask when you’re through? ¤ Can I invest ¤ Can I help ¤ WTF?
- 50. Copyright DKParker, LLC 2015 @6MonthStartup Dave’s Madlibs Pitch Hi, I’m <your name here>, and the problem I’m solving is <insert problem here>. Our product <insert product info here> is designed for our target customer of <insert target customer here>. We make money by <insert method here> and our team is the right team because <insert why you’re awesome here>
- 51. Copyright DKParker, LLC 2015 @6MonthStartup Write and practice your pitch
- 54. Copyright DKParker, LLC 2015 @6MonthStartup Next Session – February 13 Customer Development & Competitive Analysis WeWork Labs – 925 4th Ave
- 55. Copyright DKParker, LLC 2015 @6MonthStartup Month 1 Resources ¤ Books ¤ Creative Confidence – Tom Kelley & David Kelley ¤ Crossing the Chasm – Geoffrey Moore ¤ Four Steps of an Epiphany – Steve Blank ¤ A Curious Mind – Brian Grazer and Charles Fishman ¤ Industries of the Future – Alec Ross ¤ Blog ¤ Tom Tunguz, Redpoint http://tomtunguz.com/ SaaS and MRR ¤ Brad Feld, Foundry Group http://www.feld.com/ ¤ Fred Wilson, Union Square http://avc.com/
- 56. Copyright DKParker, LLC 2015 @6MonthStartup ¤ Pitch Resources ¤ Startup Weekend ¤ Best Startup Pitch decks ¤ Guy Kawasaki “10 Slides”
- 57. Copyright DKParker, LLC 2015 @6MonthStartup Groups Meetup ¤ Once a month – recommend halfway between the sessions ¤ Rotating “President” each month ¤ Goals ¤ Report progress ¤ Test Data and Beliefs ¤ Mid point check in
- 58. Copyright DKParker, LLC 2015 @6MonthStartup Monthly Deliverables ¤ What is your Venture Ready Score _____ ¤ Write you “Why are you doing a startup” summary ¤ List your problem solutions. Rank based on what you know today ¤ Market Research: Market size, resources for data ¤ Pitch: Outline and practice your pitch ¤ Bring these deliverables next month