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#TiEBootcamp
@kanchankumar
#TiEBootcamp
@kanchankumar
Key Ingredients of Startup
Success
Kanchan Kumar
19-Apr-2015
TiE Mumbai – Lufthansa
Runway to Success mentoring camp
#TiEBootcamp
@kanchankumar
#TiEBootcamp
@kanchankumar
Disclaimer
• There is no recipe for success, just some well
known ingredients
• No Guru can you make you successful
• Everyone has to walk their own path
• All you learn from ‘Startup Gurus’ is their
experiences
• All someone could help is, give you a new
perspective
• I am not even a guru
Decide whether you still want to continue with this gyan
#TiEBootcamp
@kanchankumar
2 models of startup
• There are two models of running a business:
– Large target market, High growth, high risk
businesses
– Smaller market, high margin, slower growth,
stable business
• This discussion focuses on high growth model
#TiEBootcamp
@kanchankumar
Key ingredients
• Large market opportunity
• High quality team
• Your own unique insights
• Ability to build a highly differentiated product
• Agility to experiment & iterate to reach
product-market fit
• Aptitude to market
• Capability to sell
• Realistic perseverance
#TiEBootcamp
@kanchankumar
Large opportunity
Opportunity = large base of targetable customer
+ a pressing problem/aspiration
Most common mistake
• Start with a solution
• Then try to find the customer/market
#TiEBootcamp
@kanchankumar
High quality team
• Complimentary capabilities
• Common life goals
• Shared vision
• Implicit trust
• Comfortable being ‘naked’ with each-other
• More action, less talk
• Capability to roll-up sleeves and dirty their own
hands
• Ability to live with uncertainty
#TiEBootcamp
@kanchankumar
Your own unique insight
• Something that you have deeply
learnt/observed/experienced about – what
works & what doesn’t :
– Market/Customer
– Problem/Solution
– Discovery/Sales
• Something that’s not common knowledge
• Not something one can Google/Wikipedia
#TiEBootcamp
@kanchankumar
Differentiator
• Deep understanding of what exactly is the
differentiator of your offering
• What isn’t differentiator:
– Cheaper
– Better
– Faster
– Certainly not a feature
• Capability to build a differentiated product
#TiEBootcamp
@kanchankumar
Product-market fit
• One core use-case
• One core TG
• Customer interviews
• Iterate with MVP till you find acceptance
– Of product
– Of message & medium that gets you discovered
– Of pitch that sells
• Do one thing, do it well
#TiEBootcamp
@kanchankumar
Marketing
• Build a brand from day-one
• Understand what message gets you attention
• Understand which medium takes you to customer
in most optimal fashion
• Understand scalability of discovery process
• Remember :
– People buy the brand before they buy the product
– Customer doesn’t want your features, she wants
benefit/solution
#TiEBootcamp
@kanchankumar
Sales
• Being shameless
• Not afraid of cold calls
• Not embarrassed of reaching out to ‘anyone’
• Rejection doesn’t bother a sales guy
• Understanding of : which pitch sells to which kind
of customer
• Understand scalability of sales process
ABC : Always Be Closing
#TiEBootcamp
@kanchankumar
Realistic Perseverance
• Knowing how long to persevere
• When to give up
• Setup benchmarks before you begin
• Review these periodically
#TiEBootcamp
@kanchankumar
Business plan?
So you might ask – what about the B-plan?
• Write all of this down, that’s your business
plan. Rest everything is a template
• Review periodically, as and when there are
changes in any of these
#TiEBootcamp
@kanchankumar
Just another unemployable guy making
his 3rd attempt to build a $bn business
I am not a guru, not an investor (not even successful)
just an average guy changing the world 
Kanchan.Kumar@gmail.com
@kanchankumar
+91-98206-25546
Who am I?

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Key ingredients for Startup Success

  • 1. #TiEBootcamp @kanchankumar #TiEBootcamp @kanchankumar Key Ingredients of Startup Success Kanchan Kumar 19-Apr-2015 TiE Mumbai – Lufthansa Runway to Success mentoring camp #TiEBootcamp @kanchankumar
  • 2. #TiEBootcamp @kanchankumar Disclaimer • There is no recipe for success, just some well known ingredients • No Guru can you make you successful • Everyone has to walk their own path • All you learn from ‘Startup Gurus’ is their experiences • All someone could help is, give you a new perspective • I am not even a guru Decide whether you still want to continue with this gyan
  • 3. #TiEBootcamp @kanchankumar 2 models of startup • There are two models of running a business: – Large target market, High growth, high risk businesses – Smaller market, high margin, slower growth, stable business • This discussion focuses on high growth model
  • 4. #TiEBootcamp @kanchankumar Key ingredients • Large market opportunity • High quality team • Your own unique insights • Ability to build a highly differentiated product • Agility to experiment & iterate to reach product-market fit • Aptitude to market • Capability to sell • Realistic perseverance
  • 5. #TiEBootcamp @kanchankumar Large opportunity Opportunity = large base of targetable customer + a pressing problem/aspiration Most common mistake • Start with a solution • Then try to find the customer/market
  • 6. #TiEBootcamp @kanchankumar High quality team • Complimentary capabilities • Common life goals • Shared vision • Implicit trust • Comfortable being ‘naked’ with each-other • More action, less talk • Capability to roll-up sleeves and dirty their own hands • Ability to live with uncertainty
  • 7. #TiEBootcamp @kanchankumar Your own unique insight • Something that you have deeply learnt/observed/experienced about – what works & what doesn’t : – Market/Customer – Problem/Solution – Discovery/Sales • Something that’s not common knowledge • Not something one can Google/Wikipedia
  • 8. #TiEBootcamp @kanchankumar Differentiator • Deep understanding of what exactly is the differentiator of your offering • What isn’t differentiator: – Cheaper – Better – Faster – Certainly not a feature • Capability to build a differentiated product
  • 9. #TiEBootcamp @kanchankumar Product-market fit • One core use-case • One core TG • Customer interviews • Iterate with MVP till you find acceptance – Of product – Of message & medium that gets you discovered – Of pitch that sells • Do one thing, do it well
  • 10. #TiEBootcamp @kanchankumar Marketing • Build a brand from day-one • Understand what message gets you attention • Understand which medium takes you to customer in most optimal fashion • Understand scalability of discovery process • Remember : – People buy the brand before they buy the product – Customer doesn’t want your features, she wants benefit/solution
  • 11. #TiEBootcamp @kanchankumar Sales • Being shameless • Not afraid of cold calls • Not embarrassed of reaching out to ‘anyone’ • Rejection doesn’t bother a sales guy • Understanding of : which pitch sells to which kind of customer • Understand scalability of sales process ABC : Always Be Closing
  • 12. #TiEBootcamp @kanchankumar Realistic Perseverance • Knowing how long to persevere • When to give up • Setup benchmarks before you begin • Review these periodically
  • 13. #TiEBootcamp @kanchankumar Business plan? So you might ask – what about the B-plan? • Write all of this down, that’s your business plan. Rest everything is a template • Review periodically, as and when there are changes in any of these
  • 14. #TiEBootcamp @kanchankumar Just another unemployable guy making his 3rd attempt to build a $bn business I am not a guru, not an investor (not even successful) just an average guy changing the world  Kanchan.Kumar@gmail.com @kanchankumar +91-98206-25546 Who am I?