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Startup Secrets: Building a Compelling Value Proposition

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Standard presentation for Underscore VC's Startup Secrets program workshop Building a Compelling Value Proposition.

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Startup Secrets: Building a Compelling Value Proposition

  1. Startup Secrets: Building a Compelling Value Proposition 6.14.19
  2. Confidential & Proprietary @underscorevc Startup Secrets Workshops 2 1. What’s Your Roadmap to Success? 2. Building a Compelling Value Proposition 3. Turning Products into Companies 4. Culture, Mission and Vision 5. Hiring A+ Talent 6. Game-Changing Business Models 7. Go to Market Strategies 8. Getting Behind the Perfect Investor Pitch 9. Funding Strategies to go the Distance 10. Have You Got What It Takes? 11. Mastering Mutual Mentorship
  3. Confidential & Proprietary @underscorevc Agenda Evaluate Build Gain Pain Value Prop Define Ideas Problem Solution 3
  4. Confidential & Proprietary @underscorevc ● For (target customers) ● Who are dissatisfied with (the current alternative) ● Our product is a (new product) ● That provides (key problem-solving capability) ● Unlike (the product alternative) Value Proposition 4
  5. Confidential & Proprietary @underscorevc ● For Mobile Enterprises ● Who are unable to deliver Apps to users bringing their own devices to work ● Our product is an Enterprise App Services Environment (EASE) ● That provides for users to securely access Apps and Information ● Unlike (MDM), our patented Cloud based (MAM) solution is instantly turned on and scales to tens of thousands of users Example: Apperian 5
  6. Confidential & Proprietary @underscorevc Where Might You Start? Evaluate Build Gain Pain Value Prop Define Ideas Problem Solution 6
  7. Confidential & Proprietary @underscorevc Ideas: Free Floating? 7
  8. Confidential & Proprietary @underscorevc Agenda: Problem Evaluate Build Gain Pain Value Prop Define Ideas Problem Solution 8
  9. Confidential & Proprietary @underscorevc ● Unworkable ● Unavoidable ● Urgent ● Underserved Problems worth solving are usually the 4 U’s… Problem 9
  10. Confidential & Proprietary @underscorevc ● Broken business process ● Consequences? If the consequences are costly or painful, so much the better. e.g., Who gets fired if this doesn’t work? Unworkable 10
  11. Confidential & Proprietary @underscorevc ● Accounting ● Regulation Unavoidable 11 Is the problem so fundamental you can’t avoid it and just have to comply?
  12. Confidential & Proprietary @underscorevc ● Relative to Other Needs ● Priority ○ Determines resources allocated Urgent 12 If you’re not at the top of the list, are you at least in the top 3? If not, will you get moved up or down over time and why?
  13. Confidential & Proprietary @underscorevc Underserved: Business 13 ● You will compete in a zero-sum game ● Finite: ○ Money ○ Time ○ People ○ Attention
  14. Confidential & Proprietary @underscorevc ● Social ○ Find ○ Connect ○ Communicate ○ Meet ○ Share ○ Entertain ○ Date Examples:Needs: ● Social ● Security ● Physical ● Economic ● Recognition ● Responsibility ● Achievement ● Growth Underserved: Consumers 14
  15. Confidential & Proprietary @underscorevc Qualify the Need Is it BLAC & white? ● Blatant ● Latent ● Aspirational ● Critical Blatant Latent Aspirational Critical White Spac e 15
  16. Confidential & Proprietary @underscorevc ● Is it addressing a “white space” in the market? ○ an open area of opportunity ○ which you can capture ○ uniquely well ○ AND defend with a moat ■ NOT just technology, business model too moat Startup Secret! Create a Moat 16
  17. Confidential & Proprietary @underscorevc ● Is it 4 U? ○ Unworkable ○ Unavoidable ○ Urgent ○ Underserved ● Is it BLAC and white? Problem: Summary 17
  18. Confidential & Proprietary @underscorevc Ideas Can Now Be Applied! 18
  19. Confidential & Proprietary @underscorevc Blatant Critical Ideas: Fit to Problem 19
  20. Confidential & Proprietary @underscorevc Agenda: Solution Evaluate Build Gain Pain Value Prop Define Ideas Problem Solution 20
  21. Confidential & Proprietary @underscorevc Solution 21
  22. Confidential & Proprietary @underscorevc • Faster • Cheaper • Better Startup Opportunity? 22
  23. Confidential & Proprietary @underscorevc What is your compelling breakthrough? 3D Break Something! 23
  24. Confidential & Proprietary @underscorevc 3D Breakthrough Opportunities 24 ● Discontinuous innovation ● Defensible technology + ● Disruptive business model A breakthrough that COMPELS people to ACT !
  25. Confidential & Proprietary @underscorevc ● It’s often as much work going after a small fight… ● Big problems often = big opportunities Startup Secret! Pick a BIG Fight 25
  26. Confidential & Proprietary @underscorevc ● It’s often as much work going after a small fight… ● Big problems often = big opportunities ● Start small (Execution), think BIG (Vision), develop a ROADMAP ● See Roadmap to Success on startupsecrets.com ○ e.g., Uber ■ An app with the potential to disrupt an industry Startup Secret! Develop a Roadmap 26
  27. Confidential & Proprietary @underscorevc Agenda: Evaluate Evaluate Build Gain Pain Value Prop Define Ideas Problem Solution 27
  28. Confidential & Proprietary @underscorevc Before After Acute Pain ☹ Absolute Joy ☺ Qualitative Evaluation 28
  29. Confidential & Proprietary @underscorevc Before After Acute Pain ☹ Absolute Joy ☺ Qualitative Evaluation 29 Vitamin vs. Morphine
  30. uTest* Example *later renamed Applause
  31. Confidential & Proprietary @underscorevc ● For companies with web or mobile apps ● Who are dissatisfied with apps that work as expected in the QA lab, but not in the hands of end users ● Our in-the-wild testing ● Enables them to test their apps under real-world conditions ● Unlike outsourced testing, which merely moves the QA lab to a cheaper part of the world, but doesn’t actually improve app quality uTestBefore & AfteruTest - Value Proposition 31
  32. Confidential & Proprietary @underscorevc Before: Test In The Lab & Hope Testing inside the lab is vital. But today’s web & mobile apps require a new approach to augment lab testing: in-the-wild testing After: Test Where Your Users Are Before & AfterBefore & After 32
  33. Confidential & Proprietary @underscorevc Introducing the gain / pain ratio Gain Pain Quantitative Evaluation 33
  34. Confidential & Proprietary @underscorevc The gain delivered to the customer vs. The pain and cost for the customer to adopt Gain Pain Gain/ Pain Ratio 34
  35. Confidential & Proprietary @underscorevc ● Revenue ● Cost savings ● Time ● People ● Competitive advantage ● Reputation ● Etc. Gain 35 Gain Pain
  36. Confidential & Proprietary @underscorevc Pain ● Find (See) ● Try ● Buy ● Implement ● Deploy ● Own – e.g., TCO 36 Gain Pain
  37. Confidential & Proprietary @underscorevc ● Gain from uTest: ○ Scale infinitely and immediately ■ From 3 testers, to 30, to 300, and back to 0 ○ Lower total cost of testing ■ EG: SMBs - unlimited testing for ½ the cost of one FTE ○ Test under real-world conditions ■ Live testers, real devices, imperfect conditions… in-the-wild ● Pain from uTest: ○ More testing reports, creating more work ■ Takes time to re-produce, vet and rate 50+ bugs ○ More collaboration, creating more oversight ■ Coordination between in-house & crowd testers ● Goal: ○ Maximize in-the-wild testing, while minimizing overhead uTest: Gain vs Pain 37
  38. Confidential & Proprietary @underscorevc ● Switching costs? ● Default = do nothing ● Alternatives? ● Good enough = good enough! ● RISK on a startup Inertia 38 Gain Pain Inertia, RISK
  39. Confidential & Proprietary @underscorevc What’s the Right Ratio? 39 Gain Pain Inertia, RISK
  40. Confidential & Proprietary @underscorevc > 10 to overcome: ● Inertia ● RISK Inertia, RISK Gain >10 Pain Gain/ Pain Ratio 40
  41. Actifio Example
  42. Confidential & Proprietary @underscorevc Average of 30:1 benefit ● $34m vs $1.2m ● Recovery used to take 8.5 hours vs. 2 minutes Gain/ Pain Ratio 42 Inertia, RISK Gain >10 Pain
  43. Confidential & Proprietary @underscorevc Customer View: Gain/Pai n Ratio ● Revenue ● Cost savings ● Time ● People ● Competitive advantage ● Reputation ● Etc. ● Inertia ● Switching costs? ● Default = do nothing ● Alternatives? ● Good enough = good enough! ● RISK on a startup ● Find (See) ● Try ● Buy ● Implement ● Deploy ● Own – e.g., TCO 43 Inertia, RISK Gain >10 Pain
  44. Confidential & Proprietary @underscorevc Customer View: Gain/Pai n Ratio ● Revenue ● Cost savings ● Time ● People ● Competitive advantage ● Reputation ● Etc. ● Inertia ● Switching costs? ● Default = do nothing ● Alternatives? ● Good enough = good enough! ● RISK on a startup ● Find (See) ● Try ● Buy ● Implement ● Deploy ● Own – e.g., TCO 44 Inertia, RISK Gain >10 Pain An Order of Magnitude!
  45. uTest* Example *later renamed Applause
  46. Confidential & Proprietary @underscorevc Tough to quantify precisely, but here’s what we’ve learned Gain vs. Pain Ratio Gain Pain Cost Savings: 10X Lower Escape Rate by 75% Make Testing Mirror User Base Launch Confidence Higher Quality Apps vs . Increased Overhead 5:1 on cost basis 20:1 on cost + value basis Customer Gain / Pain Ratio 46
  47. Confidential & Proprietary @underscorevc Test latest version of Google Chrome across 300 highest trafficked URLs on the web Traditional Outsourcing vs. uTest Testers 8 Testers 30 Hours / Tester 40 Hours / Tester 10 # of Days 5 # of Days 2 # of URLs Tested 300 # of URLs Tested 300 # of Discovered Issues 19 # of Discovered Issues 129 Price $15,000 Price $10,000 Price-per-Issue $789 Price-per-Issue $78 Sample Customer ROIGain vs. Pain Ratio Sample Customer ROI 47
  48. Apperian Example Mobile Application Management
  49. Confidential & Proprietary @underscorevc ▪ Increase revenue by 40% at counters ▪ Roll out 17,000 iPads ▪ Deliver worldwide no IT touch required ▪ Saved $2.5M+ in direct IT costs Example: Apperian 49
  50. Confidential & Proprietary @underscorevc Disruptive innovation Yet… NON-disruptive adoption Startup Secret! 50
  51. Confidential & Proprietary @underscorevc Agenda: Build Evaluate Build Gain Pain Value Prop Define Ideas Problem Solution 51
  52. Confidential & Proprietary @underscorevc ● For (target customers) ● Who are dissatisfied with (the current alternative) ● Our product is a (new product) ● That provides (key problem-solving capability) ● Unlike (the product alternative) Value Proposition 52
  53. Confidential & Proprietary @underscorevc ● What problems do you understand uniquely well? ● What solution can you deliver uniquely well? ● What kind of disruptive business model can you bring? Build Around YOU 53
  54. Confidential & Proprietary @underscorevc ● Define ○ 4U Need (Unworkable, Unavoidable, Urgent, Underserved) ○ 3D Solution (Discontinuous, Defensible, Disruptive) ● Evaluate ○ Gain / Pain >10 ● Build ○ Around YOU! Summary 54
  55. Startup Secrets: Building a Compelling Value Proposition 6.14.19
  56. Confidential & Proprietary @underscorevc 1 2 3 • Easy install for all platforms • Sites are part of the Disqus network Sites integrate Disqus Users engage with Disqus Users discover new content & sites across Disqus • Sites see tangible benefits, including increased traffic on their pages Audience development made easy. Millions of users use Disqus to participate online and we make that valuable for publishers in a way that they can measure. How DISQUS Works 56
  57. Confidential & Proprietary @underscorevc A COMMUNITY ECOSYSTEM is the foundation of our business. USERS GOALS Discovery Community ADVERTISERS GOALS Acquisition Retention PUBLISHERS GOALS Engagement Growth Revenue The DISQUS Ecosystem 57
  58. Confidential & Proprietary @underscorevc DISQUS: Value Proposition for Publishers ● FOR publishers, like online media or bloggers ● WHO CARE ABOUT building more engaged, loyal audiences directly on their sites ● OUR PRODUCT IS the most widely used discussion platform online ● THAT PROVIDES an “engagement management platform” for publishers, and direct reach into millions of engaged community participants online ● UNLIKE social networks, which don’t properly serve the needs of publishers, or white-label software, which doesn’t provide the wide network reach of users. 58
  59. Confidential & Proprietary @underscorevc ● FOR those in the developing world ● WHO ARE DISSATISFIED WITH limited access to diagnosis ● OUR PRODUCT IS A patterned paper-based diagnostic technology ● THAT PROVIDES low-cost, easy-to-use, point-of-care diagnostics ● UNLIKE no diagnosis Diagnostics for All: Value Proposition 59
  60. Confidential & Proprietary @underscorevc Before Need After Solution 53% of Rwandan women cannot afford healthcare 26% of Rwandan women live too far from a hospital [1] National Institute of Statistics of Rwanda (NISR) [Rwanda], Ministry of Health (MOH) [Rwanda] http://www.measuredhs.com/publications/publication-fr259- dhs-final-reports.cfm Point-of-care Minimal training required Cost = 1¢ Diagnosis by telemedicine Image: http://www.trust.org/alertnet/news/alertnets-top-20-big-ideas-that- dont-cost-the-earth/ Diagnostics for All 60
  61. Confidential & Proprietary @underscorevc ● NO current solution => huge ● NO infrastructure required ● NO training required ● NO time required ● Customers’ Gain / Pain ratio = ∞ DFA: Gain/Pain Ratio 61
  62. Confidential & Proprietary @underscorevc DFA: Example At-risk pregnancy Liver function ● 8 million affected globally ● Conducting ~700 person trial in Vietnam ● Test for ALT/AST enzymes ● Cost: $14 v. 1¢ (DFA) Child nutrition Small farmer support Customer ‘pain’ is real pain 62
  63. Confidential & Proprietary @underscorevc 63 How Thoroughly Should You Define? A little and then iterate? or A LOT and then execute? “A problem well stated is a problem half solved” - Charles Kettering

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