SlideShare une entreprise Scribd logo
1  sur  99
Télécharger pour lire hors ligne
Proprietary and ConfidentialProprietary and Confidential
START UP
SECRETS
An insider’s guide to unfair competitive advantage
Disruptive Business Models to build Value
@underscorevc #startupsecrets
startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
Introductions & Case Examples
 Established
• Google
 Startup
• Acquia
• Demandware
 Not for profit
• One Laptop Per Child
• Diagnostics For All (on the web)
2Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
Agenda
1. Finding a Disruptive Business Model
2. Focusing on CORE differentiation
3. Multiply and Leverage it with innovation
4. Designing for high value
Other side of the coin – GTM – next session
- Eg Segmentation, Channels etc
3Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
What is your model for
• Creating
• Delivering
• Harnessing
VALUE?
4
4
Business Model:
How do you make money?
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
Tonight
Let’s get creative and think specifically about startups!
5
Proprietary and ConfidentialProprietary and Confidential
Business Model as a Disruptor
 Why?
• Time to market
• Market adoption
• Sustainability
 Connecting the dots for you as a founder …
• Spend
• Cash efficiency
• Your ownership
• Valuation
6Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
New Market
& GTM
Disruptive
Business Model
Disruptive
Technolog
y
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Perfect Startup Storm
7
Proprietary and ConfidentialProprietary and Confidential
How can your Business Model…
 Change the game?
 Rewrite the rules?
 Cause an innovator’s dilemma
 Be as disruptive
as your technology?
9
New Game
New playing field
New boundaries
New rules
YOU choose players
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
Symantec Antivirus for Mac (SAM)
Best seller – Licensed Product
Norton Antivirus for PC (NAV)
How to change the game
Best seller – Subscription Service
Ex 1: Symantec – many years ago (!)
Disruptive Business Models to Build Value @underscorevc startupsecrets.com 10
Proprietary and ConfidentialProprietary and Confidential
 Dramatic!
 Game changing
• Flipped the model on it’s head
 Competitors caught off guard
• Predictable profitable business model
 Led to solution leadership vs. battle: “Data Security”
• Customer need met more effectively
• More value extracted
• 1.5 product / seat => 2.6x
11
Results?
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
 Off balance sheet Publisher of US products
• Investment in Management, Sales, Marketing, Support, Translation & Localization
 Acquired back by US corp when profitable
• Pooling of interest
• Non dilutive
• Growing earnings
 Symantec example Win/Win
12
Ex 2: European Software Publishing
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
 Win/win/win
• Customers = better local product, support, services
• Publishers = accelerated, off balance sheet setup of profitable business
• Shareholders = 97X return on original investment
 Non technology disruptive business model
• Economies of scale
• Pooling of interests (tax)
• Time shifting expense -> Accretive outcome
13
Results?
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
 Shared ownership (Zipcar)
 Flash sales (Vente Privee)
 Crowd sourcing (uTest)
 Lead Gen (Mint.com)
 Virtual goods/currencies (Tapjoy)
 Combinations
• Acquia - OSS, SaaS
• AirBnB - Commission on P2P rentals
• Demandware - SaaS, success based rev share
• Groupon - broker, revshare
• Spotify -adbased, freemium
14
Sample Models
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
 Process or Product?
 Software or Services?
 Open or Proprietary?
 Content or Data?
 Freemium or Premium?
 Subscription or License?
15
Business Model – Sample Questions
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
Your
Capabilities
Of
Really
Exceptional
Value
Focus on it!CORE
First key question
What is your CORE value?
Disruptive Business Models to Build Value @underscorevc startupsecrets.com 16
Proprietary and ConfidentialProprietary and Confidential
Where is your CORE value?
 Software/other technology
 Data
 Content
 Service, support
 User network
Disruptively monetize it!
• To your competitive advantage
• Where are others most vulnerable?
17
COR
E
Cut to the CORE!
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
 Google Apps vs. Microsoft office
• What is the C.O.R.E for each ?
 Software, Data, Advertising ?
 Don’t compete head-on
• MS Office = enterprise market
• Google Apps = consumer market
• Free vs $500 license
• Simple vs Complicated
• 80% solution vs Professional Tool
18
- Ex 1 Apps
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
How can you compete with a market leader who has 80% to 90% market share?
1. Don’t compete head-on
2. Innovators Dilemma – go for low end
3. Disruptive technology, business model, or market approach
4. Examples: Gmail, Google Apps, Chrome
19
– Competing with Market Leaders
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
 Apple vs. Google
• What is the C.O.R.E for each ?
 Hardware, Software, Content ?
 Others in Ecosystem
• Samsung, HTC
 Alternative approaches
• Amazon
20
– Ex 2 - Mobile
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
Who is winning?
Why?
Is technology the difference?
Apple, Google, & Microsoft strategies
• Always play to your strength
• Apple Mac, Google Search, Microsoft Windows
21
Android vs iPhone
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
Disrupt the market leader
• Apple disrupted carriers and manufacturers
 Verizon, Sprint, Nokia, Motorola, RIM, Symbian
• Android allowed them to fight back
Disruptive business model
• Android is free
• Advertising business model
• Search, Maps, Local, Wallet, YouTube
22
Android vs iPhone
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
Business Models Matter !
Don Dodge
dondodge@google.com
Disruptive Business Models to Build Value @underscorevc startupsecrets.com 23
Proprietary and ConfidentialProprietary and Confidential
Creating Value
Proprietary and ConfidentialProprietary and Confidential
Startup Secret: Co-Creating Value
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
 Be Open and Extensible (eg Software APIs)
• Enabling external multipliers to your value
• Building on yourself
• Eating your own cooking
• Being your own customer
25
Proprietary and ConfidentialProprietary and Confidential
 Be Open and Extensible (eg Software APIs)
• Enabling external multipliers to your value
• Building on yourself
• Eating your own cooking
• Being your own customer
 Open Source
• Leverage through community
• Make the customer the product manager
 Scratching their own itch
26
Startup Secret: Co-Creating Value
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
Dries Buytaert
Founder and project lead Drupal
Co-founder and CTO Acquia
http://buytaert.net :: @Dries
27Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
Meet Dries 12 years ago when he started work on Drupal ...
28
Compiler books
Collection of stamps
Chess board
Assembly books
All furniture is from IKEA
Student dorm in Antwerp
where I started Drupal
Proprietary and ConfidentialProprietary and Confidential
1 out of 50 websites in the world
10,000+ modules
300,000+ downloads/month
1.5M unique visitors/month
FREE
29
Proprietary and ConfidentialProprietary and Confidential
71 of the world's top 100 universities use Drupal
30
Proprietary and ConfidentialProprietary and Confidential
1. Freedom to run the program
2. Freedom to study the program
3. Freedom to modify the program
4. Freedom to re-distribute the program
31
Open Source is a software license
Proprietary and ConfidentialProprietary and Confidential
Drupal wins because it is less expensive
… yet technically superior!
Disruptive Business Models to Build Value @underscorevc startupsecrets.com 32
Proprietary and ConfidentialProprietary and Confidential
Open Source
Collaboration
33
Proprietary and ConfidentialProprietary and Confidential
3,800 people contributed to Drupal 8
Open Source is not just a software license,
it is also a development model
Disruptive Business Models to Build Value @underscorevc startupsecrets.com 34
Proprietary and ConfidentialProprietary and Confidential
Open Source
Collaboration
Community
35
Proprietary and ConfidentialProprietary and Confidential 36
Proprietary and ConfidentialProprietary and Confidential
Open Source
Collaboration
Community
Innovation
37
Proprietary and ConfidentialProprietary and Confidential
Technically
superior
38
Proprietary and ConfidentialProprietary and Confidential
“Creative Destruction”
Joseph Schumpeter
39
Joseph Schumpenter,
Economist, 1883-1950
Drupal and Open Source is a
catalyst for
“Creative destruction”- Changes how we develop
software
- Changes how we build websites
- Changes a multi-billion dollar
industry
- Open Source enables business
model innovation
- Bonus: allows to do well, and do
good
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
Delivering & Capturing Value
Proprietary and ConfidentialProprietary and Confidential
Multiply and Leverage your CORE
Multipliers:
• Increase revenue
• Increase reach
• Increase coverage
Levers:
• Reduce time
• Reduce costs
• Reduce resources
CORE
Levers
Multipliers
Startup Secret: Multipliers & Levers
Disruptive Business Models to Build Value @underscorevc startupsecrets.com 41
Proprietary and ConfidentialProprietary and Confidential
Multipliers:
• Added functionality
• Community reach
Levers:
• Community development
• Community marketing
CORE
Levers
Multipliers
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Multiply AND Leverages CORE
Drupal, Open Source
42
Proprietary and ConfidentialProprietary and Confidential
Multiplier Examples:
• Sales & Marketing
– Tiered Pricing
– Freemium
– Channel partners
• Product
– Slippery products *
– “Russian Doll”
Packaging *
– Technology stacks
Lever Examples:
• Sales & Marketing
– Web
– Inside
– Inbound
– Viral
• Product, Support
– Offshoring
– Outsourcing
– Crowdsourcing
– Co-creation *
– Technology stacks
* Covered herein
Examples in Software
Startup Secret: Multipliers & Levers
CORE
Levers
Multipliers
Disruptive Business Models to Build Value @underscorevc startupsecrets.com 43
Proprietary and ConfidentialProprietary and Confidential
 Strategies that enable Multipliers and Levers to work
together around your CORE are the real winners
44
Get Multipliers & Levers working together!
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
Acquia
Proprietary and ConfidentialProprietary and Confidential
• Provider of cloud-based solutions/support for
enterprises using the open source product, Drupal
• 2000+ customers
• 250+ employees
• 150% 4 year CAGR
• Global operations
• Highly predictable and repeatable model
• Land and expand strategy
46
PROPRIETARY AND CONFIDENTIAL - do not redistribute
Acquia at A Glance
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
Acquia Business Model
 Drupal is FREE
 It is also Open Source
 So how do you make money from FREE and Open IP?
1. Create valuable products and services around the CORE of Drupal
2. Use FOSS as multiplier and a lever in R&D, sales and marketing
47
PROPRIETARY AND CONFIDENTIAL - do not redistribute
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
Acquia products around Drupal CORE
C OMMU N ITY C OMMER C EC ON TEN T
Enterprise Site FactoryDrupal
Gardens
Managed DeploymentsAcquia
Cloud
Drupal Management SuiteAcquia
Network
Drupal
Training
Professional
Services
Disruptive Business Models to Build Value @underscorevc startupsecrets.com 48
Proprietary and ConfidentialProprietary and Confidential
As a multiplier AND a lever (in R&D, sales, marketing…)
49
Example Multipliers:
• Upsell value added
products & services
• Cloud & SaaS
Example Levers:
• Target installed base
• Expand usage through
partners
CORE
Levers
Multipliers
Free and Open Source Software
(FOSS)
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
One more thing…
Disruptive Business Models to Build Value @underscorevc startupsecrets.com 54
Proprietary and ConfidentialProprietary and Confidential
 Product feeds the business model…
• User experience
• Supportability
• Maintenance, updates (= lifecycle)
• Upgrades
• Upsells
 Leads to 2 startup secrets
• Russian Dolls & SLIPPERY products
55
Designing for success…
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
• Simple
• Low to no initial cost
• Installs easily
• Proves value quickly
• Plays well with others
• Easy to use
• ROI is obvious
• Y customers can’t live without it
Think of how this improves
the Gain/Pain Ratio in our
Value Proposition
Workshop
Gain
Pain
Friction Free, SLIPPERY products
Disruptive Business Models to Build Value @underscorevc startupsecrets.com 56
Proprietary and ConfidentialProprietary and Confidential
 Simple: Update your site from the browser
 Low to no initial cost: free
 Installs easy: Windows/Mac installers + SaaS
 Proves value quickly: Distributions + Start using immediately
 Plays well with others: Lots of integrations with other platforms
 Easy to use: Web-based
 ROI is obvious: Better, faster, cheaper
 Your customers can’t live without: flexibility and extensibility
57
What makes Drupal SLIPPERY?
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
 Multi purpose strategy
• Packaging
• Pricing
• Distribution
• And more …
58
Startup Secret: Build a Russian Doll!
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
Free
Incent
Disruptive Business Models to Build Value @underscorevc startupsecrets.com 59
Proprietary and ConfidentialProprietary and Confidential
Limited
Free
Freemium …
Disruptive Business Models to Build Value @underscorevc startupsecrets.com 60
Proprietary and ConfidentialProprietary and Confidential
Personal
Limited
Free
OEM Solution…
Disruptive Business Models to Build Value @underscorevc startupsecrets.com 61
Proprietary and ConfidentialProprietary and Confidential
Workgroup
Personal
Limited
Free
Premium …
Disruptive Business Models to Build Value @underscorevc startupsecrets.com 62
Proprietary and ConfidentialProprietary and Confidential
Corporate
Workgroup
Personal
Limited
Free
Sales enabler …
Disruptive Business Models to Build Value @underscorevc startupsecrets.com 63
Proprietary and ConfidentialProprietary and Confidential
Enterprise
Corporate
Workgroup
Personal
Limited
Free
Adoption …
Disruptive Business Models to Build Value @underscorevc startupsecrets.com 64
Proprietary and ConfidentialProprietary and Confidential
“Addiction before Adoption”
Gives you, your partners & your customers:
 Digestible starting point
 Upsell Options
 Channel Flexibility
… and more
65Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Startup Secret: Build a Russian Doll!
Proprietary and ConfidentialProprietary and Confidential
Acquire
On-board
Upsell /
Cross Sell
“Addiction before Adoption”
Acquia example = increasing LTV
“Land & Expand”
66
$0
$100
$200
$300
$400
2009 2010 2011 2012(e)
LTV
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Startup Secret: Build a Russian Doll!
See example of 4A’s here
Proprietary and ConfidentialProprietary and Confidential
Create, Deliver & Harness Value
Putting it all together
Disruptive Business Models to Build Value @underscorevc startupsecrets.com 67
Proprietary and ConfidentialProprietary and Confidential
 Lifetime Value of Customer (LTV)
 Cost of Acquiring Customer (CAC)
69
CORE
Levers
Multipliers
LTV ~3x >
CAC
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Basic Startup Model
Proprietary and ConfidentialProprietary and Confidential
 Repeatable
 Scalable – with leverage
 Profitable / Sustainable
 Predictable
 Valuable
70Disruptive Business Models to Build Value @underscorevc startupsecrets.com
What makes for a GREAT business model?
Proprietary and ConfidentialProprietary and Confidential
Development Target
Gross Margin 80%
R&D 100%+ 15%
Sales & Marketing 10%
G&A 45%
Profit (Loss) -100% 20%
71
• Example:
– Phases of a software company
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
% of Revenue spent…
Proprietary and ConfidentialProprietary and Confidential
Expenses as % of Revenue
62%
61%
53%
43%48%
29%
21% 19%
43% 50%
45% 44%
19% 14% 11% 11%
L/T Model
based on
profitable
subscription
based
software
company
62%
48%
43%
19%
51%
29%
65%
14% 11%
45%
21%
53%
44%
19%
44%
11% 10%
35%
15%
25%
Disruptive Business Models to Build Value @underscorevc startupsecrets.com 73
Proprietary and ConfidentialProprietary and Confidential
• Today:
– 70% of all bookings are renewable subscriptions
– 30% are consulting services (key differentiator)
– 85%+ annual renewal rate for non-project work
• Long-term Model:
– 80% renewable subscriptions
– 20% consulting services
– 90% annual renewal rate for non-project work
Highly Predictable and
Repeatable Financial Model
Disruptive Business Models to Build Value @underscorevc startupsecrets.com 74
Proprietary and ConfidentialProprietary and Confidential
New Geographies
New Partners
New Verticals
Potential M&A
Cross-sell
Up-sell
New Sites
New Products
New Customers Existing Customers
Result: Disruptive Business Model for Continued Growth
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Total Revenue
Proprietary and ConfidentialProprietary and Confidential
Valuable…
Proprietary and ConfidentialProprietary and Confidential
2013 Revenue Multiples
Median 5.2x
Valuations - SaaS
Disruptive Business Models to Build Value @underscorevc startupsecrets.com 77
Proprietary and ConfidentialProprietary and Confidential
2012-2013 Revenue Growth
Valuations - SaaS
2013 Revenue Multiples
Median 5.2x
Disruptive Business Models to Build Value @underscorevc startupsecrets.com 78
Proprietary and ConfidentialProprietary and Confidential
Valuations - SaaS
Disruptive Business Models to Build Value @underscorevc startupsecrets.com 79
Proprietary and ConfidentialProprietary and Confidential
Valuations - SaaS
Disruptive Business Models to Build Value @underscorevc startupsecrets.com 80
Proprietary and ConfidentialProprietary and Confidential
Retention (Renewal)
Disruptive Business Models to Build Value @underscorevc startupsecrets.com 82
Proprietary and ConfidentialProprietary and Confidential
14 x
leverage!
Upsell
Disruptive Business Models to Build Value @underscorevc startupsecrets.com 83
Proprietary and ConfidentialProprietary and Confidential
 Lifetime Value of Customer (LTV)
 Cost of Acquiring Customer (CAC)
84
CORE
Levers
Multipliers
LTV ~3x >
CAC
Basic Startup Model
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
The Model Refined –
Enabling Retention & Upsell
 Lifecycle Value of Customer (LCV)
 Cost of Acquiring & Re-Engaging Customer (CARC)
85
CORE
Levers
Multipliers
Re-TrialUp-sell
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
Re-engagement Costs
 Must be included in CARC
 Example:
• Support
• Customer Service
• Professional Services
86Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
Connecting it to Gain/Pain
 They are two views of the same principle:
• Customer view = Gain/Pain
• Vendor view = LCV/CARC
87
CORE
Levers
Multipliers
Re-TrialUp-sell
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
Start as you plan to finish...
88Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
A typical product lifecycle
But it doesn’t have to be this way !
89
See Try Buy Fly Die
Long, costly (CAC), slow payback, short lifetime value (LTV)
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
Adding Retention and Upsell
90
See Try Buy Fly Die
Re-TrialUp-sell
Extended
Lifecycle
Long, costly (CAC), slow payback, EXTENDED lifetime value (LTV)
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
Web
Self service
On demand
SaaS
Subscription
Open source
A disruptive & valuable Lifecyle
See Try Buy Fly Die
Re-TrialUp-sell
Extended
Lifecycle Re-Trial
Up-sell Extended
Lifecycle
short, low cost (CARC), quick payback, extended lifecycle value (LCV)
Disruptive Business Models to Build Value @underscorevc startupsecrets.com 91
Proprietary and ConfidentialProprietary and Confidential
Applied to Software
 Installed by IT
 Customized
 Infrequent upgrades
 Proprietary
 License
92
1990+ 2010+
 On demand, SaaS
 Web based
 Self service
 Open Source
 Subscription
Web
Self service
On demand
SaaS
Subscription
Open
source
Up-sell
Extende
d
Lifecycl
e
Up-sell
Extende
d
Lifecycl
e
short, low cost (CAC), quick payback, EXTENDED lifetime value (LTV)
Re-Trial
…a fundamentally disruptive & more valuable
business model
Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
DEMANDWARE PRE-IPO
Startup Secrets - Game Changing Business Models
Startup Secrets - Game Changing Business Models
Startup Secrets - Game Changing Business Models
97
Startup Secrets - Game Changing Business Models
99
Startup Secrets - Game Changing Business Models
101
Startup Secrets - Game Changing Business Models
Startup Secrets - Game Changing Business Models
Startup Secrets - Game Changing Business Models
Proprietary and ConfidentialProprietary and Confidential
Summary
 Disruptive Business Model – as significant as Technology
 Focus on CORE differentiation
 Multiply and Leverage it with innovation like:-
• Co-Creation
• Strategic Partners
• Russian Doll Packaging
• And Friction Free, SLIPPERY products
 Design for high value using LCV & CARC
106Disruptive Business Models to Build Value @underscorevc startupsecrets.com
Proprietary and ConfidentialProprietary and Confidential
START UP
SECRETS
An insider’s guide to unfair competitive advantage
Hi
Disruptive Business Models to build Value
#startupsecrets
startupsecrets.com
Michael J Skok
Proprietary and ConfidentialProprietary and Confidential
T 617.303.0064
@underscorevc
53 State Street,
10th Floor, Boston, MA 02109,
USA
T 617.303.0064
@underscorevc
53 State Street, 10th Fl
Boston, MA 02109

Contenu connexe

Tendances

Building a Compelling Value Proposition - Competitive Advantage for Startups
Building a Compelling Value Proposition - Competitive Advantage for StartupsBuilding a Compelling Value Proposition - Competitive Advantage for Startups
Building a Compelling Value Proposition - Competitive Advantage for StartupsMichael Skok
 
Startup Secrets Case Study: Actuality Systems
Startup Secrets Case Study: Actuality SystemsStartup Secrets Case Study: Actuality Systems
Startup Secrets Case Study: Actuality SystemsMichael Skok
 
Getting behind the Perfect Pitch - Harvard Innovation Lab Workshop
Getting behind the Perfect Pitch - Harvard Innovation Lab WorkshopGetting behind the Perfect Pitch - Harvard Innovation Lab Workshop
Getting behind the Perfect Pitch - Harvard Innovation Lab WorkshopMichael Skok
 
Startup Secrets - Funding Strategies to Go the Distance
Startup Secrets - Funding Strategies to Go the DistanceStartup Secrets - Funding Strategies to Go the Distance
Startup Secrets - Funding Strategies to Go the DistanceMichael Skok
 
Customer Success: The Power of One
Customer Success: The Power of OneCustomer Success: The Power of One
Customer Success: The Power of OneMichael Skok
 
Turning Products into Companies
Turning Products into CompaniesTurning Products into Companies
Turning Products into CompaniesMichael Skok
 
Startup Secrets - Turning Products into Companies
Startup Secrets - Turning Products into CompaniesStartup Secrets - Turning Products into Companies
Startup Secrets - Turning Products into CompaniesMichael Skok
 
Startup Secrets - Hiring A+ Talent
Startup Secrets - Hiring A+ TalentStartup Secrets - Hiring A+ Talent
Startup Secrets - Hiring A+ TalentMichael Skok
 
Startup Secrets - Have you got what it takes?
Startup Secrets - Have you got what it takes?Startup Secrets - Have you got what it takes?
Startup Secrets - Have you got what it takes?Michael Skok
 
Startup Secrets - Vision, Mission, Culture
Startup Secrets - Vision, Mission, CultureStartup Secrets - Vision, Mission, Culture
Startup Secrets - Vision, Mission, CultureMichael Skok
 
Startup Secrets - Building a Compelling Value Proposition
Startup Secrets - Building a Compelling Value PropositionStartup Secrets - Building a Compelling Value Proposition
Startup Secrets - Building a Compelling Value PropositionMichael Skok
 
Startup Secrets - Getting Behind the Perfect Investor Pitch
Startup Secrets - Getting Behind the Perfect Investor PitchStartup Secrets - Getting Behind the Perfect Investor Pitch
Startup Secrets - Getting Behind the Perfect Investor PitchMichael Skok
 
Culture, Vision / Mission
Culture, Vision / MissionCulture, Vision / Mission
Culture, Vision / MissionMichael Skok
 
What's Your Roadmap to Success?
What's Your Roadmap to Success?What's Your Roadmap to Success?
What's Your Roadmap to Success?Startup Secrets
 
Funding Strategies to Go the Distance
Funding Strategies to Go the DistanceFunding Strategies to Go the Distance
Funding Strategies to Go the DistanceMichael Skok
 
Building a Compelling Value Proposition
Building a Compelling Value PropositionBuilding a Compelling Value Proposition
Building a Compelling Value PropositionStartup Secrets
 
Turning Products Into Companies
Turning Products Into CompaniesTurning Products Into Companies
Turning Products Into CompaniesMichael Skok
 
Driving to Market - V2! - How to "Drive" Competitive Advantage in your Go To ...
Driving to Market - V2! - How to "Drive" Competitive Advantage in your Go To ...Driving to Market - V2! - How to "Drive" Competitive Advantage in your Go To ...
Driving to Market - V2! - How to "Drive" Competitive Advantage in your Go To ...Michael Skok
 
Startup Secrets: Wrap Up & Geoffrey Moore - An Insider’s Guide
Startup Secrets: Wrap Up & Geoffrey Moore - An Insider’s GuideStartup Secrets: Wrap Up & Geoffrey Moore - An Insider’s Guide
Startup Secrets: Wrap Up & Geoffrey Moore - An Insider’s GuideMichael Skok
 
Go To Market – Case – Demandware Rebranding
Go To Market – Case – Demandware RebrandingGo To Market – Case – Demandware Rebranding
Go To Market – Case – Demandware RebrandingMichael Skok
 

Tendances (20)

Building a Compelling Value Proposition - Competitive Advantage for Startups
Building a Compelling Value Proposition - Competitive Advantage for StartupsBuilding a Compelling Value Proposition - Competitive Advantage for Startups
Building a Compelling Value Proposition - Competitive Advantage for Startups
 
Startup Secrets Case Study: Actuality Systems
Startup Secrets Case Study: Actuality SystemsStartup Secrets Case Study: Actuality Systems
Startup Secrets Case Study: Actuality Systems
 
Getting behind the Perfect Pitch - Harvard Innovation Lab Workshop
Getting behind the Perfect Pitch - Harvard Innovation Lab WorkshopGetting behind the Perfect Pitch - Harvard Innovation Lab Workshop
Getting behind the Perfect Pitch - Harvard Innovation Lab Workshop
 
Startup Secrets - Funding Strategies to Go the Distance
Startup Secrets - Funding Strategies to Go the DistanceStartup Secrets - Funding Strategies to Go the Distance
Startup Secrets - Funding Strategies to Go the Distance
 
Customer Success: The Power of One
Customer Success: The Power of OneCustomer Success: The Power of One
Customer Success: The Power of One
 
Turning Products into Companies
Turning Products into CompaniesTurning Products into Companies
Turning Products into Companies
 
Startup Secrets - Turning Products into Companies
Startup Secrets - Turning Products into CompaniesStartup Secrets - Turning Products into Companies
Startup Secrets - Turning Products into Companies
 
Startup Secrets - Hiring A+ Talent
Startup Secrets - Hiring A+ TalentStartup Secrets - Hiring A+ Talent
Startup Secrets - Hiring A+ Talent
 
Startup Secrets - Have you got what it takes?
Startup Secrets - Have you got what it takes?Startup Secrets - Have you got what it takes?
Startup Secrets - Have you got what it takes?
 
Startup Secrets - Vision, Mission, Culture
Startup Secrets - Vision, Mission, CultureStartup Secrets - Vision, Mission, Culture
Startup Secrets - Vision, Mission, Culture
 
Startup Secrets - Building a Compelling Value Proposition
Startup Secrets - Building a Compelling Value PropositionStartup Secrets - Building a Compelling Value Proposition
Startup Secrets - Building a Compelling Value Proposition
 
Startup Secrets - Getting Behind the Perfect Investor Pitch
Startup Secrets - Getting Behind the Perfect Investor PitchStartup Secrets - Getting Behind the Perfect Investor Pitch
Startup Secrets - Getting Behind the Perfect Investor Pitch
 
Culture, Vision / Mission
Culture, Vision / MissionCulture, Vision / Mission
Culture, Vision / Mission
 
What's Your Roadmap to Success?
What's Your Roadmap to Success?What's Your Roadmap to Success?
What's Your Roadmap to Success?
 
Funding Strategies to Go the Distance
Funding Strategies to Go the DistanceFunding Strategies to Go the Distance
Funding Strategies to Go the Distance
 
Building a Compelling Value Proposition
Building a Compelling Value PropositionBuilding a Compelling Value Proposition
Building a Compelling Value Proposition
 
Turning Products Into Companies
Turning Products Into CompaniesTurning Products Into Companies
Turning Products Into Companies
 
Driving to Market - V2! - How to "Drive" Competitive Advantage in your Go To ...
Driving to Market - V2! - How to "Drive" Competitive Advantage in your Go To ...Driving to Market - V2! - How to "Drive" Competitive Advantage in your Go To ...
Driving to Market - V2! - How to "Drive" Competitive Advantage in your Go To ...
 
Startup Secrets: Wrap Up & Geoffrey Moore - An Insider’s Guide
Startup Secrets: Wrap Up & Geoffrey Moore - An Insider’s GuideStartup Secrets: Wrap Up & Geoffrey Moore - An Insider’s Guide
Startup Secrets: Wrap Up & Geoffrey Moore - An Insider’s Guide
 
Go To Market – Case – Demandware Rebranding
Go To Market – Case – Demandware RebrandingGo To Market – Case – Demandware Rebranding
Go To Market – Case – Demandware Rebranding
 

Similaire à Startup Secrets - Game Changing Business Models

Game-Changing Business Models
Game-Changing Business ModelsGame-Changing Business Models
Game-Changing Business ModelsStartup Secrets
 
Turning Products Into Companies - U First 7/18/19
Turning Products Into Companies - U First 7/18/19Turning Products Into Companies - U First 7/18/19
Turning Products Into Companies - U First 7/18/19Startup Secrets
 
Game-Changing Business Models
Game-Changing Business ModelsGame-Changing Business Models
Game-Changing Business ModelsStartup Secrets
 
The Importance of Product Validation by RetailMeNot Dir. of PM
The Importance of Product Validation by RetailMeNot Dir. of PMThe Importance of Product Validation by RetailMeNot Dir. of PM
The Importance of Product Validation by RetailMeNot Dir. of PMProduct School
 
Beyond Fast: How to fund, design, build, and monetize your ambitious software...
Beyond Fast: How to fund, design, build, and monetize your ambitious software...Beyond Fast: How to fund, design, build, and monetize your ambitious software...
Beyond Fast: How to fund, design, build, and monetize your ambitious software...Originate
 
Originate - Beyond Fast
Originate - Beyond FastOriginate - Beyond Fast
Originate - Beyond FastRob Meadows
 
Innovate in today's digital commerce world with microservices
Innovate in today's digital commerce world with microservicesInnovate in today's digital commerce world with microservices
Innovate in today's digital commerce world with microservicesSkava
 
The story of http://designsparkmarketplace.com
The story of http://designsparkmarketplace.comThe story of http://designsparkmarketplace.com
The story of http://designsparkmarketplace.comHolly Cummins
 
Case the nightmare competitor of corporate functions
Case   the nightmare competitor of corporate functionsCase   the nightmare competitor of corporate functions
Case the nightmare competitor of corporate functionsNC-CREATORS
 
Webinar-Serie: Digital Experiences, Teil 1: Innovative Konzepte
Webinar-Serie: Digital Experiences, Teil 1: Innovative KonzepteWebinar-Serie: Digital Experiences, Teil 1: Innovative Konzepte
Webinar-Serie: Digital Experiences, Teil 1: Innovative KonzepteAcquia
 
Revolutionizing the Legal Industry with Spark, NLP and Azure Databricks at Cl...
Revolutionizing the Legal Industry with Spark, NLP and Azure Databricks at Cl...Revolutionizing the Legal Industry with Spark, NLP and Azure Databricks at Cl...
Revolutionizing the Legal Industry with Spark, NLP and Azure Databricks at Cl...Databricks
 
VDMbee 2.2 for customer presentations
VDMbee 2.2 for customer presentationsVDMbee 2.2 for customer presentations
VDMbee 2.2 for customer presentationsTheodoor van Donge
 
Marketing New Product Introductions in Mobility & SaaS: Ideation to Marketing...
Marketing New Product Introductions in Mobility & SaaS: Ideation to Marketing...Marketing New Product Introductions in Mobility & SaaS: Ideation to Marketing...
Marketing New Product Introductions in Mobility & SaaS: Ideation to Marketing...PlantEngineering
 
Marketing New Product Introductions in Mobility & SaaS: Ideation to Marketing...
Marketing New Product Introductions in Mobility & SaaS: Ideation to Marketing...Marketing New Product Introductions in Mobility & SaaS: Ideation to Marketing...
Marketing New Product Introductions in Mobility & SaaS: Ideation to Marketing...ControlEng
 
Marketing New Product Introductions in Mobility & SaaS: Ideation to Marketing...
Marketing New Product Introductions in Mobility & SaaS: Ideation to Marketing...Marketing New Product Introductions in Mobility & SaaS: Ideation to Marketing...
Marketing New Product Introductions in Mobility & SaaS: Ideation to Marketing...ConsultingSpecifyingEngineer
 
So You Want to Start a Company? Berkeley 111611
So You Want to Start a Company?  Berkeley 111611So You Want to Start a Company?  Berkeley 111611
So You Want to Start a Company? Berkeley 111611Stanford University
 
Turning Products into Companies
Turning Products into CompaniesTurning Products into Companies
Turning Products into CompaniesStartup Secrets
 
David Rodnitzky, SMASH Summit NYC
David Rodnitzky, SMASH Summit NYCDavid Rodnitzky, SMASH Summit NYC
David Rodnitzky, SMASH Summit NYC500 Startups
 
Bridging the Gap Between Business and Development (OOP'07 Keynote)
Bridging the Gap Between Business and Development (OOP'07 Keynote)Bridging the Gap Between Business and Development (OOP'07 Keynote)
Bridging the Gap Between Business and Development (OOP'07 Keynote)Enthiosys Inc
 

Similaire à Startup Secrets - Game Changing Business Models (20)

Game-Changing Business Models
Game-Changing Business ModelsGame-Changing Business Models
Game-Changing Business Models
 
Turning Products Into Companies - U First 7/18/19
Turning Products Into Companies - U First 7/18/19Turning Products Into Companies - U First 7/18/19
Turning Products Into Companies - U First 7/18/19
 
Game-Changing Business Models
Game-Changing Business ModelsGame-Changing Business Models
Game-Changing Business Models
 
The Importance of Product Validation by RetailMeNot Dir. of PM
The Importance of Product Validation by RetailMeNot Dir. of PMThe Importance of Product Validation by RetailMeNot Dir. of PM
The Importance of Product Validation by RetailMeNot Dir. of PM
 
Beyond Fast: How to fund, design, build, and monetize your ambitious software...
Beyond Fast: How to fund, design, build, and monetize your ambitious software...Beyond Fast: How to fund, design, build, and monetize your ambitious software...
Beyond Fast: How to fund, design, build, and monetize your ambitious software...
 
Originate - Beyond Fast
Originate - Beyond FastOriginate - Beyond Fast
Originate - Beyond Fast
 
Innovate in today's digital commerce world with microservices
Innovate in today's digital commerce world with microservicesInnovate in today's digital commerce world with microservices
Innovate in today's digital commerce world with microservices
 
The story of http://designsparkmarketplace.com
The story of http://designsparkmarketplace.comThe story of http://designsparkmarketplace.com
The story of http://designsparkmarketplace.com
 
Npd 2 0 Product Camp
Npd 2 0 Product CampNpd 2 0 Product Camp
Npd 2 0 Product Camp
 
Case the nightmare competitor of corporate functions
Case   the nightmare competitor of corporate functionsCase   the nightmare competitor of corporate functions
Case the nightmare competitor of corporate functions
 
Webinar-Serie: Digital Experiences, Teil 1: Innovative Konzepte
Webinar-Serie: Digital Experiences, Teil 1: Innovative KonzepteWebinar-Serie: Digital Experiences, Teil 1: Innovative Konzepte
Webinar-Serie: Digital Experiences, Teil 1: Innovative Konzepte
 
Revolutionizing the Legal Industry with Spark, NLP and Azure Databricks at Cl...
Revolutionizing the Legal Industry with Spark, NLP and Azure Databricks at Cl...Revolutionizing the Legal Industry with Spark, NLP and Azure Databricks at Cl...
Revolutionizing the Legal Industry with Spark, NLP and Azure Databricks at Cl...
 
VDMbee 2.2 for customer presentations
VDMbee 2.2 for customer presentationsVDMbee 2.2 for customer presentations
VDMbee 2.2 for customer presentations
 
Marketing New Product Introductions in Mobility & SaaS: Ideation to Marketing...
Marketing New Product Introductions in Mobility & SaaS: Ideation to Marketing...Marketing New Product Introductions in Mobility & SaaS: Ideation to Marketing...
Marketing New Product Introductions in Mobility & SaaS: Ideation to Marketing...
 
Marketing New Product Introductions in Mobility & SaaS: Ideation to Marketing...
Marketing New Product Introductions in Mobility & SaaS: Ideation to Marketing...Marketing New Product Introductions in Mobility & SaaS: Ideation to Marketing...
Marketing New Product Introductions in Mobility & SaaS: Ideation to Marketing...
 
Marketing New Product Introductions in Mobility & SaaS: Ideation to Marketing...
Marketing New Product Introductions in Mobility & SaaS: Ideation to Marketing...Marketing New Product Introductions in Mobility & SaaS: Ideation to Marketing...
Marketing New Product Introductions in Mobility & SaaS: Ideation to Marketing...
 
So You Want to Start a Company? Berkeley 111611
So You Want to Start a Company?  Berkeley 111611So You Want to Start a Company?  Berkeley 111611
So You Want to Start a Company? Berkeley 111611
 
Turning Products into Companies
Turning Products into CompaniesTurning Products into Companies
Turning Products into Companies
 
David Rodnitzky, SMASH Summit NYC
David Rodnitzky, SMASH Summit NYCDavid Rodnitzky, SMASH Summit NYC
David Rodnitzky, SMASH Summit NYC
 
Bridging the Gap Between Business and Development (OOP'07 Keynote)
Bridging the Gap Between Business and Development (OOP'07 Keynote)Bridging the Gap Between Business and Development (OOP'07 Keynote)
Bridging the Gap Between Business and Development (OOP'07 Keynote)
 

Plus de Michael Skok

Mastering Mutual Mentorship
Mastering Mutual MentorshipMastering Mutual Mentorship
Mastering Mutual MentorshipMichael Skok
 
Startup Secrets - Mastering Mutual Mentorship
Startup Secrets - Mastering Mutual MentorshipStartup Secrets - Mastering Mutual Mentorship
Startup Secrets - Mastering Mutual MentorshipMichael Skok
 
Funding Strategies to go the Distance – Case – Endeca: By Steve Papa, founder...
Funding Strategies to go the Distance – Case – Endeca: By Steve Papa, founder...Funding Strategies to go the Distance – Case – Endeca: By Steve Papa, founder...
Funding Strategies to go the Distance – Case – Endeca: By Steve Papa, founder...Michael Skok
 
2016 Innovation Roundtable Keynote by Michael Skok
2016 Innovation Roundtable Keynote by Michael Skok2016 Innovation Roundtable Keynote by Michael Skok
2016 Innovation Roundtable Keynote by Michael SkokMichael Skok
 
Re-evaluating growth...
Re-evaluating growth...Re-evaluating growth...
Re-evaluating growth...Michael Skok
 
3 Skills to Master the gift of Mutual Mentorship
3 Skills to Master the gift of Mutual Mentorship3 Skills to Master the gift of Mutual Mentorship
3 Skills to Master the gift of Mutual MentorshipMichael Skok
 
2014 Future of Cloud Computing - 4th Annual Survey Results
2014 Future of Cloud Computing - 4th Annual Survey Results2014 Future of Cloud Computing - 4th Annual Survey Results
2014 Future of Cloud Computing - 4th Annual Survey ResultsMichael Skok
 
2014 Future of Open Source - 8th Annual Survey results
2014 Future of Open Source - 8th Annual Survey results2014 Future of Open Source - 8th Annual Survey results
2014 Future of Open Source - 8th Annual Survey resultsMichael Skok
 
Andy Jassy Illuminates Amazon Web Services
Andy Jassy Illuminates Amazon Web ServicesAndy Jassy Illuminates Amazon Web Services
Andy Jassy Illuminates Amazon Web ServicesMichael Skok
 
Company Formation: Hiring
Company Formation: HiringCompany Formation: Hiring
Company Formation: HiringMichael Skok
 
Building a compelling value proposition
Building a compelling value propositionBuilding a compelling value proposition
Building a compelling value propositionMichael Skok
 
Value Proposition – Case – Disqus
Value Proposition – Case – DisqusValue Proposition – Case – Disqus
Value Proposition – Case – DisqusMichael Skok
 
Startup Secrets: Raising Funding - Case – Givology
Startup Secrets: Raising Funding - Case – GivologyStartup Secrets: Raising Funding - Case – Givology
Startup Secrets: Raising Funding - Case – GivologyMichael Skok
 

Plus de Michael Skok (14)

Mastering Mutual Mentorship
Mastering Mutual MentorshipMastering Mutual Mentorship
Mastering Mutual Mentorship
 
Startup Secrets - Mastering Mutual Mentorship
Startup Secrets - Mastering Mutual MentorshipStartup Secrets - Mastering Mutual Mentorship
Startup Secrets - Mastering Mutual Mentorship
 
Funding Strategies to go the Distance – Case – Endeca: By Steve Papa, founder...
Funding Strategies to go the Distance – Case – Endeca: By Steve Papa, founder...Funding Strategies to go the Distance – Case – Endeca: By Steve Papa, founder...
Funding Strategies to go the Distance – Case – Endeca: By Steve Papa, founder...
 
2016 Innovation Roundtable Keynote by Michael Skok
2016 Innovation Roundtable Keynote by Michael Skok2016 Innovation Roundtable Keynote by Michael Skok
2016 Innovation Roundtable Keynote by Michael Skok
 
Re-evaluating growth...
Re-evaluating growth...Re-evaluating growth...
Re-evaluating growth...
 
3 Skills to Master the gift of Mutual Mentorship
3 Skills to Master the gift of Mutual Mentorship3 Skills to Master the gift of Mutual Mentorship
3 Skills to Master the gift of Mutual Mentorship
 
2014 Future of Cloud Computing - 4th Annual Survey Results
2014 Future of Cloud Computing - 4th Annual Survey Results2014 Future of Cloud Computing - 4th Annual Survey Results
2014 Future of Cloud Computing - 4th Annual Survey Results
 
2014 Future of Open Source - 8th Annual Survey results
2014 Future of Open Source - 8th Annual Survey results2014 Future of Open Source - 8th Annual Survey results
2014 Future of Open Source - 8th Annual Survey results
 
Andy Jassy Illuminates Amazon Web Services
Andy Jassy Illuminates Amazon Web ServicesAndy Jassy Illuminates Amazon Web Services
Andy Jassy Illuminates Amazon Web Services
 
Company Formation: Hiring
Company Formation: HiringCompany Formation: Hiring
Company Formation: Hiring
 
Building a compelling value proposition
Building a compelling value propositionBuilding a compelling value proposition
Building a compelling value proposition
 
Value Proposition – Case – Disqus
Value Proposition – Case – DisqusValue Proposition – Case – Disqus
Value Proposition – Case – Disqus
 
How I Hire
How I HireHow I Hire
How I Hire
 
Startup Secrets: Raising Funding - Case – Givology
Startup Secrets: Raising Funding - Case – GivologyStartup Secrets: Raising Funding - Case – Givology
Startup Secrets: Raising Funding - Case – Givology
 

Dernier

How to Add a New Field in Existing Kanban View in Odoo 17
How to Add a New Field in Existing Kanban View in Odoo 17How to Add a New Field in Existing Kanban View in Odoo 17
How to Add a New Field in Existing Kanban View in Odoo 17Celine George
 
Patient Counselling. Definition of patient counseling; steps involved in pati...
Patient Counselling. Definition of patient counseling; steps involved in pati...Patient Counselling. Definition of patient counseling; steps involved in pati...
Patient Counselling. Definition of patient counseling; steps involved in pati...raviapr7
 
Ultra structure and life cycle of Plasmodium.pptx
Ultra structure and life cycle of Plasmodium.pptxUltra structure and life cycle of Plasmodium.pptx
Ultra structure and life cycle of Plasmodium.pptxDr. Asif Anas
 
CapTechU Doctoral Presentation -March 2024 slides.pptx
CapTechU Doctoral Presentation -March 2024 slides.pptxCapTechU Doctoral Presentation -March 2024 slides.pptx
CapTechU Doctoral Presentation -March 2024 slides.pptxCapitolTechU
 
AUDIENCE THEORY -- FANDOM -- JENKINS.pptx
AUDIENCE THEORY -- FANDOM -- JENKINS.pptxAUDIENCE THEORY -- FANDOM -- JENKINS.pptx
AUDIENCE THEORY -- FANDOM -- JENKINS.pptxiammrhaywood
 
CAULIFLOWER BREEDING 1 Parmar pptx
CAULIFLOWER BREEDING 1 Parmar pptxCAULIFLOWER BREEDING 1 Parmar pptx
CAULIFLOWER BREEDING 1 Parmar pptxSaurabhParmar42
 
5 charts on South Africa as a source country for international student recrui...
5 charts on South Africa as a source country for international student recrui...5 charts on South Africa as a source country for international student recrui...
5 charts on South Africa as a source country for international student recrui...CaraSkikne1
 
3.21.24 The Origins of Black Power.pptx
3.21.24  The Origins of Black Power.pptx3.21.24  The Origins of Black Power.pptx
3.21.24 The Origins of Black Power.pptxmary850239
 
General views of Histopathology and step
General views of Histopathology and stepGeneral views of Histopathology and step
General views of Histopathology and stepobaje godwin sunday
 
CHUYÊN ĐỀ DẠY THÊM TIẾNG ANH LỚP 11 - GLOBAL SUCCESS - NĂM HỌC 2023-2024 - HK...
CHUYÊN ĐỀ DẠY THÊM TIẾNG ANH LỚP 11 - GLOBAL SUCCESS - NĂM HỌC 2023-2024 - HK...CHUYÊN ĐỀ DẠY THÊM TIẾNG ANH LỚP 11 - GLOBAL SUCCESS - NĂM HỌC 2023-2024 - HK...
CHUYÊN ĐỀ DẠY THÊM TIẾNG ANH LỚP 11 - GLOBAL SUCCESS - NĂM HỌC 2023-2024 - HK...Nguyen Thanh Tu Collection
 
M-2- General Reactions of amino acids.pptx
M-2- General Reactions of amino acids.pptxM-2- General Reactions of amino acids.pptx
M-2- General Reactions of amino acids.pptxDr. Santhosh Kumar. N
 
PISA-VET launch_El Iza Mohamedou_19 March 2024.pptx
PISA-VET launch_El Iza Mohamedou_19 March 2024.pptxPISA-VET launch_El Iza Mohamedou_19 March 2024.pptx
PISA-VET launch_El Iza Mohamedou_19 March 2024.pptxEduSkills OECD
 
Education and training program in the hospital APR.pptx
Education and training program in the hospital APR.pptxEducation and training program in the hospital APR.pptx
Education and training program in the hospital APR.pptxraviapr7
 
Practical Research 1 Lesson 9 Scope and delimitation.pptx
Practical Research 1 Lesson 9 Scope and delimitation.pptxPractical Research 1 Lesson 9 Scope and delimitation.pptx
Practical Research 1 Lesson 9 Scope and delimitation.pptxKatherine Villaluna
 
How to Use api.constrains ( ) in Odoo 17
How to Use api.constrains ( ) in Odoo 17How to Use api.constrains ( ) in Odoo 17
How to Use api.constrains ( ) in Odoo 17Celine George
 
The Stolen Bacillus by Herbert George Wells
The Stolen Bacillus by Herbert George WellsThe Stolen Bacillus by Herbert George Wells
The Stolen Bacillus by Herbert George WellsEugene Lysak
 
Presentation on the Basics of Writing. Writing a Paragraph
Presentation on the Basics of Writing. Writing a ParagraphPresentation on the Basics of Writing. Writing a Paragraph
Presentation on the Basics of Writing. Writing a ParagraphNetziValdelomar1
 
In - Vivo and In - Vitro Correlation.pptx
In - Vivo and In - Vitro Correlation.pptxIn - Vivo and In - Vitro Correlation.pptx
In - Vivo and In - Vitro Correlation.pptxAditiChauhan701637
 
Philosophy of Education and Educational Philosophy
Philosophy of Education  and Educational PhilosophyPhilosophy of Education  and Educational Philosophy
Philosophy of Education and Educational PhilosophyShuvankar Madhu
 

Dernier (20)

How to Add a New Field in Existing Kanban View in Odoo 17
How to Add a New Field in Existing Kanban View in Odoo 17How to Add a New Field in Existing Kanban View in Odoo 17
How to Add a New Field in Existing Kanban View in Odoo 17
 
Personal Resilience in Project Management 2 - TV Edit 1a.pdf
Personal Resilience in Project Management 2 - TV Edit 1a.pdfPersonal Resilience in Project Management 2 - TV Edit 1a.pdf
Personal Resilience in Project Management 2 - TV Edit 1a.pdf
 
Patient Counselling. Definition of patient counseling; steps involved in pati...
Patient Counselling. Definition of patient counseling; steps involved in pati...Patient Counselling. Definition of patient counseling; steps involved in pati...
Patient Counselling. Definition of patient counseling; steps involved in pati...
 
Ultra structure and life cycle of Plasmodium.pptx
Ultra structure and life cycle of Plasmodium.pptxUltra structure and life cycle of Plasmodium.pptx
Ultra structure and life cycle of Plasmodium.pptx
 
CapTechU Doctoral Presentation -March 2024 slides.pptx
CapTechU Doctoral Presentation -March 2024 slides.pptxCapTechU Doctoral Presentation -March 2024 slides.pptx
CapTechU Doctoral Presentation -March 2024 slides.pptx
 
AUDIENCE THEORY -- FANDOM -- JENKINS.pptx
AUDIENCE THEORY -- FANDOM -- JENKINS.pptxAUDIENCE THEORY -- FANDOM -- JENKINS.pptx
AUDIENCE THEORY -- FANDOM -- JENKINS.pptx
 
CAULIFLOWER BREEDING 1 Parmar pptx
CAULIFLOWER BREEDING 1 Parmar pptxCAULIFLOWER BREEDING 1 Parmar pptx
CAULIFLOWER BREEDING 1 Parmar pptx
 
5 charts on South Africa as a source country for international student recrui...
5 charts on South Africa as a source country for international student recrui...5 charts on South Africa as a source country for international student recrui...
5 charts on South Africa as a source country for international student recrui...
 
3.21.24 The Origins of Black Power.pptx
3.21.24  The Origins of Black Power.pptx3.21.24  The Origins of Black Power.pptx
3.21.24 The Origins of Black Power.pptx
 
General views of Histopathology and step
General views of Histopathology and stepGeneral views of Histopathology and step
General views of Histopathology and step
 
CHUYÊN ĐỀ DẠY THÊM TIẾNG ANH LỚP 11 - GLOBAL SUCCESS - NĂM HỌC 2023-2024 - HK...
CHUYÊN ĐỀ DẠY THÊM TIẾNG ANH LỚP 11 - GLOBAL SUCCESS - NĂM HỌC 2023-2024 - HK...CHUYÊN ĐỀ DẠY THÊM TIẾNG ANH LỚP 11 - GLOBAL SUCCESS - NĂM HỌC 2023-2024 - HK...
CHUYÊN ĐỀ DẠY THÊM TIẾNG ANH LỚP 11 - GLOBAL SUCCESS - NĂM HỌC 2023-2024 - HK...
 
M-2- General Reactions of amino acids.pptx
M-2- General Reactions of amino acids.pptxM-2- General Reactions of amino acids.pptx
M-2- General Reactions of amino acids.pptx
 
PISA-VET launch_El Iza Mohamedou_19 March 2024.pptx
PISA-VET launch_El Iza Mohamedou_19 March 2024.pptxPISA-VET launch_El Iza Mohamedou_19 March 2024.pptx
PISA-VET launch_El Iza Mohamedou_19 March 2024.pptx
 
Education and training program in the hospital APR.pptx
Education and training program in the hospital APR.pptxEducation and training program in the hospital APR.pptx
Education and training program in the hospital APR.pptx
 
Practical Research 1 Lesson 9 Scope and delimitation.pptx
Practical Research 1 Lesson 9 Scope and delimitation.pptxPractical Research 1 Lesson 9 Scope and delimitation.pptx
Practical Research 1 Lesson 9 Scope and delimitation.pptx
 
How to Use api.constrains ( ) in Odoo 17
How to Use api.constrains ( ) in Odoo 17How to Use api.constrains ( ) in Odoo 17
How to Use api.constrains ( ) in Odoo 17
 
The Stolen Bacillus by Herbert George Wells
The Stolen Bacillus by Herbert George WellsThe Stolen Bacillus by Herbert George Wells
The Stolen Bacillus by Herbert George Wells
 
Presentation on the Basics of Writing. Writing a Paragraph
Presentation on the Basics of Writing. Writing a ParagraphPresentation on the Basics of Writing. Writing a Paragraph
Presentation on the Basics of Writing. Writing a Paragraph
 
In - Vivo and In - Vitro Correlation.pptx
In - Vivo and In - Vitro Correlation.pptxIn - Vivo and In - Vitro Correlation.pptx
In - Vivo and In - Vitro Correlation.pptx
 
Philosophy of Education and Educational Philosophy
Philosophy of Education  and Educational PhilosophyPhilosophy of Education  and Educational Philosophy
Philosophy of Education and Educational Philosophy
 

Startup Secrets - Game Changing Business Models

  • 1. Proprietary and ConfidentialProprietary and Confidential START UP SECRETS An insider’s guide to unfair competitive advantage Disruptive Business Models to build Value @underscorevc #startupsecrets startupsecrets.com
  • 2. Proprietary and ConfidentialProprietary and Confidential Introductions & Case Examples  Established • Google  Startup • Acquia • Demandware  Not for profit • One Laptop Per Child • Diagnostics For All (on the web) 2Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 3. Proprietary and ConfidentialProprietary and Confidential Agenda 1. Finding a Disruptive Business Model 2. Focusing on CORE differentiation 3. Multiply and Leverage it with innovation 4. Designing for high value Other side of the coin – GTM – next session - Eg Segmentation, Channels etc 3Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 4. Proprietary and ConfidentialProprietary and Confidential What is your model for • Creating • Delivering • Harnessing VALUE? 4 4 Business Model: How do you make money? Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 5. Proprietary and ConfidentialProprietary and Confidential Tonight Let’s get creative and think specifically about startups! 5
  • 6. Proprietary and ConfidentialProprietary and Confidential Business Model as a Disruptor  Why? • Time to market • Market adoption • Sustainability  Connecting the dots for you as a founder … • Spend • Cash efficiency • Your ownership • Valuation 6Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 7. Proprietary and ConfidentialProprietary and Confidential New Market & GTM Disruptive Business Model Disruptive Technolog y Disruptive Business Models to Build Value @underscorevc startupsecrets.com Perfect Startup Storm 7
  • 8. Proprietary and ConfidentialProprietary and Confidential How can your Business Model…  Change the game?  Rewrite the rules?  Cause an innovator’s dilemma  Be as disruptive as your technology? 9 New Game New playing field New boundaries New rules YOU choose players Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 9. Proprietary and ConfidentialProprietary and Confidential Symantec Antivirus for Mac (SAM) Best seller – Licensed Product Norton Antivirus for PC (NAV) How to change the game Best seller – Subscription Service Ex 1: Symantec – many years ago (!) Disruptive Business Models to Build Value @underscorevc startupsecrets.com 10
  • 10. Proprietary and ConfidentialProprietary and Confidential  Dramatic!  Game changing • Flipped the model on it’s head  Competitors caught off guard • Predictable profitable business model  Led to solution leadership vs. battle: “Data Security” • Customer need met more effectively • More value extracted • 1.5 product / seat => 2.6x 11 Results? Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 11. Proprietary and ConfidentialProprietary and Confidential  Off balance sheet Publisher of US products • Investment in Management, Sales, Marketing, Support, Translation & Localization  Acquired back by US corp when profitable • Pooling of interest • Non dilutive • Growing earnings  Symantec example Win/Win 12 Ex 2: European Software Publishing Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 12. Proprietary and ConfidentialProprietary and Confidential  Win/win/win • Customers = better local product, support, services • Publishers = accelerated, off balance sheet setup of profitable business • Shareholders = 97X return on original investment  Non technology disruptive business model • Economies of scale • Pooling of interests (tax) • Time shifting expense -> Accretive outcome 13 Results? Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 13. Proprietary and ConfidentialProprietary and Confidential  Shared ownership (Zipcar)  Flash sales (Vente Privee)  Crowd sourcing (uTest)  Lead Gen (Mint.com)  Virtual goods/currencies (Tapjoy)  Combinations • Acquia - OSS, SaaS • AirBnB - Commission on P2P rentals • Demandware - SaaS, success based rev share • Groupon - broker, revshare • Spotify -adbased, freemium 14 Sample Models Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 14. Proprietary and ConfidentialProprietary and Confidential  Process or Product?  Software or Services?  Open or Proprietary?  Content or Data?  Freemium or Premium?  Subscription or License? 15 Business Model – Sample Questions Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 15. Proprietary and ConfidentialProprietary and Confidential Your Capabilities Of Really Exceptional Value Focus on it!CORE First key question What is your CORE value? Disruptive Business Models to Build Value @underscorevc startupsecrets.com 16
  • 16. Proprietary and ConfidentialProprietary and Confidential Where is your CORE value?  Software/other technology  Data  Content  Service, support  User network Disruptively monetize it! • To your competitive advantage • Where are others most vulnerable? 17 COR E Cut to the CORE! Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 17. Proprietary and ConfidentialProprietary and Confidential  Google Apps vs. Microsoft office • What is the C.O.R.E for each ?  Software, Data, Advertising ?  Don’t compete head-on • MS Office = enterprise market • Google Apps = consumer market • Free vs $500 license • Simple vs Complicated • 80% solution vs Professional Tool 18 - Ex 1 Apps Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 18. Proprietary and ConfidentialProprietary and Confidential How can you compete with a market leader who has 80% to 90% market share? 1. Don’t compete head-on 2. Innovators Dilemma – go for low end 3. Disruptive technology, business model, or market approach 4. Examples: Gmail, Google Apps, Chrome 19 – Competing with Market Leaders Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 19. Proprietary and ConfidentialProprietary and Confidential  Apple vs. Google • What is the C.O.R.E for each ?  Hardware, Software, Content ?  Others in Ecosystem • Samsung, HTC  Alternative approaches • Amazon 20 – Ex 2 - Mobile Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 20. Proprietary and ConfidentialProprietary and Confidential Who is winning? Why? Is technology the difference? Apple, Google, & Microsoft strategies • Always play to your strength • Apple Mac, Google Search, Microsoft Windows 21 Android vs iPhone Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 21. Proprietary and ConfidentialProprietary and Confidential Disrupt the market leader • Apple disrupted carriers and manufacturers  Verizon, Sprint, Nokia, Motorola, RIM, Symbian • Android allowed them to fight back Disruptive business model • Android is free • Advertising business model • Search, Maps, Local, Wallet, YouTube 22 Android vs iPhone Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 22. Proprietary and ConfidentialProprietary and Confidential Business Models Matter ! Don Dodge dondodge@google.com Disruptive Business Models to Build Value @underscorevc startupsecrets.com 23
  • 23. Proprietary and ConfidentialProprietary and Confidential Creating Value
  • 24. Proprietary and ConfidentialProprietary and Confidential Startup Secret: Co-Creating Value Disruptive Business Models to Build Value @underscorevc startupsecrets.com  Be Open and Extensible (eg Software APIs) • Enabling external multipliers to your value • Building on yourself • Eating your own cooking • Being your own customer 25
  • 25. Proprietary and ConfidentialProprietary and Confidential  Be Open and Extensible (eg Software APIs) • Enabling external multipliers to your value • Building on yourself • Eating your own cooking • Being your own customer  Open Source • Leverage through community • Make the customer the product manager  Scratching their own itch 26 Startup Secret: Co-Creating Value Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 26. Proprietary and ConfidentialProprietary and Confidential Dries Buytaert Founder and project lead Drupal Co-founder and CTO Acquia http://buytaert.net :: @Dries 27Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 27. Proprietary and ConfidentialProprietary and Confidential Meet Dries 12 years ago when he started work on Drupal ... 28 Compiler books Collection of stamps Chess board Assembly books All furniture is from IKEA Student dorm in Antwerp where I started Drupal
  • 28. Proprietary and ConfidentialProprietary and Confidential 1 out of 50 websites in the world 10,000+ modules 300,000+ downloads/month 1.5M unique visitors/month FREE 29
  • 29. Proprietary and ConfidentialProprietary and Confidential 71 of the world's top 100 universities use Drupal 30
  • 30. Proprietary and ConfidentialProprietary and Confidential 1. Freedom to run the program 2. Freedom to study the program 3. Freedom to modify the program 4. Freedom to re-distribute the program 31 Open Source is a software license
  • 31. Proprietary and ConfidentialProprietary and Confidential Drupal wins because it is less expensive … yet technically superior! Disruptive Business Models to Build Value @underscorevc startupsecrets.com 32
  • 32. Proprietary and ConfidentialProprietary and Confidential Open Source Collaboration 33
  • 33. Proprietary and ConfidentialProprietary and Confidential 3,800 people contributed to Drupal 8 Open Source is not just a software license, it is also a development model Disruptive Business Models to Build Value @underscorevc startupsecrets.com 34
  • 34. Proprietary and ConfidentialProprietary and Confidential Open Source Collaboration Community 35
  • 36. Proprietary and ConfidentialProprietary and Confidential Open Source Collaboration Community Innovation 37
  • 37. Proprietary and ConfidentialProprietary and Confidential Technically superior 38
  • 38. Proprietary and ConfidentialProprietary and Confidential “Creative Destruction” Joseph Schumpeter 39 Joseph Schumpenter, Economist, 1883-1950 Drupal and Open Source is a catalyst for “Creative destruction”- Changes how we develop software - Changes how we build websites - Changes a multi-billion dollar industry - Open Source enables business model innovation - Bonus: allows to do well, and do good Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 39. Proprietary and ConfidentialProprietary and Confidential Delivering & Capturing Value
  • 40. Proprietary and ConfidentialProprietary and Confidential Multiply and Leverage your CORE Multipliers: • Increase revenue • Increase reach • Increase coverage Levers: • Reduce time • Reduce costs • Reduce resources CORE Levers Multipliers Startup Secret: Multipliers & Levers Disruptive Business Models to Build Value @underscorevc startupsecrets.com 41
  • 41. Proprietary and ConfidentialProprietary and Confidential Multipliers: • Added functionality • Community reach Levers: • Community development • Community marketing CORE Levers Multipliers Disruptive Business Models to Build Value @underscorevc startupsecrets.com Multiply AND Leverages CORE Drupal, Open Source 42
  • 42. Proprietary and ConfidentialProprietary and Confidential Multiplier Examples: • Sales & Marketing – Tiered Pricing – Freemium – Channel partners • Product – Slippery products * – “Russian Doll” Packaging * – Technology stacks Lever Examples: • Sales & Marketing – Web – Inside – Inbound – Viral • Product, Support – Offshoring – Outsourcing – Crowdsourcing – Co-creation * – Technology stacks * Covered herein Examples in Software Startup Secret: Multipliers & Levers CORE Levers Multipliers Disruptive Business Models to Build Value @underscorevc startupsecrets.com 43
  • 43. Proprietary and ConfidentialProprietary and Confidential  Strategies that enable Multipliers and Levers to work together around your CORE are the real winners 44 Get Multipliers & Levers working together! Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 44. Proprietary and ConfidentialProprietary and Confidential Acquia
  • 45. Proprietary and ConfidentialProprietary and Confidential • Provider of cloud-based solutions/support for enterprises using the open source product, Drupal • 2000+ customers • 250+ employees • 150% 4 year CAGR • Global operations • Highly predictable and repeatable model • Land and expand strategy 46 PROPRIETARY AND CONFIDENTIAL - do not redistribute Acquia at A Glance Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 46. Proprietary and ConfidentialProprietary and Confidential Acquia Business Model  Drupal is FREE  It is also Open Source  So how do you make money from FREE and Open IP? 1. Create valuable products and services around the CORE of Drupal 2. Use FOSS as multiplier and a lever in R&D, sales and marketing 47 PROPRIETARY AND CONFIDENTIAL - do not redistribute Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 47. Proprietary and ConfidentialProprietary and Confidential Acquia products around Drupal CORE C OMMU N ITY C OMMER C EC ON TEN T Enterprise Site FactoryDrupal Gardens Managed DeploymentsAcquia Cloud Drupal Management SuiteAcquia Network Drupal Training Professional Services Disruptive Business Models to Build Value @underscorevc startupsecrets.com 48
  • 48. Proprietary and ConfidentialProprietary and Confidential As a multiplier AND a lever (in R&D, sales, marketing…) 49 Example Multipliers: • Upsell value added products & services • Cloud & SaaS Example Levers: • Target installed base • Expand usage through partners CORE Levers Multipliers Free and Open Source Software (FOSS) Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 49. Proprietary and ConfidentialProprietary and Confidential One more thing… Disruptive Business Models to Build Value @underscorevc startupsecrets.com 54
  • 50. Proprietary and ConfidentialProprietary and Confidential  Product feeds the business model… • User experience • Supportability • Maintenance, updates (= lifecycle) • Upgrades • Upsells  Leads to 2 startup secrets • Russian Dolls & SLIPPERY products 55 Designing for success… Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 51. Proprietary and ConfidentialProprietary and Confidential • Simple • Low to no initial cost • Installs easily • Proves value quickly • Plays well with others • Easy to use • ROI is obvious • Y customers can’t live without it Think of how this improves the Gain/Pain Ratio in our Value Proposition Workshop Gain Pain Friction Free, SLIPPERY products Disruptive Business Models to Build Value @underscorevc startupsecrets.com 56
  • 52. Proprietary and ConfidentialProprietary and Confidential  Simple: Update your site from the browser  Low to no initial cost: free  Installs easy: Windows/Mac installers + SaaS  Proves value quickly: Distributions + Start using immediately  Plays well with others: Lots of integrations with other platforms  Easy to use: Web-based  ROI is obvious: Better, faster, cheaper  Your customers can’t live without: flexibility and extensibility 57 What makes Drupal SLIPPERY? Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 53. Proprietary and ConfidentialProprietary and Confidential  Multi purpose strategy • Packaging • Pricing • Distribution • And more … 58 Startup Secret: Build a Russian Doll! Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 54. Proprietary and ConfidentialProprietary and Confidential Free Incent Disruptive Business Models to Build Value @underscorevc startupsecrets.com 59
  • 55. Proprietary and ConfidentialProprietary and Confidential Limited Free Freemium … Disruptive Business Models to Build Value @underscorevc startupsecrets.com 60
  • 56. Proprietary and ConfidentialProprietary and Confidential Personal Limited Free OEM Solution… Disruptive Business Models to Build Value @underscorevc startupsecrets.com 61
  • 57. Proprietary and ConfidentialProprietary and Confidential Workgroup Personal Limited Free Premium … Disruptive Business Models to Build Value @underscorevc startupsecrets.com 62
  • 58. Proprietary and ConfidentialProprietary and Confidential Corporate Workgroup Personal Limited Free Sales enabler … Disruptive Business Models to Build Value @underscorevc startupsecrets.com 63
  • 59. Proprietary and ConfidentialProprietary and Confidential Enterprise Corporate Workgroup Personal Limited Free Adoption … Disruptive Business Models to Build Value @underscorevc startupsecrets.com 64
  • 60. Proprietary and ConfidentialProprietary and Confidential “Addiction before Adoption” Gives you, your partners & your customers:  Digestible starting point  Upsell Options  Channel Flexibility … and more 65Disruptive Business Models to Build Value @underscorevc startupsecrets.com Startup Secret: Build a Russian Doll!
  • 61. Proprietary and ConfidentialProprietary and Confidential Acquire On-board Upsell / Cross Sell “Addiction before Adoption” Acquia example = increasing LTV “Land & Expand” 66 $0 $100 $200 $300 $400 2009 2010 2011 2012(e) LTV Disruptive Business Models to Build Value @underscorevc startupsecrets.com Startup Secret: Build a Russian Doll! See example of 4A’s here
  • 62. Proprietary and ConfidentialProprietary and Confidential Create, Deliver & Harness Value Putting it all together Disruptive Business Models to Build Value @underscorevc startupsecrets.com 67
  • 63. Proprietary and ConfidentialProprietary and Confidential  Lifetime Value of Customer (LTV)  Cost of Acquiring Customer (CAC) 69 CORE Levers Multipliers LTV ~3x > CAC Disruptive Business Models to Build Value @underscorevc startupsecrets.com Basic Startup Model
  • 64. Proprietary and ConfidentialProprietary and Confidential  Repeatable  Scalable – with leverage  Profitable / Sustainable  Predictable  Valuable 70Disruptive Business Models to Build Value @underscorevc startupsecrets.com What makes for a GREAT business model?
  • 65. Proprietary and ConfidentialProprietary and Confidential Development Target Gross Margin 80% R&D 100%+ 15% Sales & Marketing 10% G&A 45% Profit (Loss) -100% 20% 71 • Example: – Phases of a software company Disruptive Business Models to Build Value @underscorevc startupsecrets.com % of Revenue spent…
  • 66. Proprietary and ConfidentialProprietary and Confidential Expenses as % of Revenue 62% 61% 53% 43%48% 29% 21% 19% 43% 50% 45% 44% 19% 14% 11% 11% L/T Model based on profitable subscription based software company 62% 48% 43% 19% 51% 29% 65% 14% 11% 45% 21% 53% 44% 19% 44% 11% 10% 35% 15% 25% Disruptive Business Models to Build Value @underscorevc startupsecrets.com 73
  • 67. Proprietary and ConfidentialProprietary and Confidential • Today: – 70% of all bookings are renewable subscriptions – 30% are consulting services (key differentiator) – 85%+ annual renewal rate for non-project work • Long-term Model: – 80% renewable subscriptions – 20% consulting services – 90% annual renewal rate for non-project work Highly Predictable and Repeatable Financial Model Disruptive Business Models to Build Value @underscorevc startupsecrets.com 74
  • 68. Proprietary and ConfidentialProprietary and Confidential New Geographies New Partners New Verticals Potential M&A Cross-sell Up-sell New Sites New Products New Customers Existing Customers Result: Disruptive Business Model for Continued Growth Disruptive Business Models to Build Value @underscorevc startupsecrets.com Total Revenue
  • 69. Proprietary and ConfidentialProprietary and Confidential Valuable…
  • 70. Proprietary and ConfidentialProprietary and Confidential 2013 Revenue Multiples Median 5.2x Valuations - SaaS Disruptive Business Models to Build Value @underscorevc startupsecrets.com 77
  • 71. Proprietary and ConfidentialProprietary and Confidential 2012-2013 Revenue Growth Valuations - SaaS 2013 Revenue Multiples Median 5.2x Disruptive Business Models to Build Value @underscorevc startupsecrets.com 78
  • 72. Proprietary and ConfidentialProprietary and Confidential Valuations - SaaS Disruptive Business Models to Build Value @underscorevc startupsecrets.com 79
  • 73. Proprietary and ConfidentialProprietary and Confidential Valuations - SaaS Disruptive Business Models to Build Value @underscorevc startupsecrets.com 80
  • 74. Proprietary and ConfidentialProprietary and Confidential Retention (Renewal) Disruptive Business Models to Build Value @underscorevc startupsecrets.com 82
  • 75. Proprietary and ConfidentialProprietary and Confidential 14 x leverage! Upsell Disruptive Business Models to Build Value @underscorevc startupsecrets.com 83
  • 76. Proprietary and ConfidentialProprietary and Confidential  Lifetime Value of Customer (LTV)  Cost of Acquiring Customer (CAC) 84 CORE Levers Multipliers LTV ~3x > CAC Basic Startup Model Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 77. Proprietary and ConfidentialProprietary and Confidential The Model Refined – Enabling Retention & Upsell  Lifecycle Value of Customer (LCV)  Cost of Acquiring & Re-Engaging Customer (CARC) 85 CORE Levers Multipliers Re-TrialUp-sell Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 78. Proprietary and ConfidentialProprietary and Confidential Re-engagement Costs  Must be included in CARC  Example: • Support • Customer Service • Professional Services 86Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 79. Proprietary and ConfidentialProprietary and Confidential Connecting it to Gain/Pain  They are two views of the same principle: • Customer view = Gain/Pain • Vendor view = LCV/CARC 87 CORE Levers Multipliers Re-TrialUp-sell Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 80. Proprietary and ConfidentialProprietary and Confidential Start as you plan to finish... 88Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 81. Proprietary and ConfidentialProprietary and Confidential A typical product lifecycle But it doesn’t have to be this way ! 89 See Try Buy Fly Die Long, costly (CAC), slow payback, short lifetime value (LTV) Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 82. Proprietary and ConfidentialProprietary and Confidential Adding Retention and Upsell 90 See Try Buy Fly Die Re-TrialUp-sell Extended Lifecycle Long, costly (CAC), slow payback, EXTENDED lifetime value (LTV) Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 83. Proprietary and ConfidentialProprietary and Confidential Web Self service On demand SaaS Subscription Open source A disruptive & valuable Lifecyle See Try Buy Fly Die Re-TrialUp-sell Extended Lifecycle Re-Trial Up-sell Extended Lifecycle short, low cost (CARC), quick payback, extended lifecycle value (LCV) Disruptive Business Models to Build Value @underscorevc startupsecrets.com 91
  • 84. Proprietary and ConfidentialProprietary and Confidential Applied to Software  Installed by IT  Customized  Infrequent upgrades  Proprietary  License 92 1990+ 2010+  On demand, SaaS  Web based  Self service  Open Source  Subscription Web Self service On demand SaaS Subscription Open source Up-sell Extende d Lifecycl e Up-sell Extende d Lifecycl e short, low cost (CAC), quick payback, EXTENDED lifetime value (LTV) Re-Trial …a fundamentally disruptive & more valuable business model Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 85. Proprietary and ConfidentialProprietary and Confidential DEMANDWARE PRE-IPO
  • 89. 97
  • 91. 99
  • 93. 101
  • 97. Proprietary and ConfidentialProprietary and Confidential Summary  Disruptive Business Model – as significant as Technology  Focus on CORE differentiation  Multiply and Leverage it with innovation like:- • Co-Creation • Strategic Partners • Russian Doll Packaging • And Friction Free, SLIPPERY products  Design for high value using LCV & CARC 106Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  • 98. Proprietary and ConfidentialProprietary and Confidential START UP SECRETS An insider’s guide to unfair competitive advantage Hi Disruptive Business Models to build Value #startupsecrets startupsecrets.com Michael J Skok
  • 99. Proprietary and ConfidentialProprietary and Confidential T 617.303.0064 @underscorevc 53 State Street, 10th Floor, Boston, MA 02109, USA T 617.303.0064 @underscorevc 53 State Street, 10th Fl Boston, MA 02109