This presentation is designed to give you a high-level overview of the Startup Secrets series (including topics and case studies). Held in conjunction with Harvard innovation lab, the Startup Secrets series was created to provide a framework for entrepreneurs and innovators to think through some of the key steps that could accelerate their success in starting a business. For more Startup Secrets, visit: http://www.mjskok.com/resources/introduction

1. Hi
Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
Harvard innovation lab
#startupsecrets
www.startupsecrets.com
START UP
SECRETS
An insider’s guide to unfair competitive advantage
MICHAEL J SKOK
North Bridge Venture Partners
twitter: @mjskok startupsecrets.com
1

2. Hi
Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
Harvard innovation lab
#startupsecrets
www.startupsecrets.com
START UP
SECRETS
An insider’s guide to unfair competitive advantage
Startup Secrets Overview
MICHAEL J SKOK
North Bridge Venture Partners
twitter: @mjskok startupsecrets.com
2

3. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Please note
• What follows are highlighted excerpts from 5
of the “Startup Secrets” workshops
• Full versions of the workshops and the
complete series can be found on the next
page
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3

4. Harvard innovation lab :
Hi
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
The Startup Secrets curriculum
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Overview
Getting Behind the Perfect Pitch
Building a Compelling Value Proposition
Company Formation: Culture and Hiring
Disruptive Business Models
Go-To-Market: Strategy & Tactics
Turning Products into Companies
Funding to go the distance
4

5. Hi
Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
Harvard innovation lab
#startupsecrets
www.startupsecrets.com
START UP
SECRETS
An insider’s guide to unfair competitive advantage
Getting behind the Perfect Pitch
MICHAEL J SKOK
North Bridge Venture Partners
twitter: @mjskok startupsecrets.com
5

6. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Market opportunity
6

7. Harvard innovation lab :
Hi
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Incomplete stand outs are better than
complete stand ups!
•
We looking for outstanding:
– People
– Technology or other disruption
– Market opportunity
•
One outstanding of the above literally stands out vs. all good, but none
great
•
We don’t expect complete
–
–
–
–
–
•
Team
Product
Value prop
GTM plan
Business Model
Entrepreneurs don’t need all the answers!
– Self aware, listening, leaders…
7

8. Hi
Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
Harvard innovation lab
#startupsecrets
www.startupsecrets.com
START UP
SECRETS
An insider’s guide to unfair competitive advantage
Building a Compelling
Value Proposition
MICHAEL J SKOK
North Bridge Venture Partners
twitter: @mjskok mjskok.com
8

9. Hi
Harvard innovation lab :
Startup Secrets :
wrap up session
@mjskok
#innovationlab
Michael J Skok :
#startupsecrets
www.startupsecrets.com
Agenda - Problem
Problem
Ideas
Solution
Define
Gain
Pain
Evaluate
Value
Prop
Build
9

10. Harvard innovation lab :
Hi
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
#innovationlab
Gain/Pain ratio
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•
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•
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Revenue
Cost savings
Time
People
Competitive advantage
Reputation
Etc..
•
•
•
•
•
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Inertia
Switching costs?
Default = do nothing
Alternatives?
Good enough =
good enough!
RISK on a startup
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•
•
•
•
•
Find (See)
Try
Buy
Implement
Deploy
Own – eg TCO
Pain
Inertia,
RISK
Gain
>10
10

11. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Video
Matt Johnston, CMO, uTest
11

12. Hi
Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
Harvard innovation lab
#startupsecrets
www.startupsecrets.com
START UP
SECRETS
An insider’s guide to unfair competitive advantage
Company Formation:
Building an Enduring Company
MICHAEL J SKOK
North Bridge Venture Partners
twitter: @mjskok startupsecrets.com
12

13. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Building an enduring company:
Roadmap…
Vision
Execution
Value
Prop
Startup
People
Culture
Enduring
Company
13

14. Harvard innovation lab :
Hi
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Startup Secret: Culture
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Comes from YOU
Comes from the top
Is modeled
Is valued by CONSISTENCY
Startup
Cultural Consistency
Enduring
Company
14

15. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Video
Tom Erickson, CEO, Acquia
15

16. Hi
Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
Harvard innovation lab
#startupsecrets
www.startupsecrets.com
START UP
SECRETS
An insider’s guide to unfair competitive advantage
Going To Market (GTM)
MICHAEL J SKOK
North Bridge Venture Partners
twitter: @mjskok mjskok.com
16

17. Hi
Harvard innovation lab :
Startup Secrets :
wrap up session
@mjskok
#innovationlab
Michael J Skok :
#startupsecrets
www.startupsecrets.com
A Startup GTM Framework
Marketing & Sales
Cycle
Strategies
Tactics
Awareness
Understanding
Engagement
Trial
OUTbound / INboound
Interest
Brand
Positioning
Messaging
Social
Media
PR
Services
Audience
Channel
Direct vs.
Channel
Targeting,
Segmentation
Channel
Development,
Management,
Etc.
Personas
Actors/Scenes
Strategic
Partners
References
Purchase
•
•
Results Oriented, Metrics, Execution
Driven
Continuous Iteration & Improvement
17

18. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
The Web: Changes (nearly) everything
Negatives:
Positives:
• One click away
• Measure everything
 Competitors
• Closed loop
 Distractions
• Lower cost
Closed Loop
via Web
Virtual Sales, Marketing, Services
 Webinars
 Video
 Podcasts
Don’t forget the human factors
 Personal touch
 Relationships – better real than
virtual!
 Experiential learning is
invaluable
18

19. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Video
Brian Halligan, CEO & Founder,
Hubspot
19

20. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Video
Mark Lorion, VP Marketing,
Spotfire Analytics
20

21. Hi
Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
Harvard innovation lab
#startupsecrets
www.startupsecrets.com
START UP
SECRETS
An insider’s guide to unfair competitive advantage
Disruptive Business Models to build Value
MICHAEL J SKOK
North Bridge Venture Partners
twitter: @mjskok mjskok.com
21

22. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
How can your Business Model…
• Change the game?
• Rewrite the rules?
• Cause an innovator’s dilemma
New Game
New playing field
New boundaries
• Be as disruptive
as your technology?
New rules
YOU choose players
22

23. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Video
Dan Dodge, Developer Advocate,
Google
Disrupting Leaders
23

24. Hi
Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
Harvard innovation lab
#startupsecrets
www.startupsecrets.com
START UP
SECRETS
An insider’s guide to unfair competitive advantage
Turning Products into Companies
by Design & Architecture
MICHAEL J SKOK
North Bridge Venture Partners
twitter: @mjskok startupsecrets.com
24

25. Harvard innovation lab :
Hi
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Friction Free, SLIPPERY products
•
•
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Simple
Low to no initial cost
Installs easily
Proves value quickly
Plays well with others
Easy to use
ROI is obvious
• Your customers can’t live without it – it’s stickY
25

26. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
Product to Company
@mjskok
#startupsecrets
www.mjskok.com
Cases
• Gregg
Favalora, Principal, Optics for
Hire
– Founder Actuality Systems
– @gfavalora
• John McEleney, CEO Belmont
Systems
– Previously CEO Solidworks
– @johnmceleney
26

27. Inventing and almost
commercializing 3-D
displays:
When “tech looking for a market”
goes from awesome, to painful, to a
patent sale 12 years later
April 2013
Gregg Favalora
Principal, Optics for Hire
* Founder, Actuality Systems (1997 – 2009)
gregg@opticsforhire.com
Client Confidential

28. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Video
Gregg Favalora, Principal, Optics
for Hire
28

29. Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
CAD is the Basis of Every Product
4/1/13
Hi
29

30. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Does anyone know what this is?
1-5-0-3
30

31. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Where to sell?
11+
# Units
1
2
6-10
3
1-5
0-3
4-6
# Months
31

32. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Video
John McEleney, Former
CEO, SolidWorks
32

33. Hi
Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
Harvard innovation lab
#startupsecrets
www.startupsecrets.com
START UP
SECRETS
An insider’s guide to unfair competitive advantage
Funding strategies to go the distance
MICHAEL J SKOK
North Bridge Venture Partners
twitter: @mjskok startupsecrets.com
33

34. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
The 2 best times to raise capital
• With all the POTENTIAL…
– Or
• Plenty of PROOF !
34

35. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Video
Steve Papa, Former CEO,
Endeca
35

36. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
NUMBER ONE Startup Secret
Don’t be afraid to FOCUS!
• Narrow as possible to start!
– Think small targets to dominate
• Which would you rather…
– Expand on success?
– Contract on failure?
• Balance Vision vs. Execution
– See post on mjskok.com
#1
36

37. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Case Studies
37

38. Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
#startupsecrets
www.startupsecrets.com
Visit Startup Secrets at
http://mjskok.com/resources/startup-secrets
Thank you!
38

39. Hi
Hi
Harvard innovation lab :
#innovationlab
Michael J Skok :
Startup Secrets :
wrap up session
@mjskok
Harvard innovation lab
#startupsecrets
www.startupsecrets.com
START UP
SECRETS
An insider’s guide to unfair competitive advantage
MICHAEL J SKOK
North Bridge Venture Partners
twitter: @mjskok startupsecrets.com
39