The Funding Game: Building Prototypes and Getting Real Customer Data Before Seeking Money
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The document provides advice on seeking funding for startups. It recommends proving your concept first before seeking funding by building a prototype, getting customers, and collecting real-world data. This makes the startup more attractive to investors and helps secure funding at a higher valuation. Examples like GoPro, SmugMug, and Dropbox are given that show the importance of proving concepts without outside funding when possible before approaching investors.
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The Funding Game: Building Prototypes and Getting Real Customer Data Before Seeking Money
- 1. S The Funding Game David Tran | Co-Founder / COO of NhomMua.com
- 2. Do you need the money? S Funding important for scaling, intensive capital needs, accelerating growth S Funding much easier to get after proving concept (valuation also higher) S Not all startups need outside funding S Advice: Go as long as you can without asking for money
- 3. GoPro
- 4. GoPro S HD sports video cameras S Low cost HD Wearable Sports Camera S Sold shells from VW bug to get 10k USD for first patent
- 5. SmugMug
- 6. SmugMug S Multi-gigapixel photography S Like Flickr but high quality S Self-funded
- 7. PCH
- 8. PCH S Located in Shenzhen, China S Huge supply chain company S Needed $200k USD to build circuit boards S Banks, VCs, turned them down S Founder Liam Casey asked factory to build it for him first S Offered his passport as collateral
- 9. Do you need the money? S Hustle, hustle, hustle S Build prototype, demo, proof of concept before asking for money S If possible, find a way to acquire customers, get real world data, then seek money S If cash-flow is business supporting, may not need funding ever
- 10. Looking for money S Ideas are a “dime a dozen” S Investors want to know your team can pull it off S Management team covers all needed areas to succeed S Technology / Development, Marketing/Sales/Business S Prove the concept with real customers S Go out there and get customers with your product S “Pivots” are essential | Your original ideas rarely work
- 11. DropBox
- 12. DropBox S Total VC capital funding of 257.2 MM USD S Valuation possibly > 1 Billion USD S Annual revenue > 240 MM USD for 2011 S Very interesting method of getting initial funding
- 13. DropBox S Founder Drew Houston originally use “Customer Development” methodology by Steve Blank S Customer Development process S Talking to customers S Using feedback to develop and refine product S Then, Drew Houston had an animated video created of a product that did not exist S Shopped the video to investors as “alpha version” and got funded S … then built the product.
- 14. Summary S Ideas are just ideas S You need to execute and test the market, to know what’s out there S At least have working prototype to show people, get feedback loop (Customer Discovery) S Real data (proof) trumps all funding at that point is just to scale a working model