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EIA2017Portugal - Shannon Wu - Early Stage Growth Framework

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Shannon Wu - Early Stage Growth Framework

Veröffentlicht in: Technologie
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EIA2017Portugal - Shannon Wu - Early Stage Growth Framework

  1. 1. Early Stage Growth Frameworks TO OUTPACE COMPETITORS AND OWN A MARKET Mr. Progress
  2. 2. The frameworks we will cover today are targeted towards venture funded companies. NOTE ONE Mr. Progress
  3. 3. Many good businesses do not fall into this model. NOTE TWO Mr. Progress
  4. 4. For the purpose of this talk, we will think of the framework as two parts: 1. CHECKLIST What components do you have to hit? 2. BENCHMARKS How do you know when you’ve hit it? Mr. Progress
  5. 5. Crossing the Chasm Model: Mr. Progress
  6. 6. The Hype Curve Mr. Progress
  7. 7. What is most important for your startup?
  8. 8. Trick question.
  9. 9. Talk to 8 different investors, and you’ll get 8 different answers “We invest in great teams.” “We only invest in billion dollar markets.” “We want to see world- changing problems.” Mr. Progress
  10. 10. They’re all important. Here are the 8 Fundamental Parts of Company Building: Idea Team Customer Development Market Development Business Plan Operations Product Fundraising Mr. Progress
  11. 11. Get answers to your burning questions... Do I have enough users to raise a seed round? How do I know if my team is strong enough to win? Mr. Progress Do my unit economics work out? Will we make a profit? How do I know if my problem is a large enough problem? and much more...
  12. 12. 8D FRAMEWORK Mr. Progress
  13. 13. I’m going to loosely follow the 8 sectors of company building. In practice, many of these happen in parallel.
  14. 14. IDEA
  15. 15. How Do I know My Company is Worth Building? Questions to ask yourself: Mr. Progress • Will this be a problem in 5-7 years? • What unmet needs are we solving? • For who? • How many people face this problem? • Is our solution 10x better than the next available best alternative?
  16. 16. Don’t Build a Solution With No Problem. Put Yourself in Your Customer’s Shoes. One way to validate your idea: Describe a day in your customer’s life Mr. Progress • What do they actually do? • How do they make decisions? • What are their goals: professionally, socially, personally? • How are they measured or evaluated? • How do they currently achieve these goals? • What is missing? What can’t they accomplish?
  17. 17. TEAM
  18. 18. Four things to keep in mind when hiring top talent • 50% of hires are mistakes • “Good enough” is not good enough • Hire slow and fire fast • Only hire for burning needs, don’t make pre-emptive hires
  19. 19. The Hiring Framework Mr. Progress • Recruit passive candidates -- people who are not looking for a job • Verify references • Understand how they fit into the team • Run the process
  20. 20. Elements of a Good Team Trust Results Conflict Resolution Commitment Accountability Communication
  22. 22. Customer Development Mr. Progress • Collect Feedback, DO NOT SELL • Feedback = The Answers on How To Sell Your Customer Later • Create a Customer Advisory Board • Build Personal Relationships
  24. 24. Market Development Differences for Enterprise and Consumer Companies ● Awareness ● Connecting with customers ● Conversion from leads ● Retaining ● Customer Service ● Referrals & Use Cases ● Awareness ● Focus on traffic and connecting with customers ● Conversion to lead or purchase ● Retaining ● Customer Service ● Referrals, Influence B2B B2C
  25. 25. Pay attention to CAC and LTV
  26. 26. Market Development
  28. 28. No Need to Write 10 Pages...
  29. 29. OPERATIONS
  30. 30. All the funding in the world won’t build your company. Mr. Progress • Set your 10 year vision • Set your 1 year vision • Break down your 1 year vision into quarterly goals • For the upcoming quarter, split the goal into 3-4 sub components • Align one member for your team to own one of the components • Break down the quarterly goal into monthly goals • Break down the monthly goal into objective, measurable weekly goals • Report on these weekly goals using OGSM & KPI model. (Objective | Goals | Strategies / Metrics) • Hold weekly team meetings and 1:1’s with CEO/Team Leads to set and discuss goals
  32. 32. Target the right people. Mr. Progress Friends & Family: $10-$50k. Accelerator: $50k-$100k Angel Investor: $100k-500k Seed Fund: $500k-$2m Venture Fund: $2m-$40m Growth Fund: $40m - $200m IPO: $200m-$1B
  33. 33. PRODUCT
  34. 34. Getting to 1.0 Mr. Progress • Build one thing. • Build the minimum amount necessary to get 1 happy customer. • Simplify your problem. Reduce your workload at every possible corner. • Ask yourself: How can we simplify this?
  35. 35. Learn and Iterate Constantly innovate in your business practices to find new solutions Question why and how Form independent thoughts Don’t blindly follow