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Aaron Patzer, Founder & CEO [email_address] February 23, 2010 How to take your startup to the next level Idea to $170m exit in three years +
Aaron = Geek 
 with accounting skills Duke:  EE / Comp. Sci. Princeton:  PhD Dropout Financial + Managerial Accounting
3 Phases of Startup Life ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Garage:  Rapidly Validate an Idea ,[object Object],[object Object],[object Object]
Garage:  Goal = Prototype  ,[object Object],[object Object],[object Object],[object Object],Pre-revenue Valuation: +$500k / engineer -$250k / business guy
Result:  Mint UI in July 2006
Garage    Seed:  Raising Funds ,[object Object],[object Object],[object Object],[object Object]
Seed:  Proving revenue
 before you have any ,[object Object],[object Object],[object Object],2007 2008 2009 2010 $1m $10m $50m
Mint - Money Intelligence Competition: Quicken & LowerMyBills ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Original Mint late 2006 slide Consumers
Lead-Gen & CPA Opportunity:  $30+/user/yr Original Mint 2007 slide Category Where on Mint CPA Revenue Frequency Of Action User Adoption Rate (%) = Goal Rev User / Year    Credit Score WTS $36 2 yr 20% $3.60    Credit Cards WTS $60 2 yr 10% $3.00    Check/Save WTS $30 2 yr 10% $1.50 ,[object Object],Center $100 3.5 yr 5% $1.40 ,[object Object],Inv/WTS $200 Once 5% $2.00    CDs WTS $30 Once 10% $0.60 Daily Savings Txn $1.50 1 mo 20% $3.60 Insurance WTS $15 2 yr 10% $0.75 Comm. Services WTS $50 2 yr 10% $2.50 Mortgage Refi. WTS $200 Once 5% $2.00 Travel Goals $50 2 yr 10% $2.50 Home Improve Goals $200 Once 5% $2.00 Edu & 529 Goals $200 Once 5% $2.00 = $30
Business Model: Referrals & Lead Generation ,[object Object],[object Object],[object Object],[object Object],Mint - Money Intelligence Original Mint late 2006 slide 20 – 65 M x $30 = $0.6 – 1.8 B User base Rev/user/yr Mint Opportunity Advertisers
Seed Result:  Mint Alpha Seed Result: UI in April 2007
Funded:  Scaling People ,[object Object],[object Object],[object Object]
Funded:  Beta    Big Launch ,[object Object],[object Object],[object Object],[object Object]
Beta Product: Jul – Sep 2007
Funded:  The Big Launch! ,[object Object],[object Object],[object Object],[object Object]
Mint Today

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Aaron Patzer - How to Take Your Start-up to the Next Level

  • 1. Aaron Patzer, Founder & CEO [email_address] February 23, 2010 How to take your startup to the next level Idea to $170m exit in three years +
  • 2. Aaron = Geek 
 with accounting skills Duke: EE / Comp. Sci. Princeton: PhD Dropout Financial + Managerial Accounting
  • 3.
  • 4.
  • 5.
  • 6. Result: Mint UI in July 2006
  • 7.
  • 8.
  • 9.
  • 10.
  • 11.
  • 12. Seed Result: Mint Alpha Seed Result: UI in April 2007
  • 13.
  • 14.
  • 15. Beta Product: Jul – Sep 2007
  • 16.

Hinweis der Redaktion

  1. - Elevator pitch: Give Mint pitch - A LARGE market (at least $1b potential): Counter point - college classifieds. Convinced Matt to give up 40% for 2%. - Real revenue potential: Put us ahead of 95% of our competition - Sustainable advantage: patents, expertise, first mover advantage
  2. (Size in millions) Auto: Cars $750K Financial Services Banking $250K Payday Advance $10K Real Estate: Real Estate (including MTG) 1250K Insurance: Ins. - Auto 9K Ins.- Life, Health 500K Ins.- Property-Casualty 415K Services: Public Storage 43K Tours, Cruises 20K Law 160K Home Impr. Contractors 340K Communications: Satellite/Cable 55K Mobile Phone/Long Dist. $200K
  3. - Most companies hire haphazardly: Nascentric "How did you feel about him?" - Train yourself to hire: TopGrading - Hire better than you...then let them work: Sometimes still surprised these people work for me. Also helps fund raising - your job as CEO is hiring the right team and choosing the right market.
  4. - Started blog to build ecosystem: More traffic than leading competitor - Private beta builds demand: Got 30k email addresses before day 1 - Use exclusivity: "I want Mint!" badges on hundreds of blogs, SEO, free acquisition - Gives you valuable user feedback: Hardest thing ever, like being kicked in the chest
  5. - Venue: TechCrunch 40 - Aggressive press is key - hire an agency: Best customer acquisition, builds brand, and far less expensive - Have a presence: We rented a room, served Mint mojitos to all. --> Mint wins!