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Flat6 Labs Cairo 13 Bootacamp Day 1

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Flat6 Labs Cairo, Cycle 13 Bootcamp.

Is your startup venture ready?

Research, Markets, Competitive Analysis, Awkward Co-Founder Discussions,.

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Flat6 Labs Cairo 13 Bootacamp Day 1

  1. 1. Copyright DKParker, LLC 2019 Flat6 Labs – Cycle 13 Dave Parker @DaveParkerSEA www.dkparker.com/blog Dave@dkparker.com @DaveParkerSEA
  2. 2. Copyright DKParker, LLC 2019 Day 1 Agenda ¤ Intro ¤ About Dave ¤ Venture Scale Companies ¤ Venture Ready ¤ Research ¤ Markets ¤ Competitive Analysis ¤ Awkward Co-Founder Discussions
  3. 3. Copyright DKParker, LLC 2019 About Dave ¤ 5X founder, Board Member, former SVP Programs at UP Global (Startup Weekend + Startup America) ¤ Startup Next creator ¤ Startup Week ¤ Author – soon to launch “6 Month Startup – Ideation to Revenue” ¤ 8 transactions – 6 sell side, 2 buy side ¤ VC/Investor
  4. 4. Copyright DKParker, LLC 2019 Rules of the Road ¤ #GiveFirst – you have complimentary skills around you ¤ Don’t Ramble – I’ll interrupt ¤ Network – you need to build you network for the future starting today ¤ Ask questions as we go – especially if I talk too fast!
  5. 5. Copyright DKParker, LLC 2019 Introduce yourself & Q&A ¤ Before breaks, we’ll pause for Q&A ¤ Introduce your company ¤ Follow the prompt ¤ Ask your questions
  6. 6. Copyright DKParker, LLC 2019 Dave’s Madlibs Pitch Hi, I’m <your name here>, and my company <your Company name here> the problem I’m solving is <insert problem here>. Our product <insert product info here> is designed for our target customer of <insert target customer here>. We make money by <insert method here> and our team is the right team because <insert why you’re awesome here>. I need help with <insert help needed here>.
  7. 7. Copyright DKParker, LLC 2019 Score Yourself 1-4 Team: Why you, balanced team (talents, diversity), domain experts, serially successful founders, great company experience Idea: Are you solving a problem? New or existing problem, big category (vs tool), early/late continuum, technical achievable, pain pill or vitamin Product: do you have a product, how mature, customer first, solid design, clear roadmap to scale Market/Customer: big market (TAM/SOM), cash available, new or nascent market? Competition: How many incumbents, funding status, are you incremental better or 10X better? Traction: Customer validation, revenue, improving unit economics? Timing: Why now? Are you late, early, too early? Revenue Model/Finance: How will you monetize your idea? Do you have a basic budget on spending, big or small economics IP/Moat: Is your idea defensible? Can you build a moat over time? Clear Ask: What do you need help with? Advice, funding, introduction, help finding staff? Total out of 40
  8. 8. Copyright DKParker, LLC 2019 Venture Ready Fast NO ¤ Market ¤ Team ¤ Product ¤ Traction Slow Yes ¤ Idea ¤ Competition ¤ Business Model/Finance ¤ Timing ¤ Intellectual Property/Moat ¤ Clear Ask
  9. 9. Copyright DKParker, LLC 2019 ¤ https://docs.google.com/forms/d/1xedt0itkjGlQb3AvThM eH5Cjf0yWtajeCUO7mJBkKDU/edit#responses
  10. 10. Copyright DKParker, LLC 2019 Improving Weaknesses ¤ Where were you weak ¤ How would you answer differently ¤ What can you change now
  11. 11. Copyright DKParker, LLC 2019 Creating Value: Product, Team & Market Business Model
  12. 12. Copyright DKParker, LLC 2019 Capturing Value: Reasonable to Exceptional Returns – Traction & Idea Business Model
  13. 13. Copyright DKParker, LLC 2019 Delivering Value: Price, Economics, S&M Business Model
  14. 14. Copyright DKParker, LLC 2019 Creating Value: Product Delivering Value: Price, Economics, S&M Capturing Value Reasonable to Exceptional Returns Defining Business Model
  15. 15. Copyright DKParker, LLC 2019 Creating Value: Product Delivering Value: Marketing and Sales Capturing Value Reasonable to Exceptional Returns Defining Business Model
  16. 16. Copyright DKParker, LLC 2019 Creating Value: Product Delivering Value: Marketing and Sales Capturing Value Reasonable to Exceptional Returns Defining Business Model
  17. 17. Copyright DKParker, LLC 2019 Why Startups Fail
  18. 18. Copyright DKParker, LLC 2019 Launch & Survive
  19. 19. Copyright DKParker, LLC 2019 Judging a Startup – Bill Gross Ultimate success – AT SCALE – Assumes good market
  20. 20. Copyright DKParker, LLC 2019 Surfing Analogy ¤ The Wave ¤ The Board ¤ The Surfer ¤ The Trend ¤ The Product ¤ The Leader/Team Market timing = bad waves Small waves are bad Bad product Wrong person/team for the market Are all three lined up for you?
  21. 21. Copyright DKParker, LLC 2019
  22. 22. Copyright DKParker, LLC 2019 We’ll see…
  23. 23. Copyright DKParker, LLC 2019 Dave’s Madlibs Pitch Hi, I’m <your name here>, and my company <your Company name here> the problem I’m solving is <insert problem here>. Our product <insert product info here> is designed for our target customer of <insert target customer here>. We make money by <insert method here> and our team is the right team because <insert why you’re awesome here>. I need help with <insert help needed here>.
  24. 24. Copyright DKParker, LLC 2019 BREAK
  25. 25. Copyright DKParker, LLC 2019 Categorizing your Solution Product Service B2B Salesforce Consulting B2C Games For profit school
  26. 26. Copyright DKParker, LLC 2019 Hard Problems – start at the base
  27. 27. Copyright DKParker, LLC 2019 What problem/opportunity ¤ What’s the problem ¤ Pain Pill ¤ Vitamin ¤ What’s the opportunity ¤ Solving for who? ¤ Can you create and capture value? ¤ Who will pay?
  28. 28. Copyright DKParker, LLC 2019 Product & Companies ¤ Products aren’t fundable – Companies are fundable ¤ Lifestyle businesses – won’t funded ¤ Local vs. Scalable businesses Which one will you be? ¤ Services vs Product ¤ Exit multiples
  29. 29. Copyright DKParker, LLC 2019 Should you build it?
  30. 30. Copyright DKParker, LLC 2019 And than there’s this ($120M)
  31. 31. Copyright DKParker, LLC 2019 RESEARCH
  32. 32. Copyright DKParker, LLC 2019 Research ¤ You are not the customer ¤ Methods of Research ¤ Blue Ocean ¤ Gartner Magic Quadrant ¤ Documentation and Analysis ¤ Google Search – what are the keywords someone would type to find your solution ¤ Crunchbase Search – funding, timing, categories ¤ Competitive Product/Service pricing
  33. 33. Copyright DKParker, LLC 2019 Pattern Matching ¤ Stage ¤ Customer Type ¤ Categories
  34. 34. Copyright DKParker, LLC 2019 Research Project ¤ “Can I have your financial model?” ¤ 6 Year – 2,650 Funded Companies ¤ Results ¤ 16 Revenue Models – increasing level of complexity ¤ 4 Basic Sales Models ¤ Time from Seed to B Round
  35. 35. Copyright DKParker, LLC 2019 Research ¤ Create a Google Sheet with your research ¤ One tab for research, one for competitors ¤ Who has written about your market ¤ Professionals, bloggers, others ¤ Who has raised capital in this market ¤ What’s the state of the “Wave?”
  36. 36. Copyright DKParker, LLC 2019 Dave’s Madlibs Pitch Hi, I’m <your name here>, and my company <your Company name here> the problem I’m solving is <insert problem here>. Our product <insert product info here> is designed for our target customer of <insert target customer here>. We make money by <insert method here> and our team is the right team because <insert why you’re awesome here>. I need help with <insert help needed here>.
  37. 37. Copyright DKParker, LLC 2019 Break
  38. 38. Copyright DKParker, LLC 2019 Markets
  39. 39. Copyright DKParker, LLC 2019 Who is the Market & Customer
  40. 40. Copyright DKParker, LLC 2019 Total Addressable Market ¤ Also called Total Available Market ¤ Think global – launch local ¤ The Upside ¤ Calculating – bottom up, Total number of customers X Annual Revenue for your product ¤ Direct Data ¤ Explicate data ¤ Indirect Data ¤ Implicit data ¤ Triangulation Data ¤ A combination of different data sources
  41. 41. Copyright DKParker, LLC 2019 Service Addressable Market ¤ Or Serviceable Available Market ¤ The part of the market that can actually be reached ¤ Sales and Marketing driven ¤ With the features you have now ¤ With the product roadmap you have ¤ Competition ¤ Not everyone that might use it, if they found it, if it was in their language and currency
  42. 42. Copyright DKParker, LLC 2019 Service Obtainable Market ¤ The subset of the market you can capture ¤ A proxy for short term upside ¤ Not Aspirational
  43. 43. Copyright DKParker, LLC 2019 Who is the Market & Customer
  44. 44. Copyright DKParker, LLC 2019 Launch Addressable Market ¤ Given you TAM, SAM and SOM – WHO is the customer? ¤ And limited features ¤ Who can you sell to today? ¤ B2B ¤ B2C ¤ Buyer profile ¤ What features will you need to launch to expand your market and price?
  45. 45. Copyright DKParker, LLC 2019 10, 100, 1000 Customers ¤ Have a plan for how you get your first customers ¤ 10 – it’s you and your co-founder ¤ 100 – still you, maybe one insides sales person, forming a process to scale ¤ 1000 – not you, scalable processs
  46. 46. Copyright DKParker, LLC 2019 Market Conditions ¤ Nascent/New market ¤ Uber, AirBnB ¤ Large markets - >$100M or $1B ¤ Large market provide “at bat” opportunities ¤ Small markets suck ¤ Headwinds or tailwinds?
  47. 47. Copyright DKParker, LLC 2019 Who is your customer? ¤ Product vs. Services ¤ Product is something you can deliver or ship – can you make $$ while you sleep ¤ Services require people to deliver on the value and promise – consulting or a restaurant ¤ Who pays the bill? ¤ A business ¤ The Consumer ¤ The product user and who pays can be different as in Facebook or Google that make money on advertising
  48. 48. Copyright DKParker, LLC 2019 Why/How do they buy? ¤ Make Money vs. Save Money? ¤ Searching for product ¤ Needs to be sold ¤ More on this in Month 4
  49. 49. Copyright DKParker, LLC 2019 Exercise - How Big is Your Market
  50. 50. Copyright DKParker, LLC 2019 Dave’s Madlibs Pitch Hi, I’m <your name here>, and my company <your Company name here> the problem I’m solving is <insert problem here>. Our product <insert product info here> is designed for our target customer of <insert target customer here>. We make money by <insert method here> and our team is the right team because <insert why you’re awesome here>. I need help with <insert help needed here>.
  51. 51. Copyright DKParker, LLC 2019 Competitive Analysis
  52. 52. Copyright DKParker, LLC 2019 Specific Competitors ¤ Feature List ¤ Product positioning ¤ Gaps ¤ Pricing ¤ Target customer/profile ¤ Marketing approach
  53. 53. Copyright DKParker, LLC 2019 Competitor List & Notes Competitor URL Crunchbase Link Amount Funded Team Features Notes
  54. 54. Copyright DKParker, LLC 2019 Getting Data ¤ Right Mouse click ¤ Keywords, meta data ¤ Pull keywords for competitors – Google Sheet ¤ Tools ¤ https://www.semrush.com/ ¤ https://topics.seomonitor.com/query ¤ Google Keyword tool ¤ Social ¤ https://www.rivaliq.com/
  55. 55. Copyright DKParker, LLC 2019 Who has tried this before? ¤ What about Analyst report? ¤ Why did they fail? ¤ Use Wayback Machine to look back
  56. 56. Copyright DKParker, LLC 2019 Looking Back ¤ Feature List – then and now ¤ Product Positioning ¤ Pricing changes over time
  57. 57. Copyright DKParker, LLC 2019 A Note Regarding Biases
  58. 58. Copyright DKParker, LLC 2019 Questions? Where to source your data for your research?
  59. 59. Copyright DKParker, LLC 2019 Awkward Co-Founder Discussions
  60. 60. Copyright DKParker, LLC 2019 Everyone Has Expectations ¤ Set up a process to get the expectations out in the open ¤ Pre-Incorporation ¤ Meeting 1 of 2 ¤ Why do you want to do this ¤ Capital in vs out ¤ Timing of life ¤ Passion ¤ Go to Startup Equity Calculator
  61. 61. Copyright DKParker, LLC 2019 Co-Founders – Part 1
  62. 62. Copyright DKParker, LLC 2019 Co-founders, part 2 ¤ Meeting 2 of 2 ¤ Print out a copy- bring it to the meeting ¤ How far off are you? What responsibilities? ¤ At Incorporation ¤ Reverse vesting schedule ¤ What happens when someone leaves? ¤ Option pool 20% ¤ Why 50/50 is the only wrong decision
  63. 63. Copyright DKParker, LLC 2019 Post Incorporation ¤ Milestones/Deliverables ¤ Slicing Pie ¤ Market rates ¤ Don’t over inflate ¤ Track time and contribution ¤ Regular meeting ¤ Weekly standups ¤ Make HR changes fast – they won’t get easier
  64. 64. Copyright DKParker, LLC 2019 Pre-Mortum
  65. 65. Copyright DKParker, LLC 2019 If Your Startup was to Fail, Why? ¤ What’s the number one reason ¤ Product ¤ Customer Acquisition ¤ Competition ¤ Lack of funding ¤ Rank
  66. 66. Copyright DKParker, LLC 2019 For Tomorrow ¤ Did you discuss co-founder issues ¤ Are you clear on where they could blow your company apart? ¤ Discuss – don’t try to resolve, yet
  67. 67. Copyright DKParker, LLC 2019 Dave’s Madlibs Pitch Hi, I’m <your name here>, and my company <your Company name here> the problem I’m solving is <insert problem here>. Our product <insert product info here> is designed for our target customer of <insert target customer here>. We make money by <insert method here> and our team is the right team because <insert why you’re awesome here>. I need help with <insert help needed here>.
  68. 68. Copyright DKParker, LLC 2019 Day 1Deliverables ¤ Track your Venture Ready Score Before/After ¤ What can you do over the next 90 days to improve ¤ List your research and sources ¤ Build your Competitive landscape ¤ Subscribe to Google Alerts for all competitors ¤ Write is your pre-mortum – if you were to fail, why would you fail ¤ Schedule both co-founders meetings ¤ Print out the Foundrs.com results ¤ Setup Slicing Pie
  69. 69. Copyright DKParker, LLC 2019 THANKS!

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