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The Other Side of the Canvas
- 1. the other side of the canvas Keith McGreggor Director, VentureLab at GT Lead Instructor, NSF I-Corps Program what investors really need to know about the new startup philosophy
- 2. the “new” startup philosophy
- 10. What is a Startup?
- 11. A startup is a temporary organization designed to search for a repeatable and scalable business model. - Steve Blank
- 12. Startup ≠ Company A startup is a temporary organization designed to search for a repeatable and scalable business model.
- 14. Startup Business Model Company Product/Service
- 16. business plan a place to collect all of your (current) hypotheses and your rationale for them cover page table of contents executive summary business description business environment analysis industry background competitor analysis market analysis marketing plan operations plan management summary financial plan attachments and milestones
- 18. "Everybody has a plan until they get punched in the mouth."
- 22. $ time
- 23. $ time Year 3
- 24. Planning Plan>
- 25. business model the rationale of how an organization creates, delivers, and captures value
- 28. Offer
- 29. Offer Customers
- 36. 36 the key idea There are NO FACTS in the building!
- 38. 38 A man who carries a cat by the tail learns something he can learn in no other way.
- 39. Why do Startups fail?
- 42. Startups don’t fail because they fail to make something. Startups fail because they fail to make something someone wants to buy from them.
- 44. Product / Market Fit
- 45. Product / Market Fit Financial
- 46. Product / Market Fit COST < REVENUE
- 47. $ time TRACTION!
- 49. $ time oops... Profit = Revenue - Cost
- 50. COST < REVENUE ?
- 51. METRICS Vanity
- 53. the Pipeline $$$
- 54. METRICS AARRR
- 56. acquisition activation retention revenue referral
- 57. 57 SaaS Example
- 58. $500 / user / month $$$
- 59. 59 Paid Demand @ $1500 / 1k Clicks Organic Traffic @ $0.00 Google Adwords = $1.50 per Visitor = $0.00 per Visitor
- 60. 60 Paid Demand = $1.50 / Visitor Organic Traffic = $0.00 / Visitor 50% 50%
- 61. 61 Cost per Visitor = $0.75
- 62. 62 Cost per Visitor = $0.75 Visitor to Raw Lead 3%
- 63. 63 Cost per Visitor = $0.75 Visitor to Raw Lead 3% Raw to Qualified Lead 20%
- 64. 64 Cost per Visitor = $0.75 Visitor to Raw Lead 3% Raw to Qualified Lead 20% Qualified Lead Cost = 0.75 0.03 * 0.20 = $125
- 65. 65 Cost per Visitor = $0.75 Visitor to Raw Lead 3% Raw to Qualified Lead 20% Closed Deal Cost = 0.75 0.03 * 0.20 * 0.10 = $1250 Qualified Lead to Closed Deal 10%
- 66. 66 Cost per Visitor = $0.75 Visitor to Raw Lead 3% Raw to Qualified Lead 20% = $1250 Qualified Lead to Closed Deal 10% Marketing Cost Sales Cost Marketing Cost Sales Cost = ?
- 67. 67 Visitors Raw Leads (RLC) 50 Qualified Leads (QLC) 10 Closed Deals (CDC) 1 Sales Cost Sales Cost = (1,667 * RLC) + (50 * QLC) + (10*CDC) 1,667
- 68. 68 Visitors Raw Leads 50 Qualified Leads 10 Closed Deals 1 Sales Cost Sales Cost = (1,667 * $2.00) + (50 * $20. 00) + (10 * $200. 00) 1,667 = $3,334 + $1,000 + $2,000 = $6,334 $2.00 $20.00 $200.00
- 69. 69 3% 20% $1,250 + $6,334 10% Marketing Cost Sales Cost = $7,584CAC = Customer Acquisition Cost (CAC)
- 70. 70 LTV = ? Lifetime Value of a Customer (LTV)
- 71. 71 Lifetime Value of a Customer (LTV) Average Revenue Per User (ARPU) ARPU = Total Revenue Customers
- 72. 72 Lifetime Value of a Customer (LTV) Average Revenue Per User (ARPU) ARPU = Total Revenue Customers Gross Margin = Revenue - Cost Revenue
- 73. 73 Lifetime Value of a Customer (LTV) LTV = ARPU * Gross Margin not quite...
- 75. 75 Lifetime Value of a Customer (LTV) LTV= ARPU * Gross Margin Churn
- 76. 76 Lifetime Value of a Customer (LTV) LTV= 0.01 Suppose ARPU = $500 per month & Gross Margin = 40% & Churn = 1% per month 1% $500 * 0.4 = $20,000
- 77. 77 $1,250 + $6,334 Marketing Cost Sales Cost = $7,584CAC = LTV= 0.01 $500 * 0.4 = $20,000 ARPU Gross Margin Churn
- 78. Balancing a SaaS model 3xCAC < LTV recover CAC < 12 months why? churn < 3%
- 79. COST < REVENUE the equation that matters...
- 80. ... is this one: CAC << LTV acquisition activation retention revenue referral CAC LTV
- 82. if CAC << LTV COST < REVENUE and then COMPANY!
- 84. Canvas Flow
- 85. for each customer segment, one or more value propositions
- 86. for each value proposition, one or more customer segments
- 87. indirect for each customer segment, one or more channels direct
- 88. get for each customer segment, how to get/keep/grow keep grow
- 89. for each customer segment, which revenue stream (and for what value) A $ for A B $ for B
- 90. for each value proposition, some resources and activities create it A B act 1 act 2 R R R R
- 91. although an activity might create a resource too... A B act R
- 92. each customer relationship phase has its own activities and/or resources Get Keep act R Grow
- 93. channels also require activities or resources... act R indirect direct
- 94. revenue streams also need activities or resources act R A $ for A B $ for B
- 95. partners provide missing resources or activities act 1 ??? R R R R partner 1 partner 2
- 96. each activity or resource has an associated cost act 1 act 2 R R R R fixed costs variable costs
- 97. the engine of the business
- 99. Title Team Overview Problem Solution Value Secrets Advantage Strategy Model Projections Requirements Closer
- 100. Title Team Overview Problem Solution Value Secrets Advantage Strategy Model Projections Requirements Closer
- 101. Title Team Overview Problem Solution Value Secrets Advantage Strategy Model Projections Requirements Closer
- 102. Title Team Overview Problem Solution Value Secrets Advantage Strategy Model Projections Requirements Closer
- 103. Title Team Overview Problem Solution Value Secrets Advantage Strategy Model Projections Requirements Closer
- 104. Title Team Overview Problem Solution Value Secrets Advantage Strategy Model Projections Requirements Closer
- 105. Title Team Overview Problem Solution Value Secrets Advantage Strategy Model Projections Requirements Closer
- 106. Title Team Overview Problem Solution Value Secrets Advantage Strategy Model Projections Requirements Closer
- 107. Title Team Overview Problem Solution Value Secrets Advantage Strategy Model Projections Requirements Closer
- 108. Title Team Overview Problem Solution Value Secrets Advantage Strategy Model Projections Requirements Closer CAC << LTV COST < REVENUE
- 109. Title Team Overview Problem Solution Value Secrets Advantage Strategy Model Projections Requirements Closer
- 110. Title Team Overview Problem Solution Value Secrets Advantage Strategy Model Projections Requirements Closer My company, _______________, is developing ______________ to help ________________ _____________________ _____________________. company name something someone solve some problem with secret sauce
- 114. trends macro-economic forces market forces market issues market segments needs & demands switching costs revenue attractiveness
- 115. trends macro-econo forces industry forces Competition incumbents & insurgents Substitutions Suppliers & value chain Stakeholders
- 116. trends industry market technology regulatory societal & cultural socioeconomic
- 117. macro-economic forces forces forces global market conditions capital markets commodities & resources economic infrastructure
- 118. trends macro-economic forces industry forces market forces technology regulatory societal cultural socioeconomic suppliers stakeholders incumbents insurgents substitutes global market capital market commodities economic infrastructure segments needs and demands switching costs revenue attractiveness
- 120. the other side of the canvas
- 121. venturelab.gatech.edu @venturelab / @keithmcgreggor keith@venturelab.gatech.edu 75 Fifth St NW, Suite 202, Atlanta GA 30308