Don't Get Funded: How to Use Your Customers to Bootstrap
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The document discusses alternatives to raising funding for startups, including bootstrapping a business using customers. It recommends focusing on building a minimum viable product, validating the product with customers, and using customer payments to fund further development rather than seeking investors. Specifically, it suggests (1) focusing on a step-by-step process of building features, determining customer value, and setting pricing based on data; (2) outsourcing non-essential tasks; and (3) only raising funding once there is high customer demand, clear milestones are in place, and the business is already seeing traction.
Don't Get Funded: How to Use Your Customers to Bootstrap
- 1. presents Don’t Get Funded: How to Use Customers to Bootstrap Patrick Campbell @Patticus
- 2. Price Intelligently | HOBSONS AGENDA • Quick overview of Price Intelligently and myself • Why you need to rethink funding? • When funding is necessary? • Alternatives to Funding • Building a business without funding • Things to look for when raising cash
- 3. Price Intelligently | HOBSONS A Caveat.
- 4. Price Intelligently | HOBSONS A Caveat. Investors can be superheroes, you just need to raise right.
- 5. Price Intelligently | HOBSONS LET’S TALK ABOUT
- 6. Price Intelligently | HOBSONS Deep customer pricing intelligence for software companies.
- 7. Price Intelligently | HOBSONS PRICING AND KEY MILESTONES: • May 2012: Founded in Boston • Nov. 2012: 50+ Customers International Expansion to UK, Canada, & Australia • Jan. 2013: Expanded Team to 10 • April 2013: Completed Over 100,000 Pricing Studies LEADERSHIP: • CEO/Co-Founder: Patrick Campbell • Technologist/Co-Founder: Christopher O’Donnell • Technologist/Co-Founder: Aaron White Over 30+ Years of Economics & Technology Experience
- 8. Price Intelligently | HOBSONS EXPERIENCE IN SOFTWARE "The Price Intelligently team removed the guesswork from our pricing strategy, providing us with hard data from real people that fit our personas. Pricing is something we have to get right; our business depends on it. "We were incredibly pleased with Price Intelligently. I would recommend them to anyone who wants real data on the value customers and prospective customers place on your products and features.” “Price Intelligently was able to collect and compile more information than we ever could. PriceIntel helped us quickly understand the customer value of our product, which was data that we couldn’t get anywhere else.” "To me, pricing is the one area that marketers need to consider first and foremost. PriceIntel makes the pricing process painless and remarkably powerful with its extraordinary findings and in-depth analysis.” CEO – Nick Francis Director of Product – Chris Bulger CEO – Chris Savage CMO – Jeanne Hopkins
- 9. Price Intelligently | HOBSONS ACTIVITY #1:
- 10. Price Intelligently | HOBSONS WHY YOU NEED TO
- 11. Price Intelligently | HOBSONS THE
- 12. Price Intelligently | HOBSONS THE BUT, ONLY 1% OF COMPAN IES RAISE MONEY
- 13. Price Intelligently | HOBSONS COSTS ARE
- 14. Price Intelligently | HOBSONS SPEED ISN’T GOOD IF YOU’RE RUNNING IN THE WRONG DIRECTION
- 15. Price Intelligently | HOBSONS FUNDING IS
- 16. Price Intelligently | HOBSONS 1. HIGH CAPITAL
- 17. Price Intelligently | HOBSONS 2. WHEN YOU KNOW
- 18. Price Intelligently | HOBSONS 3. WHEN YOU’VE
- 19. Price Intelligently | HOBSONS TONS OF
- 20. Price Intelligently | HOBSONS 1. KICKSTARTER
- 21. Price Intelligently | HOBSONS BUILDING A BUSINESS
- 22. Price Intelligently | HOBSONS FOCUS ON A STEP-
- 23. Price Intelligently | HOBSONS ACTIVITY #2:
- 24. Price Intelligently | HOBSONS FOCUS ON WHAT
- 25. Price Intelligently | HOBSONS YOUR BUSINESS Product and Company Persona 1 Features E,F,G,H Value Proposition 1,2,3,4 Value Proposition 5,6,7,8 Pricing Features A,B,C,D Value Proposition 1,2,3,4 Price Sensitivity & Value Metrics Features C,D,E,F Value Proposition 5,6,7,8 Price Sensitivity & Value Metrics Persona 2
- 26. Price Intelligently | HOBSONS OUTSOURCE AND
- 27. Price Intelligently | HOBSONS ACTIVITY #3:
- 28. Price Intelligently | HOBSONS OUTSOURCE AND
- 29. Price Intelligently | HOBSONS ACTIVITY #4:
- 30. Price Intelligently | HOBSONS THINGS TO LOOK FOR
- 31. Price Intelligently | HOBSONS DON’T:
- 32. Price Intelligently | HOBSONS DO:
- 33. Price Intelligently | HOBSONS GREAT VCS:
- 34. Price Intelligently | HOBSONS QUESTIONS &
- 35. Course Title Course Title INSTRUCTOR NAME