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Copyright, DKParker, LLC 2020
Flat6 Labs Cairo Cycle 15
Bootcamp – Day 1
Dave Parker
@DaveParkerSEA
www.GetTrajectory.com
@DaveParkerSEA
Copyright, DKParker, LLC 2020
Day 1 Agenda
¤ Intro
¤ Telling Your Story in 11 Slides
¤ Research & Competitive Analysis
¤ Markets
¤ Value Propositions
¤ Customer Development Data
¤ Awkward Co-Founder Discussions
Copyright, DKParker, LLC 2020
Presentation & Resources
¤www.GetTrajectory.com
¤https://www.gettrajectory.com/flat6-
cairo-cycle-15-bootcamp/
Copyright, DKParker, LLC 2020
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 “Trajectory Startup – Ideation to
Product Market Fit”
¤ 8 transactions – 6 sell side, 2 buy side
¤ VC/Investor
Copyright, DKParker, LLC 2020
Rules of the Road
¤ Ask questions as we go – especially if I talk too fast!
¤ Meta questions please! Not just about your company
¤ Don’t Ramble – I’ll interrupt
¤ Virtually…
¤ Network – you need to build you network for the future
starting today
¤ #GiveFirst – you have complimentary skills around you
Copyright, DKParker, LLC 2020
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
Copyright, DKParker, LLC 2020
Venture Ready
Fast NO
¤ Market
¤ Team
¤ Product
¤ Traction
Slow Yes
¤ Idea
¤ Competition
¤ Business Model/Finance
¤ Timing
¤ Intellectual Property/Moat
¤ Clear Ask
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Addressing the Weaknesses
¤ Where were you weak
¤ How would you answer differently
¤ What can you change now – before final pitches?
¤ Don’t ignore the elephant in the room – investors won’t!
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Creating
Value:
Product,
Team &
Market
Business Model Breakdown
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Capturing
Value:
Reasonable to
Exceptional
Returns –
Traction & Idea
Business Model
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Delivering
Value:
Price,
Economics,
S&M
Business Model
Copyright, DKParker, LLC 2020
Creating Value:
Product
Delivering
Value: Price,
Economics,
S&M
Capturing
Value
Reasonable to
Exceptional
Returns
Defining Business Model
Copyright, DKParker, LLC 2020
Creating Value:
Product
Delivering
Value:
Marketing
and Sales
Capturing Value
Reasonable to
Exceptional
Returns
Defining Business Model
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Two Startup Epochs
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Epochs
¤ BC
¤ Pre Internet
¤ Pre Game of Thrones
¤ Pre Product-Market Fit
¤ Risk Capital
¤ AD
¤ Post Internet
¤ Post Game of Thrones
¤ Post Product-Market Fit
¤ Growth Capital
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Why Startups Fail
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Launch & Survive
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Judging a Startup – Bill Gross
Ultimate success – AT SCALE – Assumes good market
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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?
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Bring $$$
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Categorizing Your Solution
Product Service
B2B Salesforce Consulting
B2C Games For profit school
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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?
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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
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Should you build it?
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And than there’s this ($120M)
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Pre-Mortem
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If Your Startup was to Fail, Why?
¤ What’s the number one reason
¤ Product
¤ Customer Acquisition
¤ Competition
¤ Lack of funding
¤ Rank
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11 or 13 Slides?
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Two Use Cases - Two Decks
Slides for Stage
¤ 11 Slides
¤ It’s a contrived event
¤ Check boxes for hitting
required elements
¤ Supporting Slides
Slides for Conf Room
¤ 13 Slides
¤ It’s about the dialog and
understanding the investor
questions
¤ Supporting Slides
Copyright, DKParker, LLC 2020
11/13 Slides for Your Pitch
1. Title, Value Proposition,
Contact Info
2. Presentation Overview*
3. Traction
4. Problem/Solution
5. Market
6. Timing – why you, why now?
7. Product Roadmap/Demo
8. How You Make Money/Key
Metrics
9. Go-To-Market
10. Secret Sauce/Moat/IP
11. Team
12. Competitive Analysis*
13. Clear Ask
Supporting Slides – Roadmap,
etc. *for conf room pitch
Blog Post
Copyright, DKParker, LLC 2020
Research & Competitive Analysis
Copyright, DKParker, LLC 2020
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
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Pattern Matching
¤ Stage
¤ Customer Type
¤ Categories
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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
Copyright, DKParker, LLC 2020
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?”
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Specific Competitors
¤ Feature List
¤ Product positioning
¤ Gaps
¤ Pricing
¤ Target customer/profile
¤ Marketing approach
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Competitor List & Notes
Competitor URL Crunchbase
Link
Amount
Funded
Team Features Notes
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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/
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Who has tried this before?
¤ What about Analyst report?
¤ Why did they fail?
¤ Use Wayback Machine to look back
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Looking Back
¤ Feature List – then and now
¤ Product Positioning
¤ Pricing changes over time
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A Note Regarding Biases
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Questions?
Where to source your data for
your research?
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Markets
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Who is the Market & Customer
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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
Copyright, DKParker, LLC 2020
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
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Service Obtainable Market
¤ The subset of the market you can capture
¤ A proxy for short term upside
¤ Not Aspirational
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Who is the Market & Customer
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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?
Copyright, DKParker, LLC 2020
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 salesperson, forming a
process to scale
¤ 1000 – not you, scalable process
¤ Your LAM maps to your Go-to-Market (GTM)
¤ Customer
¤ Value Prop
¤ Pricing
¤ Marketing Spend and Sales effort
Copyright, DKParker, LLC 2020
Market Conditions
¤ Nascent/New market
¤ Uber, AirBnB
¤ Large markets - >$100M or $1B
¤ Large market provide “at bat” opportunities
¤ Small markets suck
¤ Headwinds or tailwinds?
¤ Covid
Copyright, DKParker, LLC 2020
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
Copyright, DKParker, LLC 2020
Why/How do they buy?
¤ Make Money vs. Save Money?
¤ Searching for product
¤ Needs to be sold
¤ More on this in Month 4
Copyright, DKParker, LLC 2020
Exercise - How Big is Your Market
Copyright, DKParker, LLC 2020
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>.
Copyright, DKParker, LLC 2020
Lunch – 60 Minutes
Copyright, DKParker, LLC 2020
Value Proposition
Copyright, DKParker, LLC 2020
Positioning
¤ Positioning is holding a place in your customer’s mind –
not as everything, what’s memorable?
¤ Who is the initial customer
¤ Think about limiting service and customer first – before
you expand
¤ You’re not precluded from selling other services or products
¤ What claim or promise will you make?
Copyright, DKParker, LLC 2020
Don’t Bury the Lead
¤ Think of this like journalism
¤ What’s the headline?
¤ What’s the Lead?
¤ What’s the Story?
Copyright, DKParker, LLC 2020
Testing
¤ Each pitch is a rapid A/B testing
¤ Look for 1:Many opportunities to test your value
proposition
¤ Trade shows
¤ Peers
¤ Test tag lines
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Taglines
¤ The one sentence summary
¤ Pull from the Madlibs Pitch
¤ Benefits to customer – not features
¤ Simple
¤ Evolve with the company
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Branding
¤ You don’t have a big budget – so you can’t afford brand
advertising
¤ Start with brand neutral and build
¤ Memorable
¤ Phonetically easy to spell
¤ Avoid double letters, etc
Copyright, DKParker, LLC 2020
Exercise
¤ Write out:
¤ What makes you different?
¤ Why should people buy from you?
¤ Write your websites tagline and opening paragraph
¤ What claim/promise will you make
¤ Write your DRAFT Unique Selling Proposition
¤ Compare this to your Pitch
Copyright, DKParker, LLC 2020
Customer Development
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Customer Development
¤ Parallel process with Product Development
¤ “Get out of the Building”
¤ Develop for a few not Many
¤ Prioritize features based on Needs not Wants
¤ Validate with Revenue/Commitment
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What is Customer Development?
¤ Four Steps of an Epiphany – Steve Blank
Copyright, DKParker, LLC 2020
Customer Development Goals
¤ Acute focus on problem – not product
¤ Find out if customers care?
¤ What do they want?
¤ Determines the difference your product at launch and at
scale
¤ Feature priorities & Product Roadmap
Copyright, DKParker, LLC 2020
Customer Dev Mechanics
¤ Google Forms
¤ Structured questions
¤ Progression
¤ Easy to Hard
¤ What do you really want to know?
¤ Will they pay for it? How much
¤ Why will it fail
¤ Neutral, not Guided Questions
Copyright, DKParker, LLC 2020
Customer Dev Mechanics, Cont
¤ Build a list of interested parties
¤ Mail Chimp List setup
¤ Ask for permission to email
¤ Monthly updates –
¤ Format: “What we did, what we’re going to do and
where we can use your help”
¤ Regular frequency – be predictable
Copyright, DKParker, LLC 2020
What Not To Do
¤ You are not the customer
¤ Don’t tolerate a small sample set – this could delay your
success by Years
¤ Avoid “Selection Bias”
¤ “Isn’t our product amazing”
¤ No rhetorical questions
¤ No blind surveys
¤ Can’t outsource
Copyright, DKParker, LLC 2020
How Many Customer Interviews
¤ B2B – 25+
¤ Profile
¤ Job Title
¤ Type of Company
¤ B2C – 50+
¤ Demographic
¤ ¯_(ツ)_/¯ = bad
Copyright, DKParker, LLC 2020
Fundraising Note
You have opinions
You have Data
You get money!
Investors have opinions
They have money
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Hypothesis vs Fact
¤ If you are convinced you’re right you won’t be open to
radical feedback that could change the trajectory of
your business & life!
¤ Always testing what you think you know
¤ Permission to give negative feedback
¤ If this idea was to fail, why would it fail?
¤ Why is this idea stupid?
Copyright, DKParker, LLC 2020
Awkward Co-Founder Discussions
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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
Copyright, DKParker, LLC 2020
Co-Founders – Part 1
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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
Copyright, DKParker, LLC 2020
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
Copyright, DKParker, LLC 2020
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>.
Copyright, DKParker, LLC 2020
Day 1 Deliverables
¤ Track your Venture Ready
Score Before/After
¤ What can you do over the next
90 days to improve
¤ Start drafting your 13 slides
¤ List your research, competition
and sources
¤ Outline your Market including
your TAM, SAM, & SOM (hint,
it’s a number)
¤ Write is your pre-mortem – if
you were to fail, why would
you fail
¤ Draft your value proposition
¤ Outline your existing and
required Customer
Development data
¤ Have your awkward co-
founder discussion
Copyright, DKParker, LLC 2020
Day 1 Deliverables
1. Title, Value Proposition,
Contact Info
2. Traction
3. Problem/Solution
4. Market – TAM, SAM, SOM
5. Timing/Competition
6. Product Roadmap/Demo
7. How You Make Money/Key
Metrics
8. Go-To-Market
9. Secret Sauce/Moat/IP
10.Team
11.Clear Ask
Supporting Slides – Roadmap,
etc.
Blog Post
Copyright, DKParker, LLC 2020
THANKS!

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Flat6 Labs Cairo Cycle 15 Bootcamp Day 1

  • 1. Copyright, DKParker, LLC 2020 Flat6 Labs Cairo Cycle 15 Bootcamp – Day 1 Dave Parker @DaveParkerSEA www.GetTrajectory.com @DaveParkerSEA
  • 2. Copyright, DKParker, LLC 2020 Day 1 Agenda ¤ Intro ¤ Telling Your Story in 11 Slides ¤ Research & Competitive Analysis ¤ Markets ¤ Value Propositions ¤ Customer Development Data ¤ Awkward Co-Founder Discussions
  • 3. Copyright, DKParker, LLC 2020 Presentation & Resources ¤www.GetTrajectory.com ¤https://www.gettrajectory.com/flat6- cairo-cycle-15-bootcamp/
  • 4. Copyright, DKParker, LLC 2020 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 “Trajectory Startup – Ideation to Product Market Fit” ¤ 8 transactions – 6 sell side, 2 buy side ¤ VC/Investor
  • 5. Copyright, DKParker, LLC 2020 Rules of the Road ¤ Ask questions as we go – especially if I talk too fast! ¤ Meta questions please! Not just about your company ¤ Don’t Ramble – I’ll interrupt ¤ Virtually… ¤ Network – you need to build you network for the future starting today ¤ #GiveFirst – you have complimentary skills around you
  • 6. Copyright, DKParker, LLC 2020 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
  • 7. Copyright, DKParker, LLC 2020 Venture Ready Fast NO ¤ Market ¤ Team ¤ Product ¤ Traction Slow Yes ¤ Idea ¤ Competition ¤ Business Model/Finance ¤ Timing ¤ Intellectual Property/Moat ¤ Clear Ask
  • 8. Copyright, DKParker, LLC 2020 Addressing the Weaknesses ¤ Where were you weak ¤ How would you answer differently ¤ What can you change now – before final pitches? ¤ Don’t ignore the elephant in the room – investors won’t!
  • 9. Copyright, DKParker, LLC 2020 Creating Value: Product, Team & Market Business Model Breakdown
  • 10. Copyright, DKParker, LLC 2020 Capturing Value: Reasonable to Exceptional Returns – Traction & Idea Business Model
  • 11. Copyright, DKParker, LLC 2020 Delivering Value: Price, Economics, S&M Business Model
  • 12. Copyright, DKParker, LLC 2020 Creating Value: Product Delivering Value: Price, Economics, S&M Capturing Value Reasonable to Exceptional Returns Defining Business Model
  • 13. Copyright, DKParker, LLC 2020 Creating Value: Product Delivering Value: Marketing and Sales Capturing Value Reasonable to Exceptional Returns Defining Business Model
  • 14. Copyright, DKParker, LLC 2020 Two Startup Epochs
  • 15. Copyright, DKParker, LLC 2020 Epochs ¤ BC ¤ Pre Internet ¤ Pre Game of Thrones ¤ Pre Product-Market Fit ¤ Risk Capital ¤ AD ¤ Post Internet ¤ Post Game of Thrones ¤ Post Product-Market Fit ¤ Growth Capital
  • 16. Copyright, DKParker, LLC 2020 Why Startups Fail
  • 17. Copyright, DKParker, LLC 2020 Launch & Survive
  • 18. Copyright, DKParker, LLC 2020 Judging a Startup – Bill Gross Ultimate success – AT SCALE – Assumes good market
  • 19. Copyright, DKParker, LLC 2020 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?
  • 20. Copyright, DKParker, LLC 2020 Bring $$$
  • 21. Copyright, DKParker, LLC 2020 Categorizing Your Solution Product Service B2B Salesforce Consulting B2C Games For profit school
  • 22. Copyright, DKParker, LLC 2020 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?
  • 23. Copyright, DKParker, LLC 2020 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
  • 24. Copyright, DKParker, LLC 2020 Should you build it?
  • 25. Copyright, DKParker, LLC 2020 And than there’s this ($120M)
  • 26. Copyright, DKParker, LLC 2020 Pre-Mortem
  • 27. Copyright, DKParker, LLC 2020 If Your Startup was to Fail, Why? ¤ What’s the number one reason ¤ Product ¤ Customer Acquisition ¤ Competition ¤ Lack of funding ¤ Rank
  • 28. Copyright, DKParker, LLC 2020 11 or 13 Slides?
  • 29. Copyright, DKParker, LLC 2020 Two Use Cases - Two Decks Slides for Stage ¤ 11 Slides ¤ It’s a contrived event ¤ Check boxes for hitting required elements ¤ Supporting Slides Slides for Conf Room ¤ 13 Slides ¤ It’s about the dialog and understanding the investor questions ¤ Supporting Slides
  • 30. Copyright, DKParker, LLC 2020 11/13 Slides for Your Pitch 1. Title, Value Proposition, Contact Info 2. Presentation Overview* 3. Traction 4. Problem/Solution 5. Market 6. Timing – why you, why now? 7. Product Roadmap/Demo 8. How You Make Money/Key Metrics 9. Go-To-Market 10. Secret Sauce/Moat/IP 11. Team 12. Competitive Analysis* 13. Clear Ask Supporting Slides – Roadmap, etc. *for conf room pitch Blog Post
  • 31. Copyright, DKParker, LLC 2020 Research & Competitive Analysis
  • 32. Copyright, DKParker, LLC 2020 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. Copyright, DKParker, LLC 2020 Pattern Matching ¤ Stage ¤ Customer Type ¤ Categories
  • 34. Copyright, DKParker, LLC 2020 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. Copyright, DKParker, LLC 2020 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. Copyright, DKParker, LLC 2020 Specific Competitors ¤ Feature List ¤ Product positioning ¤ Gaps ¤ Pricing ¤ Target customer/profile ¤ Marketing approach
  • 37. Copyright, DKParker, LLC 2020 Competitor List & Notes Competitor URL Crunchbase Link Amount Funded Team Features Notes
  • 38. Copyright, DKParker, LLC 2020 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/
  • 39. Copyright, DKParker, LLC 2020 Who has tried this before? ¤ What about Analyst report? ¤ Why did they fail? ¤ Use Wayback Machine to look back
  • 40. Copyright, DKParker, LLC 2020 Looking Back ¤ Feature List – then and now ¤ Product Positioning ¤ Pricing changes over time
  • 41. Copyright, DKParker, LLC 2020 A Note Regarding Biases
  • 42. Copyright, DKParker, LLC 2020 Questions? Where to source your data for your research?
  • 43. Copyright, DKParker, LLC 2020 Markets
  • 44. Copyright, DKParker, LLC 2020 Who is the Market & Customer
  • 45. Copyright, DKParker, LLC 2020 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
  • 46. Copyright, DKParker, LLC 2020 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
  • 47. Copyright, DKParker, LLC 2020 Service Obtainable Market ¤ The subset of the market you can capture ¤ A proxy for short term upside ¤ Not Aspirational
  • 48. Copyright, DKParker, LLC 2020 Who is the Market & Customer
  • 49. Copyright, DKParker, LLC 2020 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?
  • 50. Copyright, DKParker, LLC 2020 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 salesperson, forming a process to scale ¤ 1000 – not you, scalable process ¤ Your LAM maps to your Go-to-Market (GTM) ¤ Customer ¤ Value Prop ¤ Pricing ¤ Marketing Spend and Sales effort
  • 51. Copyright, DKParker, LLC 2020 Market Conditions ¤ Nascent/New market ¤ Uber, AirBnB ¤ Large markets - >$100M or $1B ¤ Large market provide “at bat” opportunities ¤ Small markets suck ¤ Headwinds or tailwinds? ¤ Covid
  • 52. Copyright, DKParker, LLC 2020 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
  • 53. Copyright, DKParker, LLC 2020 Why/How do they buy? ¤ Make Money vs. Save Money? ¤ Searching for product ¤ Needs to be sold ¤ More on this in Month 4
  • 54. Copyright, DKParker, LLC 2020 Exercise - How Big is Your Market
  • 55. Copyright, DKParker, LLC 2020 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>.
  • 56. Copyright, DKParker, LLC 2020 Lunch – 60 Minutes
  • 57. Copyright, DKParker, LLC 2020 Value Proposition
  • 58. Copyright, DKParker, LLC 2020 Positioning ¤ Positioning is holding a place in your customer’s mind – not as everything, what’s memorable? ¤ Who is the initial customer ¤ Think about limiting service and customer first – before you expand ¤ You’re not precluded from selling other services or products ¤ What claim or promise will you make?
  • 59. Copyright, DKParker, LLC 2020 Don’t Bury the Lead ¤ Think of this like journalism ¤ What’s the headline? ¤ What’s the Lead? ¤ What’s the Story?
  • 60. Copyright, DKParker, LLC 2020 Testing ¤ Each pitch is a rapid A/B testing ¤ Look for 1:Many opportunities to test your value proposition ¤ Trade shows ¤ Peers ¤ Test tag lines
  • 61. Copyright, DKParker, LLC 2020 Taglines ¤ The one sentence summary ¤ Pull from the Madlibs Pitch ¤ Benefits to customer – not features ¤ Simple ¤ Evolve with the company
  • 62. Copyright, DKParker, LLC 2020 Branding ¤ You don’t have a big budget – so you can’t afford brand advertising ¤ Start with brand neutral and build ¤ Memorable ¤ Phonetically easy to spell ¤ Avoid double letters, etc
  • 63. Copyright, DKParker, LLC 2020 Exercise ¤ Write out: ¤ What makes you different? ¤ Why should people buy from you? ¤ Write your websites tagline and opening paragraph ¤ What claim/promise will you make ¤ Write your DRAFT Unique Selling Proposition ¤ Compare this to your Pitch
  • 64. Copyright, DKParker, LLC 2020 Customer Development
  • 65. Copyright, DKParker, LLC 2020 Customer Development ¤ Parallel process with Product Development ¤ “Get out of the Building” ¤ Develop for a few not Many ¤ Prioritize features based on Needs not Wants ¤ Validate with Revenue/Commitment
  • 66. Copyright, DKParker, LLC 2020 What is Customer Development? ¤ Four Steps of an Epiphany – Steve Blank
  • 67. Copyright, DKParker, LLC 2020 Customer Development Goals ¤ Acute focus on problem – not product ¤ Find out if customers care? ¤ What do they want? ¤ Determines the difference your product at launch and at scale ¤ Feature priorities & Product Roadmap
  • 68. Copyright, DKParker, LLC 2020 Customer Dev Mechanics ¤ Google Forms ¤ Structured questions ¤ Progression ¤ Easy to Hard ¤ What do you really want to know? ¤ Will they pay for it? How much ¤ Why will it fail ¤ Neutral, not Guided Questions
  • 69. Copyright, DKParker, LLC 2020 Customer Dev Mechanics, Cont ¤ Build a list of interested parties ¤ Mail Chimp List setup ¤ Ask for permission to email ¤ Monthly updates – ¤ Format: “What we did, what we’re going to do and where we can use your help” ¤ Regular frequency – be predictable
  • 70. Copyright, DKParker, LLC 2020 What Not To Do ¤ You are not the customer ¤ Don’t tolerate a small sample set – this could delay your success by Years ¤ Avoid “Selection Bias” ¤ “Isn’t our product amazing” ¤ No rhetorical questions ¤ No blind surveys ¤ Can’t outsource
  • 71. Copyright, DKParker, LLC 2020 How Many Customer Interviews ¤ B2B – 25+ ¤ Profile ¤ Job Title ¤ Type of Company ¤ B2C – 50+ ¤ Demographic ¤ ¯_(ツ)_/¯ = bad
  • 72. Copyright, DKParker, LLC 2020 Fundraising Note You have opinions You have Data You get money! Investors have opinions They have money
  • 73. Copyright, DKParker, LLC 2020 Hypothesis vs Fact ¤ If you are convinced you’re right you won’t be open to radical feedback that could change the trajectory of your business & life! ¤ Always testing what you think you know ¤ Permission to give negative feedback ¤ If this idea was to fail, why would it fail? ¤ Why is this idea stupid?
  • 74. Copyright, DKParker, LLC 2020 Awkward Co-Founder Discussions
  • 75. Copyright, DKParker, LLC 2020 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
  • 76. Copyright, DKParker, LLC 2020 Co-Founders – Part 1
  • 77. Copyright, DKParker, LLC 2020 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
  • 78. Copyright, DKParker, LLC 2020 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
  • 79. Copyright, DKParker, LLC 2020 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>.
  • 80. Copyright, DKParker, LLC 2020 Day 1 Deliverables ¤ Track your Venture Ready Score Before/After ¤ What can you do over the next 90 days to improve ¤ Start drafting your 13 slides ¤ List your research, competition and sources ¤ Outline your Market including your TAM, SAM, & SOM (hint, it’s a number) ¤ Write is your pre-mortem – if you were to fail, why would you fail ¤ Draft your value proposition ¤ Outline your existing and required Customer Development data ¤ Have your awkward co- founder discussion
  • 81. Copyright, DKParker, LLC 2020 Day 1 Deliverables 1. Title, Value Proposition, Contact Info 2. Traction 3. Problem/Solution 4. Market – TAM, SAM, SOM 5. Timing/Competition 6. Product Roadmap/Demo 7. How You Make Money/Key Metrics 8. Go-To-Market 9. Secret Sauce/Moat/IP 10.Team 11.Clear Ask Supporting Slides – Roadmap, etc. Blog Post
  • 82. Copyright, DKParker, LLC 2020 THANKS!