Flat6 Labs Tunis Bootcamp Day 1
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This document outlines the agenda and content for Dave Parker's one day bootcamp in Tunis for startups. The agenda includes sessions on pitching, research and competitive analysis, markets, value propositions, customer development, and awkward co-founder discussions. Parker provides his contact information and links to additional resources. He outlines his background and experience working with startups. Ground rules for the bootcamp are presented. An exercise is included for startups to self-score based on several factors. The document covers various startup topics like what makes a startup ready for venture capital funding, addressing weaknesses, business models, epochs of startups, and reasons for startup failure.
Flat6 Labs Tunis Bootcamp Day 1
- 1. Copyright, DKParker, LLC 2020 Flat6 Labs Tunis Bootcamp – Day 1 Dave Parker @DaveParkerSEA www.GetTrajectory.com @DaveParkerSEA
- 2. Copyright, DKParker, LLC 2020 Day 1 Agenda ¤ Intro ¤ Telling Your Story in 10/12 Slides ¤ Research & Competitive Analysis ¤ Markets ¤ Value Propositions ¤ Customer Development Data ¤ Awkward Co-Founder Discussions
- 3. Copyright, DKParker, LLC 2020 Presentation & Resources ¤https://www.dkparker.com/tunis- 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 “6 Month Startup – Ideation to Revenue” ¤ 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 12 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 10/12 Slides for Your Pitch 1. Title, Value Proposition, Contact Info 2. Presentation Overview* 3. Problem 4. Solution 5. Market Size 6. Competitive Analysis* 7. Traction/Timing – why you, why now? 8. Product Roadmap/Demo How You Make Money/Key Metrics 9. Go-To-Market 10. Secret Sauce/Moat/IP* 11. Team 12. Clear Ask/What do you need from Flat6 *for conf room pitch. Supporting Slides – Architecture, etc. 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 Market Sizing ¤ How big is the market ¤ Bahrain ¤ GCC ¤ MENA ¤ Global ¤ How do you put a BD amount to it?
- 45. Copyright, DKParker, LLC 2020 Ideal Customer Profile B2B ¤ Company type ¤ Vertical ¤ Size/Stage ¤ Buyer profile ¤ User profile B2C ¤ Profile ¤ Demographic ¤ “Name”
- 46. Copyright, DKParker, LLC 2020 Who is the Market & Customer
- 47. 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
- 48. 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
- 49. Copyright, DKParker, LLC 2020 Service Obtainable Market ¤ The subset of the market you can capture ¤ A proxy for short term upside ¤ Not Aspirational
- 50. Copyright, DKParker, LLC 2020 Who is the Market & Customer
- 51. 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?
- 52. 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
- 53. 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
- 54. 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
- 55. Copyright, DKParker, LLC 2020 Why/How do they buy? ¤ Make Money vs. Save Money? ¤ Searching for product ¤ Needs to be sold
- 56. Copyright, DKParker, LLC 2020 Exercise - How Big is Your Market
- 57. 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>.
- 58. Copyright, DKParker, LLC 2020 Lunch – 60 Minutes
- 59. Copyright, DKParker, LLC 2020 Breakout Session Ali and Saleh
- 60. Copyright, DKParker, LLC 2020 Value Proposition
- 61. 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?
- 62. 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?
- 63. 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
- 64. Copyright, DKParker, LLC 2020 Taglines ¤ The one sentence summary ¤ Pull from the Madlibs Pitch ¤ Benefits to customer – not features ¤ Simple ¤ Evolve with the company
- 65. 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
- 66. 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
- 67. Copyright, DKParker, LLC 2020 Customer Development
- 68. 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
- 69. Copyright, DKParker, LLC 2020 What is Customer Development? ¤ Four Steps of an Epiphany – Steve Blank
- 70. 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
- 71. 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
- 72. 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
- 73. 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
- 74. Copyright, DKParker, LLC 2020 How Many Customer Interviews ¤ B2B – 25+ ¤ Profile ¤ Job Title ¤ Type of Company ¤ B2C – 50+ ¤ Demographic ¤ ¯_(ツ)_/¯ = bad
- 75. Copyright, DKParker, LLC 2020 Fundraising Note You have opinions You have Data You get money! Investors have opinions They have money
- 76. 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?
- 77. Copyright, DKParker, LLC 2020 Awkward Co-Founder Discussions
- 78. 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
- 79. Copyright, DKParker, LLC 2020 Co-Founders – Part 1
- 80. 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
- 81. 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
- 82. 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>.
- 83. 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
- 84. 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
- 85. Copyright, DKParker, LLC 2020 THANKS!
- 86. Copyright, DKParker, LLC 2020