business 101.1 class 11
TRANSCRIPT
Business 101.1A class in business. And entrepreneurship.
Fall 2016NYU ITP
November 28, 2016
Josh KnowlesJen van der Meer
Extra love from Tom IgoeAnd the Leslie E-Lab
Syllabus Map
START + Form
Teams
Business Models
Customer Development
How to Interview Value
+ The Purpose of Business
ValuesMotivation
TeamCustomer
Relationships+ Channels
AnalyticsKey Resources
Activities Partners
Biggest Vision
Analyze Test
The Money
Plan MVP
Turning Insights Into
Features
More MVP
How small, How big?
Launch MVP
Lessons Learned
Go/No Go?
Sketch Paper Prototype
Oz Test
Smallest MVP
Tech Architecture
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FOR THE FINAL
• Pitch + Lessons Learned • Lessons Learned: 7-10 minutes
• Where did you start, where did you go, how did you make decisions along the way?
• Beginning Canvas, end of semester canvas • Go/No Go? Continue?
• Pitch: 5-7 minutes See slide 21 for “long form pitch: • Pitch as if you were asking for money from a benevolent angel
investor
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Stories are how we think. They are how we make meaning in life. Stories are how we make things work, how we make decisions, how we persuade others, how we understand our place in the world, create identities, and define and teach social values.
Dr. Pamela Rutledge
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STORIES + MEDIUMS • Self intro - at an event. Hi my name is ___________ and I
________________
• Self intro to a person you know you need to meet = elevator pitch
• Email intro to find customers
• Email to intro find partners / experts
• Email to intro to find investors
• Follow up email and ask for plus one
• Video demo
• Kickstarter / indiegogo video + demo
• Investor meeting
• Pitch day / demo day
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TWO GOALS TODAY:
• Self intro - at an event. Hi my name is ___________ and I ________________
• Investor pitch
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WHICH STORY ARE YOU TELLING?
: http://www.openculture.com/2014/02/kurt-vonnegut-masters-thesis-rejected-by-u-chicago.html
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WHY DO WE HAVE A STORYLINE?
Most investors and backers believe, consciously or subconsciously, that a founder’s motivation is the primary driving force behind a high impact, high growth, super successful story.
YOU’RE ENROLLING ALL KINDS OF BACKERS
Is going to recommend your CTO co founder
Knows an investor you should meet
Wants to buy, now and feature on his 6 MM #instaWants to
feature you on Fast Co
QUICK INDIVIDUAL STORY. HI I’M ________. I’M WORKING ON ______________.
TRY TO CONNECT SOMETHING ABOUT YOURSELF TO YOUR COMPANY CONCEPT.
INVEST PROCESS: X 50-100
Intro email + Teaser deck
Response - would like to know more
Follow up long form deck
In person “pitch”
In or out then negotiation
LONG FORM - ORDER UP TO YOU…
• Pain (problem you are solving) • Solution (demo, screenshots, workflow, rendering) • Secret sauce (why you and only you and your technology
/ intellectual property) • Market size (current potential, or targeted micro market) • Competition (how you’re different) • You: (why you / your team) • Team: (who else you’ve roped in) • Business Model: (show your theory for how you’ll make
money, even if the answer is none at the start) • Financials/ Key metrics: (show off how you are making
money, or the metrics you’ll use to validate your path • Timeline and use of funds: (show off how you’ve been
using your money wisely, and how you will achieve great things with additional funds)
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SHORT FORM: • Pain (problem you are solving) • Solution (demo, screenshots, workflow, rendering • Secret sauce (why you and only you and your
technology / intellectual property) • Market size (current potential, or targeted micro
market) • Team: (why you / your team) • Business Model: (show your theory for how you’ll
make money, even if the answer is none at the start) 22