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FAST START STUDIO ACADEMY
SERGEY SUNDUKOVSKIY PH.D.
What to Do Once You Have an Idea
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Introduction2
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Background3
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Agenda
Putting Together a DeckVisualizing Your IdeaFinding Co-Founders/Mentors/AdvisorsPrototype Wireframing
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Startup Progression
Idea is not a product, product is not a company
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Putting Together a Deck
10-20-30 RuleShow Do Not TellTaxicab and Elevator PitchesTarget CustomerMarket AnalysisDifferentiation and JUDPressure TestingCompetitive Advantages
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Business Plan vs. Business Deck
Business Plan as we knew it in the Business School is dead
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Putting Together a Deck8
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Deck Rules
10 slides In reality it is 3 (others are used as reference)
20 min In reality it is 5 (at most)
30 point font Last guy from the end of the table Too much information
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Deck Rules
Picture is always better !!!!!It is worth 84.1 words
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Deck Structure
Executive SummaryProblemSolutionPlatformMarket OpportunityBusiness ModelPricing
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Financial ProjectionsCompetitorsDifferentiationCompetitive AdvantagesTeamMilestones/Roadmap
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Example Company12
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Executive Summary
GuidedFlow is a help management platform designed to enable website owners and self-service solutions to produce interactive tutorials, walkthroughs aiding
end-consumer adoption and task completion
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Problem
Problem: Traditional websites and software platforms struggle with user onboarding, feature
discovery and task completion due to confusion and complexity of software interaction
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Solution
Solution: GuidedFlow allows website owners and software platform companies to produce interactive tutorials, walkthroughs and guided help workflows to
aid customer onboarding, feature discovery and complex task completion
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Guided Flow16
Help Bar
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Competitors17
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Competitors (cont.) 18
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Pitches19
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Pitches
Taxicab Pitch“Facebook for teenagers”, “Flicker for Video”Elevator Pitch
What do we do? Who are we doing it for? How are we different?
“ConferenceByWire is an event streaming solution that brings live and on-demand events directly to the remote viewers over the Internet. Unlike other solutions it does not require significant infrastructure investment”
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Pressure Testing
Have your idea and the pitch pressure testedDo not insist on NDAs. Nobody cares
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Market and Customer22
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Differentiation
Distinction without difference
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Differentiation
FeaturesBusiness ModelTarget Audience
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Differentiation and JUD
What Investors Are Looking For? JUD – Just Enough Difference Different Enough Not Too Different
Valid Question “Why existing competitors are not focused in ‘this’ area?”
Invalid Question “Why wouldn’t existing competitors replicate ‘this’?”
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Competitive Strategies
Prices We are just like that only cheaper
Differentiation We are just like that with following differences
Niche We are just like that only verticalized
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Competitive Advantages
Not Easy to Overcome Original Content Execution Loyal Customer Base Brand Awareness
Easy to Overcome Patents First Mover Obscurity
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Deck Distribution
Push your deck online
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Visualizing Your Idea
Idea DescriptionIdea VisualizationWireframes Mockups (UI)Clickable Prototype (UX)VideolizeMind Mapping
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Idea Description
Idea Description Success Calculator: Inventor (cloud over the head). Many factors
represented by circles (founder experience circle, previous startup experience circle, competition circle, funding circle, customer circle, market size, industry circle, board of directors circle, product development experience, advisers circle) go into the SourceIgniter Predictor Engine box, what comes out is a Success Score
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Idea Visualization31
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Wireframes vs. Mockups32
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Clickable Prototype33
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WifeFraming Tools34
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Mark Up35
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Videolize
Videolize aka video scribe – Same as visualize only better
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Mind Mapping
Organize Your Thoughts
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Mind Mapping Tools38
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Wireframe39
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Mockup40
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Finding Co-Founders/Mentors/Advisors
Co-Founder Selection CriteriaFinding Co-FoundersCommitment vs. InvolvementMentor/Advisor Selection CriteriaMentor/Advisor ExpectationsIncubators
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Co-Founder Selection Criteria42
NOT GOOD BAD
GOOD
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Where to Find One?43
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Co-Founder Selection Criteria (cont.)
Complementary SkillsetWorked Together BeforeSimilar Work EthicSimilar Commitment LevelSimilar Conflict Resolution StyleCan Disagree and CommitIdeal Number of Co-Founders is 3
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Commitment vs. Involvement45
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Decide How to Decide
Do no block unless you feel very strongly about it
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Mentor vs. Advisor
Expectation Setting Hands On vs. Not Hands On
Mentor Advice
Advisor Cover Gaps Pressure Testing Industry IQ Introductions
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Mentoring
Real difference is focus. Mentors focus on you. What do advisors focus on?
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Mentoring (cont.)
Do I know anything about being pregnant?
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Incubators
Help Getting StartedLearning the RopesGood MentorsGreat AdvisorsHelpful IntroductionsRight Atmosphere Place to “Hang Your Hat”
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Right Incubator Program
Make sure to pick a right program for you
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Building a Static Prototype
Prototype’s PurposePrototype FeaturesPrototype DurationPrototype Starting Point
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Fine Line
Half-Baked and the Prototype are not the same thing
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Prototype Purpose
Fail Quickly and PivotProve Business HypothesisDiscover Inflection PointsCollect Customer FeedbackCollect Initial AnalyticsZero in on a Customer ProfileGet Funding
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Prototype Mockups55
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Prototype Mockups (cont.)56
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Prototype Mockups (cont.)57
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Prototype Mockups (cont.)58
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Prototype Structure59
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Prototype Wiring
Wire it together
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Product Development61
Startup DNAby Yevgeniy Brikman
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Product Development62
Startup DNAby Yevgeniy Brikman
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Product Analytics
If you can’t measure it you can’t improve it
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Analytical Tools64
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Traction Points
Sample Traction Points CTR Number of sign ups Number of sign ins Number of video uploads Number of product configurations Number of store deployments
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User Testing
ABT – Always Be Testing
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A/B Testing
Less the data, louder the opinion
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What Can Be A/B Tested?
HeadlineLead (first sentence)Hero ShotFontColorCall To Action Number of Steps in the FunnelAlgorithm
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A/B Testing Tools69
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Usability Testing
Eye Tracking
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What Are They Measuring?
AttentionEmotion Task Completion TimeHoveringClicksHotspottingPath
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Usability Testing Tools72