shift conference 2015 - andrea barrica (500 startups)

Download Shift Conference 2015 - Andrea Barrica (500 Startups)

Post on 16-Aug-2015

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  1. 1. Andrea Barrica, venture partner/EIR @ @abarrica
  2. 2. From Vitamin to PainKiller: Story of
  3. 3. ! ! ! $1.1M seed ! !
  4. 4. 2011 (private chefs)
  5. 5. 2011
  6. 6. We werent making money. !
  7. 7. Steve Blank, a forefather of Lean Startup
  8. 8. Congratulations, youve failed!
  9. 9. 5 Lessons ! (on how to bootstrap a startup after burning $1M)
  10. 10. Lesson #1 dont look back
  11. 11. we fired everyone
  12. 12. (even our customers)
  13. 13. Lesson #2 back to basics: find the pain
  14. 14. Lesson #3 empathy pay$ !
  15. 15. be delightful, get referrals = $1M ARR in 10mo
  16. 16. "inDinero has saved us thousands of dollars and reduced the amount of time I spend thinking about accounting by many hours a week. A fantastic investment." ! - Kaz, CEO of Kash
  17. 17. Lesson #4 beware metrics that dont matter
  18. 18. the vitamin:
  19. 19. 20K users 5M transactions/month $2B processed
  20. 20. the painkiller:
  21. 21. ! $315K MRR -400+ paying customers ! -growing 2x YoY ! -99% MoM retention rate
  22. 22. ! revenue MoM % growth CAC vs. LTV % referrals WAU/DAU !
  23. 23. Lesson #5 find pain first, then worry about scale !
  24. 24. not scalable? 315K MRR! 99% MoM retention rate 80% gross margins
  25. 25. Bonus Lesson: diverse teams win
  26. 26. ! Diversity will make you more money. ! +women +minorities +introverts +high empathy +all ages !
  27. 27. Andrea Barrica @abarrica andrea@500.co Hvala lijepa!