svfi june 15 start-up research: adeo ressi
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8/9/2019 SVFI June 15 Start-up Research: Adeo Ressi
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don t let this be youRESEARCH
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M y Industries
Market Segment Character Reality
Local Content Guides Hip Journalists Hard to Expand
Services Strategic Consulting Polished Salesman Hard to Fund
Space Incentive Prizes Angry Scientists Hard to Execute
Enter p riseSoftware
Planning Pro Consultants Hard to Sell
Video Games Social Platform Artistic Engineers Hard to M ake
Entre p reneurs h ip Information Naïve Visionaries Hard to Succeed
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Goals of Research
Defend your decisions
Plan to succeed
Identify subtle opportunitiesAvoid deadly mistakes
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The Ride
The Journey
The Destination
Without research«
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Adeo s Pillars of Research
1. M arket Segment Definition ± Are you playing in the right field?
2. M arket Size Estimation ± Is this a lucrative game?
3. M arket Character Analysis ± Are these the teams that you want to play with?
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segment
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W hat M arket are You In?
Segmentation Exam p le 1 Exam p le 2 Exam p le 3
1. Market Retail Enterprise Software Education
2. Segment Discount Productivity Online Learning
3. Focus / Sector Online Coupons Project Planning M ath Games
QuestionsAre you in discount
retail or onlineretail?
Are you enterpriseor personal;
software or IT?
Are you ingames or
education?
D efining your market right shows you where to look for information
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You can not escapethe market
that you are in.
You look like this online
but act like this in the world
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size
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How Big is Your M arket?
Attributes Small Medium Large
Annual RevenueUnder $10 Bn(casual games)
$10 to $100 Bn(online CRM )
Over $100 Bn(newspapers)
Annual Growt h25%
Fast Growth5%
Limited Growth-10%
Shrinking Fast
Concentration M any SmallCompanies
Few M edium andM any SmallCompanies
M ostly LargeCompanies
Operating CluesCollaborative with
New Entrant toLearn & Succeed
Friendly with NewEntrant to Disrupt &
Be Acquired
Hostile with NewEntrant to be
Destroyed
M arket size and growth provide you with operating clues.
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Size W arnings
Small M arket with Little or No Growth
Large M arket Shrinking Rapidly
Heavy Concentration of Large Companies
Good markets create great companies
Bad markets kill good companies
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character
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W ho are the Players?
W ho are the market leaders ?W ho are the new entrants ?
W ho are the active investors ?W hat are recent investments ?W ho are the to p personalities ?
W hat are the media publications and blogs ?W hat are the major events and conferences ?
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Do you fit?
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secrets
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Tips
Your early assumptions are wrong
Naysayers are often right
Industry character matters significantlyW ithout competitors, there is no business