what to do once you have an idea (case study)
TRANSCRIPT
FAST START STUDIO ACADEMY
SERGEY SUNDUKOVSKIY PH.D.
What to Do Once You Have an Idea
1
Introduction2
Background3
Agenda
Putting Together a DeckVisualizing Your IdeaFinding Co-Founders/Mentors/AdvisorsPrototype Wireframing
4
Startup Progression
Idea is not a product, product is not a company
5
Putting Together a Deck
10-20-30 RuleShow Do Not TellTaxicab and Elevator PitchesTarget CustomerMarket AnalysisDifferentiation and JUDPressure TestingCompetitive Advantages
6
Business Plan vs. Business Deck
Business Plan as we knew it in the Business School is dead
7
Putting Together a Deck8
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
9
Deck Rules
Picture is always better !!!!!It is worth 84.1 words
10
Deck Structure
Executive SummaryProblemSolutionPlatformMarket OpportunityBusiness ModelPricing
11
Financial ProjectionsCompetitorsDifferentiationCompetitive AdvantagesTeamMilestones/Roadmap
Example Company12
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
13
Problem
Problem: Traditional websites and software platforms struggle with user onboarding, feature
discovery and task completion due to confusion and complexity of software interaction
14
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
15
Guided Flow16
Help Bar
Competitors17
Competitors (cont.) 18
Pitches19
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”
20
Pressure Testing
Have your idea and the pitch pressure testedDo not insist on NDAs. Nobody cares
21
Market and Customer22
Differentiation
Distinction without difference
23
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’?”
25
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
26
Competitive Advantages
Not Easy to Overcome Original Content Execution Loyal Customer Base Brand Awareness
Easy to Overcome Patents First Mover Obscurity
27
Deck Distribution
Push your deck online
28
Visualizing Your Idea
Idea DescriptionIdea VisualizationWireframes Mockups (UI)Clickable Prototype (UX)VideolizeMind Mapping
29
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
30
Idea Visualization31
Wireframes vs. Mockups32
Clickable Prototype33
WifeFraming Tools34
Mark Up35
Videolize
Videolize aka video scribe – Same as visualize only better
36
Mind Mapping
Organize Your Thoughts
37
Mind Mapping Tools38
Wireframe39
Mockup40
Finding Co-Founders/Mentors/Advisors
Co-Founder Selection CriteriaFinding Co-FoundersCommitment vs. InvolvementMentor/Advisor Selection CriteriaMentor/Advisor ExpectationsIncubators
41
Co-Founder Selection Criteria42
NOT GOOD BAD
GOOD
Where to Find One?43
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
44
Commitment vs. Involvement45
Decide How to Decide
Do no block unless you feel very strongly about it
46
Mentor vs. Advisor
Expectation Setting Hands On vs. Not Hands On
Mentor Advice
Advisor Cover Gaps Pressure Testing Industry IQ Introductions
47
Mentoring
Real difference is focus. Mentors focus on you. What do advisors focus on?
48
Mentoring (cont.)
Do I know anything about being pregnant?
49
Incubators
Help Getting StartedLearning the RopesGood MentorsGreat AdvisorsHelpful IntroductionsRight Atmosphere Place to “Hang Your Hat”
50
Right Incubator Program
Make sure to pick a right program for you
51
Building a Static Prototype
Prototype’s PurposePrototype FeaturesPrototype DurationPrototype Starting Point
52
Fine Line
Half-Baked and the Prototype are not the same thing
53
Prototype Purpose
Fail Quickly and PivotProve Business HypothesisDiscover Inflection PointsCollect Customer FeedbackCollect Initial AnalyticsZero in on a Customer ProfileGet Funding
54
Prototype Mockups55
Prototype Mockups (cont.)56
Prototype Mockups (cont.)57
Prototype Mockups (cont.)58
Prototype Structure59
Prototype Wiring
Wire it together
60
Product Development61
Startup DNAby Yevgeniy Brikman
Product Development62
Startup DNAby Yevgeniy Brikman
Product Analytics
If you can’t measure it you can’t improve it
63
Analytical Tools64
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
65
User Testing
ABT – Always Be Testing
66
A/B Testing
Less the data, louder the opinion
67
What Can Be A/B Tested?
HeadlineLead (first sentence)Hero ShotFontColorCall To Action Number of Steps in the FunnelAlgorithm
68
A/B Testing Tools69
Usability Testing
Eye Tracking
70
What Are They Measuring?
AttentionEmotion Task Completion TimeHoveringClicksHotspottingPath
71
Usability Testing Tools72