2014/0500 - gagan biyani at proto hack
DESCRIPTION
TRANSCRIPT
Prototyping to $12M in funding lessons from building Sprig
!@gaganbiyani
My Background
Co-founder and CEO, Sprig
Growth Advisor, Lyft
Co-founder and President, Udemy
Path to Product/Market fit
1 Customer Development / Research
2 Startup Concierge
3 Build v1 based on Learnings
Choosing an Idea
Product/Market Fit!Market Size!
Viability!
Your mom wants to use it!
Competition!
Do people want your product?
Find your customer
Then, get on the phone and call them!!!
User life cycle
before they buy first purchase
share with friends repeat purchases
User thought cycle
I hate change what is this?
oh dude you should totally check this out
what was the name of that app again?
Application to Marketing
acquisition conversion
referral retention
Interview Questions"Tell me a little about yourself" (What do you do for a living? Where do you live? Where do you work? Roommates/married/kids?)!!"Tell me about your dinner habits. What did you eat last night? Last weekend?”!!"Tell me about your food delivery experience. What do you think about your current options?”!!"Tell me about your daily life. What do you read? Where do you go when not at work/home?" (Cafes? Bars? Blogs? Newspapers?)!!Explain Sprig.!!"What would you think about [ordering Sprig]?" (Positives? Negatives? Questions?)!!"What suggestions do you have as we try to market Sprig to people like you?"
Test it without technology
Field testing
Minimum Viable Product
v1 should be different from your original vision
Attention to Detail
Focus breeds Success
Press%14%%
Friend%63%%
Newsle2er/NextDoor%10%%
Founders%3%%
Other%3%%
Facebook/Twi2er%7%%
Source: survey to new customers 2/6-2/10. 98 respondents. Question: “How did you hear about us?”
Traction by week
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4*Nov# 11*Nov# 18*Nov# 2*Dec# 9*Dec# 16*Dec# 6*Jan# 13*Jan# 20*Jan# 27*Jan# 3*Feb# 10*Feb# 17*Feb# 24*Feb#
Meals&per&week&
Repeat#Customers# New#Customers# Revenue#