2014/0500 - gagan biyani at proto hack

18
Prototyping to $12M in funding lessons from building Sprig @gaganbiyani

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Page 1: 2014/0500 - Gagan Biyani at Proto hack

Prototyping to $12M in funding lessons from building Sprig

!@gaganbiyani

Page 2: 2014/0500 - Gagan Biyani at Proto hack

My Background

Co-founder and CEO, Sprig

Growth Advisor, Lyft

Co-founder and President, Udemy

Page 3: 2014/0500 - Gagan Biyani at Proto hack

Path to Product/Market fit

1 Customer Development / Research

2 Startup Concierge

3 Build v1 based on Learnings

Page 4: 2014/0500 - Gagan Biyani at Proto hack

Choosing an Idea

Product/Market Fit!Market Size!

Viability!

Your mom wants to use it!

Competition!

Page 5: 2014/0500 - Gagan Biyani at Proto hack

Do people want your product?

Page 6: 2014/0500 - Gagan Biyani at Proto hack

Find your customer

Then, get on the phone and call them!!!

Page 7: 2014/0500 - Gagan Biyani at Proto hack

User life cycle

before they buy first purchase

share with friends repeat purchases

Page 8: 2014/0500 - Gagan Biyani at Proto hack

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?

Page 9: 2014/0500 - Gagan Biyani at Proto hack

Application to Marketing

acquisition conversion

referral retention

Page 10: 2014/0500 - Gagan Biyani at Proto hack

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?"

Page 11: 2014/0500 - Gagan Biyani at Proto hack

Test it without technology

Page 12: 2014/0500 - Gagan Biyani at Proto hack

Field testing

Page 13: 2014/0500 - Gagan Biyani at Proto hack

Minimum Viable Product

Page 14: 2014/0500 - Gagan Biyani at Proto hack

v1 should be different from your original vision

Page 15: 2014/0500 - Gagan Biyani at Proto hack

Attention to Detail

Page 16: 2014/0500 - Gagan Biyani at Proto hack

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?”

Page 17: 2014/0500 - Gagan Biyani at Proto hack

Traction by week

$0##

$5,000##

$10,000##

$15,000##

$20,000##

$25,000##

$30,000##

0#

500#

1000#

1500#

2000#

2500#

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#

Page 18: 2014/0500 - Gagan Biyani at Proto hack

[email protected] @gaganbiyani

Thank You