a new entrepreneurship - a backwards approach
DESCRIPTION
Presentation given by Eric & Ashley Jennings of Loopshot, for the 2010 Nevada Interactive Media Summit.TRANSCRIPT
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Toward a New Entrepreneurship
A Backwards Approach
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QuickTime™ and aH.264 decompressor
are needed to see this picture.
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Hello!
• Eric Jennings - Techno
• Ashley Jennings - Marketeer
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Let’s Try It Out
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The worst thing about my bank is ____________
.
(Hold that thought for a moment)
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First, Brand!
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First, Brand!
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First, Brand!
2.0
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Next, Product!
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Next, Product!
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Next, Product!
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Next, Product!
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Next, Product!
and frappe!
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Now, Market!
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Now, Market!
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Now, Market!
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Now, Market!
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Now, Market!
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First Year Sales
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First Year Sales
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First Year Sales
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What Went Wrong?
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What Went Wrong?
Stop doing, start listening
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The Backwards Approach - Step 1
Customer Discovery
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The Backwards Approach - Step 2
Minimum Viable Product (MVP)
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The Backwards Approach - Step 3
Product/Market Fit(40% Fit)
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Check Your Progress
if (P/M Fit >= 40%) {Company::rampUp();Employees::hire();Marketing::purchase();
startAtStep1Again();} else {
}
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From EPICFAIL to Grandmaster
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From EPICFAIL to Grandmaster
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From EPICFAIL to Grandmaster
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From EPICFAIL to Grandmaster
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From EPICFAIL to Grandmaster
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To Recap
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To Recap
• First, discover customer pain points
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To Recap
• First, discover customer pain points
• Next, build Minimum Viable Product
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To Recap
• First, discover customer pain points
• Next, build Minimum Viable Product
• Then measure product/market fit
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To Recap
• First, discover customer pain points
• Next, build Minimum Viable Product
• Then measure product/market fit
• Have at least 40%? If not, repeat
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To Recap
• First, discover customer pain points
• Next, build Minimum Viable Product
• Then measure product/market fit
• Have at least 40%? If not, repeat
• Under 40% after several iterations? Fail fast. Try another idea.
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Tools of the CDD Trade
• Survey.io
• GetSatisfaction
• MailChimp
• Google Analytics with conversion funneling and ROI goals
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Thank you!
Questions?