springcamp startup metrics
Post on 24-May-2015
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Startup Metrics
timo@chalmersinnovation.com@timolehes
Chalmers Innovation Seed Fund169 MSEK – Early Stage Tech
Startup tip #1 – Get Traction & Avoid failure
The one who iterates the fastest wins1. You don’t perish 2. You own more of your company3. You outperform competitors
Time to no cash Execution momentum Motivation span
Build, Measure & Learn until you get traction
THERE IS A DUE DATE
Innovation accounting vs Corporate Accounting
Why and what to measure?
1. Does your startup have hypothesis or leaps of faith in it?We think people people have a need for a Facebook Fanpage tool
We think people need a new picture service for professionals and travelersWe think people need a food finding serviceWe think people need help while e-shoppingWe think people want to buy things on blogs
2. Do you have discussions about how to re-design the product so that people will use it more?
Are users engaging with the product?How many users are dropping off?Which features are used / unused?How many referrals are we getting?
Which A/B test was getting higher usage
Separate the big idea questions from customer driven product development!
What you need - 3 SIMPLE TOOLS
1. Your MVP 2. Business model hypothesis
3. Measurements
What you DON’t need1.A LOT OF OPINIONS, stick to facts2.A business plan3. A Board of directors
1 Decide which questions you need to answered2 Decide which metrics that help you get the answers3 Start measuring to get some answers
A few metrics examplesNo of monthly visitors
No of click throughs on siteNo of users signed up
No of active users last 30 daysNo of tweets by usersNo of passive users
3 steps to get going
You need proof points We need proof points We invest in lines not dots
WHY we STARTED SCALEMETRICS
1 Sign-up for Beta www.scalemetrics.com2 Decide which metrics that help you get the answers you need3 Start measuring to get some answers
We need feedback!
Start Building proof points using SCALEmetrics!
Scalemetrics imports from:
Thank You!
timo@chalmersinnovation.com@timolehes
timolehes.wordpress.com
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