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How to make a startup become a scale up
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About today…• My background• Latest startup tech trends• The Nine Steps for Startup Success
1. Expectations2. The Idea3. Cash is King4. Technology 5. Team6. UAT 7. Branding8. Promotion9. The Ongoing
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A bit about me…
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Reload…
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New ventures
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Latest technology startup trends
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Expectations – what everyone sees
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Expectations – what it can be like
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Expectations – first up, the tough
Timeframes vs reality - how long does it take to build a startup?
• 90% of start ups fail in the first 5 years. • It’s really hard.• Takes longer than you think. Sometimes 6+ months for the first sale.• Plan for more time and money than you planned (add 1/3 contingency).• Technology builds take longer than service builds.
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Expectations – startups are awesomeStart up businesses are amazing• Greater autonomy – be your own boss.• Lead the strategy and growth of world
changing solutions.• Build dynamic modern teams with your own
culture. • There’s plenty of wins along the way – great
start ups celebrate them.
Relationships• Great long term networks.• You’ll learn and educate yourself.
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Expectations – startup communityThe Brisbane start up community has great incubators.
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The problemWhat’s the problem you’re solving?• Must be a world beating, globally scalable problem.• Think global from day one, test MVP in Australia but look
global.• Has your problem already been solved in a different way?
What will you achieve by doing your start up?• What is the solution to your problem?• Who will you impact? • What industries are you disrupting? • Who’s lives are you changing?• What makes your start up unique?
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Research
Research, research and then more research• Don’t just Google it. • Check on possible competitors.• Look at surveys - Typeform, Google Surveys/Forms • Talk to different people, go to industry meet
ups/events, travel and listen. • Don’t stop researching as you’re building your start
up or during the growth.• Many people change and “pivot” during the start up –
so new research might be needed.
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Research - customers
Know your customers• Who are they?• How many are out there?• What is their customer journey? • What typical personas are represented by them.• Where and how will you find them? • What are their emotional triggers to purchase?• What communication and engagement do they like?
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Cash is king
Monetisation• How will your startup make money?• How much will people pay for it?• Watch out for 30% app store fees…
What’s bootstrapping?• Beg & borrow – self funded from any money you have• Often means you go very lean in development and salaries• Will help speed things up as you don’t have long to prove it
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Funding lingo
Types of funding • Bootstrapping• High net worth individuals• Private equity (PE)• Venture capital (VC)• Angel investors (angels)• Bank/debtor funding – normally requires real estate equity • Cash funded - reinvestment
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Technology
“The Stack”• Microsoft vs Linux (open source)
• Database - SQL vs mySQL• Server - Apache vs IIS• Code - PHP vs .NET• Apps - Objective C – iOS • AI - (C#, Python)• Hosting – AWS, Azure, VentraIP
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Team’s build startups
• Family & friends…you’ll need to work at it. • Go for a written shareholder agreement.• Set your purpose and values early.
Technology team• Onshore vs offshore?• Equity vs salary vs options? Sales team• Start selling from day one.• Monitoring BDMs - measure KPIs/KRAs
Investors & suppliers are part of your team too.
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Team – culture from day one
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UAT – user acceptance testing
Don’t wait for the perfect product/service.
Why is UAT important?• Bugs can mean reputation problems.• Users need to be involved and engaged – they test your MVP.
Apps vs Websites• Build a responsive website first.• Prove app on iOS or Google Play.• Apps can cost lots of money.
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Branding
Start branding from day one…• Founder is the best brand leader.• Network, present & talk to many people.
Try branding yourself first• Logo – Freelancer & Upwork• T-shirt – wear it with pride ($15)• Website - responsive before apps • Founder social media presences – FB, Twitter, Instagram
activity
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PromotionBuild a multi channel plan• Digital / traditional / platforms / budget /
timeframe• Match it to your customer personas and
journeys
Low hanging fruit – social & digital• Facebook still the “mother ship”• Build chat bots through FB Messenger• MailChimp for electronic marketing• Buffer for social management & shares
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Promotion, cont.
PR – it’s really important• PRWire, SourceBottle, • When you have some more money, hire a trusted & transparent PR
agent. • They’ll need the right contacts in your target industries.• They need to guarantee branding and engagement numbers. • They must show clear reports.
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Ongoing
Test & learn, fix mistakes. Most importantly learn from them.
• Revenue is everything. Watch cash bleeds too.• Customers - type, behaviours & triggers.• Technology – always enhance the platform. Is the hosting coping? • Marketing – A/B split tests, dial up the channels that are performing the best.• Team – people & hiring tweaks.• Make it all about data – Analytics, dashboards & people pulse data.
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A final tip…
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Thanks!