how to build a consumer unicorn
TRANSCRIPT
ConsumerUnicorns:Theartofbuildingbilliondollarstartups
@saraannet@mavenvc
SaraThomas
AboutMeandMavenVentures
Sara Thomas
• Founded in 2013 by Jim Scheinman
• Consumer software hyper-growth
• Seed fund and incubator
• 6-8 investments per year
• 3 exits + 19 active companies
Maven Ventures Principal @ Maven Ventures • 8 years investing in and supporting
startups
AboutMaven
Our portfolio: a few examples
InCaseYouMissedIt…
PartI:TopTenTipsforSuccessinConsumerTech
1.Avisionworthfightingfor
Doestheproblemreallyneedfixing?
BewareofRoadKill
Hacker Designer Hustler
2.Foundingteam
3.Culture
Culture:anexample
Mission Maven is the premier incubator and early stage investor for hyper-growth consumer founders
Values 1. Collaborative: We are not political, willing to share praise, and honest and transparent
with each other. We put the team and company first. 2. No jerks: We are happy, positive, and fun to work with. 3. Accountable: We are high-performing, get stuff done, and value attention to detail. 4. Curious: We are always willing to learn. We are knowledgeable and strive to be experts in
our field. 5. Self-starters: We take initiative, work autonomously, and are resourceful.
4.Product/marketfit
5.Growthhacking
WhatisGrowthHacking?
The process of acquiring new customers through:
• Data-driven marketing
• Creative (often free/ unpaid) strategies and channels
• Organized experimentation
• Cross-functional work by engineering, product, and marketing
Growthhacking:focus
Growthhacking:findyour“onemetricthatmatters”
Weekly Active Re-Pinner “WARP”
Net Deposits (Deposits – Withdrawals)
7 Friends in 7 Days
Nosilverbullet
6.Language/marketfit
IAgree
Language/marketfit
Skiggle vs.
7.Focus
8.Mentorwhiplash
9.Investors
10.Luckandtiming
Recap
1. A vision worth fighting for 2. Founding team 3. Culture 4. Product/market fit 5. Growth hacking 6. Language/market fit 7. Focus 8. Mentor whiplash 9. Investors 10. Luck and timing
PartII:ThoughtsonToday’sMarket
TheBad…
• Valuations are contracting
• Longer lead time for raising funding
• 1.5 to 2x+ the number of investor pitches required
• Investors more cautious in some areas– they’re considering who are the likely sources of the next round when making a funding decision
TheGood!
• Great companies get funded in tough markets
• Be on the lookout for strong draft picks (especially engineers) from other companies
• Watching your cash burn now will set your company up for more success in the future
• Passion prevails (and rubberneckers don’t)
