how togetideastomarketin4wks
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Welcome! Who are we? We are a not for profit organisation, providing coworking space for startups and early stage companies in the technology, Internet, telecommunications and mobile sectors.
What do we offer?
A place to work away from your home alongside other like minded people. We have a strong community of Startups and Entrepreneurs working, collaborating & growing ideas together. Membership • Desk Space for $350/ mnth [ex GST] and includes; desk space, chair, internet, access to all
facilities, partnership offers, mentor network and business, technology and social events.
• Casual Membership $100/ mnth [ex GST] and includes; 24x7 access to the casual lounge area in the labs and status as a River City Labs Resident, including internet, access to all facilities, partnership offers, mentor network and business, technology and social events.
• Daily Drop-In access $30/day [ex GST]
Finding your way around
• Bathrooms can be found out the exit door near the kitchen
• Emergency exit stairs out the back near the bathrooms or at the front as indicated in the picture
River City Labs respectfully asks you to place all your food and rubbish items in the bins provided and to not touch any property belonging to our residents or staff. Have a great event!
Have you checked in?
Tweeting? Tag us @rivercitylabs #rclevents
Facebook.com/RiverCityLabs
How to get your idea to market in just 4
weeks
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River City Labs 4 April 2013
Christopher Tia, Principal Lean Prototype Machine
[email protected] www.leanprototypemachine.com
@lpmachine
Q: #rclevents
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River City Labs 4 April 2013
Q: #rclevents
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Source: http://www.mikekarnj.com
River City Labs 4 April 2013
Q: #rclevents
KEY FACTS H
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River City Labs 4 April 2013
65% of the failures of high potential startups are due to ‘people problems’
Most successful startups pivot at least once.
A major reason for startup failure is
premature scaling – i.e. too much, too soon.
Successful startups spend more of their time discovering who their customers are,
rather than trying to sell them products.
Source: Wasserman, N., Startup Compass
Q: #rclevents
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River City Labs 4 April 2013
“A startup is an organization formed to search for a repeatable and
scalable business model”
Steve Blank
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River City Labs 4 April 2013
AGENDA
Co-Founder Dilemmas
Same Difference – what’s changed and what hasn’t for online startups
Iterative Business Development – The Lean
Startup Approach
After the Big Launch - linking strategy to ongoing product development and management
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River City Labs 4 April 2013
THE CO-FOUNDER’S DILEMMA
“It’s the one mistake I regret.” Rebekah Campbell
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River City Labs 4 April 2013
THE CO-FOUNDER’S DILEMMA
(COMMON ISSUES/DECISIONS)
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River City Labs 4 April 2013
A great idea’s usually not enough …
Financial Capital
Human Capital
Social Capital
Source: Wasserman, N.
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River City Labs 4 April 2013
Dilemma #1: Relationships
Family Best Friends
Past Co-workers Acquaintances
Damage if relationship blows up
Likelihood of discussing “Elephants”
Source: Wasserman, N.
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River City Labs 4 April 2013
Dilemma #2: Roles
Source: Wasserman, N.
Who gets the executive titles?
Is the “idea” linked to a founder?
Overlapping Roles vs Division of Labour
Decisions: Egalitarian vs Hierarchical
Motivation: Wealth vs Control
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River City Labs 4 April 2013
Dilemma #3: Rewards
Source: Wasserman, N.
Equity Split Criteria
Past Contributions Idea Premium
Capital Contribution Opportunity Cost
Future Contributions Motivation & Preferences
Future Unknowns
Strategy Business Model
Roles Commitment Contributions Circumstances
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River City Labs 4 April 2013
THE ‘IDEAL’ CONFIGURATION
Source: Wasserman, N.
Prior Relationships
Social Relationships (family, friends)
Prior Workers
Basis for Equity Split
Rule of Equal Distribution
Stable Team
Unstable team; inconsistent with business logic
Rule of Equitable Distribution
Unstable Team; inconsistent with social logic
Most stable team
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River City Labs 4 April 2013
SAME DIFFERENCE WHAT’S CHANGED?
WHAT HASN’T? (AND IMPLICATIONS FOR YOUR STARTUP)
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River City Labs 4 April 2013
Access vs Experience
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River City Labs 4 April 2013
Applications vs Platforms
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River City Labs 4 April 2013
Big Market vs Big Trends
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You still need … Business Model & Revenue Model!
Source: Blank, S.
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River City Labs 4 April 2013
ITERATIVE BUSINESS
DEVELOPMENT (AND THE TRADITIONAL
BUSINESS PLAN)
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Reduce Uncertainty
& Risk
<www.TheLeanStartup.org>
River City Labs 4 April 2013
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Source: www.businessmodelalchemist.com
Minimum Viable Product >> Product Market Fit
River City Labs 4 April 2013
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River City Labs 4 April 2013
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River City Labs 4 April 2013
AFTER THE BIG LAUNCH …
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River City Labs 4 April 2013
What next … ?
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River City Labs 4 April 2013
WHAT METRICS MATTER?
Acquisition
Activation
Retention
Referral
Revenue
# of Visitors
# of Signups
# of Returns
# of Refers
# of Buys
20M
300K (1.5% of visitors)
2.7M
50K (1% of signups)
Free users to support!
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River City Labs 4 April 2013
You still need … Business Model & Revenue Model!
Source: Blank, S.
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River City Labs 4 April 2013
KEY TAKE AWAYS
Tech startups are as much about people as it is about the technology
Getting up and running is
a lot easier than you might think
Building a repeatable and scalable business may take a bit longer than you might think
Understand your customers, your market
and your business
Q: #rclevents
Thank you!
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Christopher Tia [email protected] www.leanprototypemachine.com
@lpmachine
River City Labs 4 April 2013