magic academy symposium 2015
TRANSCRIPT
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MaGIC Academy 2015 SymposiumHow To Get Started with an Idea – Product Market Fit
by Nadhir Ashafiq
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My journey to entrepreneurship
Nadhir Ashafiq
• Master’s in Finance – Curtin University (2006 – 2010)• Management Trainee – CIMB Investment Bank (2011 – 2012)• Finance Manager – ABDA Aviation (2012 – 2014)• Co-Founder – Glokalise (2013 – 2014)• Co-Founder – TheLorry.com – (Sep 2014 – Now)
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A little bit about TheLorry.com
• On-demand marketplace for logistics
• Launched exactly one year ago
• Mission: disrupt logistics industry via technology
• Simple start – take “lori sewa” process online
• Currently – funded and team of 12
• Loving it!
• Not easy though.. blood, sweat and tears.
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What will you get out of today’s workshop
• How to develop your idea and get it to Product/Market Fit
• Understand The Lean Startup concept
• Tips for first-time founders
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NOTE:SLIDES WILL BE AVAILABLE ON SLIDESHARE
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What will we cover today
1. 3 Stages of A Startup
2. How NOT to Start A Startup
3. The Lean Startup Way
4. Lean Canvas
5. Tips for First Time Founders
6. Q&A
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3 stages of a startup
Problem/Solution Fit Product/Market Fit Growth
Product/Market Fit
• Does this problem exist?• Can I solve it?
• Is my product desirable?• Am I selling to the right
target market?
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What will we cover today
1. 3 Stages of A Startup
2. How NOT to Start A Startup
3. The Lean Startup Way
4. Lean Canvas
5. Tips for First Time Founders
6. Q&A
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Hard truth - 93% of startups fail
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3 stages of a startup
Problem/Solution Fit Product/Market Fit Growth
Product/Market Fit
• Does this problem exist?• Can I solve it?
• Is my product desirable?• Am I selling to the right
target market?
93% 7%
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How NOT to Start a StartupThe n00b way
Have an idea
Build product
Spend $$ acquiring users
Pray
“Wouldn’t it be cool if..”
“It has to be jam-packed with features”
“We gotta spend on marketing!”
“I hope people use it”
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How NOT to Start a StartupThe n00b way
• Hear about billion dollar acquisitions/fund raise
• Gather with friends at mamak.
• “I also can do la!”
• “What should we do?”
• “Let’s start a website. Its never been done before.”
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How NOT to Start a StartupThe n00b way
• Quit your job
• Register company (Sdn Bhd)
• Register patent & trademark
• Be secretive. Afraid people will copy. Sign NDA
• Talk to no one about it until launch.
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How NOT to Start a StartupThe n00b way
• Pay developers hundreds of thousands to build full version of product – 6 months
• Upon launch, pay to acquire users (facebook ads, google ads, taxi ads)
• Contact media (The Star, NST) to cover you
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Is there a more low-risk way?
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What will we cover today
1. 3 Stages of A Startup
2. How NOT to Start A Startup
3. The Lean Startup Way
4. Lean Canvas
5. Tips for First Time Founders
6. Q&A
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The Lean Startup Way
Lean Startup definition:
“A method for developing products and businesses. Central idea is to reduce risk by building products iteratively and validated learning.”
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The Lean Startup Way
BUILD
MEASURELEARN
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The Lean Startup Way
BUILD MVPMEASURE
KEY METRICS
LEARN FROM
FEEDBACK
SOLUTION HYPOTHESIS
PROBLEM HYPOTHESIS
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Problem Hypothesis
• A guess on the suffering/bad experience faced by a target customer
• Problem has to be painful (pain point) and worth solving
• Build painkillers (need to have) rather than vitamin (nice to have)
• Usually good problems are those that the founders themselves face
• How to get ideas? Cannot be brainstormed/discussed at a mamak session.
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Examples of problem hypothesis
“Families & students who are looking to move house find it difficult to get transparent pricing and reliable movers”
“Travellers find it difficult to book a room with a
local”
“City folks have a problem finding a taxi
that is safe and charges transparently”
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How to find problems worth solvingFrequency-Density-Pain test
Frequency
Density
Pain
“Does the problem you’re solving occur often?”
“Is the problem something that must be resolved?”
“Do a lot of people face this problem?”
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Estimating market potential
Top-down Bottom-up
• Estimates of market size based on government data, research, trade journals, surveys, etc
• “It is estimated that the market size for the mining industry is USD 500 bilion”
• Number of potential customers x average revenue per user
• Example:o 1,000,000 burger eaters in
Malaysiao 500,000 are in KLo They eat burgers twice a montho 1,000,000 potential customerso RM5 per burgero RM5m market a montho RM60m market a year
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Lean Startup exampleProblem hypothesis:Busy working professionals in KL area have no time to cook food.
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The Lean Startup Way
BUILD MVPMEASURE
KEY METRICS
LEARN FROM
FEEDBACK
SOLUTION HYPOTHESIS
PROBLEM HYPOTHESIS
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Solution Hypothesis
• Don’t approach problems with fixed solution in mind – hammer looking for a nail
• Ask users how they want it solved
• Your solution needs to either:1. Increase income (GrabTaxi)2. Decrease cost (WhatsApp)3. Create feel good factor (Facebook)4. Save time (BeMalas / GoGet)
• Find a solution that’s better, different or solves the problem more efficient than current solution (Google)
• If not, find other problems to solve!
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Lean Startup exampleProblem hypothesis:Busy working professionals in KL area have no time to cook food.
Solution hypothesis:Provide home-cooked meals on a subscription basis
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The Lean Startup Way
BUILD MVPMEASURE
KEY METRICS
LEARN FROM
FEEDBACK
SOLUTION HYPOTHESIS
PROBLEM HYPOTHESIS
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Build MVPMinimum Viable Product
Definition:
“A minimum viable product is a version of a new product which allows a team to collect the maximum amount of validated learning about customers with least effort ”
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Build MVPMinimum Viable Product
Simple English
“A product to test your assumptions, built as cheap as possible, as fast as possible with the goal of learning as much as possible.”
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Build MVPMinimum Viable Product
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Build MVPMinimum Viable Product
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Build MVPMinimum Viable Product
• Build most important feature first 10 features vs 1 important feature
• Manual vs automated Can you build something low-tech to test your assumptions first?
• Examples of MVP: landing page, prototype, mock-up, wizard of oz, crowdfunding
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Examples of MVP
Asked permission from local shoe shops to take photos and put them online. Once order came in, bought the shoes and shipped it. Manually.
A website to accept bookings and get matched with a transporter manually.
A social network that connects students from Harvard University.
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Case study: TheLorry.comCurrent user flow
Motivated Customer goes to TheLorry.com
Places a booking
TheLorry.com receives booking
at back-end
Contact customer to
verify
Push to vendor app
Claim job
Email driver details to customer
Job Done
Rating & Feedback
Payment
Payment
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Case study: TheLorry.comThe MVP. Built with less than RM5k
Motivated Customer goes to TheLorry.com
Places a booking
TheLorry.com receives booking
via email
Contact customer to
verify
Once verified, place booking with Provider
Get driver personal details from Provider
Forwards driver personal to Customer
Job Done
Ask feedback
Payment
Payment
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Lean Startup exampleProblem hypothesis:Busy working professionals in KL area have no time to cook food.
Solution hypothesis:Provide home-cooked meals on a subscription basis
Build MVPA simple website. Work with single moms to generate supply.
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The Lean Startup Way
BUILD MVPMEASURE
KEY METRICS
LEARN FROM
FEEDBACK
SOLUTION HYPOTHESIS
PROBLEM HYPOTHESIS
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Key metrics - The AARRR
Acquisition How do you get users?
ActivationDo users have great first time experience?
RetentionDo users come back?
RevenueDo users pay?
ReferralDo users tell others?
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Key metrics - The AARRR
Acquisition 100 impression on Google AdWords ; 20 click throughs
Activation5 use the product / make a booking
Retention2 use again the next week
Revenue1 become paying customers
Referral1 refer another
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A/B testing or split testing
Acquisition 100 impression on Google AdWords ; 20 click throughs
Definition:
Compare two versions of a product by showing two different variants and see how each of them perform.
Acquisition 100 impression on Google AdWords ; 25 click throughs
“Get home-cooked meals delivered to your home”
“Get home-cooked meals delivered to your home for just RM10”
A
B
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A/B testing or split testing
Definition:
Compare two versions of a product by showing two different variants and see how each of them perform.
“Pay RM20 monthly to get delicious home cooked meals”
“Pay annually at RM10 a month to get delicious home cooked meals”
Revenue1 become paying customers
Revenue2 become paying customers
A
B
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Vanity metrics vs key metrics
Vanity Metrics Key Metrics
• Registered users
• No of downloads
• No of page views
• Active users
• Cost per customer acquisition (CAC)
• Long Term Value (LTV)
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CAC & LTV
CAC
LTV
Customer Acquisition Cost
How much does it cost you to acquire one customer?
Long Term Value
What is your expected profit over the long term from one customer?
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CAC & LTV
CAC
LTV
Customer Acquisition Cost
Spend RM1,000 on flyersAcquire 1,000 new customers
CAC = RM1.00
Long Term Value
Profit = RM1 per mealCustomer will be loyal for 3 monthsMake 2 purchases a month
LTV = RM6.00
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Lean Startup exampleProblem hypothesis:Busy working professionals in KL area have no time to cook food.
Solution hypothesis:Provide home-cooked meals on a subscription basis
Build MVPA simple website. Work with single moms to generate supply.
MeasureSales per day, activation rate, churn rate
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The Lean Startup Way
BUILD MVPMEASURE
KEY METRICS
LEARN FROM
FEEDBACK
SOLUTION HYPOTHESIS
PROBLEM HYPOTHESIS
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Learning from user feedback• Be obsessed about your users &
customers
• Be very personal – talk to your users – understand their behavior
• Don’t put anybody between founders and users (CS, sales guys)
• Do the job yourself (for service startups)
• Observe and ask• How do they use your product?• Would you promote this product?• Would you use it again?• What can make the experience
better?• How was the service?
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Get users to use the product in front of youUser testing
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Get users to use the product in front of youUser testing
Get a real life person to view your product for FREE: http://peek.usertesting.com/
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Pivot or Persevere
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Example of products that went through pivots
OdeoFind and subscribe to
podcasts
TwiterMicro-blogging social
network
BurbnLocation-based app
InstagramMobile photo-sharing
network
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Lean Startup exampleProblem hypothesis:Busy working professionals in KL area have no time to cook food.
Solution hypothesis:Provide home-cooked meals on a subscription basis
Build MVPA simple website. Work with single moms to generate supply.
MeasureSales per day, activation rate, churn rate
LearnUsers don’t want subscription model and commitment
Change solution hypothesis
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We do all this to get to Product/Market fit
BUILD MVPMEASURE
KEY METRICS
LEARN FROM
FEEDBACK
SOLUTION HYPOTHESIS
PROBLEM HYPOTHESIS
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Questions to ask if you’ve achieved PMF
• Did I build something that the market wants?
• Do people love it?
• Do you have high Activation rate and Retention rate?
• Would 40% of your users feel sad if your product was taken off the market?
• If so Holy Grail of startups
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What will we cover today
1. 3 Stages of A Startup
2. How NOT to Start A Startup
3. The Lean Startup Way
4. Lean Canvas
5. Tips for First Time Founders
6. Q&A
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Lean Canvas Project Name01-Jan-2014
Iteration #x
Cost Structure
Customer Acquisition costsDistribution costsHostingPeople, etc.
Revenue Streams
Revenue ModelLife Time ValueRevenueGross Margin
Problem
Top 3 problems
Solution
Top 3 features
Key MetricsKey activities you measure
Unique Value PropositionSingle, clear, compelling message that states why you are different and worth paying attention
Unfair AdvantageCan’t be easily copied or bought
ChannelsPath to customers
Customer SegmentsTarget customers
PRODUCT MARKET
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Lean Canvas DeliveryMom9th September 2015
Iteration #1
Cost Structure Revenue Streams
Problem Solution
Key Metrics
Unique Value Proposition
Unfair Advantage
Channels
Customer SegmentsTarget customers
PRODUCT MARKET
Have no time to cook food
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Lean Canvas DeliveryMom9th September 2015
Iteration #1
Cost Structure Revenue Streams
Problem Solution
Key Metrics
Unique Value Proposition
Unfair Advantage
Channels
Customer SegmentsTarget customers
PRODUCT MARKET
Working professionals
In Kuala Lumpur
Have no time to cook food
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Lean Canvas DeliveryMom9th September 2015
Iteration #1
Cost Structure Revenue Streams
Problem Solution
Key Metrics
Unique Value Proposition
Unfair Advantage
Channels
Customer SegmentsTarget customers
PRODUCT MARKET
Working professionals
In Kuala Lumpur
Have no time to cook food
Cheap, quick & convenient
way to get home-cooked
meals
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Lean Canvas DeliveryMom9th September 2015
Iteration #1
Cost Structure Revenue Streams
Problem Solution
Key Metrics
Unique Value Proposition
Unfair Advantage
Channels
Customer SegmentsTarget customers
PRODUCT MARKET
Working professionals
In Kuala Lumpur
Have no time to cook food
Cheap, quick & convenient
way to get home-cooked
meals
Provide home-cooked deliveries on subscription
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Lean Canvas DeliveryMom9th September 2015
Iteration #1
Cost Structure Revenue Streams
Problem Solution
Key Metrics
Unique Value Proposition
Unfair Advantage
Channels
Customer SegmentsTarget customers
PRODUCT MARKET
Working professionals
In Kuala Lumpur
Have no time to cook food
Cheap, quick & convenient
way to get home-cooked
meals
Provide home-cooked deliveries on subscription
Facebook Marketing &
Content Marketing
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Lean Canvas DeliveryMom9th September 2015
Iteration #1
Cost Structure Revenue Streams
Problem Solution
Key Metrics
Unique Value Proposition
Unfair Advantage
Channels
Customer SegmentsTarget customers
PRODUCT MARKET
Working professionals
In Kuala Lumpur
Have no time to cook food
Cheap, quick & convenient
way to get home-cooked
meals
Provide home-cooked deliveries on subscription
Facebook Marketing &
Content Marketing
Subscription model
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Lean Canvas DeliveryMom9th September 2015
Iteration #1
Cost Structure Revenue Streams
Problem Solution
Key Metrics
Unique Value Proposition
Unfair Advantage
Channels
Customer SegmentsTarget customers
PRODUCT MARKET
Working professionals
In Kuala Lumpur
Have no time to cook food
Cheap, quick & convenient
way to get home-cooked
meals
Provide home-cooked deliveries on subscription
Facebook Marketing &
Content Marketing
Subscription model
Cost of food, logistics & marketing
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Lean Canvas DeliveryMom9th September 2015
Iteration #1
Cost Structure Revenue Streams
Problem Solution
Key Metrics
Unique Value Proposition
Unfair Advantage
Channels
Customer SegmentsTarget customers
PRODUCT MARKET
Working professionals
In Kuala Lumpur
Have no time to cook food
Cheap, quick & convenient
way to get home-cooked
meals
Provide home-cooked deliveries on subscription
Facebook Marketing &
Content Marketing
Subscription model
Cost of food, logistics & marketing
Activation rate, sales per
day, churn
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Lean Canvas DeliveryMom9th September 2015
Iteration #1
Cost Structure Revenue Streams
Problem Solution
Key Metrics
Unique Value Proposition
Unfair Advantage
Channels
Customer SegmentsTarget customers
PRODUCT MARKET
Working professionals
In Kuala Lumpur
Have no time to cook food
Cheap, quick & convenient
way to get home-cooked
meals
Provide home-cooked deliveries on subscription
Facebook Marketing &
Content Marketing
Subscription model
Cost of food, logistics & marketing
Activation rate, sales per
day, churn
Strong network of 5-
star home cooks
![Page 67: MaGIC Academy Symposium 2015](https://reader036.vdocuments.net/reader036/viewer/2022062400/588593401a28ab84668b7571/html5/thumbnails/67.jpg)
What will we cover today
1. 3 Stages of A Startup
2. How NOT to Start A Startup
3. The Lean Startup Way
4. Lean Canvas
5. Tips for First Time Founders
6. Q&A
![Page 68: MaGIC Academy Symposium 2015](https://reader036.vdocuments.net/reader036/viewer/2022062400/588593401a28ab84668b7571/html5/thumbnails/68.jpg)
Tips for first-time founders
1. Launch fast & learn fast• Don’t be afraid of people copying• Execution matters more• Don’t spend too much time & resources• Just do!
2. Hustle• Get things done• Want it? Goget it!• Hustle for customers, suppliers, investors, mentors, peers
3. Network, network, network• One part of entrepreneurship is about networking• Exchange ideas, learn from each other, share resources• No startup can be built in a silo
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Tips for first-time founders
4. Co-founder• Finding a co-founder is like finding a spouse (wife/husband)• Have to work well together – “Chemistry”• Complementary skillsets
5. Tech guys• Not a technical co-founder? Don’t fret.• A lot of tools to build websites & apps without coding• Can approach freelancers at the start.
6. Spend less than RM5k for MVP• Even if you fail, you’ve only burned RM5k. Can be recouped• “Tuition fees”
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Tips for first-time founders
7. Quality over quantity• Focus on quality of service/product• If need to take loss to maintain quality, do it.• Your only advantage against big boys is quality, personalized
service/product
8. Incorporation tips• Don’t incorporate a Sdn Bhd straight away - expensive• Incorporate a LLP / Enterprise first
9. Don’t expect work-life balance• Running a startup = will consume your life• No work-life balance anymore
![Page 71: MaGIC Academy Symposium 2015](https://reader036.vdocuments.net/reader036/viewer/2022062400/588593401a28ab84668b7571/html5/thumbnails/71.jpg)
Some useful tools / resources
Resources• The Lean Startup by Eric Ries• Zero to One by Peter Thiel• Neilpatel.com• Quicksprout.com
Tools• Slack (Communicate with team members)• Buffer (Manage social media accounts)• Trello (To-do list)• Google Analytics (View your site’s performance)• Google Drive (Share files)• Wix.com (Build your own website)• Appmakr.com (Build your own app)
![Page 72: MaGIC Academy Symposium 2015](https://reader036.vdocuments.net/reader036/viewer/2022062400/588593401a28ab84668b7571/html5/thumbnails/72.jpg)
What will we cover today
1. 3 Stages of A Startup
2. How NOT to Start A Startup
3. The Lean Startup Way
4. Lean Canvas
5. Tips for First Time Founders
6. Q&A
![Page 74: MaGIC Academy Symposium 2015](https://reader036.vdocuments.net/reader036/viewer/2022062400/588593401a28ab84668b7571/html5/thumbnails/74.jpg)
Link to SlideShare
www.nadhirashafiq.com