startup secrets - roadmap to success

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START UP SECRETSAn insiders guide to unfair competitive advantage

Roadmap to Success@underscorevcstartupsecrets.com

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Have a Question? Tweet it!2

startupsecrets.com Roadmap to Success@underscorevc@underscorevc#startupsecrets

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In the real world youd iterate

Today were going to do a workshop to allow you to build a value proposition

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Frequently asked questions: What is involved in a startup?What are the things I need to think about / learn to be successful?Is my (idea/project/opportunity) fundable?How do I pitch it to raise money?And many more questions and frequently questioned answers!

What are YOUR questions ?

3Why are we here?

startupsecrets.com Roadmap to Success@underscorevc

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For (target customersbeachhead segment only)Who are dissatisfied with (the current market alternative)Our product is a (new product category)That provides (key problem-solving capability).Unlike (the product alternative),We have assembled (key whole product features for your specific application).

Moore, Geoffrey A. (2009-03-17). Crossing the Chasm: Marketing and Selling Technology Project (p. 154). Harper Collins, Inc.. Kindle Edition.

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Frequently asked questions: What is involved in a startup?What are the things I need to think about / learn to be successful?Is my (idea/project/opportunity) fundable?How do I pitch it to raise money?And many more questions and frequently questioned answers!

Startup Secrets as a series is designed to bring these questions to life in practical frameworks and case studies So we designed this workshop as a Roadmap to Success and in turn therefore to the Startup Secrets series as a whole

4Why are we here?

startupsecrets.com Roadmap to Success@underscorevc

Proprietary and Confidential

For (target customersbeachhead segment only)Who are dissatisfied with (the current market alternative)Our product is a (new product category)That provides (key problem-solving capability).Unlike (the product alternative),We have assembled (key whole product features for your specific application).

Moore, Geoffrey A. (2009-03-17). Crossing the Chasm: Marketing and Selling Technology Project (p. 154). Harper Collins, Inc.. Kindle Edition.

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Macro: Building an enduring company5

startupsecrets.com Roadmap to Success@underscorevcVision / Mission

Value Prop

RoadmapEnduring CompanyStartup

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EG

Silicon Graphics in Hollywood For post-production film engineers Who are dissatisfied with the limitations of traditional film editors Our workstation is a digital film editor That lets you modify film images any way you choose. Unlike workstations from Sun, HP, or IBM, We have assembled all the interfaces needed for post-production film editing.

Moore, Geoffrey A. (2009-03-17). Crossing the Chasm: Marketing and Selling Technology Project (p. 154). Harper Collins, Inc.. Kindle Edition.

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Steps6

startupsecrets.com Roadmap to Success@underscorevc

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In the real world youd iterate

Today were going to do a workshop to allow you to build a value proposition

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A good first step7

startupsecrets.com Roadmap to Success@underscorevcSome kind of ROADMAP to execute fromMight take many forms for different audiencesProduct Roadmap?Business Plan?Investor Pitch Deck? or even a Napkin Sketch!It will almost certainly be wrong!

But it cant be mindless, it needs to be mindful!So you have some straw man, or baseline to work from

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Steps:8

startupsecrets.com Roadmap to Success@underscorevcIdeation Confirmation Creation Validation Repeatability Scalability Profitability Predictability

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Each Step: Reduce Risk, Increase Value 9

startupsecrets.com Roadmap to Success@underscorevcIdeation Confirmation Creation Validation Repeatability Scalability Profitability Predictability

Increasing VALUEDecreasing RISK

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Customer problem or need9

Reality - Iteration10

startupsecrets.com Roadmap to Success@underscorevcIdeation Confirmation Creation Validation Repeatability Scalability Profitability Predictability

Increasing VALUEDecreasing RISK

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Customer problem or need10

What will yours be?11The roadmap to success

startupsecrets.com Roadmap to Success@underscorevc

Pivots?IdeationRepeatability?Predictability?Scalability?Validation?Profitability?Funding?Creation

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What will yours be?Expect the unexpected12The roadmap to success

startupsecrets.com Roadmap to Success@underscorevc

Pivots?IdeationRepeatability?Predictability?Scalability?Validation?Profitability?Funding?CreationOutliercustomersBusiness Model ReworkingFundingMirageIterationsThe unexpected:near death experienceTeam UpgradesGrowth vs Leverage?Re- Creation(See LinkedIn article here)StartupEuphoria

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What will yours be?Expect the unexpectedLonger, harder, maybe even bigger13The roadmap to success

startupsecrets.com Roadmap to Success@underscorevc

Pivots?IdeationRepeatability?Predictability?Scalability?Validation?Profitability?Funding?CreationOutliercustomersBusiness Model ReworkingFundingMirageIterationsThe unexpected:near death experienceTeam UpgradesGrowth vs Leverage?Re- CreationStartupEuphoria

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Milestones

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15Milestones

startupsecrets.com Roadmap to Success@underscorevcIncreasing VALUEDecreasing RISK

Product Market FitPrototypeProblem FitValue PropIdea FitMVP & MVSCustomer FitCompanyExecution FitCompanyPublic Market FitCompanyBusiness Model FitIdeation Confirmation Creation Validation Repeatability Scalability Profitability Predictability

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16Whiteboard:

startupsecrets.com Roadmap to Success@underscorevcProject, Org, Company Name

TeamTeam Member Names & BackgroundsWhy uniquely qualified to address this problem / opportunityValue PropProblem youre solvingProduct / ServiceVisionMarket need Evolution in several yearsHow will you lead itCreate Roadmap TIMELINE

IdeationConfirmationCreationValidation / IterationRepeatabilityScalabilityProfitabilityPredictabilityWho? Why? How? What? When?

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Roadmap to Success

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Whats your story?

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To entertain you along the way, as this is pretty dry subject, I will tell a story, as that is often a key element of any presentation. Usually its a story about you and how you came to decide to devote your working life to this new idea.

In my case it is the story of a recent trip I made and you can try to guess where I was and then as you do Ill tell you my story. It's initalicsif you want to skip it during this read and just focus on the main slides

So here is my starting point on that journey. It was a hazy morning. I really couldnt see much except a few glimpses of the fall foliage. But Ill tell you it wasnt New England as you can probably tell from the terrain.18

Perfect Pitch ChecklistExample:TeamValue PropositionMarket OpportunityGo To Market planBusiness ModelFinancials

But how are you going to make this unforgettable and compelling?

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But where should you start in your Pitch? Just like I did here, give an Agenda of what youre going to cover, mainly to set expectations.

What expectations you ask? Well, given my comment earlier that presentations often replace business plans, its important to set out your pitch.

Is it a comprehensive coverage of your business that will go into detail covering your entire business plan, or is it brief introduction to your business to encourage your audience to learn more in person?

Or is it something in between like an update to your current stakeholders on progress in the business with an interim capital raise?

Whatever the case, present your agenda and set your audiences expectations clearly so you can exceed them with that Steve Jobs like zeal for one more thing to put your audience over the top.19

Whats your story?Two important partsYouStory

How they intersectWhat opportunity have you uncovered?Why are you uniquely suited to address it?

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Roadmap to SuccessBUILDING A COMPELLING VALUE PROPOSITION

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Valueless Proposition22IdeasIf you build it, will they come?

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Ashs initial idea22

Valueless Proposition23IdeasIf you build it, will they come? vs. If they come, will you build it?!EvaluateDefine

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Ashs initial idea23

Example: Equallogic24

Lots of great ideasSettled on Storage - Since we were uniquely qualified to tackle the problem

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25MVP -Minimum viable productor Minimum Viable PROBLEM?

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Problem?

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27If you want to build a billion dollar business Start with a MULTI billion dollar problem

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