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ColinKinner|Founder,StartupOnramp|2September2017
TEN thingseverystartupfoundercando
toun-fail theirstartup
@ColinKinner
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billion
billion
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Startup=growth
PaulGraham,YCombinator
NOTScalable
Costs
Revenues$
time
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NOTScalable
Costs
Revenues
$
time
Scalable
$
Costs
Revenues
time
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ThinkBIG
1.
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Dosomemarketresearch
2.
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Source:https://steveblank.com
/2013/11/08/a-new-way-to
-look-at-c
ompetitors/
Attribute
1
Attribute
2
Attribute
3
Attribute
4
Us ✔ ✔ ✔ ✔
CompetitorA ✖ ✔ ✖ ✖
CompetitorB ✖ ✖ ✖ ✖
CompetitorC ✔ ✖ ✖ ✖
CompetitorD ✖ ✖ ✔ ✖
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Attribute2
Attribute1
UsCompetitorD
CompetitorC
CompetitorB
CompetitorA
TellEVERYONEaboutyouridea
3.
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NDAs
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Buildagreatlandingpage
4.
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Ifyouneedadesigner...
getadesigner.
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29
Validateyouridea withCUSTOMERS
5.
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THEREARE
NOFACTS
INSIDETHE
BUILDING
Astartupisacompanythat'sconfusedabout(1)whatitsproductis,(2)whoitscustomersare,and(3)howtomakemoney
DaveMcClure,500Startups
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PROBLEM
Listthetop1-3problems
EXISTING
ALTERNATIVES
Listhowtheseproblemsaresolvedtoday
SOLUTION
Outlineapossiblesolutionforeachproblem
KEYMETRICS
Listthekeynumbersthattellyouhowyourbusinessisdoing
UNIQUEVALUE
PROPOSITION
Asingle,clear,compellingstatementaboutwhycustomerswillbuyyourproduct
HIGH-LEVEL
CONCEPT
One-linedescriptionofyourbusiness(eg.YouTube=Flickrforvideos)
UNFAIR
ADVANTAGE
Whatadvantagesdoyouhavethatcan’tbeeasilyboughtorcopied
CHANNELS
Listyourpathtocustomers
CUSTOMER
SEGMENTS
Listyourtargetcustomersandusers
EARLYADOPTERS
Listthecharacteristicsofyouridealcustomers
COSTSTRUCTURE
Listyourmainfixedandvariablecosts
REVENUESTREAMS
Listyoursourcesofrevenue
LeanCanvas
www.leanstack.com
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“Businessplansareasgoodasfollowing
directionsgivenbyablindchimpanzee.”
FranckNouyrigatCo-Founder,StartupWeekend
“Businessplansareasgoodasfollowing
directionsgivenbyablindchimpanzee.”
FranckNouyrigatCo-Founder,StartupWeekend
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Bringtechnicalskillsintotheteam
6.
“Wewon’tbackfounderswhohaveanagencyasaco-founder.Employeescare10xlessthanfounders.Andagenciescare10xlessthanemployees.”Source:https://medium.com/blackbird-ventures/what-blackbird-is-looking-for-in-2017-bfada0be5aa1
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“Atechstartupwithoutdedicated,in-housetechnologyexpertiseisarecipeforfailureanddisaster.Withnotechskillsinyourfoundingteam,yourstartupisbrokenatmultiplelevels.”Source:http://www.smartcompany.com.au/startupsmart/advice/business-planning/steve-baxter-on-why-a-founding-team-with-no-tech-skills-is-doomed/
No, I will NOT
be your technical
co-founder.
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Implement foundervesting
7.
Months
Percentagevested
0%
100%
0 12 24 36 48
Oneyearcliff
Monthlyvesting
25%
50%
75%
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“Moststartupteamswillnotsurvivethefirstyearintact.Ifsomeoneleavesaftersixmonthsbutkeepsalltheequity,that’sabadsituationforusandfortherestoftheteam.”Source:http://www.afr.com/brand/boss/the-one-mistake-every-startup-founder-should-avoid-20170214-gucm6i
RickBaker,BlackbirdVC
Getyournameright
8.
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Chooseanamethat’seasytospell
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Chooseanamethat’seasytopronounce
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Agreatnameis
SimpleMemorableAvailableRepurposeableTimeless
Getthe.com
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Avoiddomainhacks
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Likethese...facebo.okface-book.comgetfacebook.comfacebookapp.comfacebook.iofacebook.fmfacebook.bizfacebook.net
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Understandmetrics
9.
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PirateMetrics
GET
KEEP
GROW
Acquisition:
Activation:
Retention:
Referral:
Revenue:
CustomersacquiredfromvariouschannelsCustomershaveapositivefirstvisitandplantocomeback
Customerscareenoughtocomebackmultipletimes
CustomersloveyourproductandreferothersCustomerspayforyourproduct
Northstarmetric=Thesinglemostmeaningfulmetricforyourstartup
Dailyactiveusers
Messagessent
Nightsbooked
Grosstransactionvalue
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Understandinvestors
10.
3Fs
Angels VCs
Accelerators
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Smart,involvedmoney
Dumb,passivemoney
Dumb,involvedmoney> >
Risk
Return
Governmentbonds
Bluechiplistedstocks
Speculativelistedstocks
Startups
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Risk
Return
Becomeapig(notachicken)
11.
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>
Joinacommunityofentrepreneurs
12.
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