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from idea ! Y E L E N A K A D E Y K I N A
Boston, USA, April 11, 2016
© Y E L E N A K A D E Y K I N A
busine"
Perso nal introSerial entrepreneur
Specialty: entrepreneurial marketing, online and video marketing; business development
MIT Sloan Alumna
Community work: MIT Enterprise Forum & MassChallenge, etc
© Y E L E N A K A D E Y K I N A
SMEvs.
© Y E L E N A K A D E Y K I N A
IDEentreprene urs hip
Individual owner
Linear growth
Less investment required
Regional Markets
SME (Small Medium Enterprise)
Global Markets
Exponential growth
A lot of investment required
IDE (Innovation-Driven Enterprise)
5
© Y E L E N A K A D E Y K I N A
YESbefo re the
la unch
,, ,,What can you really do for your customer?
Have you met the only minimum required condition?
Have you defined your business model?
Quality of ecosystem around you?
Network and personal brand?
1.
2.
3.4.5.
Whatproblemdo yo u solve?
Quantify your value proposition
Define your core
Chart your competitive position
1.2.3.
© Y E L E N A K A D E Y K I N A
5© Y E L E N A K A D E Y K I N A
STEPSyo ur cus!mer! define
Market and market segmentation
Select a beachhead market
Build an end-user profile
Calculate TAM size for beachhead market
Profile persona for your market
1.
2.3.4.5.
© Y E L E N A K A D E Y K I N A
MARKETsegmentatio n
End User Benefits Market Characteristics
Size of Market
Needs ApplicationPartners/Players Competition
CHARACTERISTICS:
6
© Y E L E N A K A D E Y K I N A
YES! pick
BEACHHEAD
,, ,,
Is your customer a paying customer?
Is your sales force can access your customer?
Is it hard for your competitor to block you?
Are your ready to deliver a whole solution/product?
Can you leverage this segment to enter additional segments?
Is this market consistent with values and passion of your team?
1.2.3.4.5.market6.
End User & DMU
Decision making unit:
• Advocate (often an end user)
• Primary Economic Buyer
• Influencers
Customer = End User + Decision Making Unit (DMU)
© Y E L E N A K A D E Y K I N A
UserProfilechara cteristics
• Gender, age, education
• Income range
• Geographic location
• What motivates them
• Early adopters vs. main stream
• Where they go on vacations?
• Where do they dine?
• What newspapers they read, websites, etc
• Main reason to buy product: image, peer pressure, saving?
© Y E L E N A K A D E Y K I N A
CalculateTAM(TOTAL ADDRESSABLE MARKET)
• Top-down analysis – use market analysis reports, etc
• Bottom-up analysis=“counting noses” (use customer, lists, trade associations, groups)
TAM = number of customers x Price of product
$5M > TAM $5M < TAM < $100M $1B < TAM
NO YES! NO© Y E L E N A K A D E Y K I N A
Perso naMITCHEL(FACILITY MANAGER AT IBM)
• Personal Information: American, family (3 kids), 40 years old, college degree
• Career context: Mid-career (same place for 20 years), technical savvy, hopes for promotion, makes $65K/year
• Informational Sources: websites to make decisions, tried competitor product and is not impressed for A/B/Creasons
• Purchasing Criteria: Reliability (high), Growth (high), Costs (mid), Greenness (low)
• Others: listens to country, drives Ford, used to volunteer as a fireman
© Y E L E N A K A D E Y K I N A
Typesbusine"
• One-time Up-front plus maintenance (applicable when you have high cost of capital)
• Upsell with High-Margin Products (i.e., consumer electronics, new car sales)
• Advertising (i.e., Goolge, more challenges for startups)
• Franchise (i.e., provide knowledge for knowledge/brand)
• Microtransactions (i.e., online games, other digital goods)
• Usage based (i.e, cloud based services)
• Access to data collected (re-sell or temporary access; i.e.,LinkedIn)
• Transaction fee (i.e., credit companies, online retailers)
© Y E L E N A K A D E Y K I N A
mo dels of
StartupKillerLTV&COCA
Cost of Customer Acquisition(t) = Total Marketing & Sales Expenses(t)–
Install Base Support Expense(t)
© Y E L E N A K A D E Y K I N A
LTV = Life Time ValueCOCA = Cost of Customer Acquisition
Your business will fail if your CoCA is higher
than your LTV!
Goal: Recover COCA in 12 months, LTV is higher than CoCA at least 3 times
(i.e Saas model)
Eco s ystem Netwo rkingBUILDING A TEAM
© Y E L E N A K A D E Y K I N A
&
MITentreprene urial
• Strong entrepreneurial ecosystem. Solving real world problems
• 25,000+ companies founded by MIT alums (i.e., Akamai, Intel, HP, iRobot, Gillette, Dropbox)
• 3.3+ million jobs
• $2 trillion in annual world sales
• MIT Intellectual and Technology Powerhouse
• 72 MIT-related Nobel Prize winners (including 9 current faculty members)
• 5 schools, 33 departments/divisions/sections/other programs (57 interdisciplinary research units)
© Y E L E N A K A D E Y K I N A
e co s ystem
© Y E L E N A K A D E Y K I N A
BOSTONentreprene urial e co s ystem
• Cambridge innovation and intellectual capital: 74 colleges & universities, $1.5B spent on R&D annually
• $2.4B of VC investment second after Silicon Valley, highest investment/capita: $457/capital (source: Flybridge 2010)
• Innovation clusters: Cambridge, 128/495 clusters –benefits of high concentration
• Boston startup incubators & accelerators: CIC, Dogpatch, MassChallenge, TechStars
• Future IPO candidates: HubSpot, Brightcove, Kayak and Tech giants: Microsoft, Google
• Every night there is an entrepreneurial event!
Every startupne e ds a
How to choose a mentor:
• Experience
• Market understanding
• Few mentors
• Right match
© Y E L E N A K A D E Y K I N A
Mentor’s motivation Desire to help and to give
MENTOR
funding• 3 Fs - Friends, Family
(and Fools)
• Angel Investors
• Venture Capitalists
• Other
• Government grants
• State and local programs
• Banks
© Y E L E N A K A D E Y K I N A
optio ns
Angels' VCBACKGROUND
© Y E L E N A K A D E Y K I N A
vs.
ANGEL VC
• Accredited
• Expertise and personal money
• Active
• Invest in entrepreneur
• Institutional money
• Venture capital firms are managed by a General Partner
• The General Partner invests funds from Limited Partners
• General Partners active
• Invest in company
• Large portfolio
• The General Partner receives is compensated by a management fee and carry
NETWORKINGis e"e ntialBuild access to talent, capital
Learn and grow as a professional
Build partnerships and acquire customers
Face to face is the strongest means of communication
1.2.3.
© Y E L E N A K A D E Y K I N A
fo r succe"
4.
DO'
© Y E L E N A K A D E Y K I N A
S netwo rking• Give before you ask. Always
be open to help people in your network
• Develop relationships, don’t just acquire a bunch of contacts
• Listen to people’s stories. Make it about them, not about you
• Follow up with people once you meet them
• Be genuine
• Be passionate about your ventures
• Be realistic about what you should expect and follow up on promises
• Stay professional and relevant (i.e. , no gossips)
• Do you homework
of
© Y E L E N A K A D E Y K I N A
do yo ur HOMEWORK
• Prepare and practice your elevator pitch
• Prepare your presentation materials (i.e., business cards)
• Research the list of attendees
• Make a list of top 7-10 contacts
• Research their bios
DON'T
© Y E L E N A K A D E Y K I N A
S netwo rking• Don’t’ brag about yourself
• Don’t exaggerate the truth
• Don’t try to discuss everything. Value other people’ time.
• Don’t ask personal questions
of
Follo w -up/sta y in !uch
• Follow up on the night you met
• Make it personal: include 2-3 points from the conversation
• Be brief and to the point
• For VIPs, handwritten notes are preferable
• Schedule another on-one-one conversation with the people you found some immediate common interests
• Stay in touch via events/social media (i.e., LinkedIn)
© Y E L E N A K A D E Y K I N A
© Y E L E N A K A D E Y K I N A
WHOWHEN
WHO:
Be open to meet people, yet prioritize!
Make a list of top people you want to
meet
WHEN:
Networking is a continuous life long process. Most networking starts with a casual routine
conversation Be proactive. Build it
before you need it
WHERE:
Offline: entrepreneurial events, workshops,
conferences, training programs
Online: LinkedIn, Twitter, Facebook, forums,
favorite blogs
& WHERE
What is yo ur
Personal brand – timeless. It is how we market ourselves to others.
We sell something every day.
© Y E L E N A K A D E Y K I N A
BRAND?perso nal
Idea to your investor
Vacation trip to your spouse
© Y E L E N A K A D E Y K I N A
WHYperso nal brand is impo rtant
• Speaking engagements
• Investors
• Clients
• The opportunity to make a difference!
Strong personal brand =
VISIBILITY
establis h
• Offline and online brand. Can you control the first impression people make about you?
• Your self-impression = How people perceive you
• Each detail matters:
• How you are dressed
• How you treat other people
• Your Social Media profiles
• Your resume
• How your write e-mails
© Y E L E N A K A D E Y K I N A
yo urperso nalBRAND
• Friending and following everyone
• Using social media as a direct response vehicle
• Creating inconsistent profiles
• Taking the same approach to different networks (i.e., LinkedIn vs. Facebook)
• Failing to invest sufficient time and effort
• Focusing internally. Make it interesting to others
• Spamming© Y E L E N A K A D E Y K I N A
DO'S DON'TS&of perso nal brand
in so cial me dia
BuildWITH VIDEO
© Y E L E N A K A D E Y K I N A
yo ur brand
Videothe mo st
• Reveals your passion and shows that you are genuine
• Establishes your unique identity
• Explains complex things
• Helps you clone yourself
• Builds trust
• Video is powerful:
• On YouTube alone over two billion videos are viewed every day
• Having video on your website makes you 53x more likely to appear on the front page of Google search results
© Y E L E N A K A D E Y K I N A
so cial me dium
is
& the "mo st " so cial of all
© Y E L E N A K A D E Y K I N A
4 STEPS! building yo ur brand with video
1. Create 2. Publish 3. Promote 4. Track
© Y E L E N A K A D E Y K I N A
BRANDawarene"
How-to’s About you Testimonials Interviews
thank• E-mail: [email protected]
• Linkedin: www.linkedin.com/in/yelenakadeykina
• Facebook: www.facebook/yelena.kadeykina
• Twitter: @ykadeykina
© Y E L E N A K A D E Y K I N A
YOU!