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pitchingmasterclass.com
WHAT STARTUP
INVESTORS ARE
LOOKING FOR
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INVESTORS DO NOT EXIST TO GIVE YOU PERMISSION TO START STUFF
NOR TO MAKE GOLD OUT OF YOUR CRAP IDEAS AND POOR TEAMS
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YOU ARE THE PRIZE INVESTORS ARE COMMODITIES
GREAT TEAMS WITH GREAT PRODUCTS ARE RARE BUT MONEY IS EVERYWHERE
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STOP SUCKING THE F*CK UP
TO INVESTORSMAKE THEM SUCK UP TO AND CHASE YOU!
http://venturehacks.com/articles/no-lead
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IS YOUR PITCH A DATA PITCH OR
A CONCEPT PITCH?VISION VS FACTS - DID YOU ALREADY LAUNCH?
https://www.linkedin.com/pulse/20131015161834-1213-what-i-wish-i-knew-before-pitching-linkedin-to-vcs
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PRE-LAUNCH? SELL THE VISION LIKE NO TOMORROW
POST-LAUNCH? PREPARE TO SHOW YOUR METRICS
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DECK CONTENTS1. COVER2. MISSION3. SUMMARY4. TEAM5. PROBLEM
6. SOLUTION7. TECH 8. MARKETING 9. SALES10. COMPETITION
11.MILESTONES12.CONCLUSION13.FINANCING
MORE?
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WHAT INVESTORS ARE HEARINGREGARDLESS OF WHAT YOU ARE SAYING
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WHAT THEY HEAR
•Is there money to be made here?•Are these the right people who will make me money?•How much money can we make here?
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HEURISTIC:VC WILL ONLY INVEST
- IF AND ONLY IF - TEAM IS RIGHT &
OPPORTUNITY SIZE IS BIG ENOUGH
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• TEAM • TRACTION • TREASURE
- Thomas Grota, DTAGhttp://www.slideshare.net/tgrota/what-investors-are-looking-for-a-view-from-a-venture-capitalist
TL;DR:
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CAC vs LTV • For each buck you spend acquiring a
customer, how many bucks does she leave behind in the whole lifespan you have her as a customer?
• CAC = Customer Acquisition Cost• LTV = Customer Lifetime Value• A CAC : LTV ratio of 1 : 3 or better = good
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Driving Factors of CAC & LTV • HIGH CHURN RATE • LOW CUSTOMER
SATISFACTION • LACK OF STICKINESS
• RECURRING REVENUE • SCALABLE PRICING • CROSS-SELL / UP-SELL • ADDITIONS TO PRODUCT
CATALOGUE • LEAD-GEN FOR 3RD PARTY
• SALES FORCE IN THE FIELD • OUTBOUND MARKETING • UNOPTIMIZED CAMPAIGN • WRONG TARGET AUDIENCE • WRONG CHANNEL • NO NETWORK EFFECTS
• NETWORK EFFECTS • INBOUND MARKETING • FREE OR FREEMIUM • OPEN SOURCE • FREE TRIAL • TOUCHLESS CONVERSION • DIRECT MARKETING • CHANNELS • STRATEGIC PARTNERSHIPS
CAC LTV
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Growth Rate - Exponential, not linear
• “Startups = Growth” byPaul Graham YCombinator
• What is your growth week over week?• More than 7% week over week is good
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Engagement Rate - Growth is not all
• “30 / 10 / 1” by Fred “AVC” Wilson• What is the % of all your registered users that
will use the service or app Monthly / Daily / Concurrent (At Any Given Time)?
• 30/10/1 or better is good• Especially important for B2C apps
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Cohort Analysis - You need to do this
• Video: Cohort Analytics Explained
• Video: Google Labs Cohort Analysis Workshop READ http://cohortanalysis.com/
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SaaS Metrics - You need to track it right
• The Ultimate SaaS Metrics Cheat Sheet (a must)
• Christoph Janz' Blog (kpi dashboards)
• David Skok's Blog (SaaS metrics)
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• Your churn rate is the amount of customers or subscribers who cut ties with your service or company during a given time period. These customers have “churned.”
• Read http://churn-rate.com
Churn Rate
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Existing market size - How to define it
•TAM - Total Available MarketTheoretical total market size or customer mass with problem today•SAM - Serviceable Available MarketTheoretical total market size or customer mass that are able to use / purchase a solution like yours right now•SOM - Serviceable Obtainable Market (or TM - Target Market)Your target market cap or customer base within the next 2-3 years, your credible ambition
TAM
SAM
SOM
pitchingmasterclass.comhttp://steveblank.com/2013/11/08/a-new-way-to-look-at-competitors/
New market size - How to define it
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Business Model Canvas instead of Biz Plan• Understand how
your business couldwork - or NOT
• Get the book “Business Model Generation” to understand and communicate your Business Model
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