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Post on 27-Jun-2015
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STARTUPS&A LOOK BEHIND THE CURTAIN AT THE MAGIC OF SILICON VALLEY
Active Angel Investor & Serial Entrepreneur,
Former CEO of Wikia Inc., and Former VP & General Manager, International eBay
angels
OPPORTUNITYOPPORTUNITYEGOEGO
ACCESSACCESS
OPPORTUNITYOPPORTUNITYEGOEGO
ACCESSACCESS
Cloud let us move faster
And cheaper
148mm148mm1,018mm1,018mm
2,000mm2,000mm
The Internet is everywhere thanks to mobile
2006 2010
Source: www.allaboutmarketresearch.com/internet.htm
1998
Which means you can shoot for
ACCESSACCESS
OPPORTUNITYOPPORTUNITYEGOEGO
NEW CROP OF ANGELS
Typical angels
NEW CROP OF ANGELS
AND SUPER ANGELS
Super angels
EGOEGO
ACCESSACCESS
OPPORTUNITY
Customer acquisition hacks On each platform are different
Capital efficiency is amazing now
Fundraising is easier
VC Associates
Seed Funds
Connected Angels
New Angels
Scary "Dumb Money"
Where does angelist money come from?
• There has never been a better time to do a internet/mobile start-up – access is easy and costs are low
• Startups are not a company. They’re hypothesis tests funded by adrenaline junkies
• Keep costs low and you can run a series of hypotheses
• Scrappy till it works, then flip to spending like drunken sailors to scale
Take aways
STARTUPMANTRAS
THE LEAN STARTUP is a resource to assist entrepreneurs, startup and established businesses make better, faster business decisions.
THE LEAN STARTUP
DESIGN MATTERS
Risk is a competitive advantage
SO WHAT DO
THESE CRAZY INVESTORS REALLY WANT?
• COMMUNICATION PRODUCTS (BEST NETWORK EFFECT)
• NETWORK EFFECTS (PRODUCT GETS MUCH BETTER AS MORE PEOPLE USE IT)
• MARKETPLACE NETWORK EFFECT: MOST BUYERS, SELLERS, WHY GO ANYWHERE ELSE?
• SCALE ADVANTAGES
• SEARCH IS ABOUT DATA, PEOPLE WITH THE MOST DATA ALWAYS WIN, SO FIRST MOVER CAN WIN BIG
• WAZE/WIKIPEDIA: MOST CONTENT MAKES BEST SERVICE, WHICH CREATES MORE CONTENT. VIRTUOUS CYCLE
• 10X PRICE-PERFOMANCE ADVANTAGE
• CUSTOMER ACQUISITION HACKS
• AMAZING TEAMS
• GITHUB IS THE FIRST PLACE I LOOK
• DEEP UNDERSTANDING OF CUSTOMERS
• MANIACAL FOCUS: 4-6 PEOPLE STANDING ON A SINGLE PIN
WHAT WE LOOK FOR
EXAMPLE
• COMMUNICATION PRODUCTS I SHARE DOCS WITH FRIENDS
• NETWORK EFFECTS MY FRIENDS HAVE DROPBOX SO I USE IT
• NETWORK EFFECTS REVENUES INCREASE EXPONENTIALLY AS MORE DOCUMENTS ARE SHARED WITH MORE PEOPLE
• MARKETPLACE NETWORK EFFECT: NOPE
• SCALE ADVANTAGES ABILITY TO INVEST IN EVERY PLATFORM
• 10X PRICE-PERFOMANCE ADVANTAGE FREE – EVEN BETTER
• CUSTOMER ACQUISITION HACKS: REFERRAL PROGRAM
• AMAZING TEAMS
• GITHUB IS THE FIRST PLACE I LOOK: SCARY GOOD TECH TEAM
• DEEP UNDERSTANDING OF CUSTOMERS : DIDN’T ADD FEATURES
• MANIACAL FOCUS: 4-6 PEOPLE STANDING ON A SINGLE PIN SIMPLE, SIMPLE, SIMPLE AND IT ALWAYS WORKS
EXAMPLE: DROPBOX
• COMMUNICATION PRODUCTS NOPE
• NETWORK EFFECTS NOPE
• MARKETPLACE NETWORK EFFECT: NOPE
• SCALE ADVANTAGES MINOR COST ADVANTAGES
• 10X PRICE-PERFOMANCE ADVANTAGE NOPE
• CUSTOMER ACQUISITION HACKS – SUBSCRIPTION ECOMMERCE DRAMATICALLY CHANGED LIFETIME VALUE
• AMAZING TEAMS
• GITHUB IS THE FIRST PLACE I LOOK: NOT THAT I KNOW OF
• DEEP UNDERSTANDING OF CUSTOMERS : MARKET LEADER, SO YES?
• MANIACAL FOCUS: 4-6 PEOPLE STANDING ON A SINGLE PIN STILL SIMPLE
EXAMPLE: BIRCHBOX
TRATCTION + MOAT
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