jan kennedy - i have an idea - what now? @wbis2014
DESCRIPTION
Jan Kennedy, director of the Munich chapter of the Founder institute lead us through the choices and decisions that a would-be entrepreneur faces after having that idea.TRANSCRIPT
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http://fi.co | @founding
Jan KennedyDirector: Founder Institute
2014
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http://fi.co | @founding
Globalizing Silicon Valley
A peek at Founder Institute…
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The Vision
To help launch meaningful and
enduring technology companies
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The Mission
Launch 1,000 companies per
year…
Across 100 cities
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An idea-stage incubator that helps entrepreneurs create meaningful and enduring technology companies.
Great People
Expert Training
Aligned Incentives
As featured in
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4 months
IDEA
VIABLE BUSINESS
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42% Funded
90% Success Rate
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http://fi.co | @founding
SO YOU HAVE AN IDEA
now what?
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http://fi.co | @founding
0. LOOK IN THE MIRROR
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Do you have Entrepreneurial
DNA?
“Ideas are worthless if you can’t execute”
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Gifted to do the same?
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Job Interview: Guard Dog
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GOOD TRAITS1. High Fluid Intelligence (not IQ –
recognise patterns & adapt)
2. High Openness (curiosity to challenge norms)
3. Moderate Agreeableness (flexibility)
4. Experience (increases until 40)
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BAD TRAITS1. Predatory Aggressiveness
2. Excuse Making
3. Deceit
4. Emotional Instability
5. Narcissism (vanity)
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http://fi.co | @founding
1. IDEATE
Goal: Develop a set of strong ideas
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The Typical Process…
1. You see a great opportunity 2. You tell your mum & she tells you it’s fantastic
3. You build the solution
You lose all your money!
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99.9% of ideas are bad!
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http://fi.co | @founding
2. CUSTOMER VALIDATION
Goal: Test your ideas with Research
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Who is (going to
be) drinking
your wine?
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Problem – Solution Fit
1. Oil is Bad
1. Vespa Buyer
1. Electric Scooter2. No Vespa friends - Educate 2. Trial Vespa
2. Difficult Commute
„skinny tie“ „not sure if I‘m a scooter person“„tried my firends Vespa“
3. Not Sure
2. Difficult Commute
3. Rent then Buy
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Interview & Observe Extreme Users
Insights to test…
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Get Testing
Early Experiments- Exploration (interview, observation, survey)- Pitch (currency / real proof)
Later Experiments- Concierge Service (manual execution)- Prototype (minimal viable product)
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http://fi.co | @founding
3. REVENUE MODELS
Goal: chose an idea on financial merit
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Compare Revenue:
StreamsBarriers
Time Steps
DriversModel
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Know your Ideal Customer for each Revenue Stream
PersonaDemographic
Preferences
Does it match your Value Proposition?
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Looks like you are…
Solving a real Problem+ For real paying
Customers+ With a Viable Solution
= GOOD CHANCE OF MAKING MONEY
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Chose 1 idea and move past GO…
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http://fi.co | @founding
5. NAMING & POSITIONING
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http://fi.co | @founding
6. LEGAL
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http://fi.co | @founding
7. ADVISORS & TEAM
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Recruit AdvisorsPrep Team Roles to help launchStart RecruitmentCash Vs Equity CompensationComplete Alignment
Joe Abraham
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http://fi.co | @founding
8. Product Development
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Identify Assumptions to test with an MVP:
Later Experiments- Concierge Service (manual execution)- Prototype (minimal viable product)
Consider Kickstarter Test for physical products
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Be current on competitor offerings
Start Wireframing & Paper Prototyping to get fast feedback (Rapid Experimentation)
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Product RoadmapWhenProduct SpecificationWhatDevelopment PlanHow
Testing as you build
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http://fi.co | @founding
9. Sales Traction
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LaunchHigh PriceGet ReferralsClose first dealAnalyse conversion funnel
Refine & Sell More
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http://fi.co | @founding
10. Branding + Marketing
GOAL: Establish Market Credibility
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http://fi.co | @founding
11. Fundraising
Goal: Seed Capital / Loan
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My company,
is developing
to help
(solve a problem)
(with secret sauce)
(company name)
(a defined offering)
(a target audience)
,
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Investor Pitch Deck
Company OverviewWhat is the Problem & Opportunity?Size?SolutionHow to deliver the solutionBenefits / Value of solutionSecret SauceCompetitive AdvantageCompetitor MatrixBusiness ModelFinancial ProjectionsFinancial Requirements / MilestoneSummary
42% Funded
90% Success Rate
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If all else fails…