1. 1. Ignitor Bootcamp
2. 2. Who we are? We are passionate about helping entrepreneurs succeed
3. 3. Bootcamp Goals 1 Apply lean 2 Select entrepreneurs
4. 4. Ignitor Startup Acceleration 6 sprints 1-on-1 coaching Task modules to help you get more done faster Modules taught by the worlds best entrepreneurs Mentor network of 100+ mentors
5. 5. 1. Entrepreneurs count off into team of 5 2. Audience selects 30 random words to use for a name 3. Each team selects 2 words to use for a name (example. Blank- blank.com) 4. Each team has 5 minutes to create a business plan 5. The business plan should consist of: A tagline A product or service (your solution) A business model (How do you make money) A go-to-market strategy (How do you get customers) 6. Each team has 60 secs to pitch their plan Networking game: half baked.com
6. 6. How we used to launch startups Business Plan Launch Product Development Learn if idea will work!Months / Years
7. 7. Steve Blank Eric Ries
8. 8. A lean startup Run Experiments Launch Product Development Learn if idea will work! Months / Years
9. 9. Quickly learn if a business idea will work!
10. 10. Move from Plan A to a plan that works!
11. 11. The story of anyperk: 3 months 1 Dating site Mieple (Through friends) 2 Introductions to investors (Through friends) 3 Introductions to jobs (Through friends) 4 A translation company 5 Movie advice company 6 Teaching through Skype 7 AnyPerk (Offer discounts and perks to employees)
12. 12. Lean Startup: Blue River
13. 13. The only thing that matters is product/market fit - Marc Andreessen
14. 14. You can always feel product-market fit when its happening. - Marc Andreessen The customers are buying the product just as fast as you can make it or usage is growing just as fast as you can add more servers. Money from customers is piling up in your company checking account.
15. 15. INGITE CANVAS CAN YOU FIND EARLY ADOPTERS? CAN YOU SELL EARLY ADOPTERS? CAN YOU BUILD A PRODUCT THEY LOVE? ? Can you get lots of customers?
16. 16. 1. CAN YOU find early adoptors? 2. CAN YOU sell early adoptors? 3. CAN YOU build a product they love? 4. CAN YOU get lots of customers?
17. 17. 1. CAN YOU find early adoptors? 2. CAN YOU sell early adoptors? 3. CAN YOU build a product they love? 4. CAN YOU get lots of customers?
18. 18. 1. CAN YOU find early adoptors? 2. CAN YOU sell early adoptors? 3. CAN YOU build a product they love? 4. CAN YOU get lots of customers?
19. 19. You can always feel when product- market isnt happening. - Marc Andreessen The customers aren't quite getting value out of the product, word of mouth isn't spreading, usage isn't growing that fast, press reviews are kind of "blah", the sales cycle takes too long, and lots of deals never close..
20. 20. INGITE CANVAS CAN YOU FIND EARLY ADOPTERS? CAN YOU SELL EARLY ADOPTERS? CAN YOU BUILD A PRODUCT THEY LOVE? ?
21. 21. INGITE CANVAS CAN YOU FIND EARLY ADOPTERS? ?
22. 22. What is the one thing every successful business has?
23. 23. Customers
24. 24. How do new businesses get customers?
25. 25. 1 Have a problem 2 Trying to solve it 3 Spent money 1 Have a problem 2 Trying to solve it 1 Have a problem
26. 26. Rich enviromentalists who spending money on being green. Enviromentalists trying to live a little greener. Want to be green but havent taken any action.
27. 27. Overweight people spending money on trainers, diets, exercise programmes, etc. Overweight people trying to lose weight on their own with no help. Overweight people that have no interest in losing weight. Exercise App
28. 28. H Tips: Target very small markets Etc S Universities Schools
29. 29. What if I already have customers? 1 Improve customer definition 2 Messaging / positioning Not sure Talk to Justin or Paul 3 Improve sales (lower CAC)
30. 30. CAN YOU find early adoptors?Customer definition 1 Brainstorm 5 early adopter customer segments 2 Select what you believe is the best early adopter customer segment 3 Write it on a sticky note and place on the canvas Hint: Choose a small market, reachable market with a budget and an unsolved pain. Time: 5 mins
31. 31. SUCCESSFUL BUSINESSES SIMPLE SOLUTIONBIG PROBLEM
32. 32. SUCCESSFUL BUSINESSES SIMPLE SOLUTIONBIG PROBLEM CD PLAYER JUMPS & MISSION TO CARRY CDS!
33. 33. SUCCESSFUL BUSINESSES SIMPLE SOLUTIONBIG PROBLEM OVERSEAS CALLS ARE EXPENSIVE!
34. 34. SUCCESSFUL BUSINESSES SIMPLE SOLUTIONBIG PROBLEM IT IS A HEADACHE GETTING A TAXI!
35. 35. SUCCESSFUL BUSINESSES SIMPLE SOLUTIONBIG PROBLEM PIZZA TOOK FOREVER TO ARRIVE!
36. 36. Warning!!! Example: pumodo. not find a big problem!!!
37. 37. CAN YOU find early adopters?Customer definition 1 Brainstorm 5 problems you believe your early adopters have 2 Select the biggest problem 3 Write it on a sticky note and stick it on the canvas Time: 5 mins Customer Problem
38. 38. Why should you hypothesize (guess) customer behaviour?
39. 39. Wild optimism?
40. 40. What are the odds of your business succeeding? Source: Cooper et al. (1988) 0 1 2 3 4 5 6 7 8 9 10 No Chance of Success Certain Chance of Success
41. 41. What are the odds of your business succeeding? Source: Cooper et al. (1988) 0 1 2 3 4 5 6 7 8 9 10 No Chance of Success Certain Chance of Success 81%
42. 42. What are the odds of your business succeeding? Source: Cooper et al. (1988) 0 1 2 3 4 5 6 7 8 9 10 No Chance of Success Certain Chance of Success 33%
43. 43. 1 Modelling customer behavior 2 Predicting if they will buy
44. 44. Early adopter customers have spent money / dissatisfied with the current solution and willing to switch?
45. 45. Interviews in groups of 5. 1 / 5 Spent money, time or effort 5 / 5 Spent money, time or effort B-to-B (No customers)
46. 46. Interviews in groups of 5. 2 / 5 Spent money, time or effort 5 / 5 Spent money, time or effort B-to-B (With customers) What is your current conversation rate?
47. 47. Interview in groups of 10. 1 / 10 Spent money, time or effort 10 / 10 Spent money, time or effort B-to-C (No customers)
48. 48. Interview in groups of 10. 1 / 10 Spent money, time or effort 10 / 10 Spent money, time or effort B-to-C (With customers) What is your current conversation rate?
49. 49. CAN YOU find early adopters?Customer definition 1 Decide on what a good outcome would for your problem interview. > B-to-B: 1/5 spent money > B-to-C: 1/10 spent money 2 Write it on a sticky note and stick it on the canvas Time: 5 mins Customer problem Expected result
50. 50. Why interview customers?
51. 51. vs. Ensure you are building something people want!
52. 52. I wish I had know about this earlier
53. 53. I cant believe I have wasted a year building something that will never make money. F@#k!
54. 54. How to conduct a problem interview INTRODUCE INDICATORS INTERVIEW INVITE Reminder: 4Is
55. 55. How to conduct a problem interview INTRODUCE yourself i.e. My name is [name] I am doing market research for a startup and I was wondering if I could take 5 minutes of your time. Check customer INDICATORS i.e. Ask questions to test if they are in your target market. Conduct INTERVIEW i.e. Story, Challenge, Solution. INVITE them to meet with you again. i.e. Ask if they would be interested in seeing the product and giving feedback when it is done.
56. 56. What questions to ask? (SCS) STORY CHALLENGE SOLUTION
57. 57. What questions to ask? (PCS) SOLUTION: What if anything have you done to solve the problem? Likes? Dislikes? CHALLENGE: What was most challenging about that? Why was that challenging? STORY: Tell me a story about the last time you (describe task they are trying to achieve / problem context)?
58. 58. What questions to ask? (PCS) SOLUTION: What if anything have you done to solve the problem? Likes? Dislikes? CHALLENGE: What was most challenging about that? Why was that challenging? STORY: Tell me a story about the last time you tried to started a business?
59. 59. Commons mistakes 1 Talking about your idea (DONT MENTION THE SOLUTION) 2 Talking to the wrong customers (TALK TO YOUR CUSTOMER SEGMENT) 3 Asking customers to predict the future (FOCUS ON THE PAST) 4 Not interviewing customers (MAKING EXCUSES)
60. 60. Problem interview practice (10 mins) STORY: Tell me a story about the last time you (describe task they are trying to achieve or problem context)? CHALLENGE: What was most challenging about that? Why was that challenging? SOLUTION: What if anything have you done to solve the problem? Why did you dislike that solution?
61. 61. Customer interview plan
62. 62. 1 Have a problem 2 Trying to solve it 3 Have spent money 1 Have a problem 2 Trying to solve it 1 Have a problem How do we find early adopters?
63. 63. They have spent money trying to solve their problem?
64. 64. Create customer interview plan: Put together a plan to speak to at least 10 customers tomorrow morning: 1. Friends and family (Facebook, Linkedin, Email, Cell phone) 2. Shopping malls 3. Bored people (Waiting in lines, Gautrain, Bus stops, Taxi ranks) 4. Cold calling (LinkedIn, Facebook, Google) 5. Lead Generation (Landing Page, OLX, GumTree, Google Ads, Facebook Ads) 6. Public spaces (Events, Parks, conferences)
65. 65. Write at least 10 ways you can find your customer (5 mins) 1 Write a plan on how you will find customers 2 Create a back up plan if Plan A doesnt work Ideas: Social media: Search, Twitter, LinkedIn, Facebook, Groups, Meetup Friends and family: Phone book, Facebook, Google contacts Events: Events, conferences, seminars, sporting events, shows Waiting areas: Restaurants, bus stops, train stops, taxi rank, airports Online ads: Gumtree, OLX, Google ads, Facebook ads, Twitter ads