Growth Workshop @ Fordham Foundry
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K N O W N U N K N O W N S FORDHAM FOUNDRY APRIL 10, 2015 HOW TO SCALE YOUR GROWTH ...and what does that mean? K N O W N U N K N O W N S
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Transcript of Growth Workshop @ Fordham Foundry
K N O W NU N K N O W N S
FORDHAM FOUNDRYAPRIL 10, 2015
HOW TO SCALE YOUR GROWTH...and what does that mean?
K N O W NU N K N O W N S
K N O W NU N K N O W N S
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AGENDA3:00 - 3:05 Quick intros + 1-sentence problem pitch
3:05 - 3:10 Scaling? Growth? Let’s preface the jargon...
3:10 - 3:30 Talking about fit
3:30 - 3:40 Talking about growth
3:40 - 3:45 Packaging validation, company-building, fundraising
3:45 - 4:00 Discussion + Q&A
WHAT PROBLEMARE YOU SOLVING?
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K N O W NU N K N O W N S
K N O W NU N K N O W N S
[Insert stock image here]
WHITE TEXT OVERLAY
PRESENTED BY [NAME] ON [DATE]
PAGE 4PAGE 4 Source: @FakeGrimlock
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Source: Sean Ellis
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BACKGROUND
● Successes & failures w/ 5 startups, 2 of my own● Spent the last 3-4 years obsessed with product● Particular focus
○ Early-stage validation○ Experiment & systems design○ Acquisition, retention, growth
● Community = family○ Fordham Foundry + Startup Fordham○ Lean + TechStars○ Startup Weekend
WHY IS NOW DIFFERENT?Pre-2000s vs. Post-2010s
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K N O W NU N K N O W N S
K N O W NU N K N O W N S
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LANDSCAPE
● Barrier to entry for building products is at all-time low
● Getting traction / to-market is WAY CHEAPER at earliest stages
● Multiple platforms (some free) that reach BILLIONS of USERS
● We’ve learned a lot from our mistakes and failures
K N O W NU N K N O W N S
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JARGON
METHODOLOGIES
● Lean Startup● Design Thinking● Agile Development
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JARGON / BUZZWORDS
● Growth hacking● Pivoting● MVP’s
K N O W NU N K N O W N S
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EXPLORE → REFINE
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THE LEARNING LOOP
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ULTIMATELY...
We want to practice disciplined entrepreneurship. That means setting intention to our vision, fleshing out
underlying assumptions, tracking our activities effectively, and making the smart business-related decision.
HYPOTHESES
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K N O W NU N K N O W N S
K N O W NU N K N O W N S
Hypothesis Formation
I believe (__specific action__) will result
in (__measurable outcome__)
by (__set date__)
EARLY-STAGE CUST. DEV+++ INTERVIEWS +++
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K N O W NU N K N O W N S
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Get really good at opportunity analysis
● Market assessment (size, $$$, competitive landscape)
○ This problem demonstrates large potential as a market.
○ This problem and market will continue to grow.
● Product X Execution X Team X Luck X ...
K N O W NU N K N O W N S
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FOCUS ON THE ACTIONABLE
● There are real customers that will pay me to solve their problem.
● This problem demonstrates large potential as a market.
● This problem and market will continue to grow.
aka TALK TO REAL HUMANS
K N O W NU N K N O W N S
INTERVIEW TIPS● Embrace bad news (don’t “want to hear things” ...listen!)
● Encourage candor through dialogue and body language
○ Pay attention to theirs as well
● Ask OPEN-ENDED question about BEHAVIOR from their PAST
● Take rigorous notes
● Thank them and follow up (startup karma)
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K N O W NU N K N O W N S
INTERVIEW DON’Ts
● No Leading Questions
● No “would you” or future-related questions
● No product pitches or explanations
● NO SELLING!!!
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K N O W NU N K N O W N S
WHAT ARE YOU LEARNING??
● WHAT problem(s) exist? … WHO has them? … WHY?
● Problem vs. Customer (anchor variable)*
● Gaining customer understanding
○ Facts, pains, goals, behaviors
○ Current problem/solution
● Data → formation of next experiment
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K N O W NU N K N O W N S
You cannot systematically grow
if you don’t systematically learn
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ROLE OF PROTOTYPESAND PILOTS
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K N O W NU N K N O W N S
K N O W NU N K N O W N S
TEST → Product, Customer, Channel
● Those who fail will do so more quickly and cheaply
● Those who are on to something, pivot with time to strike
● Those with traction (measured rigorously) can leverage it BIG
● You bleed a little bit...
○ Major product changes
○ Major customer/market learnings
○ Execution losses
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Product-Market fit
● You DEFINITELY are solving a meaningful problem for customers
○ and you UNDERSTAND who those customers are
● You start hearing the same things over and over again
● You actually feel “refinement” (product, execution, growth)
● Helps 100x if you’ve been disciplined
○ You have a barometer to measure against
○ Package that validation + hit the market with force
Found Product-Market Fit?
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K N O W NU N K N O W N S
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Product Market Fit → Growth● BOTH problem-customer & product-market (they’re different)
○ Thoroughly explored all cust. acquisition channels
○ Real experiments + the problem of local maximum
● Systems & org. design
● Process optimization
● Automation
● Optimize for Design
K N O W NU N K N O W N S
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Hitting the market with force
● Capital infusion(s) = standard for hyper-growth startups post PMF
● LTV & CAC
○ Lifetime value of customer
○ Cost to acquire customer
● Competitive landscape matters much more now
PACKAGING VALIDATIONtalent, fundraising, growth
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K N O W NU N K N O W N S
K N O W NU N K N O W N S
WHAT IS REAL and WHAT IS NOT
K N O W NU N K N O W N S
Contact
twitter → @jacksonlindauer
email → [email protected]
help → sohelpful.me/jacksonlindauer
