Startup Toolbox - 500 Startups Mexico City

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Startup tips and tricks for new batch of startups in the 500 Startups Mexico City Accelerator

Transcript of Startup Toolbox - 500 Startups Mexico City

  • #StartupToolbox 500 Startups Mexico City Natalia Burina Zurich
  • Startup CEO Mentor and investor at 500 Startups Sold a mobile application called Flockish to eBay Group Product Manager eBay (Affiliates, Bay search and social) PM at Microsoft (Bing search) Software Engineer before Twitter: @nale LinkedIn: Natalia Burina
  • Comic courtesy of Matthew Inman @oatmeal Doing a Startup
  • Comic courtesy of Matthew Inman @oatmeal Doing a Startup
  • Comic courtesy of Matthew Inman @oatmeal Doing a Startup
  • Comic courtesy of Matthew Inman @oatmeal Doing a Startup
  • Incorporation Financing documents (ie convertible notes) Terms of service and privacy If your product spans different continents data policy is different in Europe then US Employee contracts Make your lawyer an active partner in your startup Beware of Annual Franchise Tax Santorini, Greece What you Need from you Lawyer
  • If this product existed, would it be important enough that you would make it one of the three priorities for your company this year? What level of performance gains would you need to see in order to pay for this product? The Short List - Hunter Walk Customer Development 101
  • The Science of Creating Demand Talk to Customers; Discover Problems Progress Features (Less = More) Fast, Frequent Iteration (+ Feedback Loop) Measure Conversion; Compare 2+ Options Focus on Product/Market Fit dont launch before Keep it Simple & Actionable This Slide Stolen From Dave McClures deck, Thanks Dave! A Street in San Francisco Lean Startup
  • How do you measure success for your business? Determine metrics and track them Signups Revenue Users (new, repeat) Engagement Abandonment Success Metrics and KPIs
  • Figure out what is right for your company VC 101 with Christine Herron Understanding How Dilution Affects You at a Startup Understand convertible Notes Read, learn, memorize, internalize Felds Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist Raising Money
  • Email protocol Do your homework Who are they (background) Who do they invest in Ask the right questions (see Christines presentation) Restaurant Khachapuri, Moscow Working with Investors
  • Social proof Polite but persistent Why you should first talk to your customers about fundraising Once you have investors craft regular updates Working with Investors
  • Investor Email Example
  • Investor Email Example
  • Share your story the The Munchery Story Reid Hoffman's LinkedIn Pitch to Greylock Test it with everyone Back it up with data Pitching Like a Boss Vitaly Golomb Practice, practice, practice The Island of Kauai Pitching Tips
  • They need your product (and do not have it) They need great engineers They need your customers They need ads/publicity (you can provide it) They need your expertise (design, machine learning, mobile) View from SoundCloud office Berlin, Germany Working with Large Companies
  • New Company Initiative Find a strong advocate for your company on the inside. How Flockish got acquired Working with Large Companies
  • Do it slowly! Trial basis Previous work and recommendations For engineers have strict hiring guidelines CareerCup Startup Hiring
  • Influence The Psychology of Persuasion The Ultimate Cheat Sheet for Selling Anything Selling
  • Connect with people who can help your startup the most Raise money Make friends running a company is a lonely business, you never know Use of your Time in Accelerator
  • Additional References Influence: The Psychology of Persuasion Robert Cialdini (book) Dont Make Me Think Steve Krug (book) Designing for the Social Web Joshua Porter (book, website) Startup Lessons Learned Eric Ries (blog) Customer Development Methodology Steve Blank (presentation, blog) Sean Ellis (blog) Links and Resources