The Smart Fast Startup
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The Smart Fast Startup
How to Quickly Nail
the Product that Sells
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Hypothetical Startup
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Theoretical Successful Startup
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• Unproven emerging market
• Fuzzy target customer profile
• No repeatable business model
• Unclear solution requirement
Typical Technology Startup
Now Entering:
The Land of Extreme Uncertainty
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Theoretical Successful Startup
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Real Startup
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1. Idea
2. Product
3. Business plan
4. Product Spec
5. Development
6. Launch
Traditional Path
Problem – “buyers are liars” – we suck at predicting what we will use or buy
1. Target customers
2. Like it?
3. Pay for it?
4. Build it
5. Still like it?
6. Credit card ?
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Real Startup
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Failure Avoidance Syndrome
Amount of Perceived Failure
Time Spent Building Something
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Time and Money Spent
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Time and Money Spent
Less Risk First Time
Stronger Company
Better terms
More money
More fun
Less Trauma
Venture Investors Co-Founders
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Famous Startup Epitaphs
Hammer looking for a Nail
Feature looking for a Product
Before our Time
Nice to Have
Very cool, but no one would Pay
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The Problem
Merely Interesting
Monetizable
“Monetizable Pain”
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Measure monetizable pain
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B2B
50%Monetizable Pain Threshold
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B2C
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Two Bridges
Monetizable PainMarket Sweetspot
MessagingCAC
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Famous Startup Epitaphs II
More Money
More Partners
More Engineers
More Marketing
More ………..
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Minimum Feature Set
Product Roadmap
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Minimum Feature Set
•Buying panel•Breakthrough Q’s
•Mockups•Product tests
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Two Bridges
Monetizable PainMarket Sweetspot
MessagingCAC
Min Feature SetCustomer Validated
Product SpecBeta Sites
Early AdoptersRevenue
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• VC’s invest in the new, new thing
• Truth: VC’s invest in a good business
What does this mean for you?
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What is Google’s best innovation?
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What is Google’s best innovation?
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Monetizable Pain
PassFail
MinFeature
Set
Pass
Fail
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408-771-8585
Recommended Reading:
Nail It Then Scale ItBy Nathan Furr and Paul Ahlstrom
The Lean StartupBy Eric Ries
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Key questions
• If I do this will I get funded?
• What about competition
– Makes prospective investors nervous
– I say its not as important as you think
• Already doing what you are doing
• Could do it, or have the idea– Nearly every startup has someone in this category
– Execution is what matters
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Two Bridges
Monetizable Pain Min Feature Set