TEN things every startup TE founder can do to un-fail their startup - - PDF document

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TEN things every startup TE founder can do to un-fail their startup - - PDF document

Mar 13, 2023 608 likes •990 views

8/9/17 TEN things every startup TE founder can do to un-fail their startup Colin Kinner | Founder, Startup Onramp | 2 September 2017 @ColinKinner 1 8/9/17 billion billion 2 8/9/17 Startup = growth Paul Graham, Y Combinator NOT

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Colin Kinner | Founder, Startup Onramp | 2 September 2017

TE TEN things every startup

founder can do to un-fail their startup

@ColinKinner

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billion billion

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Startup = growth

Paul Graham, Y Combinator

NOT Scalable

Costs Revenues

$ time

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NOT Scalable

Costs Revenues

$ time

Scalable

$

Costs Revenues

time

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Think BIG

1.

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Do some market research

2.

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Source: https://steveblank.com/2013/11/08/a-new-way-to-look-at-competitors/

Attribute 1 Attribute 2 Attribute 3 Attribute 4 Us ✔ ✔ ✔ ✔ Competitor A ✖ ✔ ✖ ✖ Competitor B ✖ ✖ ✖ ✖ Competitor C ✔ ✖ ✖ ✖ Competitor D ✖ ✖ ✔ ✖

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Attribute 2 Attribute 1

Us Competitor D Competitor C Competitor B Competitor A

Tell EVERYONE about your idea

3.

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NDAs

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Build a great landing page

4.

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If you need a designer. . . get a designer.

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Validate your idea with CUSTOMERS

5.

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THERE ARE NO FACTS INSIDE THE BUILDING

A startup is a company that's confused about

(1) what its product is, (2) who its customers are, and (3) how to make money

Dave McClure, 500 Startups
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PROBLEM List the top 1-3 problems EXISTING ALTERNATIVES List how these problems are solved today SOLUTION Outline a possible solution for each problem KEY METRICS List the key numbers that tell you how your business is doing UNIQUE VALUE PROPOSITION A single, clear, compelling statement about why customers will buy your product HIGH-LEVEL CONCEPT One-line description of your business (eg. YouTube = Flickr for videos) UNFAIR ADVANTAGE What advantages do you have that can’t be easily bought or copied CHANNELS List your path to customers CUSTOMER SEGMENTS List your target customers and users EARLY ADOPTERS List the characteristics of your ideal customers COST STRUCTURE List your main fixed and variable costs REVENUE STREAMS List your sources of revenue

Lean Canvas

www.leanstack.com
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“Business plans are as good as following directions given by a blind chimpanzee.”

Franck Nouyrigat Co-Founder, Startup Weekend

“Business plans are as good as following directions given by a blind chimpanzee.”

Franck Nouyrigat Co-Founder, Startup Weekend

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Bring technical skills into the team

6.

“We won’t back founders who have an agency as a co-founder. Employees care 10x less than

  • founders. And agencies care 10x

less than employees.”

Source: https://medium.com/blackbird-ventures/what-blackbird-is-looking-for-in-2017-bfada0be5aa1
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“A tech startup without dedicated, in-house technology expertise is a recipe for failure and disaster. With no tech skills in your founding team, your startup is broken at multiple levels.”

Source: http://www.smartcompany.com.au/startupsmart/advice/business-planning/steve-baxter-on-why-a-founding-team-with-no-tech-skills-is-doomed/

No, I will NOT be your technical co-founder.

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Implement founder vesting

7.

Months Percentage vested

0% 100% 12 24 36 48

One year cliff Monthly vesting

25% 50% 75%
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“Most startup teams will not survive the first year intact. If someone leaves after six months but keeps all the equity, that’s a bad situation for us and for the rest of the team.”

Source: http://www.afr.com/brand/boss/the-one-mistake-every-startup-founder-should-avoid-20170214-gucm6i

Rick Baker, Blackbird VC

Get your name right

8.

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Choose a name that’s easy to spell

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Choose a name that’s easy to pronounce

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A great name is

Simple Memorable Available Repurposeable Timeless

Get the .com

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Avoid domain hacks

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Like these. . .

facebo.ok face-book.com getfacebook.com facebookapp.com facebook.io facebook.fm facebook.biz facebook.net

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Understand metrics

9.

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Pirate Metrics

GET KEEP GROW

Acquisition:

Activation: Retention: Referral: Revenue:

Customers acquired from various channels Customers have a positive first visit and plan to come back Customers care enough to come back multiple times Customers love your product and refer

  • thers

Customers pay for your product

North star metric = The single most meaningful metric for your startup

Daily active users Messages sent Nights booked Gross transaction value

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Understand investors

10.

3Fs Angels VCs Accelerators

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Smart, involved money Dumb, passive money Dumb, involved money

> >

Risk Return

Government bonds Blue chip listed stocks Speculative listed stocks Startups
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Risk Return

Become a pig

(not a chicken)

11.

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>

Join a community of entrepreneurs

12.

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@ColinKinner colin@startuponramp.com Ph 0411 122 976 www.startuponramp.com