NWEN and Founder Institute Ideation Bootcamp - Week 2 - Venture Ready Research & Models
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Transcript of NWEN and Founder Institute Ideation Bootcamp - Week 2 - Venture Ready Research & Models
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Ideation Bootcamp
Week 2
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Weekly Format
• 6:30 – Food/beverages • 6:45 – Introduction to topics & mentors • 7:00 – David Bluhm – Research • 7:30 – Dave Parker – Models • 8:00 – Q&A • 8:25 – Break • 8:45 - Working Groups• 9:15 – Home work
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About Mentors
David Bluhm
• Entrepreneur & Founder
• Chairman of Z2Live Mobile
Gaming
• Enterprise Software
• Venture Capital
Dave Parker
• Director, Seattle Founder Institute
• Entrepreneur
• Board Member Guidant Financial
• Former Board Member
Classmates.com
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David Bluhm
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Customer Acquisition
“The primary reason that I think most startups fail is lack of customer acquisition at at reasonable economics” Dave McClure
• Business Model – B2B, B2C, Retail, Web Direct, Channel
• Product Pricing
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B2B Models
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Business to Business
• Direct Sales – Inside Sales – Outside Sales – High Price Point
• Indirect (Channel) Sales – Does NOT create demand, only fulfills demand – Partnered with Services
• Web Direct – PPC, Banner – Prospects need to be looking for your product
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B2B Sales Process
3
2
UNDERSTANDMy Needs & Desires
ALTERNATIVESTo Satisfy My…
SELECT BEST
1Step 1: Suspects (0% – 20%)
Step 2: Prospects (20% – 30%)
Step 3: Qualified Prospects “SMART” (30% – 50%)
Step 4: Requirements ~ Go No-go (50% – 65%)
Step 5: Develop “Draft” and Pre-Sell Solution (65% – 80%)
Step 6: Finalize your Proposal (80% – 90%)
Step 7: Close (90% – 95%)
B2B Sales Process
TIME, Price, Closing Ratios Between Steps
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13 Consumer Models
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13 Consumer Models
• TechCrunch Teardown: 13 Consumer Internet
Business Models (Part I) « The World According To
Carp http://fndri.com/jEvuYa - Steven Carpenter– Media– Paid Service – Physical Commerce
• Your idea has to foot to a model! • Benchmarks
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Your examples
• What model will you use? How will you model it
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Explain Your Idea
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I want to develop
to help
(solve a problem)
(with secret sauce)
(a defined offering)
(a target audience)
Idealibs for Startups
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Founder Institute - Seattle• http://fi.co/apply/135/• 15 Week Program with Local Founder/CEOs • Ideation to fundraising, office hours/coaching • Tuesday night meals • Costs
– $50 Application Fee/Test Waived if applying by Feb 17th – $995 Course Fee– 3.5% of company into shared pool (peers, mentors and FI)– Post funding tuition - $4,500
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Home Work
• Gather and present– TAM– SAM– SOM
• Gather and present competitive analysis • Pick a proxy business model
– Begin to define your key assumptions – Benchmark assumptions to industry data