Pirate dashboard

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Transcript of Pirate dashboard

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To know when to stop backing a startup or double down

The lack of clear data from startups erodes trust

Investors haven’t got the time to be chasing startups for updates

They require better Transparency into their investments

The issue for investors..

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“Wayra Ireland is now using Pirate Dashboard to drive quantitative, metric driven reporting with our investment portfolio, enabling us to better manage and drive accelerated growth and net book value.”

- Karl Aherne, Director Wayra Ireland

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The problem with startups…If startups were focusing on the right things, they would be more successful!

• Customers• Revenue

Investors tell them that they are most interested in seeing• User growth • Revenue

But during customer development we learned• 20% of them gather NO metrics• 60% put little (or merely some) importance on collecting them

You can’t show what you don’t measure!

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So what are the reasons a startup give for not collecting metrics?• Hard to implement – what should I measure and with which tools? • Time consuming to do regularly• Not a priority

The reality is that they are afraid to learn the truth!• Maybe they haven’t got a business• They have no customers• They need to pivot

Metrics make for Honest startups!• Give them nowhere to hide• Provide real focus

The problem with startups…

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“Pirate dashboard will make Eventmama incredibly more efficient in how we gather and report on what's going on in our startup.

Reporting they offer will not only save us manually gathering and analysing data - but the real-time insights into our business will allow us to act and iterate much faster.”

- Louise Caldwell, CEO EventMama

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Our Goal is…To be the standard in communications between startups and investors!

Startups need to be HONEST with themselves. Dave McClure’s Pirate Metrics framework is used to keep a startup focused on customers and revenue from the start.• Acquisition, Activation, Retention, Revenue and Referral

Investors require TRANSPARENCYBy using data from 3rd party tools that the startup uses, trust can be built. The more data, the clearer the view.Display an up to date investor dashboard

We like to call it “The Trust Equation”

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The Trust Equation

Startup InvestorHonesty Transparency

Investment&

Support

Trust

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The Pirate Dashboard

1. What type of startup are you?

2. Your startups Pirate Metrics at a glance

3. Easily setup custom metrics with data from 3rd party tools

5. Create a story around your data with the newsfeed

4. You can manually input data 6. Share dashboards with investors

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What makes us different?Layer Approach

• We sit on top of a startups’ existing tools• They can continue to use their marketing, sales and engineering tools in their

day to day and use Pirate Dashboard to get a 360º view of their business

Singular Focus• We provide a rigid framework focused on the Pirate Metrics• There are many things a startup can measure but we focus them on what they

should measure!

Fit for purpose• NOT a financial planning tool• Designed to be used on a daily basis for decision making!• Building a tool that we ourselves use to get customers and investors

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Product RoadmapOur development philosophy

Features come from two sources: customer requests and our own hypotheses.

Customers are able to suggest and “up-vote” which 3rd party tools or features they want us to develop.

All features requested are validated through user testing.

This has led to a dynamic roadmap based on our customers’ needs.

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Product RoadmapFeature Jan Feb March Arpil May June July Aug SeptInvestor Portfolio Dashboard XPeer Benchmarking XOne Metric That Matters XGoal Setting XData Export XBasic Reporting XTV Mode XDashboard Alerts XEmail Alerts XShared Dashboards XForecasting XData Import XAdvanced Reporting XPush API X3rd Party Tool Integration X X X X X X X X X

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The TeamRussell BanksSales & Marketing20 years selling

Daniel KerstenEngineering14 years coding

Eoin McKiernanEngineeringMSc. Computer Science

Eoin HurrellData ScientistPhD. Computer Science

As a team we….

• previously from Conker.io• Predictive analytics for games

• learned that startup success comes from• Revenue • Execution

• are focused on• Delivery• Revenue

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The Team

David Coallier(Previously Conker Advisor)

NOWInvestor & Advisor

Eamon Leonard(Previously Conker

Advisor)

NOWAdvisor

Wayra Ireland(Previously Conker

Investor)

NOWCustomer

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Appendix A – Customer Development• Who we have spoken to

• Types of startups

• What metrics do investors tell you are important?

• Metric use in decision making VS collection of metrics

• Commonly used metrics tools

• Basic metrics framework

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150+ Customer Development meetings and counting

The following results come from over 70+ cus dev meetings with startups during The Dublin Web Summit

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Appendix B - Investors• Market Opportunity

• Revenue Generating

• Funding Requirement

• Competition

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“Russell and Dan have shown exceptional drive and an unwavering focus in the development of the Pirate Dashboard product, customer development and early revenue generation.”

- Karl Aherne, Director Wayra Ireland

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Market OpportunitySTARTUPS (funding stage)Friends & Family

Angel

Seed

Growth

Operational

INVESTORS (type)

Angel

Super Angel

Accelerators/Incubators

State Agencies

VC’s

192,616*-205,882** Startups

11,385*-24,242** Investors

3,605** Publicly Raising 298*-1,478** Incubators

Annual Subscription(per startup)

€1,200

€4,207,200 €17,736,000* **

Startups per Incubator

10 Initial Market

€21,943,200BUT

VC’s did 4,905 deals worth $41.5bn

in 2012***

*** Ernst & Young: Global venture capital insights and trends 2013

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Revenue Generating• 150 + Customer development meetings since September’13

• 24 Pre-orders @ €50 each to participate in beta

• Private Beta starts in Jan ‘14

• Letter of Intent:• Wayra Europe for 50+ Startups.

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Competition

Investor Transparency(Shared live dashboards and/or financial reports)

Star

tup

Hon

esty

(Pro

vide

s rig

id m

etric

s ba

sed

fram

ewor

k)

High

Low High

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