Scaling Outside Canada - Entrepreneurship 101

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Scaling outside Canada A story about my experience
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    26-Jan-2017
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Transcript of Scaling Outside Canada - Entrepreneurship 101

  • Scaling outside Canada

    A story about my experience

  • How can you grow?

    New Business Model

    New Markets

    New Segments

    Acquisition

  • Lessons

    1. One market first

    2. Enough Funding

    3. Be Local

  • 2015 HomeStars Inc.

    Pain Points for Contractors & Homeowners

    What Do We Solve?

    Homeowners

    Validating the reputation of contractors is very difficult

    Cost of failure is high

    Projects are unique and range from leaky faucets to complete rebuilds

    Contractors

    Effectiveness of traditional media is diminishing

    Off-line word-of-mouth has limited range

    Limited time and resources

    6

  • Building leadership: Focus and rich UGC

  • 2015 HomeStars Inc.8

  • Debt VC

    Break-even

    Angels

    2007, 2009, 2012

    2006

    2014

  • My story

  • Scale Up Plan & Product Road Map

    1. Dot Com: Build Toronto & Boston. Redirect traffic from .ca to .com (Oct 12)

    2. Go Wide: Canada and US rollout with v1.0

    functionality (Jan 1 08)

    3. Go Deep: Functionality to enhance user stickiness (Mar 1 08)

  • Ran out of money

    Product: Tried to build too much

    Marketing & Sales : Not enough seasoned people on the ground.

    Didnt get TRACTION

    FAIL

  • There is only one metric that mattersTRACTION.

    Traction is the rate at which you capture monetizable value from customers.

    Dont ask people what they think of your idea. Only customers matter.

    Dont ask customers what they think of your idea. Measure what they do.

  • Lesson # 3 - Be LOCAL.

    Your positioning, and have a dedicated team on the

    ground.

  • Lesson # 2 - Have enough FUNDS, if the

    initial plan doesnt work.

  • Lesson # 1 - Build ONE MARKET first.

    Get the fly wheel turning.

  • 2015 HomeStars Inc.19

    What can we be the best in the world (Canada) at?

    Good to Great: hedgehog concept

    Connecting homeowners to the best contractors through our rapidly growing, trustworthy and authentic content.

    What do we care deeply and passionately about?

    Helping homeowners make informed decisions, in order to have the best home improvement experience.

    What drives our economic engine?

    LifeTime Value of a Customer - the projected revenue they will generate Formula looks at ACV (annual contract value), COA (cost of acquisition) and Churn on the denominator.

  • KEEP IT SIMPLE

  • One in a row doesn't count; two points make a line;

    three points make a trend.

  • Thank you !