Scaling Outside Canada - Entrepreneurship 101
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Scaling outside Canada
A story about my experience
How can you grow?
New Business Model
1. One market first
2. Enough Funding
3. Be Local
2015 HomeStars Inc.
Pain Points for Contractors & Homeowners
What Do We Solve?
Validating the reputation of contractors is very difficult
Cost of failure is high
Projects are unique and range from leaky faucets to complete rebuilds
Effectiveness of traditional media is diminishing
Off-line word-of-mouth has limited range
Limited time and resources
Building leadership: Focus and rich UGC
2015 HomeStars Inc.8
2007, 2009, 2012
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
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
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 !