#StartupToolbox500 Startups Mexico City

Natalia Burina

Zurich

• Startup CEO• Mentor and investor at 500 Startups• Sold a mobile application called Flockish to eBay• Group Product Manager eBay (Affiliates, Bay search and

social)• PM at Microsoft (Bing search)• Software Engineer beforeTwitter: @naleLinkedIn: http://www.linkedin.com/in/nataliaburina

Natalia Burina

Comic courtesy of Matthew Inman @oatmeal theoatmeal.com

Doing a Startup

Comic courtesy of Matthew Inman @oatmeal theoatmeal.com

Doing a Startup

Comic courtesy of Matthew Inman @oatmeal theoatmeal.com

Doing a Startup

Comic courtesy of Matthew Inman @oatmeal theoatmeal.com

Doing a Startup

• Incorporation• Financing documents (ie convertible notes)• Terms of service and privacy

– If your product spans different continents data policy is different in Europe then US

• Employee contracts• Make your lawyer an active partner in your

startup• Beware of Annual Franchise Tax

Santorini, Greece

What you Need from you Lawyer

• If this product existed, would it be important enough that you would make it one of the three priorities for your company this year?

• What level of performance gains would you need to see in order to pay for this product?

The Short List - Hunter Walk

Customer Development 101

• The Science of Creating Demand• Talk to Customers; Discover Problems• Progress ≠ Features (Less = More)• Fast, Frequent Iteration (+ Feedback Loop)• Measure Conversion; Compare 2+ Options• Focus on Product/Market Fit

– don’t “launch” before

• Keep it Simple & Actionable

This Slide Stolen From Dave McClure’s deck, Thanks Dave!

A Street in San Francisco

Lean Startup

• How do you measure success for your business?• Determine metrics and track them

– Signups– Revenue– Users (new, repeat)– Engagement– Abandonment

Success Metrics and KPIs

• Figure out what is right for your company• VC 101 with Christine Herron• Understanding How Dilution Affects You at

a Startup• Understand convertible Notes• Read, learn, memorize, internalize Feld’s

Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist

Raising Money

• Email protocol• Do your homework

– Who are they (background)– Who do they invest in– Ask the right questions (see Christine’s presentation)

Restaurant Khachapuri, Moscow

Working with Investors

• Social proof• Polite but persistent• Why you should first talk to your customers ab

out fundraising• Once you have investors craft regular updates

Working with Investors

Investor Email Example

Investor Email Example

• Share your story the The Munchery Story• Reid Hoffman's LinkedIn Pitch to Greylock• Test it with everyone• Back it up with data• Pitching Like a Boss Vitaly Golomb• Practice, practice, practice

The Island of Kauai

Pitching Tips

• They need your product (and do not have it)• They need great engineers• They need your customers• They need ads/publicity (you can provide it)• They need your expertise (design, machine

learning, mobile)

View from SoundCloud office Berlin, Germany

Working with Large Companies

• New Company Initiative• Find a strong advocate for your company on

the inside.• How Flockish got acquired

Working with Large Companies

• Do it slowly!• Trial basis• Previous work and recommendations• For engineers have strict hiring guidelinesCareerCup

Startup Hiring

• Influence The Psychology of Persuasion• The Ultimate Cheat Sheet for Selling Anything

Selling

• Connect with people who can help your startup the most

• Raise money• Make friends – running a company is a lonely

business, you never know

Use of your Time in Accelerator

Additional References

• Influence: The Psychology of Persuasion Robert Cialdini (book)

• Don’t Make Me Think Steve Krug (book)

• Designing for the Social Web Joshua Porter (book, website)

• Startup Lessons Learned Eric Ries (blog)

• Customer Development Methodology Steve Blank (presentation, blog)

• Startup-Marketing.com Sean Ellis (blog)

Links and Resources