This is a recent presentation from a Webinar for @QuestFusion attended by entrepreneurs and investors about the three key components of a successful startup: (1) Great Idea, (2) Stellar Team, (3) World-Class Execution. Checkout more resources at www.questfusion.com.
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Successful Startup in Three Words
1. Successful Startup in Three Words
Patrick Henry
CEO - QuestFusion
Strategic Guidance for Startups
2. Questions We’ll Answer
• What are the three most critical things for
having a successful startup?
• Why are these things important?
• Are these thing necessary? Are they
sufficient?
• How do I implement these things?
3. About Patrick Henry
CEO Experience
– Serial entrepreneur, CEO & board of directors’ member, 25 years experience
– CEO of three different startup technology companies
– Took my last company, Entropic, from pre-revenue & pre-product to a
NASDAQ listed public company, and eventual sale
– Experience negotiating over a dozen complex M&A transactions, and dozens
of contracts with Fortune 100 companies & many major strategic partnerships
– Raised over $200M in private and public financings
Awards and Recognitions
– 2008 Ernst and Young Entrepreneur of the Year
– San Diego Daily Transcript 2008 Top Influentials
– 2011 San Diego Business Journal Most Admired CEO
– Former board member & advisor at EvoNexus, a non-profit startup incubator
Education
– Bachelor in Engineering Science and Mechanics from the Georgia Tech
– MBA from the University of Southern California
4. About QuestFusion
• Focus on startups and emerging growth companies
• Improve company performance through:
– Improved market & customer analysis
– Refining and articulating critical customer needs, the problem being
solved, and your unique value proposition
• We’re in the process of building a set of tools and processes
for online access for entrepreneurs and startup CEOs
• We provide information that NO ONE will every tell you either
because they don’t know, or they have a conflict of interest
• We do entrepreneur and startup CEO coaching
• Angel investing is select companies with unique value
6. The Idea
• Unique Value Proposition
• Sustainable Competitive
Advantage
• Idea Refinement
7. Seven Sources for Business Ideas
1. Hobbies
2. Experience
3. The Media
4. Exhibitions
5. Surveys
6. Complaints
7. Brainstorming
Source: PracticalBusinessIdeas.com
8. What is a Unique Value
Proposition?
• It is UNIQUE: Being the only one of
its kind; unlike anything else.
• It has VALUE: The regard that
something is held to deserve; the
importance, worth, or usefulness of
something. In a commercial
enterprise, someone, a customer, is
willing to pay for it.
• It is a PROPOSITION: A statement or
assertion that expresses a judgment
or opinion.
9. The Unique Value Proposition
• It solves a customer problem or pain point in a
way that was previously unavailable.
• An innovation, service, or feature intended to
make a company or product attractive to
customers. A value proposition implies someone
is willing to pay for it…it has value…to a
customer.
• The BEST IDEAS are where the entrepreneur has
specialized KNOWLEGE combined with PASSION
10. Sustainable Value
For an idea to be sustainable it has to serve a
very narrow and well protected niche that won’t
attract competition
OR
It has to have a Sustainable Competitive
Advantage
11. What is Sustainable Competitive
Advantage?
• It is SUSTAINABLE: Able to be upheld or defended.
For example, protected intellectual property.
• It is COMPETITIVE: As good as or better than
others of a comparable nature. For example,
higher quality or better price/performance.
• It is an ADVANTAGE: A condition or circumstance
that puts one in a favorable or superior position. In
other words, it is best in class.
12. Layers of Competitive Advantage
Superior Price Performance
Service and Quality
Maintenance and Roadmap
Switching Costs
Protection of IP
Product UVP
13. Idea Refinement
• Dialog with trusted advisors and specialists
• Gain feedback from third party sources on the market
• Conduct surveys with prospective customers
• Use focus groups to solicit feedback
• Make incremental refinements and improvements
• Protect your ideas
• Develop and test prototypes
• The concept of the Minimum Viable Product (MVP) is
the product with the highest return on investment
versus risk.
15. “A Minimum Viable Product is that version of a
new product which allows a team to collect the
maximum amount of validated learning about
customers with the least effort.” – Eric Ries
16. Phases of Development & Value
• Prototype: A first, typical or preliminary model from
which other forms are developed or copied.
•
• Demonstration: Showing the “proof of concept” by
giving proof or evidence.
•
• Smoke Test: Preliminary testing to reveal simple
failures severe enough to reject a prospective release.
•
• Alpha, Beta and Production: Alpha testing inside the
company. Beta testing outside the company.
Production level can ship to a customer and work in
their application.
17. The Team
• What is a Team?
• Leadership
• Talent Acquisition
• Coaching
18. What is a Team?
• Team: A group of players forming one side in
a competitive game or sport.
• Business: The practice of making one's living
by engaging in commerce.
• Hobby: An activity done regularly in one's
leisure time for pleasure.
19. Vocation or Avocation?
• Vocation: A person's employment or main
occupation, especially regarded as particularly
worthy and requiring great dedication
• Avocation: A hobby or minor occupation
• Are you doing this for fun, or doing this to
WIN!?
20. Collaboration and Approach
• Clearly define key roles
• Hire the best people that you can
• Set the big goals
• Cascading of goals and how people fit
21. Leadership
• Setting the Vision: The team must be able to
SEE, FEEL and TASTE the end result BEFORE it
happens
• Outlining the Mission: Key assignments that
must be carried out by the team
• Setting Goal: Everyone needs to know the aim
and the desired result. Cascading of goals is key!
• Know the Common Objective: A specific result
that a team aims to achieve within a time frame
and with available resources
22. Leadership is the art of getting someone else
to do something you want done because he
wants to do it. – Dwight D. Eisenhower
23. Talent Acquisition
• Defining Roles & Responsibilities
• Identifying the Required Skills & Abilities
• Scouting: Finding the right talent
• Recruiting: Getting that talent onboard
26. “They (great companies) start by getting the
right people on the bus, the wrong people off
the bus, and the right people in the right seats.”
– Jim Collins
27. Coaching
• Coaching: Teaching and training the members of
a team, and making decisions about how the
team plays the game
• Preparation: Planning prior to execution
• Game Management: Making decisions during
the game
• Alignment: Moving in a positive direction with
efficiency toward the common goal.
28. Know Thyself
• What are your skills and abilities?
• What is your management style?
• What are your strengths and weaknesses?
• Are you willing to do whatever it takes to win?
29. Execution
• Execution: Getting the right things done, on
time, and in budget
– Planning the course
– Having a bias toward action
– Dealing with adversity
– Making decisions in an environment with
uncertainty & ambiguity
– Course correcting as the environment changes
– Maintaining a heartfelt belief that you will WIN!
32. "Many people regard execution as detail work
that's beneath the dignity of a business leader.
That's wrong. To the contrary, it's a leader's
most important job." – Larry Bossidy
33. Startup Success in Three Words
• You cannot be successful in a scalable business
venture without a great IDEA, stellar TEAM and
world-class EXECUTION
• There is no guarantee of success, but your
chances are greatly improved with these three
things
• Implementation can be done on your own, or
with mentorship & guidance – the latter will
increase your chances and be more efficient
