Dos and Donts. Talk @INSEAD
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Dos and Donts. Talk @INSEAD
- 1. Entrepreneuship week: no bullshit! A 1 million EURO lesson Andy Areitio 17J
- 2. • WTF is a STARTUP…? A very successful one. • Entrepreneurship is (now) a science. Lady luck. • @BuyFresco: €1 million EURO lesson • Software (AI) is eating the world. Exponencially. Code.
- 3. Startup is an organization built to search for repeatable and scalable business model. º
- 4. A very successful startup “….No waiters? Are you nuts?” – Blue Ocean?
- 5. A very successful company Business model proven. Scale and repeat. Innovate.
- 6. Entrepreneurship is (now) a science! • Period: 6 months; Nov’14 – April’15 • Business Metrics • Site conversion Rate1 = 2.77% (new & recurrent sales) • AOV2 = 40€ • VAT3 = 10% • COGS4 = 50% • Picking & Packing = 8.5€/sale • Distribution = 6.5€/sale • Margin contribution5 = 7.5% • Customer Base Metrics • CAC6 = 35€ • Cohort1 LTV_180 days7a = 124€ • Early-fans cohort LTV_180 days 7b = 279€ • Cohort1 LTV = 124€ x 2 x [5-10 years] = 1860€ • Early-fans cohort LTV = 4185€ • ANO8 = 8.2# • Recurrent Revenue from new customers9 = 73% • Repurchase Rate after 6 months10 = 58% (1) Site Conversion Rate = the proportion of visitors (including recurrences) who make a purchase. (2) AOV = Average Order Value. (3) VAT = Value Added Tax (IVA). (4) = COGS = Cost of Goods Sold. (5) Margin contribution = net income per sale. (6) CAC = Customer Acquisition Cost. (7a) LTV_180 days , cohort#1= customer life time value of a segment of customers (cohort#1) 180 days after first purchase. (7b) LTV_180 days, cohort early-fans = customer life time value of the oldest fans segment of customers (early-fans cohort) 180 days after cohort#1 first purchase. (8) ANO = Annual number of orders. (9) Recurrent Revenue = Revenue from old customers within a period. (10) Repurchase Rate = Percentage of customers that purchase at least twice within a period. Web site re-design, Mobile, Pick recipes Re-pricing, Cross selling, Up selling, full time CTO New hire: purchase manager, ERP (= enterprise resource planning software) Increase sales, ERP (= enterprise resource planning software) Increase sales Full time marketing team, Mobile, Pick recipes, full time CTO Full time marketing team, Mobile, pick recipes, full time CTO Full time marketing team, Mobile, Pick recipes Full time marketing team, Mobile, Pick recipes Full time marketing team, Mobile, Pick recipes Increase sales, ERP (= enterprise resource planning software)
- 8. Is not that big! Big Market (yes) Great Product (yes) Traction(yes) Great Team (yes) A hot startup (= @BuyFresco) Sh*t…..!
- 9. Hedge the Risk Decisions (people, model, market) Metrics Skills (mba?) Equity Time = Money. Run but reflect. Be humble, learn fast = be smart Experience matters Fail fast = success Be nice. Your clan = biggest asset Start small. Conquer the world