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Aaron Patzer - How to Take Your Start-up to the Next Level

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Aaron successfully grew Mint.com from a small bootstrapped team to a large team that was acquired for $170M. In this session Aaron shared how he knew it was time to raise venture capital and grow his team aggressively. He also shared important lessons he's learned which you can directly apply to your business, whether you're raising venture capital or not.

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Aaron Patzer - How to Take Your Start-up to the Next Level

  1. 1. Aaron Patzer, Founder & CEO [email_address] February 23, 2010 How to take your startup to the next level Idea to $170m exit in three years +
  2. 2. Aaron = Geek … with accounting skills Duke: EE / Comp. Sci. Princeton: PhD Dropout Financial + Managerial Accounting
  3. 3. 3 Phases of Startup Life <ul><li>1. Garage (<$100k) </li></ul><ul><ul><li>Validate an idea </li></ul></ul><ul><ul><li>Create a prototype </li></ul></ul><ul><li>2. Seed (<$1m) </li></ul><ul><ul><li>Launch an alpha product </li></ul></ul><ul><ul><li>Trial customers </li></ul></ul><ul><li>3. Funded (>$1m) </li></ul><ul><ul><li>Scale system </li></ul></ul><ul><ul><li>Scale users </li></ul></ul><ul><ul><li>Scale revenue </li></ul></ul>
  4. 4. Garage: Rapidly Validate an Idea <ul><li>Original Idea: Goal setting software </li></ul><ul><li>Money component resonated... </li></ul><ul><li>Talked to 50-80 people (don’t be secretive) </li></ul>
  5. 5. Garage: Goal = Prototype <ul><li>Prototype development </li></ul><ul><li>Idea </li></ul><ul><li>Market Research </li></ul><ul><li>Business Plan </li></ul>Pre-revenue Valuation: +$500k / engineer -$250k / business guy
  6. 6. Result: Mint UI in July 2006
  7. 7. Garage  Seed: Raising Funds <ul><li>Solve a real problem </li></ul><ul><li>In a large market </li></ul><ul><li>Real revenue potential </li></ul><ul><li>Sustainable advantage </li></ul>
  8. 8. Seed: Proving revenue… before you have any <ul><li>Revenue projections will be bullshit (see below) </li></ul><ul><li>Per transaction / per user rev is more important </li></ul><ul><li>And a huge market opportunity… </li></ul>2007 2008 2009 2010 $1m $10m $50m
  9. 9. Mint - Money Intelligence Competition: Quicken & LowerMyBills <ul><li>Difficult to use </li></ul><ul><li>Costs money: $30-70 </li></ul><ul><li>Does not save or make user money </li></ul><ul><li> 4 of 5 quit within one month </li></ul><ul><li>Save money, but… </li></ul><ul><li>Manually search for deals </li></ul><ul><li>No insight into your finances </li></ul>Original Mint late 2006 slide Consumers
  10. 10. Lead-Gen & CPA Opportunity: $30+/user/yr Original Mint 2007 slide Category Where on Mint CPA Revenue Frequency Of Action User Adoption Rate (%) = Goal Rev User / Year  Credit Score WTS $36 2 yr 20% $3.60  Credit Cards WTS $60 2 yr 10% $3.00  Check/Save WTS $30 2 yr 10% $1.50 <ul><li>IRA </li></ul>Center $100 3.5 yr 5% $1.40 <ul><li>Brokerage </li></ul>Inv/WTS $200 Once 5% $2.00  CDs WTS $30 Once 10% $0.60 Daily Savings Txn $1.50 1 mo 20% $3.60 Insurance WTS $15 2 yr 10% $0.75 Comm. Services WTS $50 2 yr 10% $2.50 Mortgage Refi. WTS $200 Once 5% $2.00 Travel Goals $50 2 yr 10% $2.50 Home Improve Goals $200 Once 5% $2.00 Edu & 529 Goals $200 Once 5% $2.00 = $30
  11. 11. Business Model: Referrals & Lead Generation <ul><li>7% of $16B online ad market </li></ul><ul><li>Fastest growing ad segment </li></ul><ul><ul><li>Up 160% from 2004 to ’05 (Source: IAB) </li></ul></ul><ul><li>$1.0B in mortgage lead-gen, to triple by 2008 (Experian) </li></ul>Mint - Money Intelligence Original Mint late 2006 slide 20 – 65 M x $30 = $0.6 – 1.8 B User base Rev/user/yr Mint Opportunity Advertisers
  12. 12. Seed Result: Mint Alpha Seed Result: UI in April 2007
  13. 13. Funded: Scaling People <ul><li>Most hire haphazardly </li></ul><ul><li>Train yourself to hire </li></ul><ul><li>Hire better than you…then let them work </li></ul>
  14. 14. Funded: Beta  Big Launch <ul><li>Started blog ecosystem </li></ul><ul><li>Private beta builds demand </li></ul><ul><li>Use exclusivity </li></ul><ul><li>User feedback is key! </li></ul>
  15. 15. Beta Product: Jul – Sep 2007
  16. 16. Funded: The Big Launch! <ul><li>Venue: TechCrunch 40 </li></ul><ul><li>Aggressive PR – hire an agency </li></ul><ul><li>Have a presence </li></ul><ul><li> Mint wins! </li></ul>
  17. 17. Mint Today

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