6 Month Startup - Ideation to Revenue. Month 3, Cohort 4 Seattle
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January 8, 2020 Seattle. How to write a specification, building your startup MVP, Product Roadmaps
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6 Month Startup - Ideation to Revenue. Month 3, Cohort 4 Seattle
- 3. Copyright DKParker, LLC 2017 About Dave ¤ 5X founder, Board Member, former SVP Programs at UP Global (Startup Weekend + Startup America) ¤ Startup Next creator ¤ Start Week Organizer ¤ Soon to be Author “6 Month Startup – Ideation to Revenue” ¤ 8 transactions – 6 sell side, 2 buy side ¤ VC @SevenPeaksVC – Mountain West, Seed/A Stage ¤ Why? Looking for future founders to invest in…
- 4. Copyright DKParker, LLC 2017 The next 6 Months ¤ Ideation/Research - ¤ Customer Development/Competitive analysis ¤ MVPs/Product/Features/Expense ¤ Revenue - Monetization, Sales, Marketing and Business Development ¤ Pitch Prep/Fundraising ¤ Pitches and Scale
- 7. Copyright DKParker, LLC 2017 Rules of the Road ¤ #GiveFirst ¤ Mentor access is based on your work ¤ Don’t Ramble – I’ll interrupt ¤ Network – you need to build you network for the future starting tonight ¤ No I won’t do the work for you, or check your homework?
- 8. Copyright DKParker, LLC 2017 Agenda ¤ Communications ¤ SLACK Channel ¤ Blog Posts ¤ Mentor Feedback on Month 2 Deliverables ¤ Month 3 Agenda ¤ Value Proposition ¤ MVPs ¤ Products/Features ¤ Cost to Build ¤ Business Model Canvas ¤ Month 3 Deliverables & Resources
- 9. Copyright DKParker, LLC 2017 Monthly Mechanics ¤ Table group review work ¤ Mentor Feedback ¤ Monthly Content ¤ Meetups are stand alone events – come for what you need, Mentors are based on deliverables, not “drop ins”
- 10. Copyright DKParker, LLC 2017 How were your Customer Development Interviews?
- 11. Copyright DKParker, LLC 2017 Mentor Feedback ¤ Tablemates ¤ Review deliverables ¤ Who goes first? Table Picks ¤ Cluster in team/stage ¤ Teams/Products ¤ Ideas ¤ Hanging out
- 12. Copyright DKParker, LLC 2017 Mentor Feedback ¤ Deliverables: ¤ First 20 Customer Development Interviews ¤ Value Prop ¤ What I thought, What I Learned, What I’m going to do about it Hi, I’m <your name here>, and I’m founder of <insert company name> the problem I’m solving is <insert problem here>. Our product <insert product info here> is designed for our target customer of <insert target customer here>. We make money by <insert method here> and our team is the right team because <insert why you’re awesome here> Where I need help.
- 14. Copyright DKParker, LLC 2017 Now that you’ve have competitive and customer info
- 16. Copyright DKParker, LLC 2017 Product Vision ¤ Product vision is important ¤ Long term features ¤ Startup with PROBLEM not product – pivot product/ features around the problem ¤ It won’t be what you ship first ¤ What the world looks like before your product ¤ What the world looks like after your product
- 17. Copyright DKParker, LLC 2017 Product Roadmap ¤ MVP ¤ Next Features ¤ Major Releases ¤ Team required ¤ Release timing ¤ Supporting infrastructure ¤ Marketing, Customer Support, Commerce, transactional email, etc
- 18. Copyright DKParker, LLC 2017 Minimum Viable Product (MVP) ¤ Narrow and list features ¤ PowerPoint/Keynote first as your demo ¤ What screens do you need to show (e.g. do you need to really show registration – answer no) ¤ Have them rank the features ¤ Prioritize the build based on the feedback ¤ More Customer Development Interviews!
- 20. Copyright DKParker, LLC 2017 Prototyping Workflows ¤ PowerPoint or Keynote (Google slides) ¤ Set pages with text – call to action ¤ Prototyping Tools ¤ InVision – more designer oriented ¤ Framer – MacOS design tool for animation ¤ Balsamiq – basic layouts ¤ http://keynotopia.com/guides-ppt prototyping templates for Keynote and PPT ¤ http://www.wireframeapp.io/
- 21. Copyright DKParker, LLC 2017 No Code Options
- 22. Copyright DKParker, LLC 2017 No Code Tools ¤ No Code examples: ¤ Zapier, connecting and automating (1200+) web apps ¤ AirTable, project tracking and management ¤ Webflow – drag and drop tool for responsive sites ¤ Bubble, automated forms and tools ¤ Landing Pages ¤ LaunchRock – fast easy marketing pages, free or $29/month ¤ Unbounce – conversion pages, more expensive ¤ Instapage – most expensive
- 23. Copyright DKParker, LLC 2017 WordPress + Shopify ¤ Cloudways (and others) allows a inexpensive cloud server for WordPress ¤ Shopify commerce engine with plugin ¤ Add SKUs ¤ Discounts and Pricing ¤ Domains.Google.com ¤ $12/year including free privacy ¤ Gmail hosting
- 24. Copyright DKParker, LLC 2017 Cost to Build
- 25. Copyright DKParker, LLC 2017 MVP Mechanics ¤ MVP Series ¤ Blog 1 – Launching a product ¤ Blog 2 – Writing a spec ¤ Blog 3 – picking a vendor ¤ Blog 4 – Contracts, Monitoring Progress ¤ Cost to market and sell – Next Month!
- 26. Copyright DKParker, LLC 2017 Estimating Costs ¤ Write specification ¤ Required for launch ¤ Design & Flow ¤ PPT/Keynote first with design ¤ Test design and flow ¤ Revise specification
- 27. Copyright DKParker, LLC 2017 Sourcing Vendors/Developers ¤ Post a “One Hour” conference call job ¤ Select three “winners” that will be paid $50/each for participating in the call ¤ Send specification in advance ¤ Have each participant take meeting notes with action items ¤ Open Q&A to define phase one of the project ¤ They need to deliver the notes, phase one scope and pricing to get paid their $50 ¤ Choose one or two of the vendors to execute phase one
- 29. Copyright DKParker, LLC 2017 Productize a Service ¤ People are part of your product/offering ¤ Lowering the cost of delivery thru tools and tech ¤ Document processes using Excel ¤ Steps, stages and owners ¤ Look for tools to automate each step
- 30. Copyright DKParker, LLC 2017 Business Model Canvas
- 31. Copyright DKParker, LLC 2017 Business Model & Lean Canvas ¤ Alexander Osterwalder ¤ LeanStack – Free tool - https://leanstack.com/users/new ¤ Start with Customer Segment ¤ Problem ¤ Value Proposition ¤ Over the next months we’ll get to the other sections ¤ This is the mechanic you’ll use going forward
- 33. Copyright DKParker, LLC 2017 Exercise ¤ Register - https://leanstack.com/users/new ¤ Fill in Customer Segments ¤ Problems ¤ Value Proposition
- 34. Copyright DKParker, LLC 2017 Next Session – February 12, Making Money/ Revenue Models/ Pricing/ Product Market Fit
- 35. Copyright DKParker, LLC 2017 Month 3 Deliverables ¤ Month 3 Deliverables here (6 Month Startup Deliverables & Resources) page ¤ Update Value Proposition ¤ Product Feature/Benefits - rank, with a detailed explanation of the feature ¤ Business Model Canvas - sections 1, 2 and 5 ¤ Cost to Build - on Fiverr first, then iterate ¤ Customer Development Interviews – more!
- 36. Copyright DKParker, LLC 2017 Month 3 Resources ¤ Books ¤ Value Proposition Designs ¤ Business Model Generation – Alexander Osterwalder (Business Model Canvas) ¤ Blogs ¤ LeanStack ¤ Wordstream – 7 of the Best Value Propositions