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kbs+ Ventures Fellows #2: Building a Business - Product/Market Fit 11.19.14

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In this class we discussed the key ingredients of successful startups – team, product, and market. We focused on the importance of product/market fit, and how to find it. For our “Real World Perspective” part of the class, kbs+ Ventures portfolio founder Satish Polisetti joined us to discuss AdsNative journey on building the business and finding product/market fit.

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kbs+ Ventures Fellows #2: Building a Business - Product/Market Fit 11.19.14

  1. 1. 1 FELLOWS CLASS #2 NOVEMBER 19TH, 2014 Friday, December 12, 14
  2. 2. IN TODAY’S CLASS... 2 • LAST WEEK’S READING / VIDEO • PRODUCT / MARKET FIT • COMPETITION • REAL WORLD PERSPECTIVE: SATISH POLISETTI, ADSNATIVE • HOMEWORK #1: PROBLEM LOGS • HOMEWORK #2: DILIGENCE (DUE DECEMBER 12TH) • QUESTIONS Friday, December 12, 14
  3. 3. 3 INGREDIENTS TO A SUCCESSFUL STARTUP: 3 TEAM PRODUCT MARKET Friday, December 12, 14
  4. 4. 3 INGREDIENTS TO A SUCCESSFUL STARTUP: 4 TEAM PRODUCT MARKET CALIBER OF THE TEAM DEFINED BY... ✓ SUITABILITY OF THE CEO ✓ SENIOR STAFF, ENGINEERS, AND OTHER KEY TALENT ✓ TEAM DYNAMIC Will range from outstanding to remarkably flawed Friday, December 12, 14
  5. 5. 3 INGREDIENTS TO A SUCCESSFUL STARTUP: 5 TEAM PRODUCT MARKET QUALITY OF A STARTUP’S PRODUCT CAN BE DEFINED AS... ✓ HOW USEFUL IT TO CONSUMERS ✓ EASE OF USE ✓ HOW DEFENSIBLE IS IT? ✓ HOW MANY FEATURES? ✓ HOW FAST IS IT? ✓ HOW BUGGY IS IT? Will range from outstanding to remarkably flawed Will range from a masterpiece of engineering to barely func7onal Friday, December 12, 14
  6. 6. Will range from a masterpiece of engineering to barely func7onal 3 INGREDIENTS TO A SUCCESSFUL STARTUP: 6 TEAM PRODUCT MARKET SIZE OF A STARTUP’S MARKET IS DEFINED BY: ✓ NUMBER OF CUSTOMERS ✓ GROWTH RATE OF USERS ✓ POTENTIAL REVENUE Will range from outstanding to remarkably flawed Will range from booming to comatose. Friday, December 12, 14
  7. 7. WHICH FACTOR DOMINATES? 7 TEAM, PRODUCT, MARKET, SHOOT! Friday, December 12, 14
  8. 8. 8 WHICH FACTOR DOMINATES? GREAT MARKET WINS. “BAD MARKET BEATS GREAT TEAM OR PRODUCT EVERY TIME. IT DOESNT MATTER, YOU’RE GOING TO FAIL” Friday, December 12, 14
  9. 9. 9 WHICH FACTOR DOMINATES? “IN A GREAT MARKET -­‐ A MARKET WITH LOTS OF POTENTIAL CUSTOMERS -­‐ THE MARKET PULLS PRODUCT OUT OF A STARTUP.” -­‐ MARC ANDREESSEN Friday, December 12, 14
  10. 10. SECRET TO SUCCESS? 10 Friday, December 12, 14
  11. 11. SECRET TO SUCCESS? 10 FINDING PRODUCT/MARKET FIT Friday, December 12, 14
  12. 12. FINDING PRODUCT/MARKET FIT 11 • BECOME AN EXPERT IN THAT MARKET • OBSESSIVE RESEARCH • GET IN THE SHOES OF YOUR CUSTOMERS - LITERALLY • LISTEN TO YOUR CUSTOMERS • BE FLEXIBLE: MAKE CHANGES TO THE TEAM AND VISION • ITERATE YOUR PRODUCT: HYPOTHESIS, TEST, LEARN, REPEAT • BE SELF AWARE: KNOW YOUR STRENGTHS AND DEFICIENCIES DO WHATEVER IS REQUIRED TO GET THERE... Friday, December 12, 14
  13. 13. FINDING PRODUCT/MARKET FIT: HOMEJOY 12 TRY DOING IT YOURSELF READ UP ON IT JOIN THE COMPETITION START A BETTER BUSINESS Friday, December 12, 14
  14. 14. 13 FINDING PRODUCT/MARKET FIT GOLDILOCKS PRINCIPLE: SOMETHING MUST FALL WITHIN CERTAIN MARGINS, AS OPPOSED TO REACHING EXTREMES. IT’S USED IN THE “RARE EARTH HYPOTHESIS” TO STATE THAT A PLANET MUST NEITHER BE TOO FAR AWAY FROM, NOR TOO CLOSE TO THE SUN TO SUPPORT LIFE. Friday, December 12, 14
  15. 15. GOLDILOCKS PRINCIPLE 14 BUT FOR TECHNOLOGY.... “TOO HOT” .... (“STRATEGIC” OR “CORE”) “TOO COLD” .... Friday, December 12, 14
  16. 16. GOLDILOCKS PRINCIPLE 14 BUT FOR TECHNOLOGY.... “TOO HOT” .... (“STRATEGIC” OR “CORE”) “TOO COLD” .... ✓ POTENTIAL PARTNER BUILDS IT IN HOUSE ✓ POTENTIAL PARTNER SAYS YES, BECAUSE THE PRODUCT IS SO DEFENSIBLE ✓ POTENTIAL PARTNER ACQUIRES TECH Friday, December 12, 14
  17. 17. GOLDILOCKS PRINCIPLE 14 BUT FOR TECHNOLOGY.... “TOO HOT” .... (“STRATEGIC” OR “CORE”) “TOO COLD” .... ✓ POTENTIAL PARTNER BUILDS IT IN HOUSE ✓ POTENTIAL PARTNER SAYS YES, BECAUSE THE PRODUCT IS SO DEFENSIBLE ✓ POTENTIAL PARTNER ACQUIRES TECH ✓ NOT USEFUL TO POTENTIAL CUSTOMERS ✓ NOT USEFUL TO POTENTIAL PARTNERS ✓ RE-LOOK AT YOUR PRODUCT/MARKET, AND LIKELY PIVOT THE BUSINESS Friday, December 12, 14
  18. 18. GOLDILOCKS PRINCIPLE 14 BUT FOR TECHNOLOGY.... “TOO HOT” .... (“STRATEGIC” OR “CORE”) “TOO COLD” .... ✓ POTENTIAL PARTNER BUILDS IT IN HOUSE ✓ POTENTIAL PARTNER SAYS YES, BECAUSE THE PRODUCT IS SO DEFENSIBLE ✓ POTENTIAL PARTNER ACQUIRES TECH ✓ NOT USEFUL TO POTENTIAL CUSTOMERS ✓ NOT USEFUL TO POTENTIAL PARTNERS ✓ RE-LOOK AT YOUR PRODUCT/MARKET, AND LIKELY PIVOT THE BUSINESS TO BE A SUSTAINABLE BUSINESS, YOU NEED TO BE “JUST RIGHT” Friday, December 12, 14
  19. 19. YOU’LL KNOW WHEN IT’S HAPPENING... 15 • DEFINED PROBLEM • LARGE # OF POTENTIAL CUSTOMERS • WILLINGNESS TO PAY • CAPACITY TO PAY • EASY TO REACH • EASY TO TARGET • PRESS OPPORTUNITIES • LOW FRICTION • CLEAR BUSINESS MODEL • HIGH BARRIERS TO EXIT • NETWORK EFFECT • COMPETITION • NATURAL MONOPOLY Friday, December 12, 14
  20. 20. AND WHEN IT’S NOT HAPPENING... 16 • CUSTOMERS AREN’T SEEING THE VALUE • WORD OF MOUTH ISN’T SPREADING • LOW CONSUMER ADOPTION • PRESS REVIEWS ARE “BLAH” • SALES CYCLES ARE TOO LONG • DEALS DON’T CLOSE • TEAM MORAL DECLINING Friday, December 12, 14
  21. 21. TITLE / HEADER 17 FINDING PRODUCT/MARKET FIT GENERAL RULE OF THUMB: “ACHIEVEMENT OF PRODUCT/MARKET FIT CAN BE MEASURED ACCORDING TO A SPECIFIC METRIC. WHEN, IN A SURVEY, AT LEAST 40% OF USERS SAY THEY WOULD BE “VERY DISAPPOINTED” WITHOUT YOUR PRODUCT OR SERVICE.” -­‐ STEVE BLANK, 4 STEPS TO THE EPIPHANY Friday, December 12, 14
  22. 22. FINDING “FOUNDER/MARKET FIT” 18 “PEOPLE WHO PERSONIFY THEIR PRODUCT, BUSINESS AND ULTIMATELY THEIR COMPANY” Friday, December 12, 14
  23. 23. COMPETITION 19 NEVER UNDERSTATE THE COMPETITION •THINK ABOUT YOUR COMPETITION BROADLY - DON’T “DOMINATE BY DEFINITION” Friday, December 12, 14
  24. 24. COMPETITION 19 NEVER UNDERSTATE THE COMPETITION •THINK ABOUT YOUR COMPETITION BROADLY - DON’T “DOMINATE BY DEFINITION” “ONLY BRITISH FOOD IN PALO ALTO” Friday, December 12, 14
  25. 25. COMPETITION 19 NEVER UNDERSTATE THE COMPETITION •THINK ABOUT YOUR COMPETITION BROADLY - DON’T “DOMINATE BY DEFINITION” WHAT’S THE MARKET FOR ALL RESTAURANTS IN PALO ALTO? “ONLY BRITISH FOOD IN PALO ALTO” Friday, December 12, 14
  26. 26. COMPETITION 19 NEVER UNDERSTATE THE COMPETITION •THINK ABOUT YOUR COMPETITION BROADLY - DON’T “DOMINATE BY DEFINITION” WHAT ABOUT RESTAURANTS IN NEARBY TOWNS? WHAT’S THE MARKET FOR ALL RESTAURANTS IN PALO ALTO? “ONLY BRITISH FOOD IN PALO ALTO” Friday, December 12, 14
  27. 27. COMPETITIVE CHECKLIST 20 • WHAT IS THE CORE VALUE PROPOSITION? • BE ABLE TO CLEARLY DEFINE YOUR MARKET POSITION • WHAT IS DEFENSIBLE, OR EXCLUSIVE TO YOUR BUSINESS? • ARE THERE HIGH BARRIERS TO EXIT? • WHY SHOULD YOUR CUSTOMERS CARE? • WHO ARE YOUR DIRECT, OR INDIRECT COMPETITORS? • WHO, OR WHAT, COULD PUT YOU OUT OF BUSINESS? Friday, December 12, 14
  28. 28. REAL WORLD PERSPECTIVE 21 FOUNDER SPOTLIGHT! SATISH POLISETTI • CEO AND CO-FOUNDER • SERIAL ENTREPRENEUR • DOUBLE MAJOR IN MECHANICAL & ELECTRICAL ENGINEERING • RECOGNIZED AS A “30 UNDER 30” Friday, December 12, 14
  29. 29. SATISH SLIDES 22 Friday, December 12, 14
  30. 30. REFRAMING THE PROBLEM 23 • DEFINE A “SUPPORTING BELIEFS” • SHARE AN INSIGHT THAT HASNT BEEN CONSIDERED • WHAT’S THE OPPOSITE OF THE SUPPORTING BELIEFS? • ASK “WHY” Friday, December 12, 14
  31. 31. HOMEWORK ASSIGNMENT #2 24 DILIGENCE REPORT: (EITHER 5 SLIDE, OR 2 PAGE OVERVIEW DOCUMENT) • WHAT IS THE MARKET PROBLEM / INEFFICIENCY YOU ARE SOLVING? • WHAT’S THE MARKET SIZE? • WHO IS YOUR CORE CUSTOMER? • WHAT ARE THEIR PAIN POINTS, AND HOW ARE THEY CURRENTLY SOLVING IT? • WHO ARE YOUR COMPETITORS? • HOW WILL YOUR GET YOUR FIRST CUSTOMERS / USERS? • WHAT FEATURES WOULD BE INCLUDED IN YOUR MVP? • COME UP WITH A STARTUP NAME DUE: PRESENTED IN THE FRIDAY, DECEMBER 12TH CLASS Friday, December 12, 14
  32. 32. CONTACT: JESSICA PELTZ, INVESTMENT DIRECTOR JPELTZ@KBSP.VC JOSH ENGROFF, MANAGING PARTNER JENGROFF@KBSP.VC QUESTIONS? 25 Friday, December 12, 14
  33. 33. Friday, December 12, 14

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