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2016 Innovation Roundtable Keynote by Michael Skok

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Michael Skok, Co-Founder and Partner of Underscore.VC was invited to give the keynote presentation at the 2016 Innovation Roundtable Summit in Copenhagen.

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2016 Innovation Roundtable Keynote by Michael Skok

  1. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable START UP SECRETS An insider’s guide to unfair competitive advantage Hi Copenhagen Innovation Roundtable Keynote Tweet questions to: @mjskok #startupsecrets startupsecrets.com November 2016 Michael J Skok
  2. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable Innovation Hi
  3. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable Startup Secrets - Tasters Our agenda today includes some small samples from the Startup Secrets series:  Value proposition - Fundamentals  Products to companies – Friction free, “slippery” products  Business model - Basics For the full details of these and other workshops see: startupsecrets.com / twitter: @mjskok @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable
  4. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable If you want to build a billion dollar business… Start with a MULTI billion dollar problem @mjskok @underscorevc startupsecrets.comCopenhagen Innovation Roundtable
  5. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable E.G. eCommerce… Market: eCommerce: • $4.7 trillion • ~7% penetrated • Growing in mid teens Problem: “Under siege”, Disruptions • Offline -> Online • Physical -> Digital • Mobile -> Omni Channel @mjskok @underscorevc startupsecrets.comCopenhagen Innovation Roundtable
  6. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable STARTUP EXAMPLE: DEMANDWARE
  7. 7Copyright 2012 Demandware, Inc. – CONFIDENTIAL | Demandware is at the Confluence of Three Significant Markets $317 Billion $12 Trillion Global Retail $10 Billion Global eCommerce 16% CAGR (‘10 – ’15) Global SaaS 18% CAGR (‘10 – ’15) Data Reflects 2010 Source: Gartner (Global SaaS Market) and Euromonitor (Global Retail and Global eCommerce)
  8. 8Copyright 2012 Demandware, Inc. – CONFIDENTIAL | Demandware Delivers the Best of Both Worlds A Unique and Better Approach to eCommerce The Best of Both Worlds Build and Run Internally The Pros:  Control  Customization The Cons:  Costly  IT-Constrained  Performance/Security  Responsibility  Slow Pace of Innovation ✗ Outsource / ASP The Pros:  Less Hassle  No Infrastructure The Cons:  Inflexible  No Merchant Control of Merchandising  Limited Customization ✗
  9. 9Copyright 2012 Demandware, Inc. – CONFIDENTIAL | Leading Brands Choose Our Model ‘08 16 17 19 23 28 32 38 40 46 53 60 69 75 78 91 101110 124 137 39 39 43 50 60 70 95 104 123 143 175 215 237 253 321 361 402 445 517 Customers Websites ‘12‘09 ‘10 ‘11
  10. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable LARGE COMPANY EXAMPLE: AMAZON
  11. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable Amazon’s problem?  Internal software projects were taking too long • Causing competitive issues • Internal scaling challenges • Reinventing the wheel  If they could solve it for themselves, could it solve it for others?  Andy Jassy / AWS team were a level 8 problem solver. • What level will you be? http://www.startupsecrets.com/amazon
  12. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable www.startupsecrets.com VALUE PROPOSITION (excerpt)
  13. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable Evaluate Build Gain Pain Value Prop Define Ideas Problem Solution Agenda - Define 13@mjskok startupsecrets.com@underscorevc
  14. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable  Unworkable  Unavoidable  Urgent  Underserved Problems worth solving are usually 4U … Problem 14@mjskok startupsecrets.com@underscorevc
  15. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable  Broken business process  Consequences ? If the consequences are costly or painful, so much the better. E.g. who gets fired if this doesn’t work? Unworkable 15@mjskok startupsecrets.com@underscorevc
  16. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable  Accounting  Regulation Is the problem so fundamental you can’t avoid it and just have to comply? Unavoidable 16@mjskok startupsecrets.com@underscorevc
  17. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable  Relative to other needs …  Priority • Determines resources allocated If you’re not at the top of the list, are you at least in the top 3? If not will you get moved up or down over time and why? Urgent 17@mjskok startupsecrets.com@underscorevc
  18. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable  You will compete in a zero-sum game  Finite: • $ • Time • People • Attention Underserved – Business… 18@mjskok startupsecrets.com@underscorevc
  19. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable Examples… • Social – Find – Connect – Communicate – Meet – Share – Entertain – Date Needs… • Social • Security • Physical • Economic • Recognition • Responsibility • Achievement • Growth Underserved – Unmet Needs, Consumers… 19@mjskok startupsecrets.com@underscorevc
  20. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable Evaluate Build Gain Pain Value Prop Define Ideas Problem Solution Agenda - Evaluate 20@mjskok startupsecrets.com@underscorevc
  21. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable Is it “blac” & white?  Blatant  Latent  Aspirational  Critical Blatant Latent Aspirational Critical Blatant Critical Qualify the problem 21@mjskok startupsecrets.com@underscorevc
  22. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable  The gain delivered to the customer vs.  The pain and cost for the customer to adopt “Gain/Pain ratio" Gain Pain 35@mjskok startupsecrets.com@underscorevc
  23. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable • Revenue • Cost savings • Time • People • Competitive advantage • Reputation • Etc.. Gain Gain Pain 36@mjskok startupsecrets.com@underscorevc
  24. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable • Find (See) • Try • Buy • Implement • Deploy • Own – eg TCO Pain Gain Pain 37@mjskok startupsecrets.com@underscorevc
  25. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable • Switching costs? • Default = do nothing • Alternatives? • Good enough = good enough! • RISK on a startup Inertia, RISK Inertia Gain Pain 39@mjskok startupsecrets.com@underscorevc
  26. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable What’s the right ratio? Inertia, RISKGain Pain 40@mjskok startupsecrets.com@underscorevc
  27. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable Customer view = Gain/Pain • Revenue • Cost savings • Time • People • Competitive advantage • Reputation • Etc. • Inertia • Switching costs? • Default = do nothing • Alternatives? • Good enough = good enough! • RISK on a startup • Find (See) • Try • Buy • Implement • Deploy • Own – e.g.TCO Inertia, RISKGain Pain 27@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable
  28. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable “An order of magnitude” Customer view = Gain/Pain Inertia, RISK Gain Pain >10 28@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable • Revenue • Cost savings • Time • People • Competitive advantage • Reputation • Etc. • Inertia • Switching costs? • Default = do nothing • Alternatives? • Good enough = good enough! • RISK on a startup • Find (See) • Try • Buy • Implement • Deploy • Own – e.g.TCO
  29. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable www.startupsecrets.com PRODUCTS TO COMPANIES (excerpt)
  30. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable How do you take away the pain, and reduce friction? … make it SLIPPERY (Reduce the Pain in the Gain/Pain Ratio) @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable
  31. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable • Simple • Low to no initial cost • Installs easily • Proves value quickly • Plays well with others • Easy to use • ROI is obvious • Your customers can’t live without it – it’s stickY Friction Free, SLIPPERY products 31@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable
  32. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable Simple @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable
  33. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable Microsoft Sony Which is better? @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable
  34. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable Microsoft, Sony Apple Neither! = Less is More! @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable
  35. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable  Simple ≠ Easy !  Simple often means complex technology that makes your product “magic”  Simplification Innovation (search algorithms in the cloud) Simple ≠ Easy to do @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable
  36. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable features are the enemy of function functionality can overwhelm users applicability is all that ultimately matters @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable Less is More…
  37. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable www.startupsecrets.com BUSINESS MODEL (excerpt)
  38. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable New Market & GTM Disruptive Business Model Disruptive Technology @mjskok @underscorevc startupsecrets.com Perfect Startup Storm 38
  39. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable How can your Business Model…  Change the game?  Rewrite the rules?  Cause an innovator’s dilemma  Be as disruptive as your technology? New Game New playing field New boundaries New rules YOU choose players @mjskok @underscorevc startupsecrets.com 39
  40. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable  Shared ownership (Zipcar)  Flash sales (Vente Privee)  Crowd sourcing (uTest - Applause)  Lead Gen (Mint.com)  Virtual goods/currencies (Tapjoy)  Combinations • Acquia - OSS, SaaS • AirBnB - Commission on P2P rentals • Demandware - SaaS, success based rev share • Groupon - broker, revshare • Spotify -adbased, freemium Sample Models @mjskok @underscorevc startupsecrets.com 40
  41. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable  Process or Product?  Software or Services?  Open or Proprietary?  Content or Data?  Freemium or Premium?  Subscription or License? Business Model – Sample Questions @mjskok @underscorevc startupsecrets.com 41
  42. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable Your Capabilities Of Really Exceptional Value Focus on it!CORE First key question What is your CORE value? @mjskok @underscorevc startupsecrets.com 16
  43. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable Where is your CORE value?  Software/other technology  Data  Content  Service, support  User network Disruptively monetize it! • To your competitive advantage • Where are others most vulnerable? COR E Cut to the CORE! @mjskok @underscorevc startupsecrets.com 43
  44. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable  Google Apps vs. Microsoft office • What is the C.O.R.E for each ?  Software, Data, Advertising ?  Don’t compete head-on • MS Office = enterprise market • Google Apps = consumer market • Free vs $500 license • Simple vs Complicated • 80% solution vs Professional Tool - Ex 1 Apps @mjskok @underscorevc startupsecrets.com 44
  45. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable How can you compete with a market leader who has 80% to 90% market share? 1. Don’t compete head-on 2. Innovators Dilemma – go for low end 3. Disruptive technology, business model, or market approach 4. Examples: Gmail, Google Apps, Chrome – Competing with Market Leaders @mjskok @underscorevc startupsecrets.com 45
  46. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable BUSINESS MODEL & PRODUCT (example) www.startupsecrets.com
  47. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable Frictionless, SLIPPERY = fastest growing software companies See: “Addiction before Adoption & Absorption” @mjskok startupsecrets.com@underscorevc
  48. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable ADDICTION (Free, Open Source) Delight, ADOPTION Upsell ABSORBTION $0 $50 $100 $150 $200 $250 $300 $350 $400 LCV Frictionless, SLIPPERY = fastest growing software companies “Addiction before Adoption & Absorption” @mjskok startupsecrets.com@underscorevc
  49. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable OK, BUT NOW WHAT ABOUT ME ?! (LEADING GLOBAL INNOVATORS)
  50. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable You: Large Global 1000 Innovator… 50 • Resources • Brand • Credibility • Distribution • Etc… • Speed, agility
  51. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable David: Startup… 51 • Speed, agility • Resources • Brand • Credibility • Distribution • Etc…
  52. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable Innovate!  Get out! • Not just technology • Business Model, GTM etc  There is no failure, only learning • #nofailure • #onlylearning  What can I learn from you? 52 Evaluate Build Gain Pain Value Define Ideas Problem Solution
  53. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable Thank you for listening. But what can we learn from you? I’ve shared a small sample of some of the Startup Secrets …  Value proposition - Fundamentals  Products to companies – Friction free, “slippery” products  Business model - Basics startupsecrets.com twitter: @mjskok / @underscorevc @mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable
  54. Proprietary and Confidential@mjskok startupsecrets.com@underscorevcCopenhagen Innovation Roundtable START UP SECRETS An insider’s guide to unfair competitive advantage Hi Copenhagen Innovation Roundtable Tweet questions to: @mjskok #startupsecrets startupsecrets.com November 2016 Michael J Skok

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