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10 Steps to Start-Up
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Matthew Draycott
January 17, 2013
Education
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10 Steps to Start-Up
10 Steps I think every entrepreneur needs to take to build their start-up.
Matthew Draycott
January 17, 2013
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Transcript
10 No. Steps To Build a Startup
@draycottmc
So... You’ve Got a Killer Idea! What Next?
1 No. Research Everything, well, almost!
Customers 3 Areas:
Customers Competitors 3 Areas:
Customers Competitors Collaborators 3 Areas:
Customers Competitors Collaborators 3 Areas: What to ask?
Customers Competitors Collaborators 3 Areas: What to ask? Who, What,
Where, How & Why?
2 No. Model Because who needs a plan??
“No campaign plan survives first contact with the enemy”
None
Who’s the customer? All the people and organisations your creating
value for!
Ok…so you know who But why will the buy?
Ok…so you know who But why will the buy? Value
Value Newness
Value Value Newness Performance
Value Value Value Newness Performance Brand
Channels? Direct Indirect Vs.
Customers
How…
How… Personal Assistance
How… Self Service
How… Co-Creation
How… Automated Service
Revenue…
The pricing mechanisms available: Understand
Cost Plus The pricing mechanisms available: Understand
Skimming The pricing mechanisms available: Understand
Loss Leader The pricing mechanisms available: Understand
Penetration The pricing mechanisms available: Understand
Premium The pricing mechanisms available: Understand
Freemium The pricing mechanisms available: Understand
Resources = Lab equipment Office Space PC Graphics Tablet Redbull
Experimental Subjects Comic Books Monitors
Activity The key things you need to do to make
your idea work
One last thing!
One last thing! Find Good Partners…
Find Good Partners… You Can’t do it Alone One last
thing!
All that’s left is to count the cost
3 No. Question Key Assumptions
So, You’ve Got A Model Let’s Break It!
Compare: Assumptions in the Model Data from Research
Do they fit together?
4 No. Explore Other Options
None
Iterate the model to work out kinks
5 No. MVP… Get Building!
Minimum Keep it small
Minimum Keep it small Viable Keep it cheap
Minimum Keep it small Viable Keep it cheap Product Keep
it moving!
Push it to the limit… The point of an MVP
is to find the Breaking Point
6 No. Evaluate What worked?
Be Forensic A/B Test
Use this time to trial different directions
Examine Everything Your MVP Is the opportunity To Gather Data!
7 No. Pivot? Or Persevere?
So you’ve made it, do you A: Pivot B: Persevere
Market Reaction to MVP + - Pivot Persevere
Just one word of warning:
Just one word of warning: This isn’t Exact
Just one word of warning: This isn’t Exact It’s a
balancing game at best!
8 No. Execute Now it’s real!
None
That’s the 1st Stage Now comes the tricky bit Building
a business
This is all about
This is all about Users…
This is all about Users… They mean traction
This is all about Users… They mean traction Leading to
capital
9 No. Scale Time to Transition
Aim: Growth!
Capital is your new King
Choices: Fast Slow More Control Less Control Internal Re-investment Angel/VC
Investment Payback Improvement Buy-out
10 No. Repeat… It’s that simple!
OK it’s Not That Easy!
The world will Change... You need to Adapt To Survive
Thanks I hope that was useful!
Massive thanks to everyone who made all the images I’ve
used free to share. Material was my own with ideas taken from Eric Reis and Alexander Osterwalder. The design them owes thanks to Amy Palamountain @ammeep Whose 10 Traumas in 10 minutes presentation was inspirational!