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8/8/2019 SGFI 2 Fall 2010 - Startup Research (Meng & Alex) Oct 19 2010
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MAKE SOMETHING PEOPLE WANT
What market are you pursuing? Is the target market bigenough? Is it growing or shrinking? What are the other characteristics of your market, and why do you care?How do you find data on your market? How do you
define your competitors? What are inexpensive tactics
to do custom market research, such as surveys? Howcan you determine if you can win in your targetmarket, and when do you decide to walk away?
@mengwong + @propellerfish20101019
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ALEX MARQUEZPropellerfish
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ENTREPRENEURSHIP the pursuit of opportunity without regard to
resources currently controlled
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MNC
resources
Your
resources
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MNC
resourcefulness
Your
resourcefulness
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YOUR JOB
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MAKESOME
NEWTHING
PEOPLE WANT
INNOVATION
But if it's new, how
do I know people
want it?
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I'M SCRATCHING MY OWN ITCH
• Hey, at least I want it
• Linux
• Apache
• Firefox
• MySQL
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MY SALIVA TASTES BETTER THAN YOURS
Artist• Guided by heart
• Broke
Graphic Designer• Guided by client
• Not Broke
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WHAT KIND ARE YOU?
• Opportunistic: I detect untapped profit potential
• Visionary: argh wtf brb omg ftw
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OOPS, I MADE AN ART PROJECT
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OOPS, I REINVENTED THE WHEEL
I blame academia
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CROSSING THE CHASM
• Geoffrey Moore
• Learn to “pivot”
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• Peter Christy
• John Katsaros
GETTING IT RIGHT THE FIRST TIME
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DEVELOPMENT TIMELINE
Fundamental Science
Technical Innovation
ProductizationUser Manual
White Paper
Sales BrochureAd Campaign
First Customer
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SECRET SAUCE, PLEASE
• Industry Experience ++
• Domain Expertise ++
• I have a PhD + –
• I have an MBA – –
• I dropped out of college ++
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COMPETITIVE RESEARCH
• Crunchbase.com. ListIO.com. LMGTFY.com.
• Don’t skate to where the puck is.Skate to where the puck will be.
• An invention must make sense in the world in which it iscompleted, not the world in which it was begun.
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WHY YOU? WHY NOW?
• Are you riding somesort of disruptive wave?
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WHY YOU? WHY NOW?
• Why didn’t somebody try this and succeed three years ago?
• Maybe they did, and they FAILED.
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WE HAVE NO COMPETITION WE HAVE NO COMPETITION
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DO IT BACKWARDS
Traditional Model
• Build the Product, v1
• Sell the Product, v1. No sales.
• Back to the Drawing Board
• Build the Product, v2.
•Fail.
The Epiphany
• Sell the Product, v1. No sales.
• Back to the Drawing Board
• Sell the Product, v2
• Build the Product, v2
• Win.
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CUSTOMER DEVELOPMENT
• See also Eric Ries,www.startuplessonslearned.com
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HENRY FORD
IF I HAD ASKED MY CUSTOMERS
WHAT THEY WANTED,THEY WOULD HAVE SAID
A FASTER HORSE
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ACTUALLY, MY SALIVA DOES
TASTE BETTER THAN YOURS
http://www.cultofmac.com/john-sculley-on-steve-jobs-the-full-interview-transcript/63295
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SOMETIMES
YOU DO HAVE TO BUILD IT
• Show, Don’t Tell; Paper Prototyping only goes so far
• Business as Science Experiment
• Does a Market Exist?
• To Build the Minimum Viable Product,
• Follow Lean Startup Methodology
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OBVIOUS CHECKPOINTS
• Is the market…
• big or small?
• growing or shrinking?
• rich or poor?
• eager or unwilling to buy?
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ONE LAST THING
• ! ∀ User = Customer
• Users use
• Customers pay
• If you’re not the customer, you might be the product
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THINK BIG
“best in class” vs “in a class of our own”
best
worst
new class
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What is your market?
Everyonewithaniphone
Ehm…That’sprobablynotthecase.
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In the words of Bill Cosby
“I don’t know the secret to
success but I do know the
secret to failure is trying to
please everybody.”
- Bill Cosby
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The cheater’s guide to opportunity development
AhomeworkassignmentforyoutoworkonbetweennowandnextTuesday
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1. Focus yourself with a few questions
Who’sgoingtohatethisthing?
Who’sgoingtouseitmostoen?
Who’sgoingtotelltheirfriendsaboutit?
Who’smostlikelytopayforit?
Yourtargetmarket
Everybody
Opera&ngdownheremeansyou’re…
…creaFngproductswithadisFnctuserinmind
…targeFngyourlimitedmarkeFng$moreeffecFvely
…morelikelytocreateagreatproductforasmallgroupof
peopleratherthananalrightproductforalotofpeople
…mostlikelytobetalkedabout,shared,etc.
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2. Reach out to these people and talk to them about this
space
Thisdoesn’tneedtobeexpensive…
Skype,Surveymonkey,acebook,email,stoppingpeopleonthestreet,talkingtofriends
offriendsoffriends,campingoutinretail,interviewingpeoplewhouseyourwouldbe
compeFtors…Allofthesearefairgameintermsofmarketresearch
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3. Define your target user based on what you hear
Psychographic
What do they
think?
Who are sick and tired of Apple and
see the Iphone as a cliché.
Demographic
Who are
the ?
Men between the ages of 25-35
with above average income
Behavioral
What do they
do?
They are looking for a new phone
and probably visit Gizmodo and
Inventorspot on a daily basis.
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4. Define the issue in their life you intend to solve
Ourtargetuser,anIndependentmindedtechie,islookingforacoolgadgetthatisn’tapartofthemainstreamcultofApple.
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5. Land your positioning in a single line
WearetoApplein2010
whatApplewastoIBMin1984.
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6. Come to the next session with 100 things that exemplify
that idea outside of your category
theideasareallowedtobebad
Howdoyouhaveafewgoodideas?
Byhavingalotofbadideas.
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7. And 20 starting names for your venture
lickr–photos.
Lanyrd–conferences.
Mint–personalfinance.
Gameplan–organizingsports.