2 min read
Startup = Growth
- Large market
- Economies of scale
- Proprietary IP/technology
- Network Effects
Startup Outcome = Skill x Determination x Luck
very often the real reason is that the product just isn’t good enough.
solution must be 10x better
number 1 in a performance dimension
Solve a problem for few users who want a solution a lot
- Draw the portrait
- Identify facts
- List behaviors
- Optional: List Wants and Goals
- Check and consolidate
Most passionate buyers
Who are they?
Why do they need this?
What else have they tried?
How difficult was to find the product?
What is the single most important thing?
Unique Value Propositon
Delivers a concrete benefit, to an underlying need, using a specific feature
others can NOT claim
uncovers a strong truth and names it
creates tension, urgency, desire in persona’s mind
UVP vs USP
Every brand has something unique about it that makes it distinctive (UVP).
This unique element could be turned into a benefit and used as a propositon to sell the brand (USP).
Create a find list
Create topic map
Find opener questions
Rehearse the interview
Main interview challenge = Get past surface-level to a discussion with substance
Best interview contains a Story about recent and specific experience
SOM = 1-5% of SAM in 5 years
the lean startup
test in the beginning
Pitch Deck -> Show. Do not tell.
Strategy, distribution growth etc
Funding history + ask
Contact, timing, follow up, appendix
The Pocket Guide of Essential YC Advice
• Launch now
• Build something people want
• Do things that don’t scale
• Find the 90 / 10 solution
• Find 10-100 customers who love your product
• All startups are badly broken at some point
• Write code – talk to users
• “It’s not your money”
• Growth is the result of a great product not the precursor
• Don’t scale your team/product until you have built something people want
• Valuation is not equal to success or even probability of success
• Avoid long negotiated deals with big customers if you can
• Avoid big company corporate development queries – they will only waste time
• Avoid conferences unless they are the best way to get customers
• Pre-product market fit – do things that don’t scale: remain small/nimble
• Startups can only solve one problem well at any given time
• Founder relationships matter more than you think
• Sometimes you need to fire your customers (they might be killing you)
• Ignore your competitors, you will more likely die of suicide than murder
• Most companies don’t die because they run out of money
• Be nice! Or at least don’t be a jerk
• Get sleep and exercise – take care of yourself
January 2, 2020