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Welcome to Bootcamp!
Network: Googleguest @incubatenyc #IncNYCBC
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After three weeks, lets see how your business pitches have evolved?
Rules:
2 people come up Each gives a 30 second pitch The crowd gives feedback on what they liked and didnt like
Homework Review
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Key Assumptions
What is the cost of creating the product? What is the cost to deliver the product to customers? How will customers get your product? What is your customer conversion? [ ]
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Response
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Product / Market Fit As an entrepreneurs your sole responsibility is to find product / market fitand do this as fast as possible!!
50 45
Customers / Users
40 35
(millions)
30 25 20 15 10 5 0 1 2 3 4 5 6 7 8 9 10 11 12
Time
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Market
Product =
Fit
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4. Know EXACTLY where they will hear your message / looking for a solution
https://www.youtube.com/watch?v=vfal56SqKI8&feature=BFa&list=UUC69dxCZQB9VURlHQ8wesPA
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Search marketing
Email marketing
Your website
Affiliate marketing
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Blogs
RSS feeds
Team Breakout
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2. Focus 100% on of your time on finding market / product fit its your job
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Whats Next
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Entrepreneurial Timeline
Phases of Entrepreneurship
Pre Product / Market Fit Post Product / Market Fit Phase 4: Expansion and Innovation (Enterprise)
INCUBATENYC
Bootcamp Focus
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48
60
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Building a Business
Raising Capital
Office Space
Hire Employees
Legal documents Accounting work
Business Dept.
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6. Revenue / Business Model 7. Identification of Key Business Drivers 8. Growth Opportunities 9. The Ask (Sources and Uses)
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Exercise: Headline
For each key page of the investment deck write out a headline that would go at the top of the page:
1. 2. 3. 4. Your Idea We are creating the a new branded tablet for the teen market Why You My team has 10 years experience selling digital hardware to teens The Problem Parents do not want to set up a separate data plan for their teens Your Solution The branded tablet will have all functionality of a tablet without having to
connect to a national carrier (text, voice, apps, music, etc.)
5. 6. 7.
Traction / Validation We have developed a prototype with the help of Accer Revenue / Business Model We will make money through the sale of tablets Identification of Key Business Drivers Product development costs and developing
channel partners with companies like BoostMobile
8. 9.
Growth Opportunities We want to eventually add online content specifically for this market The Ask (Sources and Uses) We are asking for $500K to pilot in LA
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Homework
This Week: Assignment 1: Create a 5-6 page presentation that explains your idea. Focus on the following areas: 1. 2. 3. 4. 5. The problem you are solving The solution for the problem Your revenue model Your Key assumption / business drivers Why You are the right person to execute
Assignment 2:
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Parting Reminders
1. Tweet what you enjoyed about todays session (#IncNYCBC)
2. MVP Fair (Wednesday March 20th) Invite 3-5 people who you think will be great for the next Bootcamp Have your MVPs readylet us know if you have questions Be Creative 3. Submit your homework to your facilitator by 12pm next Wednesday Email address: marcus@incubatenyc.com or through Incubate Online
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Week 4
APPLICATION
This summary presentation will become the foundation for a longer investment deck that can be used to pitch your idea to investors, customers, or interested individuals
ASSIGNMENT EXPLANATION
Create a 5-6 page presentation that explains your business idea and summarizes the work you have done over the last 4 weeks. Focus on answering the following questions (Remember to use the research, analysis, key learnings that you uncovered during the Bootcamp):
1. The problem you are solving 2. The solution for the problem 3. Your revenue model 4. Your key assumptions / business drivers 5. Why you are the right person to execute
==Week 1 1
Week 4
2. MVP
FOCUS
Develop an MVP for the MVP Fair
APPLICATION
You will have the opportunity to demo / pitch your MVP during a science fair style event
ASSIGNMENT EXPLANATION
As you know, a targeted milestone of our program will be to have your prototype (aka your minimum viable product or MVP) up and running in order for you to start seeking out traction. As part of our program schedule, we are planning an MVP Fair during the last week of the Bootcamp. This fair will be a science fair style fair in which you will display your product or prototype in some way (display boards, website on a laptop, etc), and share with your cohort peers as well as friends and family youd like to invite.
Remember, it doesnt have to be perfect or pretty, it just needs to solve the need you see in the market.
==Week 1 2
Week 4
APPLICATION
This article is one of the more popular articles when explaining product market fit
ASSIGNMENT EXPLANATION
Marc Andreessen is often considered the founder of the Internet. From his dorm room at the University of Illinois, he developed an online interface called Mosaic. This interface became the foundation for what we now call the web browser. Marc went on to start Netscape, which eventually sold to AOL for $4.2 billion. He is currently a founder and partner of one Silicon Valley's hottest VC firms, Andressen Horowitz. In this posting, he explains in great detail, what he considers the only thing that matters for a startup
CONTENT THE PMARCA GUIDE TO STARTUPS: THE ONLY THING THAT MATTERS
Source: Marc Andreessen's blog Assignment Link: http://bit.ly/2xjapg
Length: 7 pages
APPLICATION
Provide additional context for why customer acquisition cost is so important to the success (financial model) of an early startup
ASSIGNMENT EXPLANATION
In this article, David Skok goes into detail on how to calculate customer acquisition costs (CAC) and ways to create businesses models around a startup's CAC and customer life time value.
==Week 1 3
Week 4
"Failure to get product/market fit right is very likely the number 1 cause of startup failure. However in all these articles, I have not seen any discussion about what I believe is the second biggest cause of startup failure: the cost of acquiring customers turns out to be higher than expected, and exceeds the ability to monetize those customers."
==Week 1 4
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Page 5: Explain why you are the right person to execute on this business idea