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I did a presentation this week at Coloft that looked at how Non-Technical Founders can go about getting their MVP built. Investors my tell you that, but what they can look at your product on paper and tell what it does and they will understand if it can be built. And the back-end is something that a non-technical founder can manage.
I’ve been involved with technologyproduct design in one form or another for nearly 25 years and seen one mistake consistently repeated. The single biggest mistake most product teams make is building technology for what they believe the user would want rather than what the actual end-user needs. The “ Normal.”
I spend a lot of time with startups and thus hear many companies talk about their approach to sales and their interactions with customers. From these meetings you can really tell the leaders that care deeply about their customers and those the look down on them. You’d be very wrong. Contrast that with a VC conversation I had.
Social proof is defined as “looking for others to guide our decisions&# and is also one of the most important techniques in acquiring customers in your company. Many of you have read or at least know the primary thesis of “ Crossing the Chasm &# the seminal book on marketing your products to mainstream consumers by Geoffrey Moore.
One of the largest concentrations of technical talent in Los Angeles is in Glendale, at YP -- staffed with a surprising number of Los Angeles startup vets. Before that, I was running product at Spotrunner. Our whole product and technology team is about 500 people. Talk about the technology behind your operations here?
I could have listened to her for hours as many of her lessons were ones I hadn’t heard before such as how she used online gaming when she was younger as a way of both teaching herself tech as well as learning to lead remote teams. Nanea Reeves has a storied career in senior leadership roles at technology companies.
The second is that the retailers were constrained by their high costs of local real estate and service staff relative to the costs of centralized warehouses where goods could be stacked high, sorted by robots, managed by RFIDs and then shipped via overnight to eager, cost-conscious customers across the US. 10x the experience.
One of the largest concentrations of technical talent in Los Angeles is in Glendale, at YP (www.yp.com) -- staffed with a surprising number of Los Angeles startup vets. Before that, I was running product at Spotrunner. Our whole product and technology team is about 500 people. How big is YP.com? Louis and Atlanta.
Leading edge technology software and manufacturing require constant course corrections and iterative restarts. Customer-facing services, like call centers, should rarely be outsourced. Internal services, like marketing and accounting, are more manageable and have less customer visibility. Marty Zwilling.
This is the mysterious and dreaded duediligence process, which can kill the whole deal. Some entrepreneurs do very little to prepare for duediligence, assuming all the talking has already been done, and the business plan and results to-date tell the right story. Visit reference customers, partners, and vendors.
Many times they also pick up product and tech, too. Often times you find the CEO who really just likes to do product or tech. Similarly I talk to CEOs who can’t do a sales pipeline review with me. If you run product then it’s easy – VP Product. But I ran product management.
When you’re with them lower the bar by telling them, “we haven’t shipped product yet, we have lots of decisions still to make, but we’d like to show you our prototype&# or obviously if you’re more advanced show what you have and what your roadmap looks like. Hopefully by then you’ve made good progress.
The part of the movement that resonates the most with me (in my words) is that entrepreneurs should keep their capital expenditures really low while they’re experimenting with their product and determining whether there is a large market for what they do. Rinse & repeat. It takes options off of the table. You have a hunch.
While I have some sympathy with not investing too heavily in sales people until the product has properly been tested and commercialized in the enterprise environment, in the end it’s a fact that it takes sales people to move product through large organizations. How do you get referenceable customers? Let me explain why: 1.
You need to first create a compelling product. Compelling in the sense that you solve a real problem a target group of potential customers has with a product that is significantly better than the alternatives on that market. You need product / market fit. Product / market fit is everything. ” True.
Clearly in an enterprise customer this is unlikely. We will have to build (or buy) technology in this area.” So as much as it sucks to hear, “We don’t have budget (or interest) in your product” it’s far better to hear it early and move on to your next qualified lead. It’s too strategic.
Companies that have leveraged technology to make the procurement and delivery of food more accessible to more people have been seeing a big surge of business this year, as millions of consumers are encouraged (or outright mandated, due to Covid-19) to socially distance or want to avoid the crowds of physical shopping and eating excursions.
There’s an article making the rounds in tech circles titled “ Growth Hacking is Bull ” written by Muhammad Saleem. In his maiden post on the topic he wrote, “After product-market fit and an efficient conversion process, the next critical step is finding scalable, repeatable and sustainable ways to grow the business.
If your startup is great enough to get a term sheet from angel investors or a venture capitalist, the next step for the investor is to complete the dreaded duediligence process. Some startups do nothing to prepare for the duediligence process, assuming the people and business plan documents will speak for themselves.
You’ll get sales information from your VP of Sales, marketing information from your VP Marketing, tech information from your CTO and so on. By going on sales calls you pick up directly the feedback of what customers want and also what they’re telling you about competition. An obvious example would be in sales.
The entrepreneur cannot wait to show me their product via a demo. You’re the first one I’ve met who didn’t want to see our product.” I then explain that I evaluate the veracity of a product by seeking guidance from current, past and prospective users, rather than relying on a product demonstration. Don’t Demo Me Bro.
I see way too many startup founders who don’t have experience in selling and probably don’t feel that comfortable going to customers and asking for orders. This is probably because many founders are product or technology people. I only found out through customer meetings.
This is the mysterious and dreaded duediligence process, which can kill the whole deal. Some entrepreneurs do very little to prepare for duediligence, assuming all the talking has already been done, and the business plan and results to-date tell the right story. Visit reference customers, partners, and vendors.
The main thrust of the post is that with YouTube taking a 45% of revenue and talent taking 70% of the remaining revenue, YouTube Networks didn’t have sustainable businesses unless they invested heavily in technology as a tool to increase margin and provide defensibility. That is the definition of Disruptive Technology.
help you integrate your product with other systems making it harder for your product to be replaced by competitors. Only Work on Projects That Support Your Core Product Effort. In the Ad Tech world PS revenue often means providing “media services” as a value-add to using your product. rollout support.
So how did a company that provides storage grow so fast (we’ll exit 2017 with 10’s of millions in recurring revenue), why is it so defensible and is it really a tech startup? If you buy that Amazon is a tech startup then essentially you’ve already answered the question. In short — how the hell did we raise $30 million?
Most technical entrepreneurs focus hard on building an innovative product, but forget that an elegant solution doesn’t automatically translate into a successful business. Defining the right business model requires the same diligence as designing the right product, but the approach and skills required are different.
Yet, as a business consultant, I often find minimal focus on improving employee engagement and assessing their customer-facing performance. For example, I commonly see metrics to keep track of revenue per employee, overtime, and absenteeism, but I don’t often see measures of overall customer satisfaction with individual employees.
All parties need to perform duediligence to ensure that the assumptions are correct, that neither partner has financial issues which could affect the partnership, and that the opposite partner has the skills to contribute to the partnership. Addition of new services or product lines. Access to new technologies.
How does it meet customers’ needs? One way to approach that last question is to use this simple model: Customer Acquisition Cost (CAC) How will your business reach prospects? Customer Lifetime Value (CLV) How much money will your business generate from each converted customer? What does the business do?
Struggling entrepreneurs are often so happy to get a funding offer that they neglect the recommended reverse duediligence on the investors. Investor duediligence on a startup is not a mysterious black art, but is nothing more than a final integrity check on all aspects of your business model, team, product, customers, and plan.
Most technology startups seem to be funded by product people or business people. Whenever I heard why we didn’t feel a sales process at an important customer was going well (or if we lost) I would get involved myself. They are as good at selling you as they are at selling your product to customers.
As a logical and data-driven business advisor, I have long focused on facts, technology, and quantifiable pain in guiding entrepreneurs. I now offer the following additional guidelines for how to attract customers and position your product: Find the latest social trend, or even create it.
But if you level up , raise capital and grow customers, revenue and staff – life changes. Eventually you need a VP of Product to handle your product roadmap, a CTO for engineering leadership and VPs of sales, marketing & biz dev. The “span of control” for a growing tech startup is probably 6-9 people.
Los Angeles-based AppOnboard , the developer of mobile app demo technology led by Jonathan Zweig, says that it now has such app developers as FoxNext Games, Game Insight, Superheart Studios, Jam City, Huuuge Games, and Simple Habit using its tools.
Many of the founders of these companies are surprised to learn that I'm willing to review what they are doing (maybe an hour) and get on the phone for an hour with them and provide free advice. This overview (executive summary) needs to include: Product and Business What is the product? Who's the customer? What Is This?
awe.sm (I have been an investor since 2009) has always provided these data through an API to allow developers to have social analytics embedded in their products or for internal use in their organization to drive more effective campaigns. The other major pilot customer was. I have been using the basic awe.sm And so forth.
At TechEmpower, we frequently talk to startup founders, CEOs, product leaders, and other innovators about their next big tech initiative. After all, that’s what tech innovation is all about. Background Questions Let’s start with some background questions about the business and product. Who are the customers?
Many of the founders of these companies are surprised to learn that I'm willing to review what they are doing (maybe an hour) and get on the phone for an hour with them and provide free advice. This overview (executive summary) needs to include: Product and Business What is the product? Who's the customer? What Is This?
Some pundits argue that the E-Myth principle is now outdated, due to the instant access to information via the Internet, pervasive networking via social media, and courses on entrepreneurship at all levels of education. In this view the product features, cost, and support are the key to success. Hence most fail.
We spoke with George Collado , CEO and founder of the company, to hear about how his own battles trying to manage a number of restaurants was the genesis of the company''s product. It''s too cumbersome, and most of the products are 360 reviews, corporate management type products, which are too expensive.
Stella Wu, who formerly worked as a growth product manager at Wish, got firsthand experience of the pain points related to the process when she bought her own house in 2017. “I Construction tech startups are poised to shake up a $1.3-trillion-dollar The company plans to take its new capital and “go deep into the product side.”.
Focusing on generative AI applications in a select few corporate functions can contribute to a significant portion of the technology's overall impact. Key Functions with High Impact Generative AI is revolutionizing sales by enabling dynamic pricing and personalized customer interactions, boosting conversion rates and customer satisfaction.
I was recently talking with a startup company who wanted me to try their product. Only one guy in the room knew – their tech lead. I’m a big believer in product stability & performance before adding too many features. I’m a big believer in product stability & performance before adding too many features.
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