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1. By We Click of Click Ventures
We STARTUP
PLAYBOOK

2. ABOUT CLICK VENTURES
Founded in 2015 by serial entrepreneur and tech columnist turned VC, Carman Chan (Women to
Watch in Asian Tech by Nikkei Asian Review). Click Ventures is a seed to series A Venture Capital
fund based in Singapore, Hong Kong, US; investing in technology startups in Asia and north
America.
We have currently invested in 50+ companies, focus on mobile, internet companies that can
acquire scalable assets and create network effect. Furthermore, we act as a strategic investor, to
support the global entrepreneurial talents with not only capital but also a global strategic
knowledge and network including investors, resources from government and private sectors,
clients, talents, potential acquirers and global connections.
Click Ventures is named one of the most Consistent Top Performing VC globally by Preqin with all
three funds in Top quartile in 2019! Previously, Click Ventures' two seed funds have been named
top performing funds (Vintage 2003-2015 Funds) and Fund to Watch by Preqin in 2018. In 2019,
Click Ventures has been named Consistent Top Performing Fund Manager by Preqin!

3. Supporting Organization:

4. About We Click Founder Support Community
Every year, we receive more than one thousand founders cold emailing us for pitching
opportunities. In order to scale up our ability to feedback, we have created We Click Founder
Support Slack Community. Most of the resources are organized in the relevant channels for their
references.
We also interact with founders inside the channels where the comments and knowledge sharing
are recorded for the reference of others!
Welcome to join us: http://bit.ly/JOINWeClick (Link available until April 12, 2021)

5. Intern Team For We Startup Playbook
Tanya is a recent graduate from the University of Hong Kong, with a double major in
Wealth Management and Marketing. Grew up in India and is interested in bridging the
Asian and the US startup ecosystems. Her past work experiences include working at
different startups across Asia and Europe. She also worked at a market launcher that led
the launch of startups from the US such as Airbnb and Uber, in Asia. She strives to be at
the intersection of technology, finance, media and culture.
Natalie is currently a third-year student at the University of Southern California studying
Political Economy. Grew up in Hong Kong and is interested in learning more about the
technology industry in the city and Asia. Her past work experiences include working at a
fintech start-up and a family office in Hong Kong. After college, Natalie hopes to pursue
opportunities that will allow her to continue explore the intersection between finance and
technology.
Karina is a recent graduate from London School of Economics having studied
Philosophy and Economics. Born and raised in Hong Kong, is currently based in London
as an incoming analyst at Deloitte Consulting. Karina has gained first-hand experience
in the startup scene by interning in a fintech startup and a venture accelerator company
in Hong Kong, as well as having worked as a Co-Director in a student-run
entrepreneurship program in London.
Tanya Aggarwal
Project Lead
Natalie Chak
Intern
Karina Lai
Intern

6. TABLE OF CONTENTS
01
Part 1: Ideation
Problem and Idea
Validation
02
Part 2: Team Formation
Hiring and Working
Agreement
03
Part 3: Product
Market Fit
Testing Your Offering
04
Part 4: Fundraising
Raising Capital
05
Part 5: Growth
Scaling
06
Part 6: Resources
Books and websites

7. IDEATION
01

8. From Problem to Solution
Instead of trying to come up with a
“startup idea” on the get-go, you
should first identify a big enough
and urgent problem in the
market.
A good place to start can be
brainstorming 10+ potential
problems to solve, by your interest
areas or expertise. Then, you can
select a problem you would like to
solve as a team, optimising for
business potential and team
complementary.

9. Problem Validation
Once you’ve selected a problem to
focus on, you should start doing market
research to ensure that there is a
need in the market that urgently needs
to be solved.
There are two types of market research:
Primary research is the first-hand information
that you collect through direct interaction with
your potential customers.
Secondary research is the application of
information collected by others to your own
situation. It is usually done through the internet
or internal database.

10. Market Research Tools
To create interactive and
design-oriented surveys
To compile the information
collected in a graphic manner
To create collaborative
surveys with help from
pre-designed templates
To create simple and
easy-to-use surveys

11. By interacting directly with your
potential customers, you can
understand their needs and
validate your problem
statement. One of the most
common way to do it is via
interviews.
Start by targeting a very
specific user base as you would
want to focus your energy on
20% of your client who would
bring 80% of the revenue.
Primary Market Research - Interviews
Identify and describe your first set of
users, who are most likely the High
Expectation Customer (HXC).
HXC would do their own research,
make the financial decision and
benefit the most from your solution. If
your product exceeds their
expectation, it can meet everyone
else’s.

12. Asking the RIGHT question is key when
you’re conducting an interview.
We have a few tips for you:
1. Avoid simply asking Yes/No questions.
Follow up with What/How/Why or other
open-ended questions to get deeper
insights.
2. Base your questions on the problem
instead of your solution to avoid biases.
3. Don’t ask leading questions.
4. Listen more, talk less.
5. Ask non-leading questions to gauge an
idea of their current solution to the
problem.
Primary Market Research - Asking Questions

13. The Pyramid Principle helps
entrepreneurs to share and evaluate
information collected from interviews in a
clear and concise way.
• Key Learning: high level takeaways from
the interview
• Main Insights: outline a few highlights
that supports you belief in this “learning”
• Support: backup your highlights by
providing supporting evidence and data. It
could be the number of people you spoke
to and how you structured the interviews to
validate your insights
Primary Market Research - Evaluating Data
KEY LEARNING
MAIN INSIGHTS
SUPPORTS

14. When a high level problem is identified, it
is useful to dig deeper into the root cause
of the problem. This will help creating a
solution that customer wants and loves.
The Validated Learning Loop allows
entrepreneurs to iterate their product rapidly,
based on data that is quantifiable. Once you
have an idea, you should build an MVP to
quickly test whether your assumption about
the market is correct or not. Measure your
“experiment” and use the feedback to further
refine the idea and the MVP, and you test
again. And so on. You should continuously
improve the product in such manner to make
it more attractive to your customers.
Idea Validation
Source: The Lean Startup
We will come back to this concept in the
Product-Market Fit Section of this Playbook!

15. Building the Startup Business Model
Start-up Idea Matrix
The Startup Idea Matrix
a matrix that outlines various consumer markets as well as tactics a
company can take to bring a unique product to the market.
The Startup Idea Matrix B2B Edition
a matrix focused on ideas where the end customer
is businesses
Start-up Idea Matrix extract
Different kinds of Startup business model:
Start-up Idea Matrix B2B
Start-up Idea Matrix B2B extract

16. BUSINESS MODEL EXAMPLE:
Extract from Start-up Idea Matrix

17. Resources

18. TEAM
FORMATION
02

19. Step 1: Find potential cofounders from your
network of entrepreneurial communities
Step 2: Identify overlap through initial
conversation: What’s your story? or What
sectors do you have experience in?
Step 3: Dive into exploring specific ideas
through brainstorming and lightweight prototyping
Step 4: Fill out the cofounder questionnaire:
refer to Founder Dating Playbook
Step 5: Commit to working together and
create a Cofounder shares vesting plan
Cofounder Dating Playbook
Useful Links shared in our Slack Community:
50 Cofounder Qs
An app to help you find your perfect cofounder.
Co-founder equity calculator:
http://foundrs.com/
https://stag.getsprout.co/equity_calc

20. ★ AngelList
○ Great for start-ups overall
★ UpWork
○ Great for hiring freelancers
★ Happyer
○ Helps create your brand story to
attract employees
★ WeWorkRemotely
○ For hiring remote workers
★ Whub
○ Great for hiring in Hong Kong
★ JobStreet
○ Great for hiring in Southeast Asia
Hiring Resources
Types of People to Hire (Kristjan Lepik)
1) The Designer
someone who designs a product/service
2) The Hacker
the brains behind a product/service
3) The Hustler
the person that makes it happen
Notes from our Partner:
Cocoon Capital: “We use Fingerprint for Success on all
of our founders and teams to help them. It's free to sign
up and use the tool and it's great for co-founders to
understand more about each other and learn how to
work better together.”

21. Five Dysfunctions
of a team
Little or No
Accountability
Failure to
Focus on
Results
Lack of
Commitment
Excessive
Conflict
Lack of Trust

22. How it helps?
★ Establish Team Goals
○ E.g. What would success look like
for this experience?
★ Identify Norms and Values
○ How will you make decisions?
How will the team deal with
conflict?
★ Clarify Roles
○ Who will make sure the team is
staying on track with milestones?
Working Agreement and Option Plan
Example Working Agreement
Role of Option Plan for Long Term Key Employees
★ Options are a powerful form of compensation to key employees to
motivate them to directly create an impact on the Company’s growth

23. Free Legal templates for startups in Southeast
Asia: https://kindrik.sg/resources/templates/
Free Legal Templates and Documents -
Kindrik Partnerskindrik partners
http://cooleygo.com/ by Cooley, a US law firm
focusing on startup and VC funds, also provide a
lot of free legal templates.
phantomstockonline.com
Phantom Stock Option Plan
A Phantom Stock Option Plan, also known as a
Stock Appreciation Rights (SAR) plan, is a
deferred cash bonus program that creates a
similar result as a stock option plan.
RESOURCES
Notes from our Partner:
Cocoon Capital: “Singapore Venture Capital & Private
Equity Association and their recommended templates.”
Venture Capital Investment Model Agreements
(VIMA)

24. PRODUCT
MARKET FIT
03
Testing your offering…again and again!

25. PROBLEM
Investing the time and
resources into perfecting
the product before
testing the market and
not engaging with
potential customers
Building a Minimal Viable
Product (“MVP”), testing
your offering, measuring
results and getting
feedback
SOLUTION

26. “A MVP is the version of a new product
which allows you to collect the maximum
amount of validated learning about
customers with the least effort.”
– Eric Ries, author of “Lean Startup”

27. THE INNOVATION CYCLE
TEST
MVP
Set a goal for you to
get a MVP out. Be
quick, stay simple
Ask the right
questions
Draw conclusions
from your
feedback
Start the process
again!
GET
FEEDBACK
ITERATE TEST AGAIN
Before pouring in time and resources, you need to confirm that your product/service is actually
solving a problem. It’s important to experiment and collect feedback from potential users
constantly

28. DESIGN AND PLAN YOUR MVP
Take the time to ask yourself:
o What do you want to learn from your MVP?
o Who are your customers? Can you build specific profiles and describe their attributes
(i.e. age, profession, income, hobbies)?
o Which problem(s) of theirs are you trying to address? Why does this problem exist?
o Do you have a clear value proposition? How is your product/service different to what is
currently offered?
o Are customers willing to pay for your product/service?
Helpful Reading Tools
• “The Lean Startup” – Eric Ries
(also writes for the blog “Startup Lessons Learned”)
• “Instigator Blog” – Ben Yaskovitz (author of “Lean Analytics”)
Notes from our Partner:
Cocoon Capital:” We really like this article:
How Superhuman Built an Engine to Find
Product/Market Fit. This approach works
with both B2C and B2B startups.

29. GETTING FEEDBACK
Basic landing page
● Gauge early interest in your product/service
● Keep the page design simple and concise
● Have clear call-to-actions:
- free signups
- registration for update newsletters/emails
- buttons such as “Get a Quote” or “Start Now”
Tools:
● Google Analytics – measure your visitors’ actions (conversions,
bounce rate, session duration) and gain insights (demographics,
acquisition mediums, heat maps)
● Landing page builders – Wix, Canva, Squarespace, Instapage,
Unbounce
Validate your idea early! You want to know if your customers will actually use your
product

30. Product Market Fit
Pirate Metric Framework
o Acquisition – how well are you getting customers?
o Activation – are your customers having a great ‘first run’ experience?
o Retention – how often are your customers coming back?
o Referral – are they telling others about your product? (Net Promoter
Score)
o Revenue – Are you able to monetize your customers?
https://www.departmentofproduct.com/blog/how-to-measure-product-market-fit/
There are many way to measure product market fit. The framework we recommend is the Pirate
Metric Framework. Pirate Metrics were coined by Dave McClure in 2007. He breaks it down into
5 components. Some of the components may be more relevant than others. If you’re a SaaS
company, a high retention rate is an excellent indicator of product market fit. If your churn rate is
less than 20%, you have a solid base of customers.

31. THE INNOVATION CYCLE
TEST
OFFERING
Ask the right
questions, set
metrics to
measure
Draw conclusions
from your
feedback
Start the process
again!
GET
FEEDBACK
ITERATE TEST AGAIN
Now take that feedback, adjust your product/service…..and keep testing your offering!
This process should be continuous

32. PRODUCT METRICS
ARPU/CAC Ratios
Churn/Retention Rate
LTV/CAC Ratio
DAU/MAU and Retention Curves
Direct Traffic/Organic Traffic
MRR/Gross Churn Rate
Net Promoter Score
Click Through Rate/Screen Time
The Magic Number, Bessemer & CAC
Ratio
Virality (K-Value)

33. FUNDRAISING
04

34. FUNDRAISING
Pre-requisites for Raising Capital
Idea Product Traction

35. Step 8: Fill the
round: complete the
fundraising process and
close the round
FUNDRAISING PROCESS
Step 1: Identify the landscape: divide
investors into top-tier seed specialist, top-tier multi
stage, mediocre seed specialist and mediocre
multi-stage
Step 2: Draft your deck:
Design the deck and practice the pitch to
ensure that it is coherent
Step 3: Build a target investor list:
Based on the identified landscape, build the target
investor list and prioritize the investors in order of
preference
Step 4: Schedule first pitches:
Start reaching out to investors to gauge
Initial feedback on the pitch and the company
Step 5: Pitch, pitch, pitch:
Pitch to different investors and start compiling
information for the due diligence process
Step 6: Generate momentum:
Continue with pitching to investors, and
setting the deadline on closing the round
Step 7: Pick a lead investor:
Decide on a lead investor and negotiate
the term sheet with the investor
07
08
06
05
04 03
02 01

36. ★ Company purpose: define your
company in a single sentence
★ Problem your company is addressing
★ Solution: including your unique selling
proposition
★ Why now?
CREATING A PITCH DECK
★ Market potential
★ Business Model
★ Team
★ Financials
★ Vision

37. TYPES OF STARTUP FUNDING
Venture Capital
Crowdfunding
Funding raised to scale
startups in exchange for
equity in the business
Funding raised through a
collective effort of friends,
family, customers, and
individual investors
Venture Debt
Funding raised through lenders
with mandatory interest
payments at a pre-determined
rate
SAFE
Funding raised in advance of a
priced round, usually at a
discount, with the option of
setting a valuation cap
Convertible Notes
Funding raised through a hybrid
debt and equity model, where
investors lend money to a startup
in exchange for equity in a future
financing round
Notes from our Partner:
Cocoon Capital: “Convertible Notes and Safes are
usually the same thing (in SG, called it CARE). We
would split the Funding into Angel Funding, VC (split
into convertible notes/SAFE & equity), Crowdfunding,
Crowdfunding and Debt (Private & Institutions).”

38. Type of investment agreement
★ Y Combinator Safe Financing Documents
★ 500 Startups KISS Convertible Debt or Equity
Financing Documents Generator
★ Cooley Safe Financing Documents Generator
★ Cooley Seed Note And Equity Financing Documents
And Generators

39. RESOURCES

40. GROWTH
05

41. MAPPING GROWTH AND PROFITABILITY
Growth First or Profitability First?
- If you put growth first, you need to have everything in place to turn true net
profits on a dime if things change on you. Show investors your game plan for
getting to real profit. This needs to be achieved without crushing your user base
- If you prioritize and establish profits first, make sure there is a plan for
consistent growth that doesn’t require digging deep into your profit margins..
Without intentionality and a plan, neither growth or profits are going to happen by
themselves. Each may be a precursor to the other, and you do want both
eventually.

42. UNPACKING THE MATRIX
BOTTOM LEFT
QUADRANT
(LOSS-LOW GROWTH)
- you don’t want to find
yourself in.
TOP LEFT QUADRANT
(LOSS-GROW FAST)
- most promising startups
start their journey.

43. KEYS TO GREAT EXECUTION:
GROWTH = MOMENTUM
If you’re an early-stage startup, you need to be aggressive about growth. Grow
rapidly to achieve a certain scale and begin proving out unit economics. Strong
growth is often a key requirement for securing fundraising in the early stages.
Never Lose your Momentum!!!
Set an aggressive but borderline achievable goals and review & track progress
every month. Extreme internal transparency around metrics, it’s great for keeping
the whole company focused on growth
Notes from our Partner:
Cocoon Capital: “different growth paths will attract
different investors. VC investors will want to see the
most aggressive growth, angels might be ok with
lower growth for example.

44. WHAT MATTERS MOST FOR GROWTH?
Retention is the single most important thing for growth !!
Retention comes from having a great idea and a great product to back up that
idea, and great product market fit. The way we look at, whether a product has
great retention or not, is whether or not the users who install it, actually stay on it
long-term.

45. HOW TO OPERATE GROWTH?
(1) What is the only one Metric that matters?
That metric is where if everyone in your company is thinking about it and driving
their product towards that metric and their actions towards moving that metric up.
What is the North Star of your Company?
- Someone about where the company wants to go, and that person needs to be
the person leading the company,

46. RESOURCES ON GROWTH HACKING
Growth hacking 15min bite size podcast:
The One Growth Show on Apple Podcasts
GrowthSandwich
How to Measure Product-Market Fit: A (Simple)
Guide | GrowthSandwich
Are you wondering how to measure product-market
fit? In this article, you can find 8 ways you can use
to measure product-market fit for your startup.
Loom
How To Send Personalised LinkedIn
Connections At Scale!! 🔥

47. RESOURCES
06

48. Resources
LTSE Tools
Software for stronger startups
Long-Term Investor Coalition is comprised of
institutional investors that are investing for
generations to come and companies that are
building lasting businesses.
Bizfilings
BizFilings Business Owner's Toolkit: your
resource offering advice & tools about
incorporation, types of businesses,
compliance, taxes, running a business &
much more.
Bvp.com Memos
https://www.bvp.com/memos
lennyrachitsky.com
What is good retention - Issue 29
Although retention is widely considered to be
the most important metric to get right when
building (or investing in) a business, it’s also
one of the least understood. Why? Because
unless you’re a growth expert or an
experienced investor, you’re often relying on
anecdotes, dated blog posts, and misguided
benchmarks

49. Resources
Runway | The Startup Cash
Planning Tool by LTSE
A free, visual tool to help startup
founders understand, manage
and extend their cash runway.
This is going to be BIG
Personal blog on startups,
venture capital, entrepreneurship,
etc. of Charlie O'Donnell of
Brooklyn Bridge Ventures
TheFunded.com: The Resource
for Entrepreneurs.
an online community of over
20,000 CEOs, Founders and
entrepreneurs to discuss
fundraising, rate and review angel
investors and venture capitalists,
and discuss strategies to grow a
startup business.
Startup Equity Calculator
Co-Founder equity calculator
http://foundrs.com/

50. SUPPORTING ORGANIZATION
CONTRIBUTION

52. Delivering the pitch

53. Pitch should include the following:

54. Get more support from:
https://few.community

55. “Diversity is not just a moral imperative
but a business imperative. Diversity of
age, gender, social and cognitive
backgrounds matter so we avoid
'groupthink'”
Female Founders’ Playbook

56. CREDITS: This presentation template was created
by Slidesgo, including icons by Flaticon, and
infographics & images by Freepik.
THANKS!
Welcome to join our We Click founder
support Slack Community!
http://bit.ly/JOINWeClick
(Link valid until Apr. 12, 2021)