Startup Secrets - Building a Compelling Value Proposition
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Startup Secrets - Building a Compelling Value Proposition
- 1. Proprietary and Confidential START UP SECRETS An insider’s guide to unfair competitive advantage Building a Compelling Value Proposition @underscorevc startupsecrets.com
- 2. Proprietary and Confidential Agenda Evaluate Build Gain Pain Value Prop Define startupsecrets.comBuilding a Compelling Value Proposition Ideas Problem Solution 2@underscorevc
- 3. Proprietary and Confidential For (target customers) Who are dissatisfied with (the current alternative) Our product is a (new product) That provides (key problem-solving capability) Unlike (the product alternative) Value Prop 3startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 4. Proprietary and Confidential For Mobile Enterprises Who are unable to deliver Apps to users bringing their own devices to work Our Enterprise App Services Environment (EASE) Provides for users to securely access Apps and Information Unlike (MDM), our patented Cloud based (MAM) solution is instantly turned on and scales to tens of thousands of users Example – Apperian (simplified) 4startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 5. Proprietary and Confidential Where might you start? Evaluate Build Gain Pain Value Prop Define Ideas Problem Solution 5startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 6. Proprietary and Confidential Ideas… free floating? 6startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 7. Proprietary and Confidential Evaluate Build Gain Pain Value Prop Define, Qualify Agenda - Problem Ideas Problem Solution 7startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 8. Proprietary and Confidential Unworkable Unavoidable Urgent Underserved Problems worth solving are usually 4U … Problem 8startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 9. Proprietary and Confidential Broken business process Consequences ? If the consequences are costly or painful, so much the better. E.g. who gets fired if this doesn’t work? Unworkable 9startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 10. Proprietary and Confidential Accounting Regulation Is the problem so fundamental you can’t avoid it and just have to comply? Unavoidable 10startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 11. Proprietary and Confidential Relative to other needs … Priority • Determines resources allocated If you’re not at the top of the list, are you at least in the top 3? If not will you get moved up or down over time and why? Urgent 11startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 12. Proprietary and Confidential You will compete in a zero-sum game Finite: • $ • Time • People • Attention Underserved – business… 12startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 13. Proprietary and Confidential Examples… • Social – Find – Connect – Communicate – Meet – Share – Entertain – Date Needs… • Social • Security • Physical • Economic • Recognition • Responsibility • Achievement • Growth Underserved – consumers… 13startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 14. Proprietary and Confidential Is it “blac” & white? Blatant Latent Aspirational Critical Blatant Latent Aspirational Critical Blatant Critical Qualify the problem 14startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 15. Proprietary and Confidential Is it addressing a “white space” in the market? • an open area of opportunity • which you can capture • Uniquely well • AND defend with a moat NOT just technology, business model too Startup Secret: create a moat 15 Sunset of the Forbidden City, Beijing |Source=original creation by Wikipedian |Date=June 09 2006 |Author=User:kallgan |Permission=GFDL |other_version moat startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 16. Proprietary and Confidential Is it 4 U? • Unworkable • Unavoidable • Urgent • Underserved Is it blac and white? Problem - Summary 16startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 17. Proprietary and Confidential Ideas… can now be applied! 17startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 18. Proprietary and Confidential 4 U Blatant Critical Ideas – fit to problem... 18Building a Compelling Value Proposition @underscorevc
- 19. Proprietary and Confidential Evaluate Build Gain Pain Value Prop Define Ideas Problem Solution Agenda - Solution 19startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 20. Proprietary and Confidential Solution 20Building a Compelling Value Proposition @underscorevc
- 21. Proprietary and Confidential • Faster • Cheaper • Better Startup Opportunity? 21startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 22. Proprietary and Confidential What is your compelling breakthrough? 3 D Break something! 22startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 23. Proprietary and Confidential Discontinuous innovation Defensible technology + Disruptive business model A breakthrough that COMPELS people to ACT ! 23 Breakthrough opportunities 3 D startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 24. Proprietary and Confidential It’s often as much work going after a small fight… Big problems often = big opportunities Startup Secret: Pick a BIG fight! 24startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 25. Proprietary and Confidential It’s often as much work going after a small fight… Big problems often = big opportunities Start small (Execution), think BIG (Vision), develop a ROADMAP • See Roadmap to Success on startupsecrets.com • EG Uber An app…. with the potential to disrupt an industry At Underscore.VC we look for bold, brave entrepreneurs with big vision Startup Secret: Develop A Roadmap 25startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 26. Proprietary and Confidential Evaluate Build Gain Pain Value Prop Define Ideas Problem Solution Agenda - Evaluate 26startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 27. Proprietary and Confidential Before After Acute Pain Absolute Joy Qualitative evaluation 27startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 28. Proprietary and Confidential Before After Acute Pain Absolute Joy Vitamin vs. Morphine Qualitative evaluation 28startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 29. Proprietary and Confidential UTEST* EXAMPLE (*Later renamed APPLAUSE)
- 30. Proprietary and Confidential For companies with web or mobile apps Who are dissatisfied with apps that work as expected in the QA lab, but not in the hands of end users Our in-the-wild testing Enables them to test their apps under real-world conditions Unlike outsourced testing, which merely moves the QA lab to a cheaper part of the world, but doesn’t actually improve app quality uTestBefore & AfteruTest 32startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 31. Proprietary and Confidential Before: Test In The Lab & Hope Testing inside the lab is vital. But today’s web & mobile apps require a new approach to augment lab testing: in-the-wild testing After: Test Where Your Users Are Before & AfterBefore & After 33startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 32. Proprietary and Confidential Introducing the gain/pain ratio Quantitative Evaluation Gain Pain 34startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 33. Proprietary and Confidential The gain delivered to the customer vs. The pain and cost for the customer to adopt “Gain/Pain ratio" Gain Pain 35startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 34. Proprietary and Confidential • Revenue • Cost savings • Time • People • Competitive advantage • Reputation • Etc.. Gain Gain Pain 36startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 35. Proprietary and Confidential • Find (See) • Try • Buy • Implement • Deploy • Own – eg TCO Pain Gain Pain 37startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 36. Proprietary and Confidential Gain from uTest: • Scale infinitely and immediately From 3 testers, to 30, to 300, and back to 0 • Lower total cost of testing EG: SMBs - unlimited testing for ½ the cost of one FTE • Test under real-world conditions Live testers, real devices, imperfect conditions… in-the-wild Pain from uTest: • More testing reports, creating more work Takes time to re-produce, vet and rate 50+ bugs • More collaboration, creating more oversight Coordination between in-house & crowd testers Goal: • Maximize in-the-wild testing, while minimizing overhead 38 uTest: Gain vs Pain 38startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 37. Proprietary and Confidential • Switching costs? • Default = do nothing • Alternatives? • Good enough = good enough! • RISK on a startup Inertia, RISK Inertia Gain Pain 39startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 38. Proprietary and Confidential What’s the right ratio? Inertia, RISKGain Pain 40startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 39. Proprietary and Confidential > 10 to overcome • Inertia • RISK “Gain/Pain ratio” Inertia, RISK Gain Pain >10 41startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 40. Proprietary and Confidential ACTIFIO EXAMPLE
- 41. Proprietary and Confidential Gain/Pain Ratio Average of 30:1 benefit • $34m vs $1.2m • Recovery used to take 8 1/2 hours v 2 minutes Inertia, RISK Gain Pain >10 startupsecrets.comBuilding a Compelling Value Proposition @underscorevc 43
- 42. Proprietary and Confidential Customer view = Gain/Pain • Revenue • Cost savings • Time • People • Competitive advantage • Reputation • Etc. • Inertia • Switching costs? • Default = do nothing • Alternatives? • Good enough = good enough! • RISK on a startup • Find (See) • Try • Buy • Implement • Deploy • Own – e.g.TCO Inertia, RISKGain Pain 45startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 43. Proprietary and Confidential “An order of magnitude” Customer view = Gain/Pain • Revenue • Cost savings • Time • People • Competitive advantage • Reputation • Etc. • Inertia • Switching costs? • Default = do nothing • Alternatives? • Good enough = good enough! • RISK on a startup • Find (See) • Try • Buy • Implement • Deploy • Own – e.g.TCO Inertia, RISK Gain Pain >10 46startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 44. Proprietary and Confidential UTEST* EXAMPLE (*Later renamed APPLAUSE)
- 45. Proprietary and Confidential 48 • Tough to quantify precisely, but here’s what we’ve learned Gain vs. Pain Ratio Gain Pain Cost Savings: 10X Lower Escape Rate by 75% Make Testing Mirror User Base Launch Confidence Higher Quality Apps vs. Increased Overhead 5:1 on cost basis 20:1 on cost + value basis Customer Gain vs Pain Ratio 48startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 46. Proprietary and Confidential 49 • Test latest version of Google Chrome across 300 highest trafficked URLs on the web Traditional Outsourcing vs. uTest Testers 8 Testers 30 Hours / Tester 40 Hours / Tester 10 # of Days 5 # of Days 2 # of URLs Tested 300 # of URLs Tested 300 # of Discovered Issues 19 # of Discovered Issues 129 Price $15,000 Price $10,000 Price-per-Issue $789 Price-per-Issue $78 Sample Customer ROIGain vs. Pain Ratio Sample Customer ROI 49startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 47. Proprietary and Confidential APPERIAN EXAMPLE Mobile Application Management
- 48. Proprietary and Confidential Increase revenue by 40% at counters Roll out 17,000 iPads Deliver worldwide no IT touch required Saved $2.5M+ in direct IT costs Example - Apperian 51startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 49. Proprietary and Confidential Disruptive innovation Yet.. NON disruptive adoption Startup Secret… 52startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 50. Proprietary and Confidential Agenda - Build Evaluate Build Gain Pain Value Prop Define Ideas Problem Solution 53startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 51. Proprietary and Confidential For (target customers) Who are dissatisfied with (the current alternative) Our product is a (new product) That provides (key problem-solving capability) Unlike (the product alternative) Value Prop 54startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 52. Proprietary and Confidential What problems do you understand uniquely well? What solution can you deliver uniquely well? What kind of disruptive business model can you bring? Build around – YOU… 55startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 53. Proprietary and Confidential 1. Define, • 4U Need (Unworkable, Unavoidable, Urgent, Underserved) • 3D Solution (Discontinuous, Defensible, Disruptive) 2. Evaluate • Gain/Pain >10 3. Build • Around YOU! Summary 56startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 54. Proprietary and Confidential START UP SECRETS An insider’s guide to unfair competitive advantage Building a Compelling Value Proposition @underscorevc startupsecrets .com
- 55. Proprietary and Confidential T 617.303.0064 @underscorevc 53 State Street, 10th Floor, Boston, MA 02109, USA
- 56. Proprietary and Confidential 1 2 3 HOW DISQUS WORKS Easy install for all platforms Sites are part of the Disqus network Sites integrate Disqus Users engage with Disqus Users discover new content & sites across Disqus Sites see tangible benefits, including increased traffic on their pages Audience development made easy. Millions of users use Disqus to participate online and we make that valuable for publishers in a way that they can measure. 61startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 57. Proprietary and Confidential THE DISQUS ECOSYSTEM A COMMUNITY ECOSYSTEM is the foundation of our business. USERS GOALS Discovery Community ADVERTISERS GOALS Acquisition Retention PUBLISHERS GOALS Engagement Growth Revenue 62@mjskok startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 58. Proprietary and Confidential DISQUS – Value prop for publishers FOR · Publishers, like online media or bloggers WHO CARE ABOUT · Building more engaged, loyal audiences directly on their sites OUR PRODUCT IS · The most widely used discussion platform online THAT PROVIDES · An “engagement management platform” for publishers, and · direct reach into millions of engaged community participants online UNLIKE · Social networks, which don’t properly serve the needs of publishers · Or white-label software, which doesn’t provide the wide network reach of users 63@mjskok startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 59. Proprietary and Confidential For those in the developing world Who are dissatisfied with limited access to diagnosis Our product is a patterned paper-based diagnostic technology That provides low-cost, easy-to-use, point-of-care diagnostics Unlike no diagnosis Diagnostics For All - Alok 64@mjskok startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 60. Proprietary and Confidential Before Need After Solution 53% of Rwandan women cannot afford healthcare 26% of Rwandan women live too far from a hospital [1] National Institute of Statistics of Rwanda (NISR) [Rwanda], Ministry of Health (MOH) [Rwanda] http://www.measuredhs.com/publications/publication-fr259- dhs-final-reports.cfm Point-of-care Minimal training required Cost = 1¢ Diagnosis by telemedicine Image: http://www.trust.org/alertnet/news/alertnets-top-20-big-ideas-that-dont- cost-the-earth/ DFA 65@mjskok startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 61. Proprietary and Confidential NO current solution => huge NO infrastructure required NO training required NO time required Customers Gain/Pain ratio = ∞ DFA Gain/Pain 66@mjskok startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 62. Proprietary and Confidential At-risk pregnancy Liver function • 8 million affected globally • conducting ~700 person trial in Vietnam • test for ALT/AST enzymes • cost: $14 v. 1¢ (DFA) Child nutrition Small farmer support Customer ‘pain’ is real pain DFA Example 67@mjskok startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 63. Proprietary and Confidential How thoroughly should you define? A little and then iterate? or A LOT and then execute? 68@mjskok startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 64. Proprietary and Confidential How thoroughly should you define? “A problem well stated is a problem half solved” Charles Kettering A little and then iterate? or A LOT and then execute? 69@mjskok startupsecrets.comBuilding a Compelling Value Proposition @underscorevc
- 65. Proprietary and Confidential • Case studies – Actifio – Apperian – Disqus – DFA – uTest Follow online www.startupsecrets.com @mjskok /mjskok linkedin.com/in/mjskok bit.ly/mjskok-google bit.ly/mjskok-youtube Thank you… 70@mjskok startupsecrets.comBuilding a Compelling Value Proposition @underscorevc