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Startup Secrets - Game Changing Business Models

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In our industry, it’s not uncommon for entrepreneurs to become so mono-focused on the novelty of their product that they forget to innovate sufficiently around their business model. A disruptive business model can be at least as important as a discontinuous innovation.

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Startup Secrets - Game Changing Business Models

  1. Proprietary and ConfidentialProprietary and Confidential START UP SECRETS An insider’s guide to unfair competitive advantage Disruptive Business Models to build Value @underscorevc #startupsecrets startupsecrets.com
  2. Proprietary and ConfidentialProprietary and Confidential Introductions & Case Examples  Established • Google  Startup • Acquia • Demandware  Not for profit • One Laptop Per Child • Diagnostics For All (on the web) 2Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  3. Proprietary and ConfidentialProprietary and Confidential Agenda 1. Finding a Disruptive Business Model 2. Focusing on CORE differentiation 3. Multiply and Leverage it with innovation 4. Designing for high value Other side of the coin – GTM – next session - Eg Segmentation, Channels etc 3Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  4. Proprietary and ConfidentialProprietary and Confidential What is your model for • Creating • Delivering • Harnessing VALUE? 4 4 Business Model: How do you make money? Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  5. Proprietary and ConfidentialProprietary and Confidential Tonight Let’s get creative and think specifically about startups! 5
  6. Proprietary and ConfidentialProprietary and Confidential Business Model as a Disruptor  Why? • Time to market • Market adoption • Sustainability  Connecting the dots for you as a founder … • Spend • Cash efficiency • Your ownership • Valuation 6Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  7. Proprietary and ConfidentialProprietary and Confidential New Market & GTM Disruptive Business Model Disruptive Technolog y Disruptive Business Models to Build Value @underscorevc startupsecrets.com Perfect Startup Storm 7
  8. Proprietary and ConfidentialProprietary and Confidential How can your Business Model…  Change the game?  Rewrite the rules?  Cause an innovator’s dilemma  Be as disruptive as your technology? 9 New Game New playing field New boundaries New rules YOU choose players Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  9. Proprietary and ConfidentialProprietary and Confidential Symantec Antivirus for Mac (SAM) Best seller – Licensed Product Norton Antivirus for PC (NAV) How to change the game Best seller – Subscription Service Ex 1: Symantec – many years ago (!) Disruptive Business Models to Build Value @underscorevc startupsecrets.com 10
  10. Proprietary and ConfidentialProprietary and Confidential  Dramatic!  Game changing • Flipped the model on it’s head  Competitors caught off guard • Predictable profitable business model  Led to solution leadership vs. battle: “Data Security” • Customer need met more effectively • More value extracted • 1.5 product / seat => 2.6x 11 Results? Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  11. Proprietary and ConfidentialProprietary and Confidential  Off balance sheet Publisher of US products • Investment in Management, Sales, Marketing, Support, Translation & Localization  Acquired back by US corp when profitable • Pooling of interest • Non dilutive • Growing earnings  Symantec example Win/Win 12 Ex 2: European Software Publishing Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  12. Proprietary and ConfidentialProprietary and Confidential  Win/win/win • Customers = better local product, support, services • Publishers = accelerated, off balance sheet setup of profitable business • Shareholders = 97X return on original investment  Non technology disruptive business model • Economies of scale • Pooling of interests (tax) • Time shifting expense -> Accretive outcome 13 Results? Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  13. Proprietary and ConfidentialProprietary and Confidential  Shared ownership (Zipcar)  Flash sales (Vente Privee)  Crowd sourcing (uTest)  Lead Gen (Mint.com)  Virtual goods/currencies (Tapjoy)  Combinations • Acquia - OSS, SaaS • AirBnB - Commission on P2P rentals • Demandware - SaaS, success based rev share • Groupon - broker, revshare • Spotify -adbased, freemium 14 Sample Models Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  14. Proprietary and ConfidentialProprietary and Confidential  Process or Product?  Software or Services?  Open or Proprietary?  Content or Data?  Freemium or Premium?  Subscription or License? 15 Business Model – Sample Questions Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  15. Proprietary and ConfidentialProprietary and Confidential Your Capabilities Of Really Exceptional Value Focus on it!CORE First key question What is your CORE value? Disruptive Business Models to Build Value @underscorevc startupsecrets.com 16
  16. Proprietary and ConfidentialProprietary and Confidential Where is your CORE value?  Software/other technology  Data  Content  Service, support  User network Disruptively monetize it! • To your competitive advantage • Where are others most vulnerable? 17 COR E Cut to the CORE! Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  17. Proprietary and ConfidentialProprietary and Confidential  Google Apps vs. Microsoft office • What is the C.O.R.E for each ?  Software, Data, Advertising ?  Don’t compete head-on • MS Office = enterprise market • Google Apps = consumer market • Free vs $500 license • Simple vs Complicated • 80% solution vs Professional Tool 18 - Ex 1 Apps Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  18. Proprietary and ConfidentialProprietary and Confidential How can you compete with a market leader who has 80% to 90% market share? 1. Don’t compete head-on 2. Innovators Dilemma – go for low end 3. Disruptive technology, business model, or market approach 4. Examples: Gmail, Google Apps, Chrome 19 – Competing with Market Leaders Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  19. Proprietary and ConfidentialProprietary and Confidential  Apple vs. Google • What is the C.O.R.E for each ?  Hardware, Software, Content ?  Others in Ecosystem • Samsung, HTC  Alternative approaches • Amazon 20 – Ex 2 - Mobile Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  20. Proprietary and ConfidentialProprietary and Confidential Who is winning? Why? Is technology the difference? Apple, Google, & Microsoft strategies • Always play to your strength • Apple Mac, Google Search, Microsoft Windows 21 Android vs iPhone Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  21. Proprietary and ConfidentialProprietary and Confidential Disrupt the market leader • Apple disrupted carriers and manufacturers  Verizon, Sprint, Nokia, Motorola, RIM, Symbian • Android allowed them to fight back Disruptive business model • Android is free • Advertising business model • Search, Maps, Local, Wallet, YouTube 22 Android vs iPhone Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  22. Proprietary and ConfidentialProprietary and Confidential Business Models Matter ! Don Dodge dondodge@google.com Disruptive Business Models to Build Value @underscorevc startupsecrets.com 23
  23. Proprietary and ConfidentialProprietary and Confidential Creating Value
  24. Proprietary and ConfidentialProprietary and Confidential Startup Secret: Co-Creating Value Disruptive Business Models to Build Value @underscorevc startupsecrets.com  Be Open and Extensible (eg Software APIs) • Enabling external multipliers to your value • Building on yourself • Eating your own cooking • Being your own customer 25
  25. Proprietary and ConfidentialProprietary and Confidential  Be Open and Extensible (eg Software APIs) • Enabling external multipliers to your value • Building on yourself • Eating your own cooking • Being your own customer  Open Source • Leverage through community • Make the customer the product manager  Scratching their own itch 26 Startup Secret: Co-Creating Value Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  26. Proprietary and ConfidentialProprietary and Confidential Dries Buytaert Founder and project lead Drupal Co-founder and CTO Acquia http://buytaert.net :: @Dries 27Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  27. Proprietary and ConfidentialProprietary and Confidential Meet Dries 12 years ago when he started work on Drupal ... 28 Compiler books Collection of stamps Chess board Assembly books All furniture is from IKEA Student dorm in Antwerp where I started Drupal
  28. Proprietary and ConfidentialProprietary and Confidential 1 out of 50 websites in the world 10,000+ modules 300,000+ downloads/month 1.5M unique visitors/month FREE 29
  29. Proprietary and ConfidentialProprietary and Confidential 71 of the world's top 100 universities use Drupal 30
  30. Proprietary and ConfidentialProprietary and Confidential 1. Freedom to run the program 2. Freedom to study the program 3. Freedom to modify the program 4. Freedom to re-distribute the program 31 Open Source is a software license
  31. Proprietary and ConfidentialProprietary and Confidential Drupal wins because it is less expensive … yet technically superior! Disruptive Business Models to Build Value @underscorevc startupsecrets.com 32
  32. Proprietary and ConfidentialProprietary and Confidential Open Source Collaboration 33
  33. Proprietary and ConfidentialProprietary and Confidential 3,800 people contributed to Drupal 8 Open Source is not just a software license, it is also a development model Disruptive Business Models to Build Value @underscorevc startupsecrets.com 34
  34. Proprietary and ConfidentialProprietary and Confidential Open Source Collaboration Community 35
  35. Proprietary and ConfidentialProprietary and Confidential 36
  36. Proprietary and ConfidentialProprietary and Confidential Open Source Collaboration Community Innovation 37
  37. Proprietary and ConfidentialProprietary and Confidential Technically superior 38
  38. Proprietary and ConfidentialProprietary and Confidential “Creative Destruction” Joseph Schumpeter 39 Joseph Schumpenter, Economist, 1883-1950 Drupal and Open Source is a catalyst for “Creative destruction”- Changes how we develop software - Changes how we build websites - Changes a multi-billion dollar industry - Open Source enables business model innovation - Bonus: allows to do well, and do good Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  39. Proprietary and ConfidentialProprietary and Confidential Delivering & Capturing Value
  40. Proprietary and ConfidentialProprietary and Confidential Multiply and Leverage your CORE Multipliers: • Increase revenue • Increase reach • Increase coverage Levers: • Reduce time • Reduce costs • Reduce resources CORE Levers Multipliers Startup Secret: Multipliers & Levers Disruptive Business Models to Build Value @underscorevc startupsecrets.com 41
  41. Proprietary and ConfidentialProprietary and Confidential Multipliers: • Added functionality • Community reach Levers: • Community development • Community marketing CORE Levers Multipliers Disruptive Business Models to Build Value @underscorevc startupsecrets.com Multiply AND Leverages CORE Drupal, Open Source 42
  42. Proprietary and ConfidentialProprietary and Confidential Multiplier Examples: • Sales & Marketing – Tiered Pricing – Freemium – Channel partners • Product – Slippery products * – “Russian Doll” Packaging * – Technology stacks Lever Examples: • Sales & Marketing – Web – Inside – Inbound – Viral • Product, Support – Offshoring – Outsourcing – Crowdsourcing – Co-creation * – Technology stacks * Covered herein Examples in Software Startup Secret: Multipliers & Levers CORE Levers Multipliers Disruptive Business Models to Build Value @underscorevc startupsecrets.com 43
  43. Proprietary and ConfidentialProprietary and Confidential  Strategies that enable Multipliers and Levers to work together around your CORE are the real winners 44 Get Multipliers & Levers working together! Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  44. Proprietary and ConfidentialProprietary and Confidential Acquia
  45. Proprietary and ConfidentialProprietary and Confidential • Provider of cloud-based solutions/support for enterprises using the open source product, Drupal • 2000+ customers • 250+ employees • 150% 4 year CAGR • Global operations • Highly predictable and repeatable model • Land and expand strategy 46 PROPRIETARY AND CONFIDENTIAL - do not redistribute Acquia at A Glance Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  46. Proprietary and ConfidentialProprietary and Confidential Acquia Business Model  Drupal is FREE  It is also Open Source  So how do you make money from FREE and Open IP? 1. Create valuable products and services around the CORE of Drupal 2. Use FOSS as multiplier and a lever in R&D, sales and marketing 47 PROPRIETARY AND CONFIDENTIAL - do not redistribute Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  47. Proprietary and ConfidentialProprietary and Confidential Acquia products around Drupal CORE C OMMU N ITY C OMMER C EC ON TEN T Enterprise Site FactoryDrupal Gardens Managed DeploymentsAcquia Cloud Drupal Management SuiteAcquia Network Drupal Training Professional Services Disruptive Business Models to Build Value @underscorevc startupsecrets.com 48
  48. Proprietary and ConfidentialProprietary and Confidential As a multiplier AND a lever (in R&D, sales, marketing…) 49 Example Multipliers: • Upsell value added products & services • Cloud & SaaS Example Levers: • Target installed base • Expand usage through partners CORE Levers Multipliers Free and Open Source Software (FOSS) Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  49. Proprietary and ConfidentialProprietary and Confidential One more thing… Disruptive Business Models to Build Value @underscorevc startupsecrets.com 54
  50. Proprietary and ConfidentialProprietary and Confidential  Product feeds the business model… • User experience • Supportability • Maintenance, updates (= lifecycle) • Upgrades • Upsells  Leads to 2 startup secrets • Russian Dolls & SLIPPERY products 55 Designing for success… Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  51. Proprietary and ConfidentialProprietary and Confidential • Simple • Low to no initial cost • Installs easily • Proves value quickly • Plays well with others • Easy to use • ROI is obvious • Y customers can’t live without it Think of how this improves the Gain/Pain Ratio in our Value Proposition Workshop Gain Pain Friction Free, SLIPPERY products Disruptive Business Models to Build Value @underscorevc startupsecrets.com 56
  52. Proprietary and ConfidentialProprietary and Confidential  Simple: Update your site from the browser  Low to no initial cost: free  Installs easy: Windows/Mac installers + SaaS  Proves value quickly: Distributions + Start using immediately  Plays well with others: Lots of integrations with other platforms  Easy to use: Web-based  ROI is obvious: Better, faster, cheaper  Your customers can’t live without: flexibility and extensibility 57 What makes Drupal SLIPPERY? Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  53. Proprietary and ConfidentialProprietary and Confidential  Multi purpose strategy • Packaging • Pricing • Distribution • And more … 58 Startup Secret: Build a Russian Doll! Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  54. Proprietary and ConfidentialProprietary and Confidential Free Incent Disruptive Business Models to Build Value @underscorevc startupsecrets.com 59
  55. Proprietary and ConfidentialProprietary and Confidential Limited Free Freemium … Disruptive Business Models to Build Value @underscorevc startupsecrets.com 60
  56. Proprietary and ConfidentialProprietary and Confidential Personal Limited Free OEM Solution… Disruptive Business Models to Build Value @underscorevc startupsecrets.com 61
  57. Proprietary and ConfidentialProprietary and Confidential Workgroup Personal Limited Free Premium … Disruptive Business Models to Build Value @underscorevc startupsecrets.com 62
  58. Proprietary and ConfidentialProprietary and Confidential Corporate Workgroup Personal Limited Free Sales enabler … Disruptive Business Models to Build Value @underscorevc startupsecrets.com 63
  59. Proprietary and ConfidentialProprietary and Confidential Enterprise Corporate Workgroup Personal Limited Free Adoption … Disruptive Business Models to Build Value @underscorevc startupsecrets.com 64
  60. Proprietary and ConfidentialProprietary and Confidential “Addiction before Adoption” Gives you, your partners & your customers:  Digestible starting point  Upsell Options  Channel Flexibility … and more 65Disruptive Business Models to Build Value @underscorevc startupsecrets.com Startup Secret: Build a Russian Doll!
  61. Proprietary and ConfidentialProprietary and Confidential Acquire On-board Upsell / Cross Sell “Addiction before Adoption” Acquia example = increasing LTV “Land & Expand” 66 $0 $100 $200 $300 $400 2009 2010 2011 2012(e) LTV Disruptive Business Models to Build Value @underscorevc startupsecrets.com Startup Secret: Build a Russian Doll! See example of 4A’s here
  62. Proprietary and ConfidentialProprietary and Confidential Create, Deliver & Harness Value Putting it all together Disruptive Business Models to Build Value @underscorevc startupsecrets.com 67
  63. Proprietary and ConfidentialProprietary and Confidential  Lifetime Value of Customer (LTV)  Cost of Acquiring Customer (CAC) 69 CORE Levers Multipliers LTV ~3x > CAC Disruptive Business Models to Build Value @underscorevc startupsecrets.com Basic Startup Model
  64. Proprietary and ConfidentialProprietary and Confidential  Repeatable  Scalable – with leverage  Profitable / Sustainable  Predictable  Valuable 70Disruptive Business Models to Build Value @underscorevc startupsecrets.com What makes for a GREAT business model?
  65. Proprietary and ConfidentialProprietary and Confidential Development Target Gross Margin 80% R&D 100%+ 15% Sales & Marketing 10% G&A 45% Profit (Loss) -100% 20% 71 • Example: – Phases of a software company Disruptive Business Models to Build Value @underscorevc startupsecrets.com % of Revenue spent…
  66. Proprietary and ConfidentialProprietary and Confidential Expenses as % of Revenue 62% 61% 53% 43%48% 29% 21% 19% 43% 50% 45% 44% 19% 14% 11% 11% L/T Model based on profitable subscription based software company 62% 48% 43% 19% 51% 29% 65% 14% 11% 45% 21% 53% 44% 19% 44% 11% 10% 35% 15% 25% Disruptive Business Models to Build Value @underscorevc startupsecrets.com 73
  67. Proprietary and ConfidentialProprietary and Confidential • Today: – 70% of all bookings are renewable subscriptions – 30% are consulting services (key differentiator) – 85%+ annual renewal rate for non-project work • Long-term Model: – 80% renewable subscriptions – 20% consulting services – 90% annual renewal rate for non-project work Highly Predictable and Repeatable Financial Model Disruptive Business Models to Build Value @underscorevc startupsecrets.com 74
  68. Proprietary and ConfidentialProprietary and Confidential New Geographies New Partners New Verticals Potential M&A Cross-sell Up-sell New Sites New Products New Customers Existing Customers Result: Disruptive Business Model for Continued Growth Disruptive Business Models to Build Value @underscorevc startupsecrets.com Total Revenue
  69. Proprietary and ConfidentialProprietary and Confidential Valuable…
  70. Proprietary and ConfidentialProprietary and Confidential 2013 Revenue Multiples Median 5.2x Valuations - SaaS Disruptive Business Models to Build Value @underscorevc startupsecrets.com 77
  71. Proprietary and ConfidentialProprietary and Confidential 2012-2013 Revenue Growth Valuations - SaaS 2013 Revenue Multiples Median 5.2x Disruptive Business Models to Build Value @underscorevc startupsecrets.com 78
  72. Proprietary and ConfidentialProprietary and Confidential Valuations - SaaS Disruptive Business Models to Build Value @underscorevc startupsecrets.com 79
  73. Proprietary and ConfidentialProprietary and Confidential Valuations - SaaS Disruptive Business Models to Build Value @underscorevc startupsecrets.com 80
  74. Proprietary and ConfidentialProprietary and Confidential Retention (Renewal) Disruptive Business Models to Build Value @underscorevc startupsecrets.com 82
  75. Proprietary and ConfidentialProprietary and Confidential 14 x leverage! Upsell Disruptive Business Models to Build Value @underscorevc startupsecrets.com 83
  76. Proprietary and ConfidentialProprietary and Confidential  Lifetime Value of Customer (LTV)  Cost of Acquiring Customer (CAC) 84 CORE Levers Multipliers LTV ~3x > CAC Basic Startup Model Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  77. Proprietary and ConfidentialProprietary and Confidential The Model Refined – Enabling Retention & Upsell  Lifecycle Value of Customer (LCV)  Cost of Acquiring & Re-Engaging Customer (CARC) 85 CORE Levers Multipliers Re-TrialUp-sell Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  78. Proprietary and ConfidentialProprietary and Confidential Re-engagement Costs  Must be included in CARC  Example: • Support • Customer Service • Professional Services 86Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  79. Proprietary and ConfidentialProprietary and Confidential Connecting it to Gain/Pain  They are two views of the same principle: • Customer view = Gain/Pain • Vendor view = LCV/CARC 87 CORE Levers Multipliers Re-TrialUp-sell Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  80. Proprietary and ConfidentialProprietary and Confidential Start as you plan to finish... 88Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  81. Proprietary and ConfidentialProprietary and Confidential A typical product lifecycle But it doesn’t have to be this way ! 89 See Try Buy Fly Die Long, costly (CAC), slow payback, short lifetime value (LTV) Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  82. Proprietary and ConfidentialProprietary and Confidential Adding Retention and Upsell 90 See Try Buy Fly Die Re-TrialUp-sell Extended Lifecycle Long, costly (CAC), slow payback, EXTENDED lifetime value (LTV) Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  83. Proprietary and ConfidentialProprietary and Confidential Web Self service On demand SaaS Subscription Open source A disruptive & valuable Lifecyle See Try Buy Fly Die Re-TrialUp-sell Extended Lifecycle Re-Trial Up-sell Extended Lifecycle short, low cost (CARC), quick payback, extended lifecycle value (LCV) Disruptive Business Models to Build Value @underscorevc startupsecrets.com 91
  84. Proprietary and ConfidentialProprietary and Confidential Applied to Software  Installed by IT  Customized  Infrequent upgrades  Proprietary  License 92 1990+ 2010+  On demand, SaaS  Web based  Self service  Open Source  Subscription Web Self service On demand SaaS Subscription Open source Up-sell Extende d Lifecycl e Up-sell Extende d Lifecycl e short, low cost (CAC), quick payback, EXTENDED lifetime value (LTV) Re-Trial …a fundamentally disruptive & more valuable business model Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  85. Proprietary and ConfidentialProprietary and Confidential DEMANDWARE PRE-IPO
  86. 97
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  89. Proprietary and ConfidentialProprietary and Confidential Summary  Disruptive Business Model – as significant as Technology  Focus on CORE differentiation  Multiply and Leverage it with innovation like:- • Co-Creation • Strategic Partners • Russian Doll Packaging • And Friction Free, SLIPPERY products  Design for high value using LCV & CARC 106Disruptive Business Models to Build Value @underscorevc startupsecrets.com
  90. Proprietary and ConfidentialProprietary and Confidential START UP SECRETS An insider’s guide to unfair competitive advantage Hi Disruptive Business Models to build Value #startupsecrets startupsecrets.com Michael J Skok
  91. Proprietary and ConfidentialProprietary and Confidential T 617.303.0064 @underscorevc 53 State Street, 10th Floor, Boston, MA 02109, USA T 617.303.0064 @underscorevc 53 State Street, 10th Fl Boston, MA 02109

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