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Top 10 Things I Learned While Taking My Startup through a Silicon Valley Accelerator
Top 10 Things I Learned
While Taking My Startup through a Silicon Valley Accelerator Scott Salkin Founder & CEO ALLBOUND
Who I was Six Months
Ago: CEO & Founder IDS Technology Marketing President, Phoenix Chapter Business Marketing Association Committee Co-Chair Arizona Technology Council Startup & Entrepreneurship Committee Playworks Arizona Arizona Education Foundation Big Brothers/Big Sisters of Arizona Tavan Elementary School Vistage CEO Network
There is painful misalignment between
go-to-market strategy and sales execution... 90%of content & training never used by sales (AMA/Forrester) 35+ hoursper month spent searching for tools and training (IDC Sales Enablement Study) Millionsspent on content, but no way to track/report (Content Marketing Institute)
How it all happened… 2010
v1.0 “MarketHub” v1.1 2 Customers 2011 “PaaSPlay” 6 Customers June 2014 July 2014 Enterprise Opportunity Thursday August 7 Demo for Anthony Friday August 8 Intro to Acceleprise Tuesday August 12 Pitch/Demo to Acceleprise Meh… Product/Market Fit? Maybe we have something… Cool! But no time
Had an idea of what
I didn’t know… Had NO idea what I didn’t know… Product + Leadership/Resume + Revenue ≠
For the next 4.5 months…
• Co-worked, surrounded by startups and founders • Learned from industry leaders and “2nd-timers” • Networked at startup events and conferences • Hung out in Silicon Valley, ie Palo Alto and Mountain View • Pitched and went to pitch events • Met with VCs and Angels • Started looking at real estate
Hayley Barna Ka+a
Beauchamp Birchbox Patrick Collison Stripe Aaron Bell Adroll Steven Huﬀman ReddiA Aaron Levie Box.com Nick Mehta Gainsight Tien Tzuo Zuora Lawrence Coburn DoubleDutch Clara Shih Hearsay Karen Naio NesIo Marissa Mayer Yahoo Mark Zuckerberg Facebook Mikkel Svane Zendesk Sarah Leary NextDoor
We are in the third
generation of SaaS companies: • 1st Generation: Salesforce, Netsuite, Webex • 2nd Generation: leveraged Salesforce or other web platforms to scale. • Now…every business process is being SaaSified. • No market is too small (e.g., search-as-a-service) • More buyers have SaaS budgets (e.g., HR, Procurement, Finance, etc.)
Nick Mehta CEO, Gainsight
First Startup… LiveOﬃce Josh James CEO, Domo First Startup… Omniture Mark Organ CEO, Inﬂui+ve First Startup… Eloqua Kris Duggan CEO, BeNerWorks First Startup… Badgeville 2nd Timers to Watch…
Once you have product-market ﬁt
and hit initial traction, it’s all a playbook. For a given ACV, basically you scale everything the same way. They know not just the playbook for this year, but how the playbook plays out 2-3-5 years down the road.
Annual Recurring Revenue (ARR) Annual
Contract Value (ACV) Customer Acquisition Cost (CAC) Churn Rate Monthly Recurring Revenue (MRR) Average Revenue per Customer Lead Velocity Rate (LVR) Engagement Rate
SaaS Quick RaIo = Added
MRR / Lost MRR Number should be ABOVE 4.0 WHAT YOU WANT: • Maintain a quick ra+o > 4 • Net new MRR increasing quarter over quarter • Get to $1M ARR in about 12 months aUer launch WHAT TO WATCH OUT FOR: • A Quick Ra+o < 2 = churn is too high and sales isn’t working • Net new MRR is ﬂat or down Q/Q • As a result, it takes 18+ months to get to $1M ARR One VC’s Formula...
“Why Silicon Valley must focus
on plain old business” “Why I no longer want to move to Silicon Valley.” “Disregard for ‘business’ in the technology business.” “All the startups that deﬁne the bro culture .” “Women Shouldn't Code.” “The mythos that is today's Silicon Valley.” “Uber is…floundering on the business side of things.” “Marissa Mayer…hasn't really got the business skills to form relationships. “Twitter…hasn't made of a use case for itself. “The bro culture is on the engineering side.” “They’re the 1 percent vs. the rest of us.” “The themes we all know about: lack of diversity, misogyny, greed, and envy.” “Bitch and moan about…how we ought to bring things from that city to Phoenix.”
“Apple’s $2B command center is
just part of Phoenix’s back- ofﬁce economy.” “I can hire phone-based SDRs and CSMs for way less in Phoenix and most of them will kick the behinds of my team in San Francisco.” “My best simply won’t go there.” “It’s not as much the lack of talent as it is the drive.” “They deﬁne ‘one step forward, two steps back.’”
Some takeaways… 1. We work
together and build a community 2. We go all-in on STEM 3. We get the next generation involved 4. We push our corporations to contribute 5. We change - starting with our mindset 6. We learn from those who’ve done it 7. We stop trying to position ourselves as the “next Silicon Valley”
San Francisco, CA 25 Taylor
Street 3rd Floor San Francisco, CA 94102 Scottsdale, AZ 14811 N. Kierland Blvd. Suite 300 Scottsdale, AZ 85254 Scott Salkin CEO, Founder 602.881.1718 email@example.com @scottsalkin Sales knows no boundaries… ALLBOUND