Player is loading...
Getting traction: the entrepreneur's currency
Jordi Montserrat, Venturelab
Monday, Sept. 5, 2016 · 9:07 a.m. · 55m 56s
Embed
Transcriptions
Note: this content has been automatically generated.
00:00:00
Despite the fact that I also in the
00:00:01
town city of EDN so supporting or
00:00:05
working with the counselling to help
00:00:07
either yeah for getting ED out to the
00:00:09
best place one of the good reasons you
00:00:11
are here because it's a great institute
00:00:13
that's been doing an excellent job in
00:00:14
the past years. And not because of the
00:00:16
counts here I can reassure you were
00:00:18
here strategic orientation. But my
00:00:20
background I choose engineering but
00:00:22
what have been doing for the past
00:00:23
fifteen years is we have a company
00:00:25
called I guess Che that's on this or
00:00:27
yellow logo here. And we build programs
00:00:30
and we offer services we devil up tools
00:00:34
that are all aiming at and reporters
00:00:36
starting their companies. So what we do
00:00:38
here is ranging from helping people
00:00:42
just doing their incorporation in a
00:00:44
cheap on efficient way in Switzerland
00:00:47
tool having international and financing
00:00:49
programs we want to give under printers
00:00:53
the best chances are at least report
00:00:56
and accelerate their way to making
00:00:59
successful companies and giving them at
00:01:02
the beginning to support I said can
00:01:04
range from money and the then
00:01:06
initiatives range from vendor cake
00:01:08
which would probably we hear about on
00:01:10
the many of the predecessors that have
00:01:12
been taking the access the ICC the
00:01:15
competition have so then been entering
00:01:17
into a venture cake I had then the
00:01:20
pleasure to take them with like ten
00:01:21
twenty even in some cases a hundred
00:01:24
thousand I will explain that very
00:01:25
quickly because I think it's a of
00:01:27
interest for you. Um and also went to
00:01:30
lab where we have a platform or run
00:01:32
several programs taking it openers to
00:01:34
India china united states on here what
00:01:37
we're aiming at is that an early
00:01:39
exposure to international markets and
00:01:42
nothing you for you. So it's one is not
00:01:44
an amazing domestic market in terms of
00:01:47
size sometimes even in terms of basic
00:01:50
customers you will find that you want
00:01:52
to serve so being exposed
00:01:54
internationally very ornate is an
00:01:56
important. Um point or an important
00:01:59
things that you should be doing and
00:02:01
that you should be considering allow me
00:02:03
to do once more change I don't like
00:02:05
having this thing here in my pocket
00:02:07
switchers move this one here like these
00:02:10
think that so much for the introduction
00:02:15
so I have to talk to you about one
00:02:17
thing which is close to my heart
00:02:19
because in fifteen years or more
00:02:22
because actually before I toy story
00:02:23
engineering come from IT my background
00:02:25
is geographic information system. I
00:02:27
started coding consulting doing all
00:02:30
these things for a couple of years and
00:02:31
device that I better think of something
00:02:34
where I feel more ownership enterprise
00:02:36
should be selected but ownership as you
00:02:38
probably have on one of the reason
00:02:39
you're here is primitive aided by D so
00:02:42
I thought I built my own company want
00:02:44
into building a company knowledge
00:02:45
management and in content management
00:02:48
with some success some failures
00:02:50
basically we running both cases are
00:02:53
raised one and have needed for the
00:02:55
first one five million I wasn't a team
00:02:57
for the second one withdrawn the
00:02:59
company in the second one to thirty
00:03:01
plus people and we built a system which
00:03:04
you might know college I yeah some of
00:03:05
you were going to EPF it's a content
00:03:07
management solution it does exist
00:03:10
unfortunately withdrew the company too
00:03:11
fast we want to the had the time was
00:03:14
called the barber but we want to also
00:03:16
the cycle of having too big of a
00:03:18
company for the amount of customers we
00:03:20
had we had customers but we could
00:03:22
support maybe say six to eight people
00:03:25
with that customer base. So we have to
00:03:27
decrease the company and this things
00:03:29
all cycle was I would like for years
00:03:31
very deep into that at that time for
00:03:34
money tree and and the most military
00:03:36
and private reasons and I always say in
00:03:39
entrepreneurship is very contextual
00:03:41
when you lounge someone I look at you I
00:03:43
wish I could be back on these seats
00:03:44
because that's the moment where you
00:03:46
usually can really do things. You have
00:03:48
usually very the constraints no family
00:03:51
no kids have the time my situation was
00:03:52
changing so I have to go back first for
00:03:55
the rebounds high one just like six
00:03:57
months doing some souls coaching
00:03:59
coaching was not so much fighting we
00:04:01
enjoy so I want into building the
00:04:03
company or joining because in that
00:04:05
company one look founder of partner.
00:04:07
And everything everything we do with
00:04:09
yeah J mainly venture lavender cake all
00:04:12
of these programs on that wrapping in
00:04:14
computers aside I'm I'm slacking as
00:04:16
business engine on board member. So all
00:04:19
of this should be telling you why I
00:04:22
believe the topic in my dressing this
00:04:23
morning is from is so important is that
00:04:25
at the end of the day what ever you do
00:04:28
with your project then your company
00:04:31
what will demonstrate its usefulness is
00:04:33
your ability to demonstrate traction is
00:04:37
your ability to show that what you don
00:04:40
has interest there for the people
00:04:43
whether customers which is usually the
00:04:45
vast them by far the bass the the
00:04:47
biggest priority but it can also be for
00:04:50
partnership can also be a for other
00:04:52
employees it is for all the people
00:04:54
around who are here and thinking what
00:04:57
those people are really is important
00:05:00
what those people are doing makes sense
00:05:02
and I want to be part of it. And you
00:05:05
are able to convince this people and
00:05:08
this is the very big sign you're able
00:05:11
to convince these people to be with
00:05:13
you. And this attraction he's by for
00:05:16
probably be on your own personality
00:05:20
because we invested entertainers but
00:05:21
you know personalities as barry divers
00:05:24
I have to say that originally we have
00:05:26
this picture of you know the
00:05:28
interpreter that maybe some sort of a
00:05:29
superwoman or Superman that that the
00:05:31
end of the day. That's one of the
00:05:33
illusions have roast it's very
00:05:35
difficult to come they can say you are
00:05:38
the know that will be successful nearly
00:05:40
impossible because not too many factors
00:05:43
you know people realise sees you would
00:05:45
be surprised people working teams
00:05:47
you're not alone. So the only thing
00:05:50
that the DNU realities are these people
00:05:53
able to move the ball forward therefore
00:05:57
traction and I call it interpreters
00:05:59
currency because when I take my support
00:06:02
at that's what I want to give you it
00:06:04
means traction and what I take to my
00:06:06
Masters that I don't yet have you been
00:06:09
able to do traction have you been able
00:06:11
to produce to move forward and to be
00:06:14
able to demonstrate that what you want
00:06:17
to do is important that people want to
00:06:21
go and it it's not only any nightie I
00:06:24
know traction is very often associated
00:06:27
almost exclusively to are you able to
00:06:29
grow the numbers you know of basic
00:06:31
doors on your website are you able to
00:06:32
grow the numbers of people around that
00:06:36
are watching and converting them it's
00:06:38
not only these and I will come to the I
00:06:41
would say what it means according to
00:06:43
the context you're right how do we get
00:06:46
traction on I think demonstrating the
00:06:48
example is that would be to venture
00:06:50
kick invented cake what we do and this
00:06:52
is our process people come in they
00:06:55
usually have an idea that's what you
00:06:56
have not a bit more advanced maybe a
00:06:58
demonstrator what will look at first
00:07:00
he's do we have a good team by team we
00:07:03
mean motivated people with good skills
00:07:05
skiers knowledge trainings whatever
00:07:10
that is related to what they claim they
00:07:14
are going to do. And do they have a
00:07:16
good idea project you know a good
00:07:20
perspective are they able to sell
00:07:22
something which makes sense we only
00:07:25
look at these we don't ask for more so
00:07:28
why is it important because this is the
00:07:30
essence. But the maybe out the project
00:07:32
is something that people can start
00:07:34
moving on we'll know by experience that
00:07:36
it's not necessarily what you would be
00:07:38
doing at the end sometimes yes
00:07:40
sometimes no to give you a bit of of
00:07:43
torn order of magnitude we wanna come a
00:07:46
hundred and twenty projects per year
00:07:47
into recession so we have fifteen jury
00:07:50
sessions of eight and then we select
00:07:52
for candidates there are session eight
00:07:56
people present we have the resource to
00:07:59
support four of them. So we have a
00:08:01
process which is both quantitative and
00:08:03
qualitative meaning that we can work on
00:08:07
that many jury recession that many
00:08:09
people and then and it is swiss white.
00:08:12
So this is or for companies which are
00:08:14
related to sue is knowledge base a all
00:08:17
of the people come here we select does
00:08:19
for projects on what they get is ten
00:08:21
thousand swiss francs with these ten
00:08:23
thousand six francs what we expect is
00:08:25
for them to demonstrate their ability
00:08:27
to build a business case and here is
00:08:29
what I'm talking my first level of
00:08:31
traction is are you able to take these
00:08:35
I there and during this three months of
00:08:38
course you can already with the history
00:08:40
but during the statements to
00:08:41
demonstrate that you're really able to
00:08:43
go out. And get business development
00:08:47
traction our focus is on business
00:08:49
development you will have different
00:08:51
address typically here in ICC it's very
00:08:53
good because you will also focus on
00:08:55
developing the product at the same time
00:08:57
I also exposing you to outside. So and
00:09:00
all of these things come complementary
00:09:02
to each other you should be leveraging
00:09:04
these things that that doesn't system
00:09:06
goes in the interpreters bank account
00:09:08
we give it to the or you have to enter
00:09:11
in the project before you created the
00:09:13
company. And the idea here is that we
00:09:16
want you before you even incorporate
00:09:17
that company to go out there and to
00:09:19
talk to people you know to go out there
00:09:21
to talk to people and expose your ideas
00:09:25
and expose and get feedback. And then
00:09:28
in the three months period because we
00:09:29
said the time. It's not you setting the
00:09:32
time we put a bit of pressure on your
00:09:34
shoulders we want to see things
00:09:36
happening happening fast we ask you to
00:09:38
come back and to present again and the
00:09:40
second stage you can get twenty K we
00:09:42
have resource so basically we were
00:09:44
gonna budget our money's coming from
00:09:46
donors we have foundations we have
00:09:48
private individual giving this money
00:09:50
because we convinced them that you are
00:09:52
not such a bad investment we told them
00:09:54
means it's in those people you know
00:09:56
they were going to build a company. So
00:09:58
they're the good companies you can get
00:10:00
twenty and here we demonstrate we call
00:10:01
it the business case a business case
00:10:03
for us please have those people being
00:10:05
able to transform what is their idea
00:10:08
into something that being presented to
00:10:11
partners be presented to potential
00:10:14
customers to potential investors will
00:10:16
have to closing doesn't yet but just
00:10:18
you talk to people and you say look at
00:10:20
these and here is your role by the way
00:10:23
I would insist on that you have to put
00:10:25
something on the war that maybe is not
00:10:27
finished today but that people can
00:10:29
picture can visualise can sort of feel
00:10:32
and understand that's your role as
00:10:34
interpreters. And you tell me this
00:10:36
thing is going to work can you envision
00:10:38
it with me can you envision that with
00:10:41
me if yes the data worse when you buy
00:10:45
it in order to make it work would you
00:10:47
finance me would you partner with me
00:10:50
that's your role that Steve down what
00:10:53
the interpreter does if I would be able
00:10:54
to do it myself up we would do it
00:10:56
myself. Now I have the money you have
00:10:58
the skills you know so that's for the
00:11:00
compliment boards. So that's where the
00:11:03
game or you come in and industry once
00:11:06
we expect you to go out to expose it to
00:11:08
people and to show you've been able to
00:11:09
generate attention to generate traction
00:11:13
people are saying wow it's great
00:11:15
feedback feedback from the market after
00:11:17
two twenty customers you've done your
00:11:19
homework. And then you build a business
00:11:20
case around it business case for as
00:11:22
also entails the fact that you are
00:11:24
putting our numbers on it you said I'm
00:11:27
going to sell to these customers and to
00:11:30
this type of people might discussed
00:11:32
more or less I think I could set it
00:11:33
about about price and could work about
00:11:35
that way. And you basically put that
00:11:37
business case around which is putting
00:11:41
money on the story you have should you
00:11:45
be selected we give you twenty thousand
00:11:47
six month you come back and here we
00:11:49
have a whole another hundred thousand
00:11:51
that state. And the hundred thousand
00:11:53
come really at that point we consider
00:11:55
now we expect you to have the company
00:11:57
you can create a company anytime I once
00:11:59
you entered stage one but by stage
00:12:02
three we expect the company will be
00:12:04
incorporated and here we invest in the
00:12:06
company here we invest the difference
00:12:08
is the first two brown sturdy table
00:12:10
grants we give it to you you have a
00:12:12
moral close if one day you make
00:12:13
millions please give us some money
00:12:15
back. We think it's fair it's today
00:12:17
other people who've made money we're
00:12:19
paying for you. We think one day you
00:12:22
may comedians and right now we're
00:12:23
getting if you're for alumni I don't
00:12:26
know by the way so by now with support
00:12:28
of the four hundred and so the project
00:12:30
plus. Um of which created they have
00:12:33
fights about three hundred plus
00:12:34
companies. Um and we have now quite a
00:12:39
nice success so we have many success
00:12:42
stories so it's a quite a nice don't
00:12:44
like group with companies having sold
00:12:46
to Intel to power ought to able to
00:12:50
upload to all kind of people and some
00:12:53
of them having raised to belatedly all
00:12:57
these companies I'm attracted one point
00:12:59
one billion. So we can aim that we are
00:13:01
also a unicorn initiative in terms of
00:13:03
financing whatever this means report
00:13:05
about unique. So so much for these and
00:13:08
what we want in the six months period
00:13:10
additional is not really to see the
00:13:12
concrete steps that you're taking what
00:13:15
are you able to crawls first we just
00:13:18
ask you to go out there to check and to
00:13:20
come with feedback and second level we
00:13:23
ask you to not come with some as many
00:13:25
concrete elements as possible we call
00:13:27
all of these achievements. And so the
00:13:30
difference between the first one and
00:13:31
the second sort of period is now we
00:13:33
want to have transactions that's a big
00:13:36
word a transaction it means that you
00:13:39
have had an exchange with somebody you
00:13:41
know whether or party sheep whether
00:13:43
contract so what are the transaction
00:13:46
the transactions that you put together.
00:13:49
And that says that wore they insist on
00:13:51
it. And R.s first happened envisioning.
00:13:54
And then they build transactions with
00:13:58
customers with people and transactions
00:14:02
for many of you we have some of IT
00:14:04
background nights we like you know it's
00:14:05
an entry in the database that is
00:14:07
committed. So that's a transaction. And
00:14:11
this one is now working. And it helps
00:14:14
accompaniment for so that's what we
00:14:17
expect from your I would say role here.
00:14:22
I'd building the company nine order to
00:14:24
move that you have to move forward and
00:14:25
of course you have to envision the
00:14:27
hundred K they come I said as an
00:14:28
investment in the company. And the way
00:14:30
we work and this is things you receive
00:14:32
an industry which we actually have a a
00:14:36
floating equity we take an equity in
00:14:38
the company but we will set the level
00:14:40
of the equity when you do your first
00:14:42
round. So when you do your first
00:14:45
significant problems when you obtain
00:14:46
you first valuation usually I dunno
00:14:49
three four five million say even have a
00:14:51
company who's got twelve million at
00:14:53
that point will say for the money we
00:14:55
gave you we want to have that level for
00:14:57
notion and in the mean why. We retain
00:15:02
we have an equity retainer with take in
00:15:04
the meanwhile ten percent but this is
00:15:06
not you know it could have been fifteen
00:15:07
could have been ten it's not just we
00:15:09
have this number and it's like a holder
00:15:11
we have which we return once we have
00:15:14
the final evaluation eventually that's
00:15:19
what we do and this there was you why
00:15:21
do we do that and I come back tells you
00:15:23
what we want to see is your ability to
00:15:25
demonstrate traction all around this
00:15:27
process we didn't street that's it's
00:15:28
quite fast it's nine month it's can you
00:15:31
go out and can you demonstrate what are
00:15:33
you doing. So here are the core
00:15:35
elements of the things that we're
00:15:36
looking at first can you make a great
00:15:38
story. Then you have a story you heard
00:15:41
about story we hear a lot about
00:15:42
storytelling out. So this is something
00:15:44
you do greatly here at ICC getting the
00:15:46
story getting the storytelling running
00:15:48
and I think it's important then can you
00:15:54
make this you or story can you make
00:15:58
this your story you have to fill it out
00:15:59
then take the challenge we storytelling
00:16:01
is that sometimes it you know it's like
00:16:03
it's not going to theatre if you fee
00:16:08
too much. That's the actor on the stage
00:16:12
is actually just giving something by
00:16:14
heart but is not really playing you've
00:16:16
seen hope for it can become your agree
00:16:20
with me you've seen those things where
00:16:21
the actual you feel he's just like
00:16:23
repeating versus when the actors really
00:16:26
living you know he's learned by heart
00:16:27
what they say correct you know it's not
00:16:30
a surprise but because he plays it so
00:16:32
why you know it's same you really got
00:16:33
into the person. That's what we we need
00:16:35
from you when you do storytelling has
00:16:37
to be authentic has to be or story.
00:16:39
Because as we don't really believe in
00:16:42
so you have to put this then we have to
00:16:45
stress test all of the building blocks
00:16:47
your story from the entry the customers
00:16:50
the the you know how I can it's going
00:16:52
to work was going to be in command so
00:16:53
every place is going to be and then we
00:16:55
want to see all of what you're telling
00:16:58
how many how much evidence how many
00:17:00
transactions do you have to prove that
00:17:03
what you're telling me is true the last
00:17:06
or a stress test that the story is what
00:17:09
articulated articulation is key. I'm
00:17:13
not doing a peach thing but that's one
00:17:15
thing where most of a you know and I we
00:17:19
have to work a lot not articulation
00:17:20
means that you start with an example of
00:17:22
a customers and then you build the
00:17:23
business small the really on the same
00:17:25
logic with that same customers with
00:17:27
that same domain with that same market
00:17:30
with the same logic that you have to
00:17:32
apply to this market very often people
00:17:34
start with a great customer an example
00:17:36
of a problem there style. But then when
00:17:39
you are I still will be the customer
00:17:40
and how they plan to charge and how
00:17:42
they plan to the deploy you see that
00:17:44
things become this circuit related you
00:17:46
can do that type of distributions into
00:17:49
that type of market and then it doesn't
00:17:52
work and then we're like the stories
00:17:54
nice the original problem that you saw
00:17:55
with your technologies nice but it just
00:17:57
doesn't fit the real world as the world
00:17:59
is running on who owns the problem. So
00:18:02
look at these very carefully. And then
00:18:05
run and then demonstrate traction so
00:18:07
what do we mean by traction. That's the
00:18:09
definition that's what we expect in
00:18:12
traction terms traction is your ability
00:18:17
to read them on straight that you have
00:18:19
like one to the teeth ask one detective
00:18:21
number evidence that people want what
00:18:25
you have to propose and here we have to
00:18:29
define the unit tower this transaction
00:18:31
somehow the units will be working who
00:18:34
will be telling you you know and this
00:18:36
will change according to the type of
00:18:39
our as you are working. So demonstrate
00:18:42
if you have only one slide. And I can
00:18:45
tell you it speaks for it or if you
00:18:47
come and you say I have put this
00:18:50
various online and I convinced. So in I
00:18:55
don't know in the months it's been
00:18:56
online that so many visitors retired
00:18:59
that somebody conversion or I have this
00:19:01
software I want to easy twenty
00:19:03
companies are not of this twenty ten
00:19:06
told me the dates working I want it
00:19:08
that's traction and this one was speech
00:19:13
we speak for itself if you have that
00:19:16
then we want to come to you and we want
00:19:17
to circuit anymore if you don't have it
00:19:20
of course it's your role to help
00:19:22
presentation but it will come that's a
00:19:24
definition per se of what traction and
00:19:27
what attractions yeah okay yeah so when
00:19:38
when you are going out there you have
00:19:41
different type of business models or
00:19:43
different type of companies at the
00:19:44
beginning and one of the questions when
00:19:46
you have a company and we ask ourselves
00:19:48
is what type of of company we be or
00:19:53
what is the underlying foundation of
00:19:56
your company. And we talk usually
00:19:59
easier a technology play meeting you
00:20:03
have an amazing differentiated
00:20:04
technology and this one can really ask
00:20:07
very itself make a difference who
00:20:11
believes that septic not still as a
00:20:13
great technology on the back of their
00:20:14
project. And amazing differentiated
00:20:17
technology something that you feel can
00:20:19
you describe it in a couple of force
00:20:20
for me we cinch other ready if I am
00:20:22
alright the yeah so yeah secular
00:20:27
"'cause" I was thinking well yes okay
00:20:39
so it's a hard or so within this spot
00:20:41
or you have let's work like this you
00:20:43
has a technological advantage over
00:20:45
anyone that we can use as being a
00:20:47
foundation for extraction if you come
00:20:49
man you say I have a technology play
00:20:51
and like you know like here he's my
00:20:53
heart gonna have or is ten times better
00:20:55
per se in the nature of my hard work
00:20:58
you know now for the vast majority it's
00:21:01
not the case and even then you know we
00:21:04
can discuss as as a whole so late
00:21:06
eighties et cetera but at least you
00:21:08
have this piece of hardware which is
00:21:10
and we call it the technology play you
00:21:13
can push it. Um very often people are
00:21:17
like yeah well you should start from
00:21:18
the market and things and I fully agree
00:21:20
it's better to start with the market
00:21:21
times better to work from the market
00:21:23
side but that's one of the among many
00:21:25
others things I have sort of lost as
00:21:28
religions you know you can start from
00:21:29
the market from the technology from
00:21:31
anywhere from only the pure we love you
00:21:33
wanting to be an entrepreneur and the
00:21:35
great company. I have seen great story
00:21:38
of people just building companies you
00:21:39
know why they started on they say what
00:21:42
I really want to be they started doing
00:21:44
services service were just they were
00:21:46
just good people. And at the end doing
00:21:49
those services they discovered what the
00:21:51
customers really wanted and the amazing
00:21:53
companies there is one like this up RX
00:21:56
seven for those were in the biotech.
00:21:58
And make make an me parenthesis to
00:22:00
illustrate the guy's one to the US is
00:22:02
started doing consulting services in
00:22:04
biotech realised in the middle that
00:22:06
actually european biotech up quite a
00:22:08
few problems with the LDA that was
00:22:10
twenty years ago started building a
00:22:12
platform soft for help them release
00:22:15
platform extended his platform and he
00:22:18
has a company of fourteen thousand
00:22:20
people which is more score billion in
00:22:22
the stock market but when I talk and
00:22:24
people were asking every away visiting
00:22:26
with our teams of entrepreneur you know
00:22:27
have these themes of entertainers we go
00:22:30
visit it comes from such an unreachable
00:22:32
so ideas as an hour feast I'm a company
00:22:34
of forty thousand people is to
00:22:36
president conceal becomes takes an hour
00:22:38
explain on every time the special
00:22:40
colour continue get your idea and it
00:22:42
was saying I have no idea I just I want
00:22:44
to the US I did my MBA there and as I
00:22:47
saw how great it was I wanted to have a
00:22:49
company so I just created a company and
00:22:50
started giving consent thing around you
00:22:52
know on the first three years or half a
00:22:55
disaster. He almost quit like two or
00:22:57
three times because considering is
00:22:59
difficult I was thinking why don't I go
00:23:01
for a big company et cetera and sort of
00:23:03
you know grab it and grab it down
00:23:05
there. So this to illustrate sometimes
00:23:08
I feel you don't even need a maybe a
00:23:09
the share with a few wanting to start
00:23:12
and that's I think is the so that's a
00:23:15
technology play the traction play means
00:23:17
you don't have a strong differentiator
00:23:19
and that's usually the case it I guess
00:23:22
you have an advantage but it's more I'm
00:23:24
going to put it out there I'm going to
00:23:26
make it work so good that then I will
00:23:29
go into a positive spiral positive
00:23:32
increase. And I will get done this
00:23:35
comes to good marketing these goats to
00:23:38
good ways to have people converting
00:23:40
this comes through your amazing same
00:23:42
scale of convincing companies and then
00:23:45
you get your traction true that answers
00:23:49
a question. So that's where we make a
00:23:51
difference so what you have to use to
00:23:53
show proof in the pudding what you have
00:23:55
to use them on straight that's the way
00:23:56
it works in this room who is now a
00:24:02
planning a project business to
00:24:04
consumer. So your piece of hardware to
00:24:08
start here and that I would jump to
00:24:10
years to whereas you have the but you
00:24:11
piece of hardware is for converting so
00:24:14
you plan to sell these on maybe service
00:24:16
around rather to companies rather to
00:24:19
people is the device for it's every to
00:24:23
be okay so let's start consumers so we
00:24:26
go in order always more business to
00:24:27
consumer what what is it that you're
00:24:30
referring to so one oh yeah yeah oh
00:24:51
yeah so it's really inventive it's
00:24:56
really having this I mean and are so
00:24:58
quite a few apps or I mean quite a bit
00:25:00
of competition is sector. So that's
00:25:02
typically the questions here will be
00:25:03
your ability to demonstrate on will
00:25:05
come a having something that not only
00:25:08
you feel that you have this question
00:25:10
but that very quickly people will
00:25:12
expect you to demonstrate that in that
00:25:14
are as you're targeting you can
00:25:16
generate the trap the the or anyone
00:25:18
else that is doing something business
00:25:20
to consumer you were saying is well or
00:25:22
you together no you're together okay
00:25:32
but then investors to me are it's
00:25:36
almost professional so you're almost in
00:25:38
a B two B sector in consumer really I
00:25:40
join as a consumer private investors
00:25:43
yeah so you you you're a it it's
00:25:45
individual investors individual
00:25:48
investor okay so it would be you you
00:25:50
would take light mean that does an
00:25:53
investor when I invest in a start up
00:25:54
but me wanna invest like on the stock
00:25:56
market like one I do anything and I
00:25:58
could buy a service from you that would
00:26:02
allow me to better invest okay like
00:26:13
okay. So you have a napster their
00:26:16
approach comes can take a library and
00:26:18
plug it into his own system yeah yeah
00:26:24
because yeah okay and then I could okay
00:26:38
it it raises the median questions and
00:26:40
I'm not sure I would qualify you as a
00:26:41
as a as a business to consumer but
00:26:44
that's a you really I like and the
00:26:46
consumer so same thing plus you have a
00:26:48
double side market so you have to
00:26:49
convince most of your size and this is
00:26:51
typically showing the demonstration
00:26:53
attraction and this is online you have
00:26:55
to demonstrate that you can do that
00:26:57
with economies of scale. And attraction
00:26:59
here will be key in the sense of are
00:27:02
you able to go out and not very cheap
00:27:05
numbers repeatable numbers you know are
00:27:08
you able to attract get the people
00:27:12
transacting on your platform and then
00:27:14
draw the platform which are the ways by
00:27:18
also which are the channels by which
00:27:23
you can reach those people and this is
00:27:26
what we will expect to be demonstrated
00:27:28
with more I that need could be and
00:27:29
hearing me to be we usually distinguish
00:27:32
two type of sectors there is the B two
00:27:35
S in me to blows the smaller companies
00:27:38
who is more trying to have companies as
00:27:40
customers which you can envision as
00:27:42
companies from one to two twenty so
00:27:45
many people that would be by your
00:27:47
services anyone oh so what are you
00:27:54
selling for it's okay. So let's make it
00:28:01
simple hole with the by the service
00:28:03
department so this course. So it's just
00:28:06
cool so you're happy to be the
00:28:07
definition of your business is always
00:28:09
related to it buys the the the project
00:28:12
right so that's really the thing you
00:28:13
have to to keep in your mind one of the
00:28:15
single more difficult thing at the
00:28:17
beginning is really to think who is
00:28:19
going to buy some time it's totally
00:28:20
obvious but when you're in a platform
00:28:22
it's hard to know what we want to
00:28:24
charge more because it's one of these
00:28:26
famous steak and chicken thing so do
00:28:28
you need more to sponsor one side the
00:28:30
other side all of these things so if
00:28:33
the scores are by then discourse or
00:28:36
your customers so you're maybe to be
00:28:39
your setting to business knife you is
00:28:41
starting to at school that's not that
00:28:43
whether you be to see B to be because
00:28:46
just make any distinctions users may
00:28:49
not your customers here what you will
00:28:51
have is a marketing campaign for your
00:28:54
users. But you have an acquisition plan
00:28:57
an attraction plan and of course you
00:28:59
hours of the monster attraction for the
00:29:00
users but above all will see are you
00:29:02
able to the monster attraction for the
00:29:04
custom not a challenge is not whether
00:29:06
you're B to B produces more whether it
00:29:08
be to be type S any small business or
00:29:11
to enterprise. And here is and to
00:29:15
understanding the intricacies of your
00:29:17
school market is a platform going to be
00:29:20
but like each school individually or is
00:29:23
it going to be but by the state
00:29:26
authority at the Canton a level what
00:29:28
you expect yeah but you think they have
00:29:34
the right to buy something for
00:29:36
themselves as a school and to interact
00:29:38
with parents they won't be forced by
00:29:40
the state authority because you know if
00:29:42
I think switched on the little I know
00:29:44
schools have don't have I absolutely
00:29:46
love the I take this platform on this
00:29:47
platform I that's on the part of three
00:29:49
also now I'm I'm regularly interacting
00:29:51
with schools and I told in our school
00:29:53
essay why don't the how do you put a
00:29:55
platform or mister most right you know
00:29:58
comfy chair that the count on these we
00:30:00
have to use it you can that I'm talking
00:30:02
culpable I believe it's pretty even
00:30:03
different here in compiled about it. Uh
00:30:06
so what do you expect it to be that's
00:30:10
either way to point you know already
00:30:12
you pray don't know yet time it's
00:30:13
really yeah yeah but then you have to
00:30:19
focus per square approaching I Ching
00:30:22
having many score all right yes yes. So
00:30:26
ports global change okay so you focus
00:30:33
on you would focus on individual
00:30:35
schools or you will focus on on both
00:30:40
yeah that's what I love at escort lack
00:30:42
of focus if I could write one your wine
00:30:45
usual word. I look I'm talking to you
00:30:49
about traction but the underlying more
00:30:51
and I write it here okay and I I think
00:30:54
here so that I use a full page. And I
00:30:58
underlined in red so that you're sure
00:31:01
that's really matters that your this
00:31:04
one and you will hear it millions and
00:31:06
millions and millions of things. And
00:31:08
here I'm talking of my experiences
00:31:10
interpreter note has anything it my
00:31:13
first hard the single biggest lesson
00:31:16
was you never focused and as an
00:31:19
entrepreneur you have to learn to be
00:31:21
hard focus on what is it I want to do
00:31:24
and then to demonstrate one case at the
00:31:26
time yes you have to keep your eyes up
00:31:28
and don't tell me I'm restricting your
00:31:31
horizons restricting your head less
00:31:35
cheap can type of running around trying
00:31:37
to talk to one score one score not
00:31:39
understanding you have to understand
00:31:42
okay I'm entering and this is how those
00:31:44
schools are working on setting to
00:31:46
change would not be the same ascending
00:31:48
to individual sports and here is the
00:31:50
problem setting to individual scores
00:31:53
will be an SME type of model you have
00:31:55
to go to H quality have to sell like
00:31:57
these because each call we buy one
00:31:58
license for I don't know ten and
00:32:01
disguises if you don't sell within a
00:32:05
well ours job of says action while
00:32:10
you're losing money you see so we need
00:32:13
to see repetition very quick for each
00:32:15
call if you go to step to change you
00:32:18
probably much more lucrative because
00:32:20
one chain we pride by I dunno twenty
00:32:22
license you give a discount. So you
00:32:24
give each license about eight and then
00:32:27
you make if you have ten schools you
00:32:28
make eighty so of course you can invest
00:32:31
more into the same smaller you much
00:32:32
more into our corporate but then
00:32:34
incorporate type of service becomes
00:32:36
much longer more complex because there
00:32:38
is no chain that would choose like
00:32:40
these you know overnight for a while
00:32:42
now you could my tense course not
00:32:44
talking of johnson's anything in
00:32:46
countenance with date you I don't know
00:32:47
how much time there it's it's not you
00:32:52
notice a difference and focus means
00:32:54
doesn't mean that you're restricted to
00:32:56
work for one another. But if you're
00:32:58
saying I am running after change you
00:33:01
have to focus every single split second
00:33:04
of your time to identify and talk to
00:33:08
the and twenty so the forty or just
00:33:11
chains around so it's on your of us all
00:33:14
France and Germany don't Europe because
00:33:17
eerie already losing focus and you know
00:33:19
we have to have a brand that the sharp
00:33:21
like and I have to say no based on
00:33:23
everything I thought those are the are
00:33:26
or these these these are real and that
00:33:28
type of customers I want to address.
00:33:30
And you run after those and only those
00:33:33
and you do it maybe only for a week I
00:33:35
don't know how long is this iteration
00:33:37
but you just really get to the bottom
00:33:39
of it. So that you have a message you
00:33:42
know what it means you noticed on that
00:33:44
and that's really focus that score you
00:33:45
have to learn that that's a core
00:33:47
discipline. Now of course to keep your
00:33:50
eyes and your ears up and then you have
00:33:51
a lot of people saying why don't you do
00:33:53
this why don't you do that geordie the
00:33:54
first one inventive take a kick hard
00:33:56
here I'm a nice guy eventually come not
00:33:58
nice guy because I give you money so
00:34:00
now I want something for my money
00:34:01
correct. So I'm entitled to yeah that
00:34:04
you to go I here now here are nice got
00:34:09
just explaining. So when you do this
00:34:13
type of things keep the focus no you
00:34:17
might change the focus it's not the
00:34:19
problem. And you nine entrepreneurship
00:34:22
one web servers people there are six
00:34:25
you're talking before given and things
00:34:27
you're unforgiving you are and for
00:34:31
giving to have no focus your
00:34:33
unforgiving to have no plan you are
00:34:37
talking for D even to come back after
00:34:39
one we can tell me to or you know high
00:34:40
look at your chain idea it sucks. I
00:34:43
have evidence to tell you you know you
00:34:45
thought it was good but a by the way
00:34:46
it's normal I give you an idea but I'm
00:34:48
not a master expert I'm just telling
00:34:49
you top of my knowledge but I never
00:34:51
sort your platform correct. So I know
00:34:53
what you're saying is desired don't
00:34:55
even know what are the details it's
00:34:56
your wall to take common knowledge take
00:34:59
it down to the reality common knowledge
00:35:02
is what most of the people have
00:35:03
sometimes they have more what I mean
00:35:05
bastard grammar chairman of the board
00:35:07
in a company usually have a bit more
00:35:09
than common knowledge I have some D
00:35:11
industry knowledge of what we're
00:35:12
talking about but even then you are
00:35:15
welcome to one challenge it and then
00:35:17
you go you execute on these and you
00:35:19
come back after one we can you tell me
00:35:21
what's great or it's not am refocusing
00:35:25
my F forward on individual schools and
00:35:30
what a what makes no sense ease. So to
00:35:34
my you're setting all individual
00:35:36
schools et cetera so how many change. I
00:35:38
you see what trying to get those one so
00:35:40
when they get to change to change is
00:35:42
not relevant to know whether or not you
00:35:44
can do a not for so if you spend if you
00:35:47
have talked to to change and an
00:35:49
individual school your irrelevant if
00:35:52
you've talked to ten chains and knows
00:35:55
cool then you know this one works or
00:35:57
doesn't work you can decide whether you
00:35:59
move on the next one and this is really
00:36:02
strategic choices that you have to make
00:36:04
when you build and you decide what kind
00:36:06
of traction you want to but before you
00:36:08
focus your of course discuss with
00:36:10
people. So according to the type of
00:36:12
customers that you're running after you
00:36:16
check what contractions expected of you
00:36:18
recall reminder what it would be be to
00:36:23
be you have to be able to have channel
00:36:25
switcher story be to see channels which
00:36:27
will allow you to hit those customers
00:36:28
and to show that shows some marketing
00:36:30
managers who add more and I don't know
00:36:33
why you know flattery you brought this
00:36:35
say if it is a semi type of business.
00:36:38
You have to be able to replicate very
00:36:40
quickly usually to direct or indirect
00:36:43
sales force meaning that you have
00:36:44
resellers I don't know or direct sales
00:36:46
force you have to replicate these
00:36:48
things. If you have a corporation you
00:36:51
are able thanks to your rate management
00:36:53
of those corporate usually takes time
00:36:56
takes a year or two also at the
00:36:58
beginning what to expect from you or
00:37:00
letters of intent deep understanding of
00:37:02
the type of corporations are working
00:37:04
with and maybe even because of
00:37:07
corporations they are interested in
00:37:09
business. And innovation. So very often
00:37:12
what we expect in terms of attractions
00:37:14
for those corporations is can you come
00:37:16
up with some kind of a pilot project
00:37:18
"'cause" usually those guys are sitting
00:37:21
on tons of money. So in that sort of
00:37:24
level. It's you rule to go to a chain
00:37:27
and to say help me look look at
00:37:28
everything will through. So that's what
00:37:30
pilot then you put twenty K it's hard
00:37:32
to expect this from an estimate. We
00:37:37
sort of reordering. It's the crowd
00:37:39
funding of corporate you know when you
00:37:43
do in this in these you get proper
00:37:44
funding or indeed to see they you get
00:37:47
people preorder insect great that when
00:37:50
you have people doing the pilot you
00:37:52
said so illustrate your market two
00:37:57
examples. And I will send you all of
00:37:59
these guys by the way so you get them I
00:38:01
said actually sure but that just before
00:38:04
but I you get the PDF for for so
00:38:07
basically illustrate this what I'm
00:38:09
really asking to the people he's worked
00:38:11
with examples what ever the type of
00:38:13
business you're running out are you
00:38:15
familiar with the persona approach okay
00:38:19
so do personals but not only persona
00:38:21
social demographics do real personas
00:38:24
meaning that if you want to address
00:38:25
system easier really identified twenty
00:38:27
SM U.'s business owners not just the
00:38:30
prof I've thought the reality in the
00:38:32
rappers person you try to get and talk
00:38:34
to them. So that you know whom you're
00:38:35
talking to this is that's slide that
00:38:38
you will see very often I hours come
00:38:40
back to this one and you might even
00:38:42
have seen it already now here I know
00:38:44
I'm one of the first workshop so no
00:38:46
when we talk and that's your role that
00:38:49
you should always have some more in
00:38:50
your mind and this band with constant
00:38:52
yeah that but you need to have one from
00:38:55
day one and what that it everyday to
00:38:58
the novelty. And this plan tells us you
00:39:02
are going to build value value at B and
00:39:05
ease of value in menagerie terms which
00:39:09
is sort of the evaluation of your
00:39:11
company if you ask money from me as a
00:39:13
business angel now and I put my had
00:39:16
those invest or I will have to ask you
00:39:18
so what's the price of your company. IE
00:39:22
what ease the valuation of your company
00:39:24
hold many shares the why get in the
00:39:26
change of the money you are asking for
00:39:28
me. And that's of value you want to the
00:39:31
menu Bernie over time. And what you
00:39:34
have to do and it's a timing section
00:39:36
and I took these it comes from a is so
00:39:40
not this one is I took sort of a
00:39:43
platform type of sass platform which
00:39:45
would be generic you'd have to be use
00:39:47
that model by the wages that the on the
00:39:49
rely thinking is that across the board
00:39:51
of what creates value for a company you
00:39:54
start looking at what may it's the
00:39:56
value of that company okay you start
00:40:00
looking at what should I be
00:40:01
demonstrating. It's not only about the
00:40:04
product and that's where I come back
00:40:05
inventing it's not only about the
00:40:07
product it's but the business around
00:40:10
but you're building of course we need
00:40:12
to have some sort of product you're
00:40:14
familiar with the concept of MVP yeah
00:40:16
we come back to this one very quickly
00:40:18
already has an MVP userid stage you
00:40:20
don't have somebody has already an MVPU
00:40:23
and VP is being tested used by people
00:40:26
now okay so that's a good definition
00:40:28
paper dropping something for eight or
00:40:30
not yet okay what is the product you're
00:40:33
working on oh which kind of procedure
00:40:44
sorry then to procedures okay right. So
00:40:51
that's definitely something that is key
00:40:53
so you'd ever up these famous MVPL come
00:40:55
back on this one and then you decide on
00:40:57
the rest what do you what are you going
00:41:00
to bring it doesn't mean you have the
00:41:02
fine I see oh it doesn't mean that you
00:41:04
have the final understanding of the
00:41:06
market. But it means that you've done
00:41:07
your homework. And that at some point
00:41:10
in time you have a package which is
00:41:12
call her and and you can look at and
00:41:15
the we be maybe a milestone typically I
00:41:17
finished my MVP which will say that's
00:41:20
the end of this phase you following on
00:41:23
that one and now if you all have the
00:41:25
MVP without having work on the market
00:41:27
on the management without that we work
00:41:29
on whole Camille partners you and
00:41:31
hippies work may not if you work around
00:41:34
demonstrating that people wanted that
00:41:36
there is a market potential that you
00:41:38
assets that you've shown you create
00:41:40
something initially attracted or
00:41:41
leadership in the group then it's a
00:41:43
package which has value. And at that
00:41:45
point you reach some people courted bad
00:41:47
inflection point they will ask you when
00:41:49
is your next values that when is your
00:41:51
next bad infection point. And that's
00:41:53
where this package which you see over
00:41:56
time increases you would see that at
00:41:59
the beginning what is very core is
00:42:00
having the MVPI Put it in writing sort
00:42:03
of the key Marceau and because we want
00:42:04
to see but not very quickly we need to
00:42:07
have this famous already traction
00:42:09
particularly if you're I mean to me to
00:42:11
see we need to see that there is the I
00:42:13
call it the social proof but it could
00:42:15
be the market proof it could be you
00:42:16
know the moment where the people are
00:42:18
taking it I'm not a priority comes on
00:42:21
that but not only because we of course
00:42:24
need to have technology working I
00:42:27
actually invest in the company has
00:42:29
fifty thousand six francs from a
00:42:30
company to have a great and VP got
00:42:33
greater attraction we moved up we'd
00:42:35
started demonstrating greater
00:42:37
attraction and everything and on the
00:42:39
second level they decided when asked me
00:42:41
why I was just an that's your to
00:42:43
reshuffle the architecture of their
00:42:45
product. They wanted to go faster was
00:42:49
or a nice income tax stuff was going to
00:42:51
be to be and stuff shoes so cold too
00:42:55
this last or product didn't go for
00:43:00
product complete want to destruction.
00:43:03
So of course the whole package then had
00:43:04
very their value because they lost all
00:43:06
their retraction they had and stuff and
00:43:08
then eventually the company did not
00:43:10
work. So the package have to involve
00:43:12
coherently. But the priority comes and
00:43:15
every time you reach the next stage you
00:43:19
are building this value and for you it
00:43:21
will be T because and that would be
00:43:24
another module will be talking about
00:43:26
how much money do I need to go from
00:43:28
work to work you I always want to see
00:43:30
how much money do I need to get to
00:43:33
annex values that and how would I
00:43:35
explain this to my investor because
00:43:37
that's what the investor needs to
00:43:38
understand if I put one front how much
00:43:40
value are you able to create with that
00:43:42
one fine and that's what we want to see
00:43:46
and that's you wrote to build it. So
00:43:48
that's the plan you should be able and
00:43:50
you have to design does package are you
00:43:52
familiar with okay R.s objective anti
00:43:55
results yes who is not familiar with
00:43:58
okay R.s okay so you make a module on
00:44:01
okay R.s okay you go to everyone you
00:44:04
use it on a database is in IT yeah in
00:44:11
the company across the board or only
00:44:13
for TIT sector across the board very
00:44:18
good that's all I wanted because just
00:44:20
to make sure you don't on the NIT
00:44:21
sector type of forty hours. So here is
00:44:24
somebody was going to give you a second
00:44:26
less okay yeah I will check with false
00:44:28
what you do and all TR lesson on top of
00:44:31
that why do I say that and I'm sure you
00:44:33
can make them out now if you have okay
00:44:35
R.s objectives anti result very simply
00:44:39
your icon object it has to be
00:44:40
intelligently formulated for example on
00:44:42
the T you know we need to identify
00:44:45
project leadership or defined project
00:44:48
leadership for the next five man that
00:44:50
would be the objective and now you have
00:44:51
to define the key results may ask you a
00:44:54
map check this kidnap with at least
00:44:58
five I don't know mentors I'm I mean
00:45:02
venting here top of my head but that's
00:45:04
what I would expect and then you make
00:45:06
and all P are for your management. And
00:45:10
for the next three months. And you
00:45:12
don't need them or at the beginning
00:45:14
work in short durations you don't need
00:45:17
six months company you you said every
00:45:18
six months yeah every three months okay
00:45:21
small companies usually every three
00:45:22
months. So good time can't even shorter
00:45:25
you know it's a bit like this crime
00:45:27
cycle on some people do it over for six
00:45:29
weeks standard T six could be eight so
00:45:32
you use this kind of things. And you
00:45:34
apply that and behind all of you have
00:45:36
us more objective and Q results and
00:45:38
this is what defines you to do and then
00:45:40
you have to define and have to be
00:45:42
specific so you don't write objectives
00:45:44
in the marketing evaluate schools you
00:45:47
decide whether you say evaluate but
00:45:48
then shot for chains versus evaluate
00:45:52
potential for individual schools and
00:45:54
then you Casey out will be get the
00:45:57
least on the contact for the first
00:45:59
sturdy chains I want to talk to
00:46:01
approach get the meeting you know and
00:46:04
this is between the big but and the
00:46:08
daily to do so that every morning when
00:46:11
you come that's what you do and just
00:46:12
back so I suspect I want to make sure
00:46:14
you go you look at your key results are
00:46:16
you think everything I do is a tiny
00:46:19
with these everything you do outside of
00:46:21
that you're not focused now if you ride
00:46:26
at some point a not Roberts your
00:46:28
interpreters. So at some point you
00:46:29
might realise addictive result is
00:46:31
wrong. So you go and you discuss and
00:46:33
say guys I think we're doing something
00:46:35
wrong here. And then altogether you
00:46:38
decide you change does that make sense.
00:46:41
But you do not use word out of your
00:46:44
intuition really can see you let your
00:46:46
intuition change the plan. And then you
00:46:50
come back and then you have a positive
00:46:52
learning process and is very different
00:46:56
having headless chicken people because
00:47:01
I know you can keep busy you know
00:47:02
that's one thing I know about
00:47:03
interpreters you can work eighteen
00:47:05
hours a day no problem. I know that the
00:47:08
question is are you creating that bad.
00:47:12
So you have to look across the board.
00:47:13
So I go very fast at the end of the day
00:47:15
you check you know you see the
00:47:17
evaluation it every time you have to
00:47:18
create new things. But then this is
00:47:21
like a little value package that's the
00:47:23
moment where you have be careful at the
00:47:25
moment you promised revenues very
00:47:27
important because at the moment you
00:47:30
create revenues I'm telling you this
00:47:32
for investors as long as you give me
00:47:34
promises of things that can happen I
00:47:35
will watch. But then you have some
00:47:37
flexibility revenues is super simple to
00:47:39
measure product progress. It's hard to
00:47:43
look into how much commitment yeah from
00:47:45
your customers I can see that there's
00:47:48
an stuff but that's problems and I I
00:47:50
promise as long you know people by
00:47:52
problems for time when you start
00:47:53
promising numbers big point. So make
00:47:56
sure that your either the only have
00:48:00
this list I just wanted to summarise
00:48:02
the type of things you have to look as
00:48:04
value drivers. So this is you will have
00:48:07
I don't want to that but then basically
00:48:08
it's brought it the customers revenues
00:48:11
financing all of these things are value
00:48:12
drivers you add that and for your own
00:48:15
business not correct you don't have
00:48:17
some of you have no problem most of you
00:48:19
in in ICC industry stations usually not
00:48:21
the question except for you if you
00:48:23
produce a piece of hardware expect you
00:48:26
probably already have them economies of
00:48:28
scale how much it costs what to say
00:48:30
cycle notice a cycle production cycle
00:48:32
blah blah blah. So I want to have in
00:48:35
the first level assessment here assets
00:48:38
to a prediction challenges because if
00:48:41
you don't pass that what does that tell
00:48:43
me what do you think it hasn't if I
00:48:47
come at the end and like the he hasn't
00:48:48
even taken care what would be the
00:48:50
prediction challenge on this thing oh I
00:48:57
mean I I mean has a great plan comedian
00:48:59
actually he hasn't grown into his
00:49:03
interpreters roller for me of really
00:49:05
understanding what would be the
00:49:08
challenges he needs to face and that's
00:49:10
the whole thing about making a package
00:49:13
is as you can be super committed
00:49:14
working like crazy is just isn't able
00:49:18
to understand what the priorities are
00:49:20
or will be no I don't ask him to have
00:49:23
the prediction plant and everything
00:49:24
ready asking to have been going out
00:49:27
checking with quotes checking with
00:49:29
whatever just you know assessing if I
00:49:32
have to do this piece of software best
00:49:35
knowledge from all the experts what
00:49:38
does that okay that's what we expect to
00:49:42
just a few things I want to be customer
00:49:45
and market a big priority in doing your
00:49:47
assessment custom markets but not only
00:49:49
we discussed can be management
00:49:51
priorities key metrics for the people
00:49:54
what kind of people you want to have a
00:49:55
more it can be of course on the product
00:49:58
and you have to get the product out
00:50:00
quickly allow me to get yes I would
00:50:02
come back on the MVP that's the one
00:50:04
thing that needs to come and then of
00:50:06
course what kind of marketing marketing
00:50:08
channels choosing marketing chance
00:50:10
don't just come one to me a while I we
00:50:12
do you know Google ads everyone knows
00:50:15
how to double that I want you to know
00:50:17
and understanding these fields are you
00:50:20
able to play Google ads even having
00:50:23
talked to people is the best way easy
00:50:24
positioning to this type of solution
00:50:27
are you taking all other approaches. So
00:50:29
that's really important that you
00:50:30
understand really concretely how do you
00:50:33
think this product is going to be
00:50:35
brought to market what kind of
00:50:36
marketing action you don't run the
00:50:37
camping that you talk to people and
00:50:39
they would tell you works where you can
00:50:42
use and try to be as specific as
00:50:44
possible the more you become specific
00:50:47
them or trust you inspire them or we
00:50:50
feel that person is able to exactly. I
00:50:55
want to come back on a few words
00:50:56
because I know they're being used all
00:50:58
the time. And they're important and we
00:51:00
we discussed that remember it's viable
00:51:02
product viable and of the is important
00:51:05
it's a product it has to be spartacus.
00:51:07
And then people are using it and they
00:51:09
can use it one thing that worries me is
00:51:11
a lot of people came in the P and they
00:51:13
have and please wipe with the BB it is
00:51:17
terrible they and B.'s minimum products
00:51:19
it already ever works it's not usable
00:51:21
it hurts you and it doesn't help your
00:51:23
credibility structures. I am a big fan
00:51:26
of the famous concept of in the P but
00:51:28
what I have seen recently is not so
00:51:30
much in BB but that'd end piece being
00:51:32
thrown around. And it doesn't have so
00:51:35
choose carefully wise it viable viable
00:51:38
is measured at the customer point of
00:51:40
view not that yours up the customer
00:51:44
point of view it's one the dental for
00:51:46
storage and whatever uses a that you
00:51:48
can say yes he's using it on a daily
00:51:50
practise and the pizza viable and is
00:51:53
willing to pay something when I was you
00:51:55
were it was called the first set up our
00:51:58
product I I jeepers personally think
00:52:01
them for set up our product was better
00:52:03
but because not weaving that that so
00:52:04
many business model where you have all
00:52:06
the people pay you know that we call it
00:52:09
minimum viable product. But just to put
00:52:12
it in perspective cerebral many mating
00:52:16
or at least really used in the database
00:52:18
non viable product market it that's the
00:52:20
core articulation your product for the
00:52:24
market I claim that it will not be the
00:52:27
same product main sort what she but it
00:52:29
will be being or to an individual
00:52:31
school because the chamber have some
00:52:32
requirements on the product of control
00:52:34
and whatever. So cerebral product
00:52:37
market it is a score there is this
00:52:42
maybe the not very often used but the
00:52:44
pride medication are you able to
00:52:48
demonstrate that you customers sees the
00:52:51
value these pay for in his prize are
00:52:55
you able to demonstrate that the
00:52:57
customers is the by the price value
00:52:59
equation my customers I charge them so
00:53:03
much. They are brokers are individual
00:53:07
investors they eight times a year. And
00:53:10
they make so much and they perceive
00:53:12
that value when I asked and they tell
00:53:14
me or I can calculate for that or you
00:53:18
know whatever demonstration matter the
00:53:21
price value equation makes sense
00:53:23
because this one will be the base to
00:53:26
discuss a you current pricing but it
00:53:28
would be the base to know how you
00:53:29
maintain the current price the future.
00:53:32
This thing there are a few good. That's
00:53:35
what I would finish with are different
00:53:37
type of metrics you have to get your
00:53:39
metrics ranging from the metrics on B
00:53:42
two B type of you know it's actionable
00:53:45
so it that to the famous matrix for pie
00:53:47
right this is when you grow more
00:53:49
platforms. But it is how much people
00:53:51
come election abilities how much you
00:53:53
know different type of retention read
00:53:56
for our revenues you can make you are
00:54:00
familiar with the metric spirits
00:54:02
metrics usually it's equity if not
00:54:04
really it's quite well no you have to
00:54:07
have metrics matrix means that you're
00:54:11
able to design and to show that Java
00:54:13
chain for every twenty phone calls I
00:54:17
mage to a dentist I get to and meetings
00:54:22
of which I get three preorder stuff
00:54:25
which I get one customer that's the
00:54:28
chain that we expect to see matrix and
00:54:31
then you measure and at each level I
00:54:33
would ask you why from only ten from
00:54:36
pointing why only three from and why
00:54:39
only one from three how can we go is it
00:54:42
better to not focus on for everything
00:54:44
you want to have to because you want
00:54:45
customers or is it better to focus that
00:54:47
four maybe five you want to have sex
00:54:50
people doing the trial which
00:54:52
technically should convert to to custom
00:54:54
wires yeah for that's what we expect
00:54:57
from you but this comes as metrics
00:55:00
later but we expected to put this in
00:55:03
place already on in the process. So
00:55:08
what you should be doing at the and
00:55:10
these short introduction but orally on
00:55:14
very much early on in your project but
00:55:18
your creation road maps the matrix unit
00:55:20
is to right and the traction that you
00:55:23
want at the end of this treatments to
00:55:25
demonstrate to invest that's what you
00:55:28
should put any questions if not to have
00:55:34
one additional task what's your name
00:55:36
yeah and hum we do an okay are small
00:55:41
workshop for the T objectivity metrics
00:55:43
so that yeah plug it into the roadmap.
00:55:46
I do have to run instead zero one I
00:55:48
thank you very much for your attention
00:55:50
I look forward to seeing you also if
00:55:52
it's not maybe would be one of my
00:55:53
colleagues up rewriting vendor take
Recommended talks
Introduction
Unknown author
May 15, 2012 · 2:06 p.m.
Investors on stage
Oct. 25, 2017 · 10:02 a.m.
145 views