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How to start a startup - complete version

Explaining how to build a startup in step by step manner
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How to start a startup - complete version

  1. 1. How to start a startup How to start a startup (2016 Version) CCopywite 2015 Masayuki Tadokoro All rights reserved
  2. 2. You can make the world a better place with your startup ❓ Copywite 2015 Masayuki Tadokoro All rights reserved
  3. 3. Copyright 2015 Masayuki Tadokoro All rights reserved
  4. 4. 93% of startups fail Copyright 2015 Masayuki Tadokoro All rights reserved
  5. 5. Question: Why do startups fail? ❓ Copyright 2015 Masayuki Tadokoro All rights reserved
  6. 6. There is only one reason: You don’t make something people want Copyright 2015 Masayuki Tadokoro All rights reserved
  7. 7. MarketProduct Product/market fit means being in a good market with a product that can satisfy that market Fit
  8. 8. Make something people want. -Paul Graham Y−combinator, founder Copyright 2015 Masayuki Tadokoro All rights reserved
  9. 9. With headquarters in Silicon Valley, it is known as the greatest start-up incubator in the world. What is Y-combinator? Copyright 2015 Masayuki Tadokoro All rights reserved
  10. 10. To date Y-combinator Generated 842 startups, more than 100 exits and the combined valuation of Y-C startups exceeds 70 billion USD Copyright 2015 Masayuki Tadokoro All rights reserved
  11. 11. + ー Copyright 2015 Masayuki Tadokoro All rights reserved Product- market-fit Start-ups should follow a “J-curve”
  12. 12. Copyright 2015 Masayuki Tadokoro All rights reserved BeforeProduct- market-fit After Product- market-fit
  13. 13. Copyright 2015 Masayuki Tadokoro All rights reserved Only7% archive PMF 93% die before PMF
  14. 14. http://www.businessinsider.com/how-billion-dollar-startup-fab-died-2015-2#ixzz3cRjBHFri Copyright 2015 Masayuki Tadokoro All rights reserved fab.com received 336 million; they spent (wasted) more than half. They eventually sold the company with a 15 million valuation.
  15. 15. Before proving our business model, we spent 70 million to launch in Europe, another tens of millions for marketing. We wasted 15 million for never-used warehouses. 参照:http://www.businessinsider.com/how-billion-dollar-startup-fab-died-2015-2#ixzz3cRjBHFri - Jason Goldburg Fab. CEO/founder Copyright 2015 Masayuki Tadokoro All rights reserved
  16. 16. If you have too much money, you will find easy ways to solve the issues without thinking thoroughly Ben Narasin General Partner, Canvas Ventures
  17. 17. There is no silver bullet to achieve Product-market-fit Copyright 2015 Masayuki Tadokoro All rights reserved
  18. 18. However, you can reduce the risk of failure by learning processes and gaining knowledge Copyright 2015 Masayuki Tadokoro All rights reserved
  19. 19. Learn steps to build up successful start-ups *I can not guarantee your success, but I’ll do my best^^ Theme of the day Copyright 2015 Masayuki Tadokoro All rights reserved
  20. 20. About me Copyright 2015 Masayuki Tadokoro All rights reserved
  21. 21. Masa Tadokoro 【Serial Entrepreneur】 He has extensive experiences in start-up space; 3 start-ups in Japan and 1 start-up in Silicon Valley. 【Venture Capitalist】 Currently he is a partner of Fenox VC; he is in-charge of start-up investment in Japan and South East Asia. 【Lecturer 】 How to start a startup Start-up finance How to ideate startup Open innovation 【Other】 Adviser/board member of several startups Director of startup management at Pioneers Asia https://www.facebook.com/masa.tadokoro https://www.linkedin.com/in/masatadokoro 【Social media】 Find me and connect!
  22. 22. Agenda ① Idea Verification : What is a good start-up idea? ② Customer-problem Fit: Does the issue really exist? ③ Problem-solution Fit: ④ Product-Market Fit: ⑤ Co-founder Finding: Build your team to grow Do you provide an appropriate solution to the issue? Copyright 2015 Masayuki Tadokoro All rights reserved Does the market for the solution exist?
  23. 23. Idea Verification Verify your Idea Create Plan A Build Plan A with Lean Canvas Ideation Clarify what issue is to be solved Verify the potential of your idea 1-1 1-2 1-3 1-4 Copyright 2015 Masayuki Tadokoro All rights reserved Know Start-up Meta-principles Know start-up un-common principles
  24. 24. Customer Problem Fit Validate Hypothesis 2-1 2-3 Clarify Assumptions By using Javelin board, clarify premises of the Issue 2-2 Build Hypothesis Build hypothesis of the issue and customer (Persona, Empathy map, etc) Validate whether the customer issue exists
  25. 25. Problem-solution fit Create UX Blueprint Create blue print on to-be UX Product Interview 3-1 3-2 3-3 Copyright 2015 Masayuki Tadokoro All rights reserved Build Prototype Build prototype based on solution interview Conduct interview by showing prototype
  26. 26. Product-market-fit Build MVP Ship MVP to 1st User and +earn Measure Product Performance MVPを 作って何を 学ぶか検証 Talk to Users Verify initiatives with hooked model Evaluate Initiatives for Product Improvement and implement 4-1 4-2 4-3 4-4 4-5 4-6 Copyright 2015 Masayuki Tadokoro All rights reserved Talk to users to verify product qualitatively What would you Learn with MVP Fill in MVP sheet Fulfill MVP Qualification Select MVP type and build it Deliver product to evangelist users and learn Measuring with innovation metrics Iterate until you will achieve PMF
  27. 27. ・To obtain principals, frameworks and concepts in order to build a successful startup ・To practice hands-on processes to well- prepare for your start-up Today’s goal Copyright 2015 Masayuki Tadokoro All rights reserved
  28. 28. ・Those that want to start a start-up ・Those that want to do a new business in their current company. ・Those that want to invest in good startups as institutional investor, i.e.VC or angel. ・Those who have started a startup and want to achieve a Product-market-fit Target audience Copyright 2015 Masayuki Tadokoro All rights reserved
  29. 29. From the link below, you can download ① The complete deck as PDF ② Bonus content (how to build startup team) ③ Worksheets referenced in deck https://how-to- startup.stores.jp/items/57cb09a499 c3cd4554005d88 At only 3.99 USD !
  30. 30. Copyright 2015 Masayuki Tadokoro All rights reserved
  31. 31. Agenda ① Idea Verification : What is a good start-up idea? ② Customer-problem Fit: Does the issue really exist? ③ Problem-solution Fit: ④ Product-Market Fit: ⑤ Co-founder Finding: Build your team to grow Do you provide appropriate solution to the issue? Does the market exit to the solution? Copyright 2015 Masayuki Tadokoro All rights reserved
  32. 32. Idea Verification Verify your idea Create plan A Build Plan A with Lean Canvas Ideation Clarify the issue to be solved Verify the potential of your idea 1-1 1-2 1-3 1-4 Copyright 2015 Masayuki Tadokoro All rights reserved Know start-up meta-principles Know start-up un-common principles
  33. 33. Staying in the building before getting out of the Building Copyright 2015 Masayuki Tadokoro All rights reserved
  34. 34. Idea Verification Verify your idea Create plan A Build Plan A with Lean Canvas Ideation Clarify the issue to be solved Verify the potential of your idea 1-1 1-2 1-3 1-4 Copyright 2015 Masayuki Tadokoro All rights reserved Know start-up meta-principles Know start-up un-common principles
  35. 35. Question: What is a good business idea? ❓ Copyright 2015 Masayuki Tadokoro All rights reserved
  36. 36. Issue Solution Copyright 2015 Masayuki Tadokoro All rights reserved Focus! Good business idea: it is focusing on issues, not solutions
  37. 37. Quality of issue Quality of solution High HighLow Low There are many business ideas. Copyright 2015 Masayuki Tadokoro All rights reserved
  38. 38. Quality of issue Quality of solution High HighLow Low Copyright 2015 Masayuki Tadokoro All rights reserved Most Ideas Valuable Idea
  39. 39. A path to find a good business idea= verify quality of the issue first, then verify quality of the solution ① ② High quality idea Low quality idea Quality of issue Quality of solution High HighLow Low Copyright 2015 Masayuki Tadokoro All rights reserved
  40. 40. X High quality idea Low quality idea Quality of issue Quality of solution High HighLow Low Copyright 2015 Masayuki Tadokoro All rights reserved There is no path to find a good solution then find a good issue
  41. 41. Domain Expertise Industry knowledge Market Knowledge High quality idea Low quality idea Quality of issue Quality of solution High HighLow Low Copyright 2015 Masayuki Tadokoro All rights reserved Quality of issue depends on your expertise, industry knowledge and knowledge on how the particular market is evolving
  42. 42. What is a good idea? Start-up ❓ Copyright 2015 Masayuki Tadokoro All rights reserved
  43. 43. How crazy is your idea? Copyright 2015 Masayuki Tadokoro All rights reserved
  44. 44. You should know a secret most of people don’t know. - Peter Theil Author of “Zero to One” Copyright 2015 Masayuki Tadokoro All rights reserved
  45. 45. If your idea is sexy to everyone - it’s no longer sexy
  46. 46. Good idea to everyone looks like a bad idea but isn’t bad Your start-up idea Copyright 2015 Masayuki Tadokoro All rights reserved Everyone thinks it’s a good idea Looks bad but is actually a good one (Someone already knows) Looks bad but is actually a good one (Other people don’ t know)
  47. 47. Good idea to every one Other companies are also considering the idea Market is getting crowded It is competition of resources, operation and price of product Large corporates have advantages over startups Startups are at a disadvantage due to the lack of resources Startup will eventually loose Startup should not choose the idea looks good for everyone
  48. 48. Can you commit that you will achieve 100+ million revenue within 3 years? - Executive of large company
  49. 49. - Executive of large company You don’t start your startup with this Mindset Can you commit that you will achieve 100+ million revenue within 3 years?
  50. 50. 高い 専門性 業界の 知識 Crazy Good start-up idea Your secre t High quality idea Low quality idea Quality of issue Quality of solution High HighLow Low Domain Expertise Industry knowledge Market Knowledge Copyright 2015 Masayuki Tadokoro All rights reserved Your secret is key
  51. 51. To develop a long-lasting mobile battery is good idea; it is good idea to everyone’s eyes. Therefore, it is not a good start-up idea - Chris Dixon Partner, Andereesen Horowitzs Copyright 2015 Masayuki Tadokoro All rights reservedhttps://www.youtube.com/watch?v=fGjGu9gFfO4
  52. 52. Good idea Idea looks bad Most ideas that look bad are just bad ideas
  53. 53. Criteria to measure craziness of a startup idea: Do you hesitate to talk about the idea to someone? Copyright 2015 Masayuki Tadokoro All rights reserved
  54. 54. Idea looks bad at a glance Other companies might have rejected it The market has not been clearly defined The company that can create something people want, will win Resource is not key to win - collecting insights from users is key to win Iterating product by listening to voice of customers Start-up will win Why do startups need to pick an idea that looks bad?
  55. 55. Idea craziness: The biggest unfair advantage of a start-up Copyright 2015 Masayuki Tadokoro All rights reserved
  56. 56. アストロスケール When I started Astroscale, everyone asked me where was the market? I was fascinated with this feedback - I perceive it asa great opportunity. Nobu Okada CEO of Astroscale https://www.youtube.com/watch?v=SGCxbgqLhqo
  57. 57. AirBnB looked like a very bad idea at the beginning Copyright 2015 Masayuki Tadokoro All rights reserved
  58. 58. Good idea Idea looks bad Sleeping on a couch in stranger’s apartment
  59. 59. Startup ideas that “look bad” have been changing the world
  60. 60. Copyright 2015 Masayuki Tadokoro All rights reserved
  61. 61. On-demand grocery delivery service; Instacart shoppers will bring a glossary to user with 2 taps of the screen Copyright 2015 Masayuki Tadokoro All rights reserved
  62. 62. Instacart was chosen as the most promising start-up in 2015 by Forbes magazine Copyright 2015 Masayuki Tadokoro All rights reserved
  63. 63. Apoorva Metha, founder of Instacart, was a developer of Amazon warehouse system, i.e. Amazon fulfillment service Copyright 2015 Masayuki Tadokoro All rights reserved
  64. 64. Grocery shopping was very painful; I always wished somebod else would have done it for me. Apoorva Metha Instacart, Founder Copyright 2015 Masayuki Tadokoro All rights reserved
  65. 65. Apoova suggested Instacart model to Amazon management. However, the idea was turned down since it contradicted the investments Amazon had already made, i.e. all of logistics systems and warehouses Copyright 2015 Masayuki Tadokoro All rights reserved
  66. 66. The biggest threat to retail stores/supermarket is amazon.com Copyright 2015 Masayuki Tadokoro All rights reserved