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The Gifts Project Lessons - The Story of a Lean Startup
The Story of a Lean Startup The Junc)on -‐ Thursday, Dec 8th
Stuﬀ we might cover • Group-‐gi>ing romance • Things you just might wanna tryreadconsider • Fundraising, revenue & anything in between • Key metrics, self-‐analysis & the ability to start anew • Customer discovery Vs. Sales • Q&A
Me in 10 sec • Brave Inbox ﬁghter • Frustrated guitar player • Proud Zell Alumni • Happy group-‐gi>er • Vicious social commerce warrior hVp://about.me/rongura
Team • 11+ dog • Mean and lean • Small Tel-‐Aviv hideout • Our team is cooler than yours • This deck is actually all about team forma)on
11/10 Holiday Season 610 eBay launch rcial Comme ent Agreem 310 311 rs Exclusivity period 6/11 First use 910 ing ended Launching a AB test VC round B2B platform 110 Beta Closed moneya nd seed eBay 9/11 a cq u isitio n
Ini)al trac)on “What makes The Gi>s Project compelling in my opinion is not only the size of opportunity in social commerce, but that it’s designed to sit rather cozily within the online purchase ﬂow”. “do in three minutes what is otherwise a )me-‐consuming and painful process that can take weeks to complete”. “Pitch in!” 10
Co-‐Founders • Truth be told -‐ nothing else really maVers • Partner with people who are beVer than you • You must genuinely like one another • You should want to see them a>er work • This is not really “work” • You should all be vested. All of you • Be fair with equity as you are with rou)ne
Fundraising • It’s 2012, you don’t need tons of $ to build a POC for your consumer app • You want value-‐add as much as want cash • Cap tables are not wriVen in pencil • Always be in demand • Manage your investors carefully
The commitment line • You’re sure you are 100% in! • You guys signed a co-‐founders agreement • You quit your day job • The product looks awesome • Did this dude just gave us a check for real? • Your new oﬃce space is the absolute best • You understand you’re 145% in..maybe more? • 1st real board mee)ng • Your 1st paid employee • 1st paying customer (!) etc.
No one is buying : ? • Think what can you do beVer • Pivot accordingly • Be determine yet ﬂexible • Try to modify dreams on the ﬂy • Maybe it’s not the right modelidea)me • Good thing you know it’s not the team.. cause your team is a bunch of rock stars.
AB tes)ng 1. Test everything 2. Listen to results 3. Oﬀer solu)ons 4. Test, test, test 5. Be consistent 6. Be in control 7. Do it again
Customer discovery • Beware of the “crocodile” salesmen • “How about 4pm PST?” – sales from TLV • What alpha? you’re good to go • Design partners Vs. beta customers • Early success Vs. sustainable pipeline
Do’s • Partner with co-‐founders that are beVer than you and make sure everyone are vested from the get-‐ go • Raise money from people you actually like • Work from a place that you love on a product you admire • You learn much more about how other people think when you’re asking. • Try to be nicer than the guy next to you
Don’ts • Say you can work alone • Raise too liVlemuch money • Launch without a speciﬁc user in mind • Manage your investors poorly • Be afraid to get your hands dirty • Get into ﬁghts with co-‐founders
Reading list • The Art of the Start • Outliers • Mark Suster’s Both sides of the table • The Funded • Paul Graham’s blog • Ben Hhorowitz’s blog • Your own notebook
Ques)ons? Thoughts? Ron Gura Head of Center firstname.lastname@example.org
Mar. 6, 2013
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Slides from Ron Gura's presnetation at the "Junction" (Tel-Aviv, Israel), December 2011.