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Top 10 Things I Learned While Taking My Startup through a Silicon Valley Accelerator


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Allbound CEO Scott Salkin shares his story during Phoenix Startup Week, February 24, 2015 in Scottsdale, AZ.

Top 10 Things I Learned While Taking My Startup through a Silicon Valley Accelerator

  1. Top 10 Things I Learned While Taking My Startup through a Silicon Valley Accelerator Scott Salkin Founder & CEO ALLBOUND
  2. 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
  3. Harper Quinn Salkin Jackson Owen Salkin
  4. •  Not cruise control…entrepreneur can never be on cruise control…but let’s just say that I had my “collision avoidance” activated. Not Cruise Control… Collision Avoidance
  5. I’ve always thrived off taking risks… • 1998 – San Diego • 2004 – Cisco • 2005 – Arizona • 2007 – IDS/Colorado • 2008 – Back to AZ
  6. 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)
  7. Marketing Simple organization, delivery, tracking of content. Sales & Channels Real-time knowledge and tools where/when they need them. Executives Built-in visibility, analytics and reports. The right content. Right now.
  8. 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
  9. Oh SH*T.
  10. August 18, 2014
  11. Hawaii(I take risks, I’m not stupid.)
  12. August 25, 2014
  13. Had an idea of what I didn’t know… Had NO idea what I didn’t know… Product + Leadership/Resume + Revenue ≠
  14. 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
  15. And I started to see some key lessons and trends…
  16. It is not a master planned community. (It’s a community)
  17. Us ≠ Vs
  18. BIGcompanies help drive the ecosystem.
  19. But it’s the NEXT GENERATION who is paving the way…
  20. Hayley  Barna     Ka+a  Beauchamp   Birchbox   Patrick  Collison   Stripe   Aaron  Bell   Adroll   Steven  Huffman   ReddiA   Aaron  Levie   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  
  21. Density helps, but it’s about more than money and convenience. (Have you seen the traffic, BART, Muni and UBER?)
  22. It’s all about the RISE OF THE 2ND TIMERS
  23. 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.)
  24. 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…
  25. 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.
  26. They’re HACKING their way towards changing the world. (And building economies)
  27. It’s a methodology, not a trend… Fast. Efficient. Unconventional.
  28. It’s WHEN. Not IF. (If you have numbers)
  30. They invest more $$, in earlier rounds and more often.
  31. San Francisco/Silicon Valley •  1,390 Deals •  $23.82 BILLION •  $17.5 Million per deal Phoenix •  28 Deals •  $243 MILLION •  $8.7 Million per deal Tucson •  3 Deals •  $13 Million •  $4.3 Million per deal
  32. NUMBERS really do mean everything. (Well, that and leadership)
  33. 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
  34. 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...
  35. They couldn’t CARE LESS about what we think. (As long as we keep hacking)
  36. “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.”
  37. “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.’”
  38. They are early adopters, they embrace change and they vote.
  39. “All young people… deserve a safe and supportive environment in which to achieve their full potential.”
  40. Greater Phoenix •  36% turnout in 2014 •  71% were ages 55+ San Francisco •  53% turnout in 2014 •  49% were ages 18-29 •  Petitioning to Drop Voting Age to 16
  41. We will likely never, ever be Silicon Valley. (Unless we build a Hyperloop terminal)
  42. BUT WE CAN STILL BE GREAT. (2,000 People this Week??)
  43. And all you really need is a HOOK.
  44. 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”
  46. 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 @scottsalkin Sales knows no boundaries… ALLBOUND