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Anatomy of
    a fundable startup
            Naval Ravikant
       Venture Hacks / AngelList




✌
               angel.co
Anatomy of
an unfundable startup
          Naval Ravikant
     Venture Hacks / AngelList




✌
             angel.co
Anatomy of a (un)fundable startup
Anatomy of a (un)fundable startup
Anatomy of a (un)fundable startup
Exceptional Fundings
Exceptional Outcomes

    LinkedIn
    Pandora
   Facebook




               You are here
The Age of Free Leverage
The Age of Free Leverage
 • Capital, Labor, Machines
The Age of Free Leverage
 • Capital, Labor, Machines
 • Intellectual “Property” - Code, Books,
   Movies, Music
The Age of Free Leverage
 • Capital, Labor, Machines
 • Intellectual “Property” - Code, Books,
   Movies, Music
 • IP Platforms (iOS, S3, LAMP, FB Connect)
The Age of Free Leverage
 • Capital, Labor, Machines
 • Intellectual “Property” - Code, Books,
   Movies, Music
 • IP Platforms (iOS, S3, LAMP, FB Connect)
 • Labor Platforms - Mech Turk, Communities
   (YouTube, Quora, Wikipedia)
The Age of Free Leverage
 • Capital, Labor, Machines
 • Intellectual “Property” - Code, Books,
   Movies, Music
 • IP Platforms (iOS, S3, LAMP, FB Connect)
 • Labor Platforms - Mech Turk, Communities
   (YouTube, Quora, Wikipedia)
 • Capital Platforms (AngelList, KickStarter,
   SecondMarket,YC, TechStars)
Anatomy of a (un)fundable startup
Traction
Traction
  You
Traction
  You
 Product
Traction
    You
 Product
 Social Proof
Traction
    You
 Product
 Social Proof
    Market
Traction
     You
 Product
 Social Proof
      Market
  High Concept Pitch
Traction
     You
 Product
 Social Proof
      Market
  High Concept Pitch

      Elevator Pitch
Traction
     You
 Product
 Social Proof
      Market
  High Concept Pitch

      Elevator Pitch


      Presentation
A Note on Location
A Note on Location

• Silicon Valley, New York
A Note on Location

• Silicon Valley, New York
• Seattle, Austin, LA, Boston, Chicago, London
A Note on Location

• Silicon Valley, New York
• Seattle, Austin, LA, Boston, Chicago, London
• Estonia, Chile, India, Croatia, Poland
A Note on Location

• Silicon Valley, New York
• Seattle, Austin, LA, Boston, Chicago, London
• Estonia, Chile, India, Croatia, Poland
• Capital is mobile, but capitalists are lazy
A Note on Location

• Silicon Valley, New York
• Seattle, Austin, LA, Boston, Chicago, London
• Estonia, Chile, India, Croatia, Poland
• Capital is mobile, but capitalists are lazy
• Funding markets develop backwards
Markets and
Approaches
Markets and
              Approaches
• Services, multiple products
Markets and
              Approaches
• Services, multiple products
• Small Markets (obviously)
Markets and
             Approaches
• Services, multiple products
• Small Markets (obviously)
• Desktop software / Dead Platforms
Markets and
             Approaches
• Services, multiple products
• Small Markets (obviously)
• Desktop software / Dead Platforms
• Conquered Markets with Network Effects
Markets and
             Approaches
• Services, multiple products
• Small Markets (obviously)
• Desktop software / Dead Platforms
• Conquered Markets with Network Effects
• High atom content
Markets and
             Approaches
• Services, multiple products
• Small Markets (obviously)
• Desktop software / Dead Platforms
• Conquered Markets with Network Effects
• High atom content
• Not too large, not too small
Team?
Team?
•   “Functional visionary and project manager”
Team?
•   “Functional visionary and project manager”

•   “I have no ego. Currently my role is visionary / strategist”
Team?
•   “Functional visionary and project manager”

•   “I have no ego. Currently my role is visionary / strategist”

•   Outsourced development, business-heavy
Team?
•   “Functional visionary and project manager”

•   “I have no ego. Currently my role is visionary / strategist”

•   Outsourced development, business-heavy

•   Sole founder
Team?
•   “Functional visionary and project manager”

•   “I have no ego. Currently my role is visionary / strategist”

•   Outsourced development, business-heavy

•   Sole founder

•   Part-timers
Team?
•   “Functional visionary and project manager”

•   “I have no ego. Currently my role is visionary / strategist”

•   Outsourced development, business-heavy

•   Sole founder

•   Part-timers

•   “High Tech Sales Exec who loves his family and loves to run”
Team?
•   “Functional visionary and project manager”

•   “I have no ego. Currently my role is visionary / strategist”

•   Outsourced development, business-heavy

•   Sole founder

•   Part-timers

•   “High Tech Sales Exec who loves his family and loves to run”

•   12 years experience in...
Exceptional Team
Exceptional Team
Exceptional Team
Exceptional Team
Team Guidelines
Team Guidelines
• No adjectives / opinions of yourself
Team Guidelines
• No adjectives / opinions of yourself
• Show, not tell
Team Guidelines
• No adjectives / opinions of yourself
• Show, not tell
• Quantitative and precise, not qualitative and
  vague
Team Guidelines
• No adjectives / opinions of yourself
• Show, not tell
• Quantitative and precise, not qualitative and
  vague
• Branded or measurable output
Team Guidelines
• No adjectives / opinions of yourself
• Show, not tell
• Quantitative and precise, not qualitative and
  vague
• Branded or measurable output
• Recruit only the best. And if you can’t,
  you’re not ready
Product?
Product?

•   “We will disclose more under NDA”
Product?

•   “We will disclose more under NDA”

•   “I am raising money to build the product”
Product?

•   “We will disclose more under NDA”

•   “I am raising money to build the product”

•   “Launching next month”
Product?

•   “We will disclose more under NDA”

•   “I am raising money to build the product”

•   “Launching next month”

•   “Sign up for the beta here...”
Product?

•   “We will disclose more under NDA”

•   “I am raising money to build the product”

•   “Launching next month”

•   “Sign up for the beta here...”

•   “Building second version now”
Exceptional Product
Exceptional Product
Product Guidelines
Product Guidelines
• No promises / vision
Product Guidelines
• No promises / vision
• Show, not tell
Product Guidelines
• No promises / vision
• Show, not tell
• Quantitative and precise, not qualitative and
  vague
Product Guidelines
• No promises / vision
• Show, not tell
• Quantitative and precise, not qualitative and
  vague
• Something hard with specific knowledge
Product Guidelines
• No promises / vision
• Show, not tell
• Quantitative and precise, not qualitative and
  vague
• Something hard with specific knowledge
• Expect competition
Product Guidelines
• No promises / vision
• Show, not tell
• Quantitative and precise, not qualitative and
  vague
• Something hard with specific knowledge
• Expect competition
• Build only the best. And if you can’t, you’re
  not ready
Traction
Traction
• Markets are efficient - individuals cannot
  predict traction
Traction
• Markets are efficient - individuals cannot
  predict traction
• Amount varies by product
Traction
• Markets are efficient - individuals cannot
  predict traction
• Amount varies by product
• Incremental not cumulative
Traction
• Markets are efficient - individuals cannot
  predict traction
• Amount varies by product
• Incremental not cumulative
• Know your microeconomics
Traction
• Markets are efficient - individuals cannot
  predict traction
• Amount varies by product
• Incremental not cumulative
• Know your microeconomics
• If you can’t generate traction, do you really
  want to raise money?
Traction
• Markets are efficient - individuals cannot
  predict traction
• Amount varies by product
• Incremental not cumulative
• Know your microeconomics
• If you can’t generate traction, do you really
  want to raise money?
• How much is enough? 10% per month?
  20%?
Social Proof
Social Proof
• “Get referred to us by someone we know”
Social Proof
• “Get referred to us by someone we know”
• Entrepreneurs and committed investors
  best
Social Proof
• “Get referred to us by someone we know”
• Entrepreneurs and committed investors
  best
• Herd mentality is rational
Social Proof
• “Get referred to us by someone we know”
• Entrepreneurs and committed investors
  best
• Herd mentality is rational
• Why? What did they like that you can’t
  show in the other metrics?
Real Hacks
Real Hacks
• Advisory Round (Notable Founder,
  Operator)
Real Hacks
• Advisory Round (Notable Founder,
  Operator)
• Cast a Broad Net, move simultaneously
Real Hacks
• Advisory Round (Notable Founder,
  Operator)
• Cast a Broad Net, move simultaneously
• Easier to pitch a new investor than to
  convert one
Real Hacks
• Advisory Round (Notable Founder,
  Operator)
• Cast a Broad Net, move simultaneously
• Easier to pitch a new investor than to
  convert one
• Equity, not notes
Real Hacks
• Advisory Round (Notable Founder,
  Operator)
• Cast a Broad Net, move simultaneously
• Easier to pitch a new investor than to
  convert one
• Equity, not notes
• Sell an option
Real Hacks
• Advisory Round (Notable Founder,
  Operator)
• Cast a Broad Net, move simultaneously
• Easier to pitch a new investor than to
  convert one
• Equity, not notes
• Sell an option
• But if you’re having a hard time, re-start,
  not push
In Summary
In Summary
• Get to a funding hub
In Summary
• Get to a funding hub
• Recruit an exceptional team.
In Summary
• Get to a funding hub
• Recruit an exceptional team.
• Build something that you are passionate
  and knowledgeable about
In Summary
• Get to a funding hub
• Recruit an exceptional team.
• Build something that you are passionate
  and knowledgeable about
• Test it against customers
In Summary
• Get to a funding hub
• Recruit an exceptional team.
• Build something that you are passionate
  and knowledgeable about
• Test it against customers
• Get social and customer validation
In Summary
• Get to a funding hub
• Recruit an exceptional team.
• Build something that you are passionate
  and knowledgeable about
• Test it against customers
• Get social and customer validation
• Raise on at least one exceptional
  characteristic
In Summary
• Get to a funding hub
• Recruit an exceptional team.
• Build something that you are passionate
  and knowledgeable about
• Test it against customers
• Get social and customer validation
• Raise on at least one exceptional
  characteristic
• PS - Assume fierce competition

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Anatomy of a (un)fundable startup

  • 1. Anatomy of a fundable startup Naval Ravikant Venture Hacks / AngelList ✌ angel.co
  • 2. Anatomy of an unfundable startup Naval Ravikant Venture Hacks / AngelList ✌ angel.co
  • 7. Exceptional Outcomes LinkedIn Pandora Facebook You are here
  • 8. The Age of Free Leverage
  • 9. The Age of Free Leverage • Capital, Labor, Machines
  • 10. The Age of Free Leverage • Capital, Labor, Machines • Intellectual “Property” - Code, Books, Movies, Music
  • 11. The Age of Free Leverage • Capital, Labor, Machines • Intellectual “Property” - Code, Books, Movies, Music • IP Platforms (iOS, S3, LAMP, FB Connect)
  • 12. The Age of Free Leverage • Capital, Labor, Machines • Intellectual “Property” - Code, Books, Movies, Music • IP Platforms (iOS, S3, LAMP, FB Connect) • Labor Platforms - Mech Turk, Communities (YouTube, Quora, Wikipedia)
  • 13. The Age of Free Leverage • Capital, Labor, Machines • Intellectual “Property” - Code, Books, Movies, Music • IP Platforms (iOS, S3, LAMP, FB Connect) • Labor Platforms - Mech Turk, Communities (YouTube, Quora, Wikipedia) • Capital Platforms (AngelList, KickStarter, SecondMarket,YC, TechStars)
  • 17. Traction You Product
  • 18. Traction You Product Social Proof
  • 19. Traction You Product Social Proof Market
  • 20. Traction You Product Social Proof Market High Concept Pitch
  • 21. Traction You Product Social Proof Market High Concept Pitch Elevator Pitch
  • 22. Traction You Product Social Proof Market High Concept Pitch Elevator Pitch Presentation
  • 23. A Note on Location
  • 24. A Note on Location • Silicon Valley, New York
  • 25. A Note on Location • Silicon Valley, New York • Seattle, Austin, LA, Boston, Chicago, London
  • 26. A Note on Location • Silicon Valley, New York • Seattle, Austin, LA, Boston, Chicago, London • Estonia, Chile, India, Croatia, Poland
  • 27. A Note on Location • Silicon Valley, New York • Seattle, Austin, LA, Boston, Chicago, London • Estonia, Chile, India, Croatia, Poland • Capital is mobile, but capitalists are lazy
  • 28. A Note on Location • Silicon Valley, New York • Seattle, Austin, LA, Boston, Chicago, London • Estonia, Chile, India, Croatia, Poland • Capital is mobile, but capitalists are lazy • Funding markets develop backwards
  • 30. Markets and Approaches • Services, multiple products
  • 31. Markets and Approaches • Services, multiple products • Small Markets (obviously)
  • 32. Markets and Approaches • Services, multiple products • Small Markets (obviously) • Desktop software / Dead Platforms
  • 33. Markets and Approaches • Services, multiple products • Small Markets (obviously) • Desktop software / Dead Platforms • Conquered Markets with Network Effects
  • 34. Markets and Approaches • Services, multiple products • Small Markets (obviously) • Desktop software / Dead Platforms • Conquered Markets with Network Effects • High atom content
  • 35. Markets and Approaches • Services, multiple products • Small Markets (obviously) • Desktop software / Dead Platforms • Conquered Markets with Network Effects • High atom content • Not too large, not too small
  • 36. Team?
  • 37. Team? • “Functional visionary and project manager”
  • 38. Team? • “Functional visionary and project manager” • “I have no ego. Currently my role is visionary / strategist”
  • 39. Team? • “Functional visionary and project manager” • “I have no ego. Currently my role is visionary / strategist” • Outsourced development, business-heavy
  • 40. Team? • “Functional visionary and project manager” • “I have no ego. Currently my role is visionary / strategist” • Outsourced development, business-heavy • Sole founder
  • 41. Team? • “Functional visionary and project manager” • “I have no ego. Currently my role is visionary / strategist” • Outsourced development, business-heavy • Sole founder • Part-timers
  • 42. Team? • “Functional visionary and project manager” • “I have no ego. Currently my role is visionary / strategist” • Outsourced development, business-heavy • Sole founder • Part-timers • “High Tech Sales Exec who loves his family and loves to run”
  • 43. Team? • “Functional visionary and project manager” • “I have no ego. Currently my role is visionary / strategist” • Outsourced development, business-heavy • Sole founder • Part-timers • “High Tech Sales Exec who loves his family and loves to run” • 12 years experience in...
  • 49. Team Guidelines • No adjectives / opinions of yourself
  • 50. Team Guidelines • No adjectives / opinions of yourself • Show, not tell
  • 51. Team Guidelines • No adjectives / opinions of yourself • Show, not tell • Quantitative and precise, not qualitative and vague
  • 52. Team Guidelines • No adjectives / opinions of yourself • Show, not tell • Quantitative and precise, not qualitative and vague • Branded or measurable output
  • 53. Team Guidelines • No adjectives / opinions of yourself • Show, not tell • Quantitative and precise, not qualitative and vague • Branded or measurable output • Recruit only the best. And if you can’t, you’re not ready
  • 55. Product? • “We will disclose more under NDA”
  • 56. Product? • “We will disclose more under NDA” • “I am raising money to build the product”
  • 57. Product? • “We will disclose more under NDA” • “I am raising money to build the product” • “Launching next month”
  • 58. Product? • “We will disclose more under NDA” • “I am raising money to build the product” • “Launching next month” • “Sign up for the beta here...”
  • 59. Product? • “We will disclose more under NDA” • “I am raising money to build the product” • “Launching next month” • “Sign up for the beta here...” • “Building second version now”
  • 63. Product Guidelines • No promises / vision
  • 64. Product Guidelines • No promises / vision • Show, not tell
  • 65. Product Guidelines • No promises / vision • Show, not tell • Quantitative and precise, not qualitative and vague
  • 66. Product Guidelines • No promises / vision • Show, not tell • Quantitative and precise, not qualitative and vague • Something hard with specific knowledge
  • 67. Product Guidelines • No promises / vision • Show, not tell • Quantitative and precise, not qualitative and vague • Something hard with specific knowledge • Expect competition
  • 68. Product Guidelines • No promises / vision • Show, not tell • Quantitative and precise, not qualitative and vague • Something hard with specific knowledge • Expect competition • Build only the best. And if you can’t, you’re not ready
  • 70. Traction • Markets are efficient - individuals cannot predict traction
  • 71. Traction • Markets are efficient - individuals cannot predict traction • Amount varies by product
  • 72. Traction • Markets are efficient - individuals cannot predict traction • Amount varies by product • Incremental not cumulative
  • 73. Traction • Markets are efficient - individuals cannot predict traction • Amount varies by product • Incremental not cumulative • Know your microeconomics
  • 74. Traction • Markets are efficient - individuals cannot predict traction • Amount varies by product • Incremental not cumulative • Know your microeconomics • If you can’t generate traction, do you really want to raise money?
  • 75. Traction • Markets are efficient - individuals cannot predict traction • Amount varies by product • Incremental not cumulative • Know your microeconomics • If you can’t generate traction, do you really want to raise money? • How much is enough? 10% per month? 20%?
  • 77. Social Proof • “Get referred to us by someone we know”
  • 78. Social Proof • “Get referred to us by someone we know” • Entrepreneurs and committed investors best
  • 79. Social Proof • “Get referred to us by someone we know” • Entrepreneurs and committed investors best • Herd mentality is rational
  • 80. Social Proof • “Get referred to us by someone we know” • Entrepreneurs and committed investors best • Herd mentality is rational • Why? What did they like that you can’t show in the other metrics?
  • 82. Real Hacks • Advisory Round (Notable Founder, Operator)
  • 83. Real Hacks • Advisory Round (Notable Founder, Operator) • Cast a Broad Net, move simultaneously
  • 84. Real Hacks • Advisory Round (Notable Founder, Operator) • Cast a Broad Net, move simultaneously • Easier to pitch a new investor than to convert one
  • 85. Real Hacks • Advisory Round (Notable Founder, Operator) • Cast a Broad Net, move simultaneously • Easier to pitch a new investor than to convert one • Equity, not notes
  • 86. Real Hacks • Advisory Round (Notable Founder, Operator) • Cast a Broad Net, move simultaneously • Easier to pitch a new investor than to convert one • Equity, not notes • Sell an option
  • 87. Real Hacks • Advisory Round (Notable Founder, Operator) • Cast a Broad Net, move simultaneously • Easier to pitch a new investor than to convert one • Equity, not notes • Sell an option • But if you’re having a hard time, re-start, not push
  • 89. In Summary • Get to a funding hub
  • 90. In Summary • Get to a funding hub • Recruit an exceptional team.
  • 91. In Summary • Get to a funding hub • Recruit an exceptional team. • Build something that you are passionate and knowledgeable about
  • 92. In Summary • Get to a funding hub • Recruit an exceptional team. • Build something that you are passionate and knowledgeable about • Test it against customers
  • 93. In Summary • Get to a funding hub • Recruit an exceptional team. • Build something that you are passionate and knowledgeable about • Test it against customers • Get social and customer validation
  • 94. In Summary • Get to a funding hub • Recruit an exceptional team. • Build something that you are passionate and knowledgeable about • Test it against customers • Get social and customer validation • Raise on at least one exceptional characteristic
  • 95. In Summary • Get to a funding hub • Recruit an exceptional team. • Build something that you are passionate and knowledgeable about • Test it against customers • Get social and customer validation • Raise on at least one exceptional characteristic • PS - Assume fierce competition

Editor's Notes

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  6. Bifurcated fundings - can’t raise money until you’re suddenly oversubscribed.\nIt’s an emotional decision, so you often get funded on the basis of your single best attribute\nNot like college where they weigh everything equally.\nLooking for that one thing that makes you the best in the world\n
  7. It’s like the number of times a song gets played. No average outcome - statistically meaningless. Because of network effects, leverage. Winner take all. Graph is of book popularity, only of top 5K books!\n
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