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Remember Goals from Session 3

Session #4 Agenda (1:30)

5-minute pitches and Q&A (about 15 mins per team)
Customer Discovery update (15 mins) – continue to emphasize that
Monthly Goals/Reports (Explorer gSheet Review) (15 min)
Wrap up and final reports

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Team Pitches

(See also slides from Session #3)

Each team’s 5-minute
Q&A from all teams, (some examples topics below)

Is the value proposition clear (including problem and solution)? Does the business model make sense?
Is there a market (e.g. customer segments, customer discovery, market size, early adopter(s)?
What is the competition, are there barriers to entry?

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Pitch Deck Format �(Did presentation hit all the points?)

Slide 1 : Overview tagline - ‘We’re a X marketplace connecting A with B’
Slide 2 & 3: Problem & Solution
Slide 4 : Product/Service Summary explanation, screenshots or 50 sec demo, target market(how would users use it)

Slide 5 : Product Features & Benefits, explain MVP launch features, don’t focus on long term
Slide 6 : Business Model, explain how you’ll make money

Slide 7 : Traction, explain the stage of your business (i.e. concept stage, MVP under development, initial customers, revenues etc.)
Slide 8: GTM, explain Go To Market strategy, how you’ll acquire customers (where, who, how & costs), what is your potential customer volume (calculate Bottom Up approach of how many customers you could acquire), unit economics overview
Slide 9: Competition, what is available today to address this problem, how would your business compare, what are your Unique Advantages
Slide 10: Team, explain why backgrounds & expertise are the best fit to solve this problem & build this solution
Slide 11: Your Ask, explain your forecast, ‘We need X funding to achieve Y in 12 months’, overview of financials(revenue projections) for next 12 months, funding/connection requests (i.e. Pre-seed funding round, talent needs, connections, etc.), what will you use funding for.

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Pitch Advice

Know Your Value Prop & Business Model
Tell A Compelling Story From Beginning to End (Problem(Your connection), Growth, Resolution)
Eventually, you should not be reading it, you should know it!

Knowing it is different than memorizing it
All team members should know it/believe in it

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One possible template for how to display your unique value and competition

Your Company X

Competitor

Efficiency

(e.g. Technology)

Value

(e.g. Content Delivery)

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Another possible template for how to display your unique value and competition

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Your Connection

Anyone you pitch needs to hear WHY YOU are doing this business. What is your personal connection, why are you passionate about the problem? Create empathy for the listener.

Always include this when explaining the problem.

Whenever you pitch you should prepare an ‘Ask’ at the end of your pitch/meeting. (i.e. funding needs, mentoring support, connections to others…)

Listeners are more compelled to support you and your Ask if they hear & understand your personal connection.

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Customer Discovery Update

Update your customer discovery interview questions
10 – 300 interviews/surveys depending on your project

How are you collecting the data? Statistics? Did you use Empathy Map?

What are your obstacles?

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Slides from previous sessions relevant to Customer Discovery and Business Model

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The Customer Discovery Process

1.) Narrow Down Your Target Market

2.) Build your “Leads” Database

3.) Formulate Questions

4.) Collect Data & Analyze

5.) Test Hypothesis and Reform VP

Focus Your Approach (TAM)

Contact Spreadsheet + Funnel (CRM)

Asking the right Questions

(address assumptions and eliminate bias)

Assumptions Framework +

Experiments

What is Actionable?

(Important vs. Immediate)

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Asking the Right Questions

(What are you trying to discover?)

Problem “What are your biggest challenges? What are the outcomes of not addressing those challenges?”
Solution “How do you measure success?” “How are you solving the problem currently?”
Customer (sub)Segments “Who is your clientele?” (B2B); [Empathy Map]
Unfair Advantage “Why do you do what you do? What is something you wish you had?”
Cost/Revenue “What are your yearly/quarterly earnings/expenses?” “How much are you willing to pay?”

https://mfishbein.com/the-ultimate-list-of-customer-development-questions/

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Business Model

Explain simply how your company will make money. This is your main strategy for sustainability & profitability. What is the model (i.e. subscription, marketplace, SaaS), who pays for what, how much, when & how. How well this is thought through can make or break your pitch.

Define your business model in a more elaborate deck that breaks down what you’re selling, to whom and the revenue model - a simple overview goes into your Pitch deck.

Determine your TAM (total addressable market) using a bottom-up approach.

First, research & answer:

What are my potential target market segments?
How much have people paid (or are willing to pay) for my product or service?
What are my distribution channels and where are the limitations?
What portion of the market can I reasonably capture?

Then, multiply the potential customers in your geographic area by your fee to determine your potential revenues.

(The process of calculating your TAM determines if you have a viable market, gives you a deeper understanding of how that market is distributed, and stands as a cornerstone of your strategic toolkit. You need this granularity to make strategic decisions based on the many factors that affect your market and product.)

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Final Comments

Provide your final report in the form of your

Pitch Deck (share in google folder please with mentors and explorer@um6pventures.com)
Updated LBMC and Budget

Next Steps:

Keep working on your startup!!
Apply to the next cohort. Check website for updates.

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