ACCELERATOR
IN-A-BOX!
2
Table of Contents
01
Intro
Energy Hackathon
Nexus Idea Stage Bootcamp
Nexus Idea Stage Accelerator
Nexus Growth Stage Bootcamp
Nexus Growth Stage Accelerator
Growing Past Startup
Index/Inspirations
05
06
02
03
07
08
04
3
INTRO
01
As our world heads towards a future of 100% clean energy and the number of startups and accelerators grow, we have discovered the need for tools and curriculum - ways to bring new entrepreneurs into the field and advance existing ones. That need kicked off this project, the Accelerator-In-A-Box. The AiB draws on curricula from partners around the world, research I did for Accelerate This!, and many far-flung conversations with anyone that would lend me a minute. Nexus and I thank everyone for being so generous with your time and ideas!
The AiB is designed for clean energy accelerators and entrepreneurs, but many of the tools and lessons inside work for pretty much any industry in any geography.
Let’s accelerate this, with the Accelerator-In-A-Box!
Ryan K
Last year I worked with the New Energy Nexus to create the book Accelerate This! A Super Not Boring Guide To Startup Accelerators and Clean Energy Entrepreneurship. In that, we tackled fundamental questions about accelerators like: what the heck is an accelerator?! How do they work? How do they create great companies, solve problems, and provide social and economic value? If I don’t say so myself, it’s an ok read. #supernotboring.
Part of our work here at Nexus has been creating a community of the clean energy-focused programs all over the word in an effort to push the field faster, further. There are, amazingly, about 90 accelerators in 30 countries in the New Energy Network now (email me if you want to join! It’s free! ryan@energynexus.co), and it’s expanding all the time. As I write this, Hendrik is in Indonesia, Andrew and Lily are in Shanghai, Stan is in Thailand and I’m here in San Francisco, but we’re all doing the same thing - expanding the network.
Intro
04
If you’re on the Slides version, go to File > Make a copy for a digital version, or print out and use.
Just feedback and suggestions please!
This is a free and open-source resource for you. The only payment we would like are suggestions of ways to improve it, localize it, extend it. You can make a copy of the deck, add things and tag me, or email me directly - ryan@energynexus.co
HOW DO YOU USE
THIS TOOLKIT?
WHAT ARE WE ASKING
FROM YOU?
01
Using And Improving The AiB
05
Intro
The idea here is to invite lots of entrepreneurs, test a lot of ideas, and then invest more resources and ideas in the most successful businesses over time.
This is a general format, but appreciation and adaption to local context is always good. Can the programs be remixed, stretched or compressed? Absolutely. Figuring out the right tool for the job (aka, the right program for the context) is what we do daily at New Energy Nexus. It’s an art, and feel free to ping us with questions.
The AiB is structured like a funnel with two, larger-audience ways to begin the journey
(The 2-day Idea StageBootcamp and the Hackathon), a 6-month Idea Stage Accelerator, and then a Growth Stage Accelerator (which has it’s own 2-day bootcamp as a kick-off).
01
Outline of AiB
HACKATHON
IDEA STAGE
BOOTCAMP
IDEA STAGE
ACCELERATOR
GROWTH STAGE
BOOTCAMP
GROWTH STAGE
ACCELERATOR
2 days
2 days
6 months
2 days
6 months
OUTLINE
06
Intro
Join the conversation.
Meet funders and entrepreneurs and
learn things.
Self-organization is one of the secrets to biology and healthy systems, and can only happen if there is free information flow.
With that in mind, we welcome you to join the clean energy conversation on the New Energy Nexus Network, a Slack community for clean energy accelerators, incubators, funders and entrepreneurs.
Join here, and please intro yourself.
01
Outline of AiB
07
Intro
Let’s look at the totality of the accelerator program itself - how does it find, vet, train, help companies? How does it operate? The Accelerator Generator helps you think about the critical aspects of your program. Dive in, share, and make sure you’re ticking all the boxes.
The Accelerator
Generator, from
Accelerate This!
01
The Accelerator Generator, from Accelerate This!
1. PIPELINE/
OUTREACH
2. DUE DILIGENCE
3. THE PROGRAM
4. POST PROGRAM
How to reach the right companies
How to vet and choose companies
How to run your program
What happens after the core program is over?
GOVERNANCE, LEADERSHIP, AND KPIS:
How are decisions made? How do you judge success?
BUSINESS MODEL:
How do programs pay the bills?
ECOSYSTEM BUILDING/STAKEHOLDERS:
How do the accelerators advance their field?
08
Intro
9
ENERGY HACKATHON
02
At Nexus, we have run tons of hackathons all over the world -
they are a great way to engage a maker/tech community.
The following is our hackathon guide, which gives you the tools you’ll need to plan, run and wrap-up a successful hackathon. If you need a team to run a clean energy hackathon for you, email us or join the New Energy Nexus Network.
Hackathons are a good format for sprinting on a project. Generally these are more coding/tech oriented, and are an all-out mad dash towards some form of a minimum viable product or pitch at the end of the weekend. Sometimes these are competitive, with prizes and chances for advancement, and overall hackathons are a great way to rally a large group into productive creating and problem solving.
Energy
Hackathon
10
40
Pre-Event
11
Smart Energy Hackathon
Hackathon Workflow
Planning Team Operation
Budget Planning
Planning Timeline
Venue
Event Date
Event Agenda
Detailed Runsheet
Participants
Mentors
Judges
Sponsors
Identify Challenges
Challenge Examples
Rules
Policy on Data Usage
Pre-event
Marketing Checklist
Registration
A hackathon is a portmanteau of the words hack and marathon, where hack is used in the sense of playful, exploratory programming, not its alternate meaning as a reference to computer crime. A hackathon is a design sprint-like event in which computer programmers and others involved in software development and others, often including subject-matter-experts, collaborate intensively on software projects.
�Hackathons are a great tool for creative problem solving as well as to bring new people together that eventually could be part of a full incubation or acceleration program.
This Hackathon guide stems from an event organized in Bangkok Sep 8-10, 2017. It constituted the kick-off event for Nexus South East Asia and served as proof of concept that SEA can rally both funders and smart energy as well as coding talent. It was completely funded by the private sector, reinforcing our belief that the Nexus SEA program can attract significant private sector funding. Feedback from participants, sponsors and mentors/judges was overwhelmingly positive suggesting for Nexus SEA to be exactly the right time to get launched.
�See HERE the projects formed by our previous Smart Energy Hackathon SEA 2017
What is a hackathon？
HIGHLIGHTS
See what the teams came up within 30 hours hack! submissions
See our post-event video
02
Smart Energy Hackathon
9
80
PARTICIPANTS
20% international
HOURS
2 days 1 night
TEAMS
17
30
$10K
PRIZE
and more
30
CHALLENGES
MENTORS & JUDGES
from all over the world
12
Energy Hackathon - Pre-Event
PRE-HACKATHON
DURING HACKATHON
TEAM
OUTREACH
LOGISTICS
BUDGET
POST-HACKATHON
THANK YOU
EVALUATION
SOCIAL MEDIA
02
Hackathon Workflow
SETUP
INTRODUCTION
HACKING
CONCLUSION
WORKFLOW
13
Energy Hackathon - Pre-Event
A successful event isn’t a single milestone, but a series of little goals fulfilled by each member of the team.
PROJECT LEADER
(Advisor)
PROJECT LEADER
Overseer of project, task delegation, overall content development and strategy
COMMUNICATIONS
SPONSORSHIP
IT
OPERATIONS
Can be combined
02
Planning Team Operation
TEAM & ROLES
Here is a breakdown of each role and their responsibilities to give you an overview of how many team members are needed to plan your hackathon.
14
Energy Hackathon - Pre-Event
Budget Planning
Before planning your setup be aware of your revenue in term of sponsorship and keep in mind what the cost are. This is a sample template of how much we charged the sponsors per tier and the cost for operating a 100 person hackathon. Because the cost will depends on the size of your event, feel free to use this example and scale it accordingly to help with your planning.
See our sample here.
02
Budget Planning
HACKATHON BUDGET
REVENUE
BAHT/USD
$33.62
Registration Fee/Event Brite (Full B800)
$1,189.77
Registration Fee/Event Brite (Students B400)
$594.88
GigaWatt - $25,000
$25,000.00
Sponsor 1
$25,000.00
MegaWatt - $10,000
$30,000.00
Sponsor 2
$10,000.00
Sponsor 3
$10,000.00
Sponsor 4
$10,000.00
KiloWatt - $5,000
$5,000.00
Sponsor 5
$5,000.00
Sponsor 6
InKind
Sponsor 7
InKind
Total Revenue
$61,784.65
$0.00
PROJECTED
ACTUALS
15
Energy Hackathon - Pre-Event
Budget Planning
02
Budget Planning
HACKATHON BUDGET
BAHT/USD
PROJECTED
ACTUALS
Designer Round 1 (Event Logo, Key Visuals, Website and Social Media Banners)
$1,500.00
Designer Round 2 (Devpost and Splash management,
A3 Poster (English/Thai), A5 (front/back), Roll Up Banner
$2,500.00
Animation
$2,678.00
T-Shirts
$1,500.00
Photographer
$1,000.00
Video
$5,000.00
Marketing Budget
$3,000.00
Judges/mentors logistics
$4,000.00
Total Expenses:
$55,733.00
Net CASH:
$6,051.65
$0.00
BAHT/USD
PROJECTED
ACTUALS
$0.00
EXPENSES
New Energy Nexus
$15,000.00
Cash Prizes
$10,000.00
Meals (Estimates for 110-120 People)
Dinner Friday
$1,000.00
Breakfast Sunday
$1,000.00
Lunch Sunday
$1,000.00
Closing with Food / Drinks (incl. Beer/Wine)
$2,500.00
Serving Help
$500.00
IT Staff & Bandwidth
$1,200.00
Supplies
$1,500.00
Print Materials - Handouts, Sponsor & Schedule Posters
$1,500.00
EXPENSES
16
Energy Hackathon - Pre-Event
Smart Energy Hackathon is a regional event, it will require a lot of time in marketing, securing funds, recruiting, and to confirm logistics.
02
Planning Timeline
Weeks Before the Event
10-12 WEEKS
8 WEEKS
weeks before the event
2
week before the event
1
Weeks Before the Event
4 WEEKS
2 WEEKS
1 WEEK
1 DAY
TIMELINE BEFORE THE EVENT
It’s important to be prepared and plan out at least 3 month prior the event. Here is a checklist to help guide you in plan your process in organizing a hackathon.
17
Energy Hackathon - Pre-Event
Venue
02
Venue
Is the location a landmark? If it is well-known, leverage this information in PR and marketing campaign.
The area should be able to accommodate the followings: group tables, powerstrips, access to Wifi, projectors, microphone, audio system, and cable adaptors (bonus: addition TV screens)
Is the signal strong and reliable? How many people the system can supports simultaneously? Time runs short and the energy is high, a slow and unreliable connection is not acceptable.
Is it easy to access via public transportation? Is there enough parking space? Include detail logistic such as maps, where to park, where is the nearest public transportation, and nearby hotel options into the participant info pack.
Is your hackathon going to be an overnighter? Most likely they won’t be sleeping but some will be needing rest. Last time we provided participants with numerous bean bags to nap in and an info pack that includes checklist of things to bring and list of nearby hotels. keep in mind the shower room if you are holding an overnight hackathon
What is the building’s policy regarding photography, videography,
and drone restriction? Make sure to know their regulations or get their permission
The earlier you reserve the better.
Here are the checklist to help you make decisions when considering your venue to host a Smart Energy Hackathon.
18
Energy Hackathon - Pre-Event
02
Event Date
Choosing the right day to execute your hackathon can help you with recruiting process,
for instance:
Hosting the hackathon right after or before big conferences and summits so you can invite involving players from those event and get close to sponsors.
1
2
3
Consider your participants, will they be gone on a long holiday?
Who is your target group? Is it a good time for them?
These are a great question to keep in mind when setting your date.
Be aware of other local hackathons hosting on the same week,
set a date at least 1-2 weeks before or after those event to avoid a recruiting competition and give hackers participating in those hackathon a break.
19
Energy Hackathon - Pre-Event
02
Event Agenda
A schedule is a great way to give all attendees an overview of what would be going and what they should anticipate.
Below is an example of our 3 days Hackathon weekend agenda or click here to access our agenda example.
FRIDAY, SEPTEMBER 7TH, 2018
17:30-18:00
18:00-19:00
19:00-21:00
Registration
Opening Ceremony
Team Formation & Networking
Cocktail Party
SATURDAY, SEPTEMBER 8TH, 2018
7:30-8:00
8:00
23:00
Team Registration
Hacking Begins
Closing
*Participants can continue hacking overnight (optional).
Snacks & Drinks (9:30-10:30)
Lunch (12:00-13:00)
Snacks & Drinks (15:00-16:00)
Dinner (18:00-19:00)
Light Meal (21:00-22:00)
8:00-23:00
Hacking
Mentors will be around to guide team.
SUNDAY, SEPTEMBER 9TH, 2018
7:00-12:00
12:00-13:00
15:30-16:30
Breakfast (7:00-9:00)
Venue Opened
Hacking
Mentors will be around to guide team:
(Timetable showing each mentor’s availability - here)
12:00
Hacking Ends
Project Submission Deadline
Lunch (12:00-13:00)
Teams get ready for pitching.
13:00-15:00
Pitching
4 mins for each team
15:00-15:30
Break
Snacks & Drinks
6 Finalists Announcement & Final Pitching
1 min recap & 4 mins Q&A for each team
17:00-18:00
Winner Announcement & Awards Ceremony
18:00-20:00
Party & Celebration
Public Registration (12:30-13:00)
20
Energy Hackathon - Pre-Event
02
Detailed Runsheet
Beside the overviews, it is necessary for the organizer team and staff to have a detailed runsheet as it provide a clear role, responsibility, and contact info for each phrase of the event. See the detailed runsheet example.
DESCRIPTION
NOTES
RP
SUPPORT
REMARK
COMMENTS
7-8 AM
Venue setup
Maids setup tables and chairs following given floorpan (20th & 19th FL.)
Name 1 & Name 2
Name 5
CU iHub venue manager
(090-xxx-xxxx)
Name 1 prepare contact list
Venue setup
Maids setup tables and chairs following given floorpan (20th & 19th FL.)
Name 1 & Name 2
Name 5
CU iHub venue manager
(090-xxx-xxxx)
Name 1 prepare contact list
8-9 AM
Venue setup
Maids setup tables and chairs following given floorpan (20th & 19th FL.)
Name 1 & Name 2
Name 5
CU iHub venue manager
(090-xxx-xxxx)
Name 1 prepare contact list
9-12 PM
Venue setup
Maids setup tables and chairs following given floorpan (20th & 19th FL.)
Name 1 & Name 2
Name 5
CU iHub venue manager
(090-xxx-xxxx)
Name 1 prepare contact list
11-2 PM
Venue setup
Maids setup tables and chairs following given floorpan (20th & 19th FL.)
Name 1 & Name 2
Name 5
CU iHub venue manager
(090-xxx-xxxx)
Name 1 prepare contact list
2-3 PM
21
Energy Hackathon - Pre-Event
02
Participants
Smart Energy Hackathon is a regional event, hence you will be attracting diverse group of participant, ranging from software developers to energy experts from around the world. The usual incentive for the hackers are prize reward, however it is important to communicate to them that the event is a great place for them to meet new people, network, foster new skills, gain exposure to companies and potential investors.
Communication Toolkit – Include strategies, messaging templates for email, facebook, twitter, and etc. – See our Toolkit
Follow ups – Important to keep the participant updated, notify their status, and reminder of the upcoming event to keep them engaged. – See our Follow-up templates
Info Pack - Before the event you should send out an Info Pack that contains all what they need to know about the event. – See our Info Pack
PARTICIPANT OUTREACH
EXPERTISE RATIO OF PARTICIPANT
Software Developers
Designers
Energy Experts
Business/Finance Experts
At Smart Energy Hackathon we also believe that developers are like philosophers. They are a problem-solver by nature, we just have to ask them the challenge that matters. Here all our challenges are based on real-world energy problem, hence not only they are competing for the best solution, but are also leading the direction of world’s energy game.
50%
30%
15%
15%
22
Energy Hackathon - Pre-Event
02
Mentors
Outreach & Agreement
The hackathon will bring together participants from very different fields at different level of expertise some are students, some are professionals. The level of knowledge regarding Smart Energy Tech will be very different for each participant. Thus mentors are a necessary component in supporting the participants with their valuable experience. Number of mentors will depend on the size of your event, we find 20+ mentors is a decent number for 100 person hackathon.
It is the organizer job to help facilitate the mentors, introducing and connecting them with the team. Once they confirmed their attendance, ask for their short bios, headshots, and their availability and send them an agreement form that provide them with description of their role, expectation, and overview of the event. When reached out to most mentors will attend out of their own interest and curiosity. Since they will attending as a volunteer, it is worth mentioning the benefits of their participation such as access to new idea and creative solution, gain network with the teams and other mentors, and being on the frontline of smart energy movement.
23
Energy Hackathon - Pre-Event
02
Judges
Similar to the mentors, it is good to have diverse people of different background and expertise, look at CEO, marketing expert, influential developers, VCs, and leading energy expert.
The judges are not required to be present during the hacking session, however you should encourage them to attend, so they can get close and inspire the team. We find 5-6 judges on the panel is enough.
Outreach & Agreement
Even though judges will be coming on a voluntary basis like mentors and are not required to be present during the hacking session, their attendance on the pitch day is a must. Since we will be advertising their name in marketing, their absence is a reputational risk. To help avoid such circumstance, it helps to communicate clearly in all message that they are required to be at event during pitching as well as offering them logistic support. Be sure to give them the description of their role, expectation, and attached the event agenda.
24
Energy Hackathon - Pre-Event
02
Sponsors
You will need funding to run a hackathon. Not only the sponsors can provide you with it, you can also leverage your event from their branding and network. For the sponsors, in addition to exposure and awareness, by presenting their data and challenges to the participants it give them the opportunity to be engaged with customers, get feedback, a chance to recruit, and possibly a tailored solution to their problem. Here are some strategies to approach the sponsors.
Strategies:
Sponsor overview (LINK) – A one-pager with package’s benefits. Example:
Pitch only the big package first, so they don’t opt for smaller packages.
Identify what they want - Do they want to recruit? Do they want idea? Do they want to start CSR campaign? Tailor the message accordingly
Branding:
Present:
Outreach:
Challenges:
Social Media:
Freebies:
Marketing:
Name and logo placement on marketing collateral including posters and online
Connect with participants, industry and media, find talent for your company
Define specific challenge for the Hackathon on which the teams should work
Leverage the existing sponsors - use their name to establish credibility and emphasize the idea to other potential sponsors that they might be missing out
Good opportunity of sponsorship - attends and pitches at big conference/summits
Consider In-kind sponsorship to help save your budge (e.g. food provider, venue host, etc.)
*See our Sponsor Outreach sample
25
Energy Hackathon - Pre-Event
02
Identify Challenges
Choose challenges that leads to a software solution that aligned with the concept of smart energy.
This includes the digitization of renewable energy, energy efficiency, efficient distribution, gamification of energy, and enhancing existing applications for optimal consumption.
Things To Consider:
How many participants are you going to have?
The number of challenges should not exceed the number of teams.
This will determine how many challenges you should have.
Ask the stakeholders.
Since the sponsors/mentors are usually familiar with the energy sector, you can work with them to shape a challenges that will enhance their existing projects or allign with their vision.
26
Energy Hackathon - Pre-Event
02
Challenge Examples
To keep participants in focus and started on the same page, it is important to create a central detailed information about each challenges, these may include expectation, specific platforms, and data set.
Challenge’s Details & Dataset
To keep participants in focus and started on the same page. It is important to create a central detailed information about each challenges, these may include expectation, specific platforms, and data set.
Example 1 Empower the Crowd!
Example 2 Record solar generation data on a blockchain.
27
Energy Hackathon - Pre-Event
02
Rules
At the hackathon we welcome creative and disruptive solutions, however this is still a competitive event therefore to avoid blow and whistle it is important to communicate clear rules and regulations in programming.
See on the right the example the programming
etiquette in our previous Smart Energy Hackathon.
“ Organizer Names ” do not claim any ownership of the IP teams submitted during the Smart Energy Hackathon, nor can we provide any protection of IP or sensitive material. You own what you produce at the Smart Energy Hackathon. We highly recommend you discuss the ownership of IP and division of prizes with your team members before the Hackathon begins.
We want to advance smart energy in Southeast Asia. We believe software will be a key enabler of the transformation of the global energy system. In this spirit we have designed our challenges. Your solution must be a software solution that addresses the challenge of your choice.
Each Entry (Submission) must be original, of the Participant’s or Participant’s team’s own creation and must not have been entered in any other competition or program similar to the Hackathon.
In addition to your creation that must be uploaded on DEVPOST by “ Date & Time ”,
all teams must deliver a 4 minute presentation for the judges and audience with no Q&A.
If your team is selected as one of six finalists, your team will have the chance to deliver
a 1 minute summary to judges with 4 mins of Q&A from the judges and audience.
SOLUTIONS
ORIGINAL CODE
PRESENTATION
INTELLECTUAL PROPERTY
28
Energy Hackathon - Pre-Event
02
Policy on Data Usage
Detailed information and data set are important for the challenges, they are usually ties to stakeholders. So it is a good idea to include policy on the use of
data in the term and condition for the participants.
Policy Samples
If a sponsor provided the data set, feel free to reach out to a mentor to get connected with that sponsor. They’ll help answer your questions to the best of their ability.
1
2
3
Datasets will be made available to participants during the hackathon. However, re-purposing of the datasets after the hackathon is not allowed. Should the participant be interested in doing so, the participant must contact the dataset provider for licensing agreements.
Data downloaded should only be used for the hackathon and no where else. When you download it, you agree to use it for just the event and will delete it after.
29
Energy Hackathon - Pre-Event
02
Pre-event Marketing Checklist
Pre-event marketing campaign serve as a tool to connect, recruit, score sponsorship and partnership. When put together carefully early on, you can pre-plan the messages in your content calendar. It also allows sponsors and partners to reach out in their network with consistency and ease.
Here is an example and template of our communication toolkit to help you formulate your own outreach document.
MARKETING BEFORE THE EVENT
8-10 WEEKS
4 WEEKS
2-3 WEEKS
1 WEEK
Material to Partner
Through Sponsors
and Partners
Participants
Feed
Announcement
to Win Hackathons
30
Energy Hackathon - Pre-Event
02
Registration
By the time you’re thinking about launching the registration, you should already have planned for your venue, date, and marketing campaign. Registration is the first stage in getting to know your candidates, where you can ask for their full name, contact info, expertise and question that can be helpful for your screening process. Before going into the registration form, Here are some consideration you should made prior:
Here are the checklist of questions for your registration form:
Will you be charging for registration? – Ticket sale can be a barrier, but it also help filter attendee and create commitment. Be sure to research the pricing and know your target group. The ticket should be charge after the screening process. Make sure to give registrant a clear instruction of how/when to purchase the ticket.
How many participants are you aiming for? - This will mainly depend on the capacity of your venue and manpower. Be sure to keep the expertise ratio in mind; we recommended a mixed of 50% Software Developers, 20% Designers, 15% Energy Experts, and 15% Business/Finance Experts.
What is the registration deadline? – Consider leaving some buffer time (1 - 2 weeks) between registration deadline and the actual event day. It will give you a breathing room for screening process, contacting your waitlists, and deadline extensions if needed.
What is the screening process? – Some examples are pre-event competition, questionnaires and phone-interviews. Communicate to registrants clearly how the screening works and how will they get notified.
See our registration form SAMPLE
Basic Info - Full Name | Email | Phone # | Expertise | Food Preference
Do they have a team? If so what’s the team name.
How did you hear about us?
- Have you attended a hackathon before?
- Why do you participate in our hackathon?
- Do you have a challenge you already want to work on? If so why?
Question their expertise and drive:
31
Energy Hackathon - Pre-Event
40
32
32
Manpower Allocation
Manpower Allocation Example
Team Formation
Mentor Operation
Project Submission
DevPost Example
Pitching
Judging Criteria
Prize
Media Operation
Food Operation
During Event
02
Manpower Allocation
Running the event will require additional floor-operation staffs. The number of staff will depend on your event size. On the next slide you’ll find the roles, number of staff, and materials required at each station to operate a 3 days hackathon with 100 attendees. Feel free to use this number as a rough guide to estimate the manpower you’ll be needed accordingly.
Tips for operation team:
DO A QUICK STAFF REHEARSAL
PROVIDING DETAILED RUNSHEETS
also help keep the staffs work easier as they would know the timeline, their responsibility, and contact points.
See our detailed runsheet example.
an hour prior event
33
Energy Hackathon - During Event
02
Manpower Allocation Example
DAY 1
MATERIALS NEEDED
Registration
4
Greet and manage Sponsors, Mentors, Judges
2
Team Formation Helpers
3
Team Sign In / Team Placement / Signage / Name Tags
4
MC
2
Photographer
1
Videographer
1
4 computers - Google Spreadsheet, nametags, checklist, challenge cards, wi-fi, T-shirts
List of sponsors attending and pictures
N/A
4 computers - Google Spreadsheet
Rundown and Speaking Points
Creative Brief
Creative Brief
Social Media
2
IT
1
Food Manager
1
Access to SEH Facebook and Twitter
Ensuring wi-fi is stable and fast (2 shift)
Food is stocked and updates are tweeted about lunch and dinner being served
MATERIALS NEEDED
5
DAY 2
Runners
2
MC
2
Photographer
1
Videographer
1
Social Media
2
Mentor Corner Manager
1
IT
1
Health and Safety T
1
Food Manager
1
Take team to their assigned table
Rundown, Speaking Points
Take picture of each team and participant
Interviewer teams, sponsors, judges, mentors
Posting challenges, lunch time, tea break, mentor availability
Master of mentor timesheet and used 2-3 computers for mentors who are attending virtually
Ensuring wi-fi is stable and fast
On standby
Food is stocked and updates are tweeted about lunch and dinner being served
Team Registration
4 computers - Google Spreadsheet, wi-fi backup, checklist
MATERIALS NEEDED
DAY 3
MC
2
Rundown, Speaking Points,
Greet and manage judges
1
List of judges and their contact info
Videographer
1
Capturing last minute interviews, pitches and awards
Food Manager
1
Food is stocked
IT
1
AV and Wi-fi Connection is stable
Health and Safety
1
On standby
Photographer
1
Capturing pitches and awards
PAX #
PAX #
PAX #
34
Energy Hackathon - During Event
02
Team Formation
Some hackathon required participant to have
team to participate, but at Smart Energy Hackathon we allowed both team and individual registration.
Guideline to help with team formation:
3-5 members per team
Team composition:
We recommend a mixed of expertise so each can uniquely contribute to the
team. Ideally a team of 5 should consist of 2 Developers, 1 Designer, 1 Energy Expert, and 1 Business/Finance expert
-
Note that team with missing an expertise can always seek advise from the mentor.
-
Offer activity to allow them to network on kickoff event - hold a quick networking/team formation activities <<– use picture from SEH (the circle)>>
Be observant of who need assistance in find team, have dedicated staff to approach them and help them connect
It’s important to make newcomers feel welcomed, especially those apply solo. We recommend a pre-event networking, for example we did a team
formation at kickoff event prior the hacking day.
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Energy Hackathon - During Event
02
Mentor Operation
Mentors usually attend the hackathon as pro-bono, it is important to give them a proper welcoming and assistance with venue information, proper introduction, and connecting them with the participants.
Checklist for Mentor Operation
Provide mentors with event agenda.
Display mentor’s timeslots on screen includes their headshot, name, expertise, and time availability. See mentor timetable
Do an introduction announcement when each mentor arrived.
Assigned facilitators to help connect the teams with mentors, as well as encouraging mentors to visit the teams.
Have a dedicated area for mentors to hangout for participants to easily find them
Online Mentorship
(If the mentor is keened, but unable to attend the event in person, it is possible to use video call…)
Ask for their video conference application’s ID. We recommend Skype and Zoom.
Have desktop/laptop station dedicated for online mentor
Test connectivity, sound, and video system with the mentor pre-event
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Energy Hackathon - During Event
02
Project Submission
Submission must be done on DevPost, a hackathon dedicated platform where the team can turn in their codes and showcase their demo. The deadline should be at least an hour prior the Pitching Event. This will allow time for judges briefing, for them to have an overview of each submission, and organizers to do final check on AV system.
Checklist for the submission process.
Set exact deadline
Use DevPost, it’s a dedicated platform for hackathon submission and showcase
Have technical staff on standby for DevPost assistance
Make a reminder announcement 1-2 hours prior submission for the team to register on DevPost
Provide a clear instruction for DevPost submission, see here.
Include the how-to in the InfoPack
See our Smart Energy Hackathon’s DevPost page
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Energy Hackathon - During Event
02
DevPost Example
The submissions can be revisited and are always accessible for the public. They Smart Energy Hackathon’s project submissions on DevPost.com:
To see the project submissions, click here
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Energy Hackathon - During Event
02
Pitching
Pitching is typically a quick-paced high-energy 2-4 minutes presentation for
the competing teams to showcase their projects: what they are doing, how they do it, and why they do it. It should include a product’s demo and scalability.
Here are checklist to guide you with the pitching operation:
2 rounds of pitching – 1st round with no Q/As, Final round with Q/As from judges
2-5 minutes pitching time, this should already included a 1 minute set up/team switching time
Have a dedicated area for the upcoming team on standby for transition
The MCs can insert fact/jokes for during transition between team
Final check your audio/projector/cables. It is worth going to each team and individually pre-test their laptop for AV system compatibility.
Prepare a timer and timecard.
Prepare Judges Score Cards.
Things to consider
Connect the teams with mentors prior the pitches. This allows them to receive feedbacks and improve their pitches.
Make the pitching a public event, where you invite more investors and medias to attend
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Energy Hackathon - During Event
02
Judging Criteria
The submissions will be judged on the following criteria on a scale from 1 to 5 (5 being the best).
36
Idea
How creative and original is the idea to solve a problem in the selected category?
Includes how well the idea was designed and implemented, the complexity of the build and creative use of developer tools.
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
Here’s an example of our Score Cards prepared for the judges.
25%
25%
25%
25%
40
Energy Hackathon - During Event
User Experience
Execution
Presentation
02
Prize
As prize will be one of your recruit factor, you would want to be above or at least on par with other hackathons so it is worth researching into hackathon happening in your area. We find the prize amount $10,000 is suffice to get people attention to spend the weekend and attracts entrepreneur.
For our Smart Energy Hackathon we divided prizes into 4 categories:
1st: $4,000 | 2nd: $3,000 | 3rd: $2,000 | People’s Choice: $1,000
$ 4,000
1st
2nd
People’s Choice
3rd
DELIVERY METHOD:
Large mock checks. We used “Dimension**” which is great for media
ADDITIONAL PRIZES:
Token of appreciation (freebies). These can be branding material by the organizer and sponsors. Examples are Stickers, T-shirts, Mugs, or Flashlight. Be sure to communicate all the prizes, both cash and token, in your recruiting campaign.
$ 3,000
$ 2,000
$ 1,000
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Energy Hackathon - During Event
02
Media Operation
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42
Energy Hackathon - During Event
The reason we set up Smart Energy Hackathon is to build the digital energy startup community. It is important to utilize media to communicate and raise awareness of our event.
Invite journalists and give interviews
Do live-streaming through media channel such as Facebook page or website. Especially on the kickoff, pitching, and awarding event.
Hire videographer and camera crews to capture the working teams for post-event PR and assets.
Check the venue’s media regulation/restrictions
**Note** If you decide to have a photographer (professional or volunteer) we recommend you to ask attendees for permission within the registration form
Here are idea for media operation and collecting media assets during event:
02
Food Operation
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Energy Hackathon - During Event
At Smart Energy Hackathon, we invite participants to come together and spend their creativity and energy to produce solutions.
Guide on food operation:
Include serving time into the info-pack and give a quick announcement when each meal is served
Set up a central catering area
Consider attendee’s dietary restrictions, you can embedded a food preference option in the registration form
Have snacks serves all day, preferable finger food (e.g. sandwiches & pastries) where participants can grab food whenever they want to
Consider in-kind sponsorship for food and snacks (e.g. Whapow)
It is important to offer nutritious meals to fuel the bright minds.
Post-Event
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44
Marketing
Thank You’s
Feedback Form
02
Marketing
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45
Energy Hackathon - Post-Event
The hackathon will end with high energy and people networking, to keep the momentum we recommend following up with post-event marketing within 3-4 days of the hackathon while the attendees are still fresh.
This way it will help them remember, strengthen your message, and find a contact point if they have further interest.
Checklist for
post-event marketing
Do social media post about winners and updates
Release event photo
Release a post-event video
Send out press release through tech and startup news, sponsor’s and organizer’s network
Send thank you email to follow up
Get in touch with high potential team showcase their project and look for people who are looking for investment
02
Thank you’s
42
46
Energy Hackathon - Post-Event
Once the event is over it is a good practice to thank the attendee for their time. The thank email also provide a great opportunity provide necessary information they might need for follow up.
Checklist in thank you email:
A role-specific thank you message
A debrief summary
Link to post-event photographs and videos
Link to our social media or website for updates
Link to project submission page for revisit
(participant only) Contact information of organizing incubators
(sponsor only) List of participants working on their challenge
Examples
02
Feedback Form
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47
Energy Hackathon - Post-Event
Happy customers will share and showoff their products. Satisfied attendees will be happy to pass the word on about the event. To ensure people spread the word, it’s important to satisfy the attendees.
In order to measure satisfaction, we recommend to use feedback form.
It is a valuable tool for acquiring insights from attendees and help us monitor our performance, letting us know what we should keep up on next event and what we can improve or add for better result. Ultimately, we can constantly improve our program setup, branding, and impact.
See our feedback form example.
Be sure to give the feedback during judge evaluation (right after pitching session) because some team will only stay to listen for their name and leave immediately when not called.
To determine People’s Choice award winner, embedded a question “Name one team for People’s Choice award (cannot vote yourself)” in the feedback form
Things to consider
NEXUS IDEA STAGE BOOTCAMP
03
PLANNING SLIDES
44
The Bootcamp provides an overview of the tools and techniques that the full accelerator program will follow, and is a good way to do general education about building a business to a larger audience.
Who should attend? Generally, teams/companies are probably not yet selling to customers, but have an idea about their market, and their technology can be customer ready within 6 months… but there are always exceptions. Some ideas and people will naturally drop off after (and during) the intensive. That’s natural and fine. What happens next? Generally at the end of the boot camp all teams get two minutes to pitch their startup, and the top 15 are invited to join the 6-month Idea Stage Accelerator.
The Idea StageBootcamp is a 2-day deep dive that begins the acceleration process, where attendees learn and practice customer discovery, market research, impact assessment, team building and more.
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03
Bootcamp checklist
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03
51
Nexus Idea Stage Bootcamp
Team
Location and materials
person that is responsible for overall planning and logistics
Name plates for tables: this allows the trainer to call people by their names, which makes it a much more personal experience for the startups.
Name tag for shirts.
Whiteboard or flip charts for the trainer.
Visuals: a good projector with >3000 lumen, or two TV 65” screens will do the job.
Audio: a sound system or boombox and microphone, depending on room size
Physical space that you can use for the duration of the bootcamp
Food and snacks are good to keep energy up
Large pieces of paper, pen and stickies for all participants
Arrange the room for interaction
(not classroom setup with everybody facing the same way). Two options that work:
U-shape style that allows the trainer to engage with individual participants, and invite discussion because participants can see each other
Banquet Style: teams sitting at tables for 4-6 people
Lead Organizer
person that is responsible for delivering the content
Lead Trainer
people who help deliver the program, coach teams etc. These are, ideally, future Lead Trainers
Assistant Trainers
Planning Timeline
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Nexus Idea Stage Bootcamp
10-12 WEEKS
8 WEEKS
4 WEEKS
2 WEEKS
1 WEEK
1 DAY
Before The Event
Nexus Idea StageBootcamp is a regional event, it will require a lot of time in marketing, securing funds, recruiting, and to confirm logistics. It’s important to be prepared and plan out at least 3 month prior the event.
Applications and Registration
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03
53
Nexus Idea Stage Bootcamp
Registration is the first stage in getting to know your candidates, where you can ask for their full name, contact info, expertise and question that can be helpful for your screening process. Before going into the registration form, here are some consideration you should made prior:
Questions for your application form:
Basic Info - Full Name | Email | Phone # | Company name (if applicable - some may be idea stage) | Food Preference
What does your company do?
Who do you sell to?
Have you raised money? If so, ho much?
Have you had any sales? To who, and how much?
Do you have patents?
Who is your team & advisors?
What is your secret sauce?
How did you hear about us?
See a registration form SAMPLE (from the hackaton).
Will you be charging for registration?
Ticket sale can be a barrier, but it also help filter attendee and create commitment. Be sure to research the pricing and know your target group. The ticket should be charge after the screening process. Make sure to give registrant a clear instruction
of how/when to purchase the ticket.
What is the registration deadline?
Consider leaving some buffer time (1-2 weeks) between registration deadline
and the actual event day. It will give you a breathing room for screening process, contacting your waitlists, and deadline extensions if needed.
What is the screening process?
Some examples are pre-event competition, questionnaires and phone-interviews. Communicate to registrants clearly how the screening works and how will they get notified.
Venue + Event date
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03
54
Nexus Idea Stage Bootcamp
Choosing the right date can help you with recruiting process, for instance
Hosting the bootcamp right after or before big conferences and summits so you can invite involving players from those event and get close to sponsors.
Be aware of other local events hosting on the same week, set a date at least 1-2 weeks before or after those event to avoid a recruiting competition.
Consider your participants, will they be gone on a long holiday? Who is your target group? Is it a good time for them? These are a great question to keep in mind when setting your date.
Event Date
Here’s a checklist to help you make decisions when considering your venue
The area should be able to accommodate the followings: group tables, power strips, access to Wifi, projectors, microphone, audio system, and cable adaptors (bonus: addition TV screens)
Is the signal strong and reliable? How many people the system can supports simultaneously? Time runs short and the energy is high, a slow and unreliable connection is not acceptable.
Is it easy to access via public transportation? Is there enough parking space? Include detail logistic such as maps, where to park, where is the nearest public transportation, and nearby hotel options into the participant info pack.
What is the building’s policy regarding photography, videography, and drone restriction? Make sure to know their regulations or get their permission
Basic Facility Setup
Wifi
Transportation/Parking
Media Restriction
Landmark (Optional)
Is the location a landmark? If it is well-known, leverage this information in PR and marketing campaign.
Venue
BOOTCAMP SLIDES
49
OVERVIEW
What is New Energy Nexus?
Introductions
Founders Path
Personal Accountability + Goals
Customer Segmentation
First Market
Lean Startup
What for Who?
Value Proposition
Lean Model Canvas
Pricing
Financials
Customer Discovery
Customer Interviews
Pitch
Agenda: Nexus Idea StageBootcamp Day 1
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03
57
Nexus Idea Stage Bootcamp - Agenda Day 1
1:00- 2:00
2:00 - 3:00
Arrival, Check-in
Introductions
5:45 - 6:00
Day 1 Wrap, Reactions, Logistics
3:00 - 4:00
4:15 - 5:45
What For Who, Customer Segmentation
BREAK
Founder’s Path, Goals and Accountability
DAY 1
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NEXUS INTRODUCTION
New Energy Nexus�Introduction ��
New Energy Nexus strives towards an abundant world with a 100% clean energy economy for 100% of the population in the shortest time possible.
We support diverse entrepreneurs to drive innovation and build equity into the global clean energy economy.
MISSION
VISION
THE NORTH STAR: SUPPORTING 100.000 STARTUPS IN 10 YEARS
LAUNCH
ACCELERATE
FUND
SCALE UP
Short startup weekend events, like hackathons and launchpad, focus on ideation and team formation.
Supports early stage startups with forming their business, defining business model, raise investment and bring product to market.
Provides capital
to startups in the
form of grants, equity, and/or debt
Supports startups in developing pilots at laboratories and demonstration sites, matchmaking with corporate partners to develop commercial partnerships.
NEW ENERGY NEXUS PRESENCE AROUND THE WORLD
Connecting Key Ecosystems and Emerging Markets
CLEAN ENERGY: DISTRIBUTED, DIGITAL & DEMOCRACTIC
Clean Energy
Smart Grid
Energy Efficiency
Energy Management
Customer Experience
E-Mobility
Business Model Innovation
IOT, blockchain and
Digitization
Energy Access
Storage
INNOVATION ACROSS THE VALUE CHAIN
Grid / VPP*
Generation
Overall Platform / Blockchain
Microgrid
Storage
Residential
Commercial
Industrial
Transport
*VPP – Virtual Power Plant
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GROUP INTRODUCTIONS
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66
MINGLE, MINGLE, MINGLE…
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67
FOUNDER’S PATH
How did you end up here today?
What has been your journey?
30
mins
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68
RYAN’S PATH
I was born in Pittsburgh, PA, USA
Today
School in Wisconsin.
Still no idea what I wanted to do/be
George Bush was president. The world was falling apart and I wanted to help.
Worked at a renewable energy startup, then at a clean energy accelerator
Here today, teaching this curriculum and helping with your path!
Fell in love with accelerators, wrote a book and this curriculum
Got my MBA in San Francisco, met my wife, got passionate about climate change
Went to visit a friend in LA.
Stayed for 5 years, became a film editor
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YOUR PATH
I was born in _______
Today
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PERSONAL ACCOUNTABILITY + GOALS
At the heart of the entrepreneur’s journey is personal drive - to create, to make money, to improve your community or the world, to provide for your family.
Things can get complicated during venture creation, so making sure you are personally responsible and true to your drives is key.
Here’s a helpful way to journal and track that throughout your journey.
30
mins
71
Your name: _______________________
My Goal :
The goal is important to me because it means that:
What are the three most important things I need to do to achieve this goal?
To reach goal 1 I will
To reach goal 2 I will
To reach goal 3 I will
1.
2.
3.
1.
2.
3.
1.
2.
3.
1.
2.
3.
It can be confusing to think about your whole business - so many parts and variables!
To make it easier, let’s lay it all out on a canvas, which will also form the foundation of your pitch.
NEXUS CANVAS INTRO
30
mins
73
CUSTOMER PROBLEM
CURRENT ALTERNATIVES
SOLUTION
METRICS
COST
UNIQUE VALUE PROPOSITION
COMPETITIVE
ADVANTAGE
CUSTOMERS
REVENUE
DISTRIBUTIONS
CHANNELS
PRODUCT
MARKET
THE NEXUS CANVAS
74
CUSTOMER PROBLEM
CURRENT ALTERNATIVES
SOLUTION
METRICS
COST
UNIQUE VALUE PROPOSITION
COMPETITIVE
ADVANTAGE
CUSTOMERS
REVENUE
DISTRIBUTIONS
CHANNELS
PRODUCT
MARKET
THE NEXUS CANVAS: UBER
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75
Answering this is the most basic way way to describe your business… but it contains the key information that a customer, investor or partner needs.
Creating your What For Who explicit ensures your audience knows right off the bat what your business is about.
30
mins
So, you do what for who?
WHAT FOR WHO?
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76
As a big group, pick some well-known companies and do this for them.
Uber is a taxi service for people.
Boeing makes airplanes for airlines.
Ford makes cars for drivers.
Come up with a few more as a group…
WHAT FOR WHO?
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77
WE
___________
FOR
___________
1
WE
___________
FOR
___________
2
WE
___________
FOR
___________
3
WE
___________
FOR
___________
4
WE
___________
FOR
___________
5
1
2
How often do they buy your product?
Can you find out how much they pay?
3
How easy are they for you to get in touch with?
4
Can you find
a champion there?
5
How used to working with startups are they?
Now, in teams, brainstorm 5 of these.
Then, circle your favorite.
(You can always change later)
WHAT FOR WHO?
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
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It’s tempting to say something like:
“We’ll sell our product to anyone that wants it!”
That may be true, but you will end up operating in many different markets and geographies, with different customers, expectations, sales cycles, etc. That is hard for a startup.
90
mins
CUSTOMER SEGMENTATION
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
79
A better idea is to focus on a specific customer, or as we say, a specific Customer Segment.
Starting slow and focused will help you scale and grow and not burn bridges with segments you’re not ready to serve.
Over 50% of startups end up selling their product to a different customer than they initially thought.
90
mins
CUSTOMER SEGMENTATION
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
80
What is a customer segment?
There are 4 main qualities.
C. Similar expectations of providing value in similar ways
D. There is word of mouth between customers in the market
90
mins
CUSTOMER SEGMENTATION
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
81
Let’s start by identifying all possible customers who could benefit from your product or service.
Do this with people from other groups, then you will work with your team.
90
mins
CUSTOMER SEGMENTATION
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
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1
2
Step 1: NOT with your team, groups of 4-5
Run this exercise for everyone in your group, and then go back to your own team.
One person takes two minutes to explain what their technology and business is. Write on a sticky who your customers are and put it on a page flipboard/piece of paper.
With the larger group, brainstorm for 10 minutes to come up with other potential business applications and customers. Remember: no restrictions here. Each idea is put on a sticky and onto your piece of paper. Try to come up with as many ideas as possible, and you can’t say ‘no’.
3
30
mins
CUSTOMER SEGMENTATION
57
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
83
30
mins
Step 2: With your team
Now, with your teammate, try to cluster all the ideas from the brainstorm into market segment groups.
Groups should consist of buyers who have:
CUSTOMER SEGMENTATION
57
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
84
These questions Might help you:
Why would someone buy your product?
Who specifically would buy your product (a procurement person, a consumer etc)?
What types of businesses can benefit from your product?
Why should your customer care about your product being better or cheaper?
How long is their sales cycle?
What customers have relationships with each other (and thus world of mouth)?
LEAN STARTUP
85
Now, with your list of potential customers groups in different market segments, the next step is to figure out your “First Market”.
This is the market that you will approach first.
30
mins
FIRST MARKET
2:15 - 3:15
Totals
1
2
3
4
5
6
7
8
9
TOTAL:
Cluster 1: ________
Cluster 2: _________
Cluster 3: _________
Cluster 4: _________
Cluster 5: ________
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So, let’s tell the larger group now:
What is your product? (what for who)
What is your first market?
Why?
FIRST MARKET
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88
20
mins
GAINS AND PAINS
Going a little deeper with your first market customer, let’s start to think about thing that make them happy, and not, by filling out the following worksheet.
Really try to get inside the mind of your first market customer…
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Customer Pains
What does your customer find too costly?
Takes a lot of time, costs too much money, requires substantial effort…
How are current solutions underperforming for your customer?
Lack of features, performance malfunctioning…
What risks does your customer fear?
Financial, social, technical risks,
or what could go awfully wrong…
What’s keeping your customer awake at night?
Big issues, concerns, worries
What common mistakes does your customer make?
Using old technology, bad financing,
not understanding their customer…
What barriers are keeping your customer from adopting solutions?
Upfront investment, learning curve, resistance to change
Customer Gains
Which savings would make you customer happy?
Time, money , effort…
What outcomes does your customer expect, and what would go beyond that?
Quality level, more of something, less of something….
How do current solutions delight your customer?
Specific features, performance, quality…
What would make your customer’s job or life easier?
Flatter learning curve, more services, lower cost of ownership…
How does your customer measure success and failure?
Performance, cost…
What would increase the likelihood of adopting a solution?
Lower cost, less investments, lower risk, better quality, performance, design…
GAINS AND PAINS
Idea Stage Bootcamp Day 2
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90
9:00 - 9:30
9:30 - 10:15
Arrival, Check-in
Lean Startup
11:30 - 11:50
Gains and Pains
1:00 - 2:00
Lean Model Canvas
2:00 - 2:30
Pricing & Costs
10:15 - 10:45
What For Who?
11:00 - 11:30
Value Proposition Map
BREAK
LUNCH
11:50 - 12:20
Value Proposition Presentations
DAY 2
2:30 - 3:30
Financials
BREAK
3:45 - 5:15
Customer Discovery
2:15 - 3:15
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2:15 - 3:15
LEAN STARTUP
60
mins
2:15 - 3:15
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2:15 - 3:15
Lean Startup is a way to build, measure and learn in cycles that get you closer to a product/market fit (aka, a product that people want) in the cheapest, fastest and most data-rich way possible.
You will do this over and over again, getting closer and closer to fit, so let’s design the first test.
LEAN STARTUP
LEARN
BUILD
MEASURE
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For the Uber example:
1. They built a prototype, seeing what the experience would be like to press a button and get a taxi.
2. They measured how long it would take for taxis to show up, how happy their customers were, how much they paid in comparison.
3. They learned from the data, seeing where they had to improve… which informed their next build.
This process allowed them to use data to make decisions, with a focus on the customer experience.
LEAN STARTUP
LEARN
BUILD
MEASURE
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LEARN
BUILD
MEASURE
Build: Work with your team and come up with 5 questions that you want to know about your first customer. Good question are things like: How do you solve this problem currently? How much does that cost? Who can make the decision to buy,
and what is their process? What are the most
important qualities of a solution?
Based on what you think might be the answers to these questions, what would you build? Describe it briefly.
Now, pretend that you have this product built. How could you use data to see if the beachhead customer is using it? What metrics would you look for to see if they were? How would you know if they weren’t?
Yes, back to learn. Now, what are the two questions you would ask of your customer? Go through the loop one more time.
1
2
4
3
LEAN STARTUP
By now, you’ve figured out your first market, and you have a super short pitch. All good so far.
The next step is to go one level deeper and say explicitly what the actual value you is create for your customer. Like, why should I (the customer) care? What do you do for me?! That’s the 'Value Proposition’.
VALUE PROPOSITION
96
Let’s turn your ‘what for who’, into a diagram that is so simple than literally anybody can understand your business once they have seen it. It contains four elements:
That’s you
The one you’re selling to
(either business or consumer)
What your selling
What the consumer pays you in return
(use your best guess)
Price
Product
START-UP
CUSTOMER
€
20
mins
VALUE PROPOSITION MAP
97
€300 /
Composter
Composter
WORMUP
CONSUMER
€
B2C Product
B2C Service
€55 / Month
Rental
Solar Panels
SOLEASE
PRIVATE HOME OWNERS
€
VALUE PROPOSITION MAP
Let’s look at some examples…
98
B2B Product
€750 / Pump
Solar Pump
AG STARTUP
FARMER’S COLLECTIVE
FARMER
€
Solar Pump
€1.000 / Pump
€
VALUE PROPOSITION MAP
More examples…
Two-sided market
Service Fee
Consumers
BUSINESS
ALIBABA
CONSUMER
€
Marketplace
Service Fee
€
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VALUE PROPOSITION MAP
Uber example…
B2B Product through A platform
€1.40 / App
Game
GAME MAKER
APP STORE
CONSUMER
€
Angry Birds
€1.99 / App
€
Uber
€1.00 / Ride
Car and driver
DRIVERS
UBER
CONSUMER
€
Rides
€1.99 / Ride
€
100
CUSTOMER
YOU
€
INVESTOR
GRANT-GIVER
OR
ACCELERATOR
?
?
?
?
Now, do this for your first market.
For a bonus, think about other stakeholders, like investors and grant-givers or accelerators.
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Now that you have a ‘what for who’ for your first market and you’ve thought about their pains and gains, let’s put this all into a sentence, which will be helpful for you and your pitch.
For example:
We are Uber, we are a taxi service for passengers.
We let people call a car at the touch of a button.
We make solar+storage units for single family homes.
We help families save money on energy costs.
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mins
One of the first tests of your value proposition should be, is it emotionally compelling? Do customers’ heart rates go up after they hear it?
- STEVE BLANK
”
“
What do you really deliver?
How can it be quantified?
VALUE PROPOSITION IN A SENTENCE
73
102
Your favorite what for who: We________ for _______.
Three value propositions for your first market:
1.
2.
3.
One of the first tests of your value proposition should be, is it emotionally compelling? Do customers’ heart rates go up after they hear it?
- STEVE BLANK
”
“
What do you really deliver?
How can it be quantified?
VALUE PROPOSITION PRESENTATIONS
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
VALUE PRICING
1
2
Before we get into financials, let’s think about pricing. There are two general ways to quantify your price:
103
COST PLUS PRICING
You calculate the cost to build your product and add a certain margin to set the price.
With value pricing you set the price based on the value that you create for your customer.
PRICING
30
mins
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
VALUE PRICING
1
2
Think about this solar light:
104
COST PLUS PRICING
What do the materials and labor and other costs add up for you to make this light? That, plus a margin is your cost plus. It’s a helpful number because it gives you a basic sense of what a profitable product is. But, you might be leaving value on the table, and if your costs change, you might be forces to change your price.
With value pricing, you set the price based on the value that you create for your customer. So, think about what people use for lighting now - the kerosine, the labor to get it, the experience and danger of using it. How can you price this solar light based on the value?
Generally, value pricing has more profit and is less vulnerable to cost changes in your supply chain.
PRICING
30
mins
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
105
Now, think about your first market.
What would a cost price be? What is a value price?
Do some quick research to find this out.
You will use the results to calculate numbers in your financial model.
PRICING
30
mins
VALUE PRICE
COST PLUS PRICE
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
106
60
mins
MARKET SIZE
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
106
How big is your company going to be? The truth is that you can’t be sure, as markets and the company itself will change over time.
However, it’s still a good exercise for you (and an essential one for investors) to think about this and make an educated guess.
Why? This effects your scale, team, possibilities, finances and more.
How integrated is the entire design of the program, functionality and visual aesthetics?
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How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
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Market size is generally done in three categories:
Total Addressable Market:
Total Available Market (TAM) is the total market demand for a product or service. This is global.
Serviceable Available Market (SAM) is the segment of the total market targeted by your products and services and within your geographical reach.
Serviceable Obtainable Market (SOM) is the portion of SAM that you plan to capture initially.
MARKET SIZE
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
108
MARKET SIZE
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
108
Let’s look at this with the Uber example.
Total Available Market (TAM) would be the value of all the taxis and ride-hailing services everywhere.
Serviceable Available Market (SAM) would be the value of all of the taxis etc. in all the cities Uber is in. This number is all of that value, sort of assuming they have a monopoly/ 100% of the markets where they are.
Serviceable Obtainable Market (SOM) is the portion of the SAM Uber can capture. Can they expect to get 30% of the total of the places they operate? 50%? This number is the most realistic, in that it reflects that hardly any company has 100% of the market.
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
MARKET SIZE
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
109
OK, now give it a go.
Come up with numbers for your TAM, SAM and SOM…
Like other exercises, this will become part of your pitch.
SAM
SOM
TAM
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
110
COSTS
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
110
The other side of the coin of price is costs. To get a handle on what costs are and how they break down, let’s look at an example company, and then apply those lessons to your company.
How integrated is the entire design of the program, functionality and visual aesthetics?
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EXAMPLE COSTS
Cost category | Unit Description | Units | x | $ Cost per unit per year | = | Total cost per year | Cost to make | Cost to sell |
Materials & Subcontracts | units to be sold | 3,000 | | 5 | | 15,000 | x | |
Labor for Product / Service | people | 10 | | 20,000 | | 200,000 | x | |
Management | people | 2 | | 30,000 | | 60,000 | | x |
Marketing & Sales | fixed amount | 1 | | 50,000 | | 50,000 | | x |
Facilities | annualized capital + operating cost | 1 | | 12,000 | | 12,000 | x | |
Equipment | annualized capital + operating cost | 3 | | 1,000 | | 3,000 | x | |
Office cost | fixed amount | 1 | | 15,000 | | 15,000 | | x |
Total | | | | | | 355,000 | 230,000 | 125,000 |
Per Unit | | 3,000 | | | | 118 | 77 | 42 |
Let’s think about a year of operations.
In this example, this company is able to make 3000 units, and we use that to make all the calculations about cost.
This is your cost per customer acquisition
How integrated is the entire design of the program, functionality and visual aesthetics?
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YOUR COSTS
Cost category | Unit Description | Units | x | $ Cost per unit per year | = | Total cost per year | Cost to make | Cost to sell |
Materials & Subcontracts | units to be sold | | | | | | x | |
Labor for Product / Service | people | | | | | | x | |
Management | people | | | | | | | x |
Marketing & Sales | fixed amount | | | | | | | x |
Facilities | annualized capital + operating cost | | | | | | x | |
Equipment | annualized capital + operating cost | | | | | | x | |
Office cost | fixed amount | | | | | | | x |
Total | | | | | | | | |
Per Unit | | | | | | | | |
Now, take this line by line and see how this looks for your company.
This is your cost per customer acquisition
How integrated is the entire design of the program, functionality and visual aesthetics?
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The first year of your startups, financials are really simple - you’re trying to sell product, pay people and stay alive
However, in the long run you’re probably trying to build a profitable company, with a repeatable and scalable business model.
This exercise is about that long term perspective. It’s a thought experiment to see if your startup has the potential to become a profitable company that has impact.
Are you just making this stuff up? More like educated guesses. The goal here is to think about the business and your assumptions, which will all change over time. So, don’t stress :)
60
mins
FINANCIALS
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
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YOUR COST TO MAKE
5,000
YOUR COST TO SELL/MARKET
3,000
YOUR MARKET SIZE
1,000
YOUR MARKET SHARE
50%
PRODUCTS/DEAL
1
LIFE PRODUCT (YEAR)
2
COST
8,000
YOUR PRICE
20,000
CUSTOMERS
500
PRODUCTS/CUSTOMER/YEAR
0.5
NET PROFIT/PRODUCT
12,000
PRODUCT/YEAR
250
PROFIT/YEAR BEFORE TAXES
3,000,000
MULTIPLY
ADD
SUBTRACT
MULTIPLY
DIVIDE
MULTIPLY
EXAMPLE FINANCIALS
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YOUR COST TO MAKE
YOUR COST TO SELL/MARKET
YOUR MARKET SIZE
YOUR MARKET SHARE
PRODUCTS/DEAL
LIFE PRODUCT (YEAR)
COST
YOUR PRICE
CUSTOMERS
PRODUCTS/CUSTOMER/YEAR
NET PROFIT/PRODUCT
PRODUCT/YEAR
PROFIT/YEAR BEFORE TAXES
MULTIPLY
ADD
SUBTRACT
MULTIPLY
DIVIDE
MULTIPLY
YOUR PRODUCT
Module 7: Impact (1 hour)
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How integrated is the entire design of the program, functionality and visual aesthetics?
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Impact is one of the hardest things to measure and track. It’s tempting just to have a gut feeling and go with that, like: “We’re distributing solar and replacing kerosine, so it’s obviously better”. Honestly, that’s true! But, it’s still important to quantify and track both for yourself, funders and other people that want to support you.
We’re going to do a quick calculation that can help you get a sense of this.
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Nexus Idea Stage Bootcamp - Agenda Day 2 - Module 7
60
mins
MODULE 7
Impact is one of the hardest things to measure and track. It’s tempting just to have a gut feeling and go with that, like:
We’re distributing solar and replacing kerosine, so it’s obviously better.
Honestly, that’s true! But, it’s still important to quantify and track both for yourself, funders and other people that want to support you.
We’re going to do a quick calculation that can help you get a sense of this.
”
“
Inspired by https://climatelaunchpad.org/
Module 7: Impact (1 hour)
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How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
We’re going to find some numbers and compare your product versus the base case.
Again, this is tough! Fill in numbers from this sentence.
With _______% of our beachhead market, we will have _______ tons of CO2 reduction (or CO2 equivalent), a _______ % reduction in CO2 versus the base
case/competition.
1
2
3
What is a reasonable number for your beachhead market? Typically, between 20 and 70 is reasonable.
This is found by taking your competition’s C02 and subtracting what you think is yours. Sometimes this is easy since it’s coal versus solar and those numbers are easy to find. Sometimes it’s not… Here are some resources to do quick research:
Do the math here - your CO2/the competition.
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Nexus Idea Stage Bootcamp - Agenda Day 2 - Module 7
1
2
3
Inspired by https://climatelaunchpad.org/
60
mins
Carbon footprinting guide made by the Carbon Trust: https:/www.carbontrust.com/resources/guides/carbon- footprinting-and-reporting/carbon-footprinting
Data on carbon intensity of electricity production around the globe: https:/www.electricitymap.org
Carbon footprint calculator offered by the USA’s EPA: http:/www3.epa.gov/carbon-footprint-calculator �This is a pretty comprehensive list of CO2 released when making & using products: http:/www.co2list.org/files/carbon.htm
How integrated is the entire design of the program, functionality and visual aesthetics?
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During the Nexus Idea Stage Accelerator, you’re going to do at least 2 customer interviews per week. Over the course of 6 months that’s 48 interviews. Why?
Think back to Lean Startup and the build-measure-learn cycle we use to to create products that customers want… it’s all about having a product/market fit, and to have that fit, you need to be talking to customers.
So, just ask any customer? Sort of. Let’s walk through some exercises.
90
mins
CUSTOMER DISCOVERY
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
STEP 1
Brainstorm 10 people or companies in your beachhead market who you can talk to about your product.
COMPANY OR PERSON
119
45
mins
Totals
1
2
3
4
5
6
7
8
9
10
TOTALS
STEP 2
Give each of your 15 people or companies a score according to these questions.
(1 is not very strong/relevant, 5 is very strong)
STEP 3
Then, do the math… that’s your initial customer interview target list.
Can you find out how much they pay?
How often do they buy your product?
How easy are they for you to get in touch with?
Can you find
an advocate there?
How used to working with startups are they?
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
Have a partner pretend to be your #1 scoring partner from the previous exercise and interview them for 20 minutes, then switch.
Your job is to learn about their pain points… not talk about, pitch or sell your idea. This is different kind of process that is part of customer discovery, aka empathy and understanding of your customer.
Eventually you will do this with real customers, but this is good practice.
120
45
mins
Now, let’s plan out a customer interview.
CUSTOMER INTERVIEWS
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How integrated is the entire design of the program, functionality and visual aesthetics?
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121
CUSTOMER INTERVIEWS
Part of the art of this is avoiding ‘nice’ answers. People want to be supportive of each other, especially of cute little startups.
So, instead of giving a blunt and honest answer, people sometimes just say nice things, or things that won’t offend you and what you’re trying to build.
We call the those false positives, and they are basically bad data that can throw you off track. Ask open ended questions that probe pain points and current solutions like:
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How integrated is the entire design of the program, functionality and visual aesthetics?
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122
CUSTOMER INTERVIEWS
Customer Interview tracking sheet
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How integrated is the entire design of the program, functionality and visual aesthetics?
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Who is the customer? _________
Your question
What did they say?
What did you learn from that or what did it make you want to investigate?
QUESTION 1
QUESTION 2
QUESTION 3
QUESTION 4
QUESTION 5
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Nexus Idea Stage Bootcamp - Agenda Day 2 - Module 8
OK, now it’s time to get back to the canvas and summarize the things we’ve worked on.
You’ve done a LOT of work, so let’s capture that all…
NEXUS CANVAS
30
mins
125
CUSTOMER PROBLEM
CURRENT ALTERNATIVES
SOLUTION
METRICS
COST
UNIQUE VALUE PROPOSITION
COMPETITIVE
ADVANTAGE
CUSTOMERS
REVENUE
DISTRIBUTIONS
CHANNELS
PRODUCT
MARKET
THE NEXUS CANVAS
126
CUSTOMER PROBLEM
CURRENT ALTERNATIVES
SOLUTION
METRICS
COST
UNIQUE VALUE PROPOSITION
COMPETITIVE
ADVANTAGE
CUSTOMERS
REVENUE
DISTRIBUTIONS
CHANNELS
PRODUCT
MARKET
THE NEXUS CANVAS: UBER
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PRODUCT
MARKET
THE NEXUS CANVAS
CUSTOMER PROBLEM
CURRENT ALTERNATIVES
SOLUTION
METRICS
COST
UNIQUE VALUE PROPOSITION
COMPETITIVE
ADVANTAGE
CUSTOMERS
REVENUE
DISTRIBUTIONS
CHANNELS
Agenda: Nexus Idea StageBootcamp Day 2
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Nexus Idea Stage Bootcamp - Agenda Day 2
DAY 3
11:30 - 1:30
Lunch + Work on Your deck
1:30 - 3:00
Pitches by All Teams
9:30 - 11:30
Work on Your deck and Practice #1
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It’s time to show the progress you’ve made in this boot camp. We’re going to give your time to create a deck. Then it’s time to prepare for the pitch.
Use the template on the following page.
PITCH
Deck Overview
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1
2
3
4
5
6
7
8
9
10
11
From your exercise earlier, clearly define the company/business in a single declarative sentence.
What for who
Describe the pain of the customer (or the customer’s customer) Outline how the customer addresses the issue today
Problem
Demonstrate your company’s value proposition to make the customer’s life better. Show where your product physically sits. Provide use cases.
Solution
Set-up the historical evolution of your category. Define recent trends that make your solution possible
Why Now
Identify/profile the customer you cater to. Calculate the TAM (top down), SAM (bottoms up) and SOM
Market Size
List competitors, List competitive advantages
Competition
Product line-up (form factor, functionality, features, architecture, intellectual property)
Product
Where are you in terms of developing your product, talking to customers, testing with customers etc?
Status
Revenue model, Pricing, Average account size and/or lifetime value Sales & distribution model Customer/pipeline list
Business Model
Founders & Management, Board of Directors/Board of Advisors
Team
P&L, Balance sheet Cash flow, Cap table, The deal for investors etc.
Financials
03
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Nexus Idea Stage Bootcamp - Agenda Day 2 - Module 10
Deck Overview
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
From your exercise earlier, clearly define the company/business in a single declarative sentence.
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Nexus Idea Stage Bootcamp - Agenda Day 2 - Module 10
Solarium: We provide solar for school and churches.
What for who
For example:
Inspired by the Sequoia Deck: https://www.slideshare.net/PitchDeckCoach/sequoia-capital-pitchdecktemplate?from_action=save
More resources: https://blog.ycombinator.com/how-to-design-a-better-pitch-deck/, https://blog.ycombinator.com/intro-to-the-yc-seed-deck/
Deck Overview
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
Describe the pain of the customer (or the customer’s customer). Outline how the customer addresses the issue today.
Problem
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Nexus Idea Stage Bootcamp - Agenda Day 2 - Module 10
There are 1000 schools in Jakarta who all pay $.50/kwh for energy.
For example:
Inspired by the Sequoia Deck: https://www.slideshare.net/PitchDeckCoach/sequoia-capital-pitchdecktemplate?from_action=save
More resources: https://blog.ycombinator.com/how-to-design-a-better-pitch-deck/, https://blog.ycombinator.com/intro-to-the-yc-seed-deck/
Deck Overview
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
Demonstrate your company’s value proposition to make the customer’s life better. Show where your product physically sits. Provide use cases.
Solution
03
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Nexus Idea Stage Bootcamp - Agenda Day 2 - Module 10
Solarium installs rooftop solar and provides. This saves $700/year per building.
Inspired by the Sequoia Deck: https://www.slideshare.net/PitchDeckCoach/sequoia-capital-pitchdecktemplate?from_action=save
More resources: https://blog.ycombinator.com/how-to-design-a-better-pitch-deck/, https://blog.ycombinator.com/intro-to-the-yc-seed-deck/
Deck Overview
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
Set-up the historical evolution of your category. Define recent trends that make your solution possible.
03
134
Nexus Idea Stage Bootcamp - Agenda Day 2 - Module 10
Last year, solar and storage dropped in price, which now makes this cheaper than grid power… and cleaner.
Why Now
Inspired by the Sequoia Deck: https://www.slideshare.net/PitchDeckCoach/sequoia-capital-pitchdecktemplate?from_action=save
More resources: https://blog.ycombinator.com/how-to-design-a-better-pitch-deck/, https://blog.ycombinator.com/intro-to-the-yc-seed-deck/
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
Identify/profile the customer you cater to. Calculate the total addressable market (TAM) and state your beachhead market
135
Market Size
SAM
SOM
TAM
Deck Overview
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
List competitors, List competitive advantages. Do this in a 2x2. Show that you understand your competition and substitutes (what people do without a product like yours)
Competition + Substitues
EXPENSIVE
HARD
EASY
CHEAP
Solarium
Grid power
Do it yourself systems
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Nexus Idea Stage Bootcamp - Agenda Day 2 - Module 10
Deck Overview
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
Form factor, functionality, features, intellectual property
Product
03
137
Nexus Idea Stage Bootcamp - Agenda Day 2 - Module 10
Solarium uses state-of-the art panels and batteries, which are installed on a roof, in a yard or over parking lots.
Deck Overview
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
Where are you in terms of developing your product, talking to customers, testing with customers etc. Do you have larger corporate customers or partners?
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Nexus Idea Stage Bootcamp - Agenda Day 2 - Module 10
Status
DONE
DOING
NEXT
We have installed 5 systems and have strong word-of-mouth recommendations.
We have installed 5 systems and have strong word-of-mouth recommendations.
We are planning to install 10 more systems in the next 3 months, in collaboration with the national association of schools.
Deck Overview
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
Revenue model, Pricing, Average account size and/or lifetime value Sales & distribution model
03
139
Nexus Idea Stage Bootcamp - Agenda Day 2 - Module 10
Solarium charges a flat monthly fee of $600, with a minimum contract of 3 years. We have our own team of sales people and distribute through partners.
Business Model
Deck Overview
99
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03
140
Nexus Idea Stage Bootcamp - Agenda Day 2 - Module 10
Founders & Management, Board of Directors/Board of Advisors
Team
TEAM MEMBER #1
TEAM MEMBER #3
TEAM MEMBER #4
TEAM MEMBER #2
Deck Overview
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
Revenue model, Pricing, Average account size and/or lifetime value Sales & distribution model
03
141
Nexus Idea Stage Bootcamp - Agenda Day 2 - Module 10
Solarium has bootstrapped/friend and family raised $30,000. We are hoping to be cash flow positive in 6 month. We are looking for $150k in a convertible note to help us scale in our beachhead market.
Financials
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How well does the team deliver its prototype, description and value proposition?
Nexus Pitch Template
142
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We ____ for _____
How integrated is the entire design of the program, functionality and visual aesthetics?
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The Problem
144
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Our Solution
145
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Why Now?
146
How integrated is the entire design of the program, functionality and visual aesthetics?
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147
Market Size
SAM
SOM
TAM
How integrated is the entire design of the program, functionality and visual aesthetics?
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Competition
XXX
XXX
XXX
XXX
xxx
xxx
xxx
148
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The Product
(insert photos if you have them)
149
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150
Status
DONE
DOING
NEXT
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Business Model
151
99
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152
Team
TEAM MEMBER #1
TEAM MEMBER #3
TEAM MEMBER #4
TEAM MEMBER #2
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How well does the team deliver its prototype, description and value proposition?
Financials
153
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Thank You!
154
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Judging Criteria
What are teams being judged on,
and in what proportion?
155
156
156
NEXUS IDEA STAGE
ACCELERATOR
04
101
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
The Nexus Idea Stage Accelerator is a high-voltage 6 month program for early stage energy startups, which generally comes after The Nexus Idea StageBootcamp. The program will walk you though your first market research, help you explore your business model and do your first customer discovery. Teams generally come from a Hackathon or Bootcamp and progress onto the Growth Accelerator.
Before the accelerator, teams should have xxxx. By the end of it, they will have xxxx.
Lots of customer discovery
1-on-1 one hour coaching of teams per week
Weekly dinner + expert speaker
Weekly check-ins peer-to-peer sessions
Presentation at Demo Day
The key elements of the Nexus Accelerator are
Nexus Idea
Stage Accelerator
157
Time commitment: 6 months, half time/20 hours per week to work on their idea.
Minimum qualifications
Nexus Idea Stage Accelerator outline
102
WEEK 1
WEEK 2
WEEK 3
WEEK 4
MONTH 1
MONTH 2
MONTH 3
MONTH 4
MONTH 5
MONTH 6
04
158
Nexus Idea Stage Accelerator
Weekly Cadence
103
MONDAY
TUESDAY
WEDNESDAY
THURSDAY
FRIDAY
MORNING
AFTERNOON
EVENING
Group check-in
Exercise/Speaker
Customer Discovery
Mentor Dinner
Mentor/leader check-in (customer discovery (2x week), team, lean startup)
Exercise/Speaker
Customer Discovery
Large Group Dinner
04
159
Nexus Idea Stage Accelerator
Introduction and Goals
104
30 MINS
From the trainer and org: What is the accelerator ? Why is being organized? What are the goals and next steps? Paint a picture of the positive future for the enterprises. You can mention the Entrepreneur’s/Hero’s journey.
This module kicks off the program, helps the entrepreneurs understand who you are, what your drivers are and what their path may be. It also helps you to understand them and what their needs and ambitions are.
04
160
Nexus Idea Stage Accelerator - Intro and Goals
Introduction and Goals
1 HOUR
20 MINS
Mingle, Mingle, Mingle - have participants walk about while you sing “Mingle, Mingle, Mingle”. When you say “stop”, they have a 2 minute conversation about why they came/what they care about. Repeat for a total of 3 round.
Entrepreneur quick intros. Everyone should say briefly their name, where they are from and what their company does. Time this, and cut people off. Time is determined by the half hour/# of participants.
The Entrepreneur's Journey is the Hero’s Journey
105
User Experience (25%)
Presentation (25%)
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
04
161
Nexus Idea Stage Accelerator - Intro and Goals
DANNY KENNEDY
Managing Director
@ the California Clean Energy Fund
From Accelerate This!:
Being an entrepreneur can be lonely. Sometimes you think you’re crazy, trying to do something new. Something different. Something impossible. Something no one
has ever done before. Getting to “no” on
most days: No money. No takers. No understanding.
Being in an accelerator makes the work less lonely. It lets you see that someone else, maybe the person at the desk next to you, is crazier than you!
You know how Frodo has to leave his shire to save it, and on the way there are all kinds of trials and troubles as he explores a strange new world? Yeah… that’s likely you. By taking on the established system, you are entering into a new world. It’s exciting, but can be tough. You’ll likely get set back a few times… but you’ll also meet the most inspiring people along the way, and have fun. Frodo goes through his trials, but eventually comes home, saves the shire and they have an awesome party… so, keep going!
The AiB and other tools are here to help hasten your Hero’s Journey!
”
“
Goals for the Accelerator (30 mins)
106
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
04
162
Nexus Idea Stage Accelerator - Intro and Goals
This is for ___________________________________________________ (company’s name)
My Goal for
the accelerator:
The goal is important to me because it means that:
What are the three most important things I need to do to achieve this goal?
To reach goal 1 I will
To reach goal 2 I will
To reach goal 3 I will
1.
2.
3.
1.
2.
3.
1.
2.
3.
1.
2.
3.
30
mins
Timeline for Goals (20min)
107
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
Write the goal in the place that seems reasonable, then fill in the barriers ‘things needed’.
MONTH 1
MONTH 2
MONTH 3
MONTH 4
MONTH 5
MONTH 6
GOAL
BARRIERS
THINGS NEEDED TO OVERCOME BARRIER
04
163
Nexus Idea Stage Accelerator - Intro and Goals
This is for ____________________________________________________ (company’s name)
Now, let’s map these out. When will you achieve goal 1, 2 and 3?
20
mins
Weekly Check-in and Tracking
109
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
An instructor will run this session, and ask critical questions like:
04
164
Nexus Idea Stage Accelerator - Modules - Check-in and Tracking
When we asked startups from Y Combinator (the first, and one of the best accelerators around) what the most valuable part of the program was, they pretty much all said it was this activity. Why?
Having a regular check-in keeps you accountable, and also helps you tap resources and ideas from others.
We are going to use a tracking sheet for every person linked to your goals that will help with this.
You’ve stated this problem before. What is preventing you from solving it?
Do others from the group have a solution for this?
Are there additional things you should be thinking about?
Weekly tracking (1.5 hours)
110
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
Each week, groups of 5-6 people will have their check in. This is for the leaders and companies to keep things moving, identify blockers and solutions for moving past. Each company will have 20 minutes to do the following:
How does this all fit into the overall goals you created on day 1? (refine that if needed)
1
2
3
4
5
04
165
Nexus Idea Stage Accelerator - Modules - Check-in and Tracking
Restate what the goal was from last week.
What’s the update?
If you reached the goal, how did you do it? If you didn’t, what were the things that got in your way?
With the larger group, what can be learned from the success, or is there advice for solving the problem so it doesn’t go another week?
90
mins
Weekly Goal tracking sheet for _______________ (name of company)
111
Goal for the upcoming week:
Achieved? (How or why not?)
MONTH 1
MONTH 2
MONTH 3
MONTH 4
MONTH 5
MONTH 6
WEEK 1
WEEK 2
WEEK 3
WEEK 4
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
04
166
Nexus Idea Stage Accelerator - Modules - Check-in and Tracking
This is for ____________________________________________________ (company’s name)
Weekly Customer Discovery tracking sheet for _______________ (name of company)
112
MONTH 1
MONTH 2
MONTH 3
MONTH 4
MONTH 5
MONTH 6
WEEK 1
WEEK 2
WEEK 3
WEEK 4
Companies should talk to at least two customers each week. Have them track results here.
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
04
167
Nexus Idea Stage Accelerator - Modules - Check-in and Tracking
This is for ____________________________________________________ (company’s name)
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer Interview tracking sheet
113
Week #________, Month # ________
Customer 1: ____________________
Customer 2: ____________________
WHAT’S WAS YOUR QUESTION?
WHAT DID THEY SAY?
WHAT DID YOU LEARN? WHAT WAS YOUR INSIGHT?
NEXT STEPS?
WHAT’S WAS YOUR QUESTION?
QUESTION 1
WHAT DID THEY SAY?
WHAT DID YOU LEARN? WHAT WAS YOUR INSIGHT?
NEXT STEPS?
QUESTION 2
QUESTION 3
QUESTION 4
QUESTION 5
QUESTION 1
QUESTION 2
QUESTION 3
QUESTION 4
QUESTION 5
04
168
Nexus Idea Stage Accelerator - Modules - Check-in and Tracking
Expert sessions (45 mins)
114
Recommended format is to make the who session 45 mins and as interactive as possible (less sage on stage, more guide on the side). Leaders should think about way to make the content available to others: can it be taped? Put on Facebook live etc? Gather video/deck/materials and post to the Nexus Network Slack (http://bit.ly/newenergynexusnetwork) and tag Ryan (also, invite the speaker to join the Slack)
Format:
04
169
Nexus Idea Stage Accelerator - Modules
Every weeks or two Nexus will organize expert talks so you can learn from others and maybe meet a new mentor. They will be about themes like:
TECHNOLOGY
How to develop an app, how to use cloud services, challenges of developing hardware, what TRLs are
LEGAL
How to distribute ownership among the founders via vesting, how to incorporate your company, how to check for patents
TEAM
How to search for talent, how to pay talent with a combination of salary and shares
FUNDING
Subsidy opportunities, how to apply for them
FINANCE
How to do bookkeeping, how to manage money in a startup
45
mins
Emotional Intelligence (1 hour)
115
It unlocks so much of communication, calmness, management and more. Simply put: it’s understanding your state of emotions and the state of who you are talking to. Think about it: the human brain is the most complex thing we have found in the entire universe, and mouths and bodies and emotions are the filters that ideas pass through as we try to express ourselves. Ideally we could just send a thought right to another brain, but un/fortunately, we are people. So, let’s tune up our EI.
With a partner, think about the last time you were upset or frustrated or had a frustrating misunderstanding with another person. One person answers these questions, while the other uses their active listening skills from the listening dyad.
04
170
Nexus Idea Stage Accelerator - Modules
Emotional Intelligence (or EI for short) is pretty much one of the best things I got from my MBA program.
60
mins
1. What’s caused your strong reaction reaction?
2. How did the other person feel that effected their response? Stretch those empathy muscles.
3. Were you aware of your emotional state during the conversation? Were you aware of theirs?
If you or they were in a different state, would the conversation have been different?
4. Now, after thinking and reflecting about this, have this conversation again. Role play with your partner.
5. Now, switch roles.
Prioritization Matrix (1 hour)
Ancillary to overall strategy
Hard to accomplish
Easy to accomplish
Important to overall strategy
Essentially, very startup is chronically understaffed. Put differently, the available hours of your team is the most precious resource you have. So how do you decide what is most important and deserves that precious time? That’s what this module is about.
1
2
Everyone on the team lists individual priorities on stickies. List as many as you feel are important and relevant within the next 6 months. One idea/task per sticky.
Now, use the 2x2 matrix below to collaboratively decide where things should go.
If there is disagreement, discuss the underlying assumptions (fact-based).
Depending on your company structure, you may want to have a decision maker/tie breaker.
3
4
04
171
Nexus Idea Stage Accelerator - Modules
One of the hardest things of a startup is that you have to work on so many things at the same time, with a team that’s way too small.
60
mins
Strategy Roadmap (1 hour)
Now, take the items in the upper right part of the Prioritization Matrix and think about the sequence. Are there dependencies?
04
172
Nexus Idea Stage Accelerator - Modules
60
mins
Are there tests that need to be run?
Make the most logical/strategic order that you can.
Designing A Test (1 hour)
118
QUESTION 5
Designing a test will help you avoid assumptions and make decisions based on facts, customers and real needs.
Work through the steps below with your team.
Hypothesis: Define the assumption you want to validate
We believe that...
Experiment Design: Define how you are going to test the hypothesis.
To verify that we will ...
Metric: Define the metric you are going to use and measure .
We will measure ...
Success Criteria: Define the criteria to validate the hypothesis as true?
We are right if ...
Next Step: Decisions and actions.
Therefore we will ...
04
173
Nexus Idea Stage Accelerator - Modules
A central aspect of customer development and lean startup is testing and validation.
60
mins
Steps To The Epiphany: Customer Development Tests (1.5 hours)
119
You’ve been doing a lot of work in what Steve Blank calls the first “step to the epiphany”, but it’s worth zooming out and looking at how you can use testing and a build-measure-learn cycle throughout the life if your company.
In your team, look at the diagram. See the four stages, and notice that there are circles around each on with arrows - those are your cycles of testing.
Design a test for each of the phases
04
174
Nexus Idea Stage Accelerator - Steps to Epiphany
Steps
1
2
90
mins
Steps To The Epiphany: Customer Development Tests (1.5 hours)
120
QUESTION 5
How are you testing if your customers like and are using your product? ____________________________________________________________
What did you learn from that test?
____________________________________________________________
How are you using that to change your product or pitch?
____________________________________________________________
How will you decide what are the most critical features/MVP of your product is? ____________________________________________________________
What can you learn from that test?
____________________________________________________________
How can you use that to change your product or pitch?
____________________________________________________________
How will you scale to the rest of your beachhead market?
____________________________________________________________
What can you learn from that test?
____________________________________________________________
How can you use that to change your product or pitch?
____________________________________________________________
How will you test additional markets?
____________________________________________________________
What can you learn from that test?
____________________________________________________________
How can you use that to change your product or pitch?
____________________________________________________________
04
175
Nexus Idea Stage Accelerator - Steps to Epiphany
90
mins
This is for ___________________________________________________ (company’s name)
Stakeholder Map (1 hour)
121
It’s helpful to think about the various people and entities that you influence with your work, and that influence you and your ability to execute. This will help you think about and then map that.
04
176
Nexus Idea Stage Accelerator - Stakeholder Map
60
mins
On stickies, brainstorm all the people and entities you can think of that have even a small effect on your company, or that you effect in a small way. One person/entity per sticky.
These questions will help you brainstorm:
Stakeholder Map (1 hour)
Now, organize those stickies into these quadrants.
High Power, High Interest
Low Power, High Interest
Low Power, Low Interest
High Power, Low Interest
04
177
Nexus Idea Stage Accelerator - Stakeholder Map
60
mins
Who do you need to manage the most and the least?
Do you have a plan for each quadrant, and entity?
Cash Flow / Staying Alive
123
Don’t die! It takes a while (longer than you likely think) to find product/market fit, sales cycles can be painfully long, paperwork can drag on, hiring, registration… you get it.
So, time - you need it, so, don’t die on your way to succeeding! Much of that is managing your cash flow, so let’s play around with some numbers.
Make expenses triple in March. How does that effect your planning for the rest of the year?
Assume that revenue triples in March. How does that effect your planning?
04
178
Nexus Idea Stage Accelerator
What to do if you’re running out of money…
124
Hopefully you never get to this point, but having a mental picture of what a possible end looks like might just make you calmer since the biggest fear can be the fear of the unknown.
Start by reading this: https://blog.ycombinator.com/advice-startups-running-out-of-money/
And avoid counter-productive ideas:
04
179
Nexus Idea Stage Accelerator
Investors will continue to fund my company if I run out of money
If I fail at fundraising I can just sell the company
My conversations with potential acquirers or investors are very far along and likely to happen
Acquirers won’t buy us if I cut costs
My employee morale will plummet if I cut costs
New investors won’t fund us if I cut costs
180
180
NEXUS GROWTH STAGE BOOTCAMP
05
181
125
Nexus Growth Stage Bootcamp
After you have successfully gone through the Nexus Idea Stage Accelerator, you are ready to enter the Nexus Growth Stage Accelerator. The first phase, like with the Idea Stage, is a 2-day bootcamp.
Who should join the Growth Stage Accelerator? This is for companies have a pretty clear idea about their customer and have their technology developed to the level where they can start doing pilots with customers.
What happens during the bootcamp? It’s an intense two day program where we give you all the tools for the next phase of your startup:. building their team.
Size: There is generally room for up to 30 teams.
What happens next? Generally, at the end of the boot camp all teams get two minutes to pitch their startup. The top 15 are invited to join the 6-month Growth Stage Accelerator.
05
Nexus Growth Stage Bootcamp
182
Nexus Growth Stage Bootcamp - Bootcamp Checklist
Physical space that you can use for the duration of the bootcamp
Food and snacks are good to keep energy up
Large pieces of paper, pen and stickies for all participants
Arrange the room for interaction (not classroom setup with everybody facing the same way). Two options that work: • U-shape style that allows the trainer to engage with individual participants, and invite discussion because participants can see each other • Banquet Style: teams sitting at tables for 4-6 people
Name plates for tables: this allows the trainer to call people by their names, which makes it a much more personal experience for the startups.
Name tage for shirts.
Whiteboard or flip charts for the trainer.
Visuals: A good projector with >3000 lumen, or two TV 65” screens will do the job.
Audio: a sound system or boombox and microphone, depending on room size
TEAM
LOCATION AND MATERIALS
Lead Organizer: person that is responsible for overall planning and logistics
Lead Trainer: person that is responsible for delivering the content
Assistant trainers: people who help deliver the program, coach teams etc. These are, ideally, future Lead Trainers
05
Nexus Growth Stage Bootcamp
Nexus Growth Stage Bootcamp - Planning Timeline
183
10-12 WEEKS
8 WEEKS
4 WEEKS
2 WEEKS
1 WEEK
1 DAY
PLANNING TIMELINE
Nexus Idea StageBootcamp is a regional event, it will require a lot of time in marketing, securing funds, recruiting, and to confirm logistics. It’s important to be prepared and plan out at least 3 month prior the event.
05
Nexus Growth Stage Bootcamp
Nexus Growth Stage Bootcamp - Applications and Registration
184
Registration is the first stage in getting to know your candidates, where you can ask for their full name, contact info, expertise and question that can be helpful for your screening process. Before going into the registration form, here are some consideration you should made prior:
Questions for your application form:
Basic Info - Full Name | Email | Phone # | Company name (if applicable - some may be idea stage) | Food Preference
What does your company do?
Who do you sell to?
Have you raised money? If so, ho much?
Have you had any sales? To who, and how much?
Do you have patents?
Who is your team & advisors?
What is your secret sauce?
How did you hear about us?
See a registration form SAMPLE (from the hackathon).
Will you be charging for registration?
Ticket sale can be a barrier, but it also help filter attendee and create commitment. Be sure to research the pricing and know your target group. The ticket should be charge after the screening process. Make sure to give registrant a clear instruction
of how/when to purchase the ticket.
What is the registration deadline?
Consider leaving some buffer time (1 - 2 weeks) between registration deadline
and the actual event day. It will give you a breathing room for screening process, contacting your waitlists, and deadline extensions if needed.
What is the screening process?
Some examples are pre-event competition, questionnaires and phone-interviews. Communicate to registrants clearly how the screening works and how will they get notified.
05
Nexus Growth Stage Bootcamp
Nexus Growth Stage Bootcamp - Venue + Event date
185
Choosing the right date can help you with recruiting process, for instance
Hosting the bootcamp right after or before big conferences and summits so you can invite involving players from those event and get close to sponsors.
Be aware of other local events hosting on the same week, set a date at least 1-2 weeks before or after those event to avoid a recruiting competition.
Consider your participants, will they be gone on a long holiday? Who is your target group? Is it a good time for them? These are a great question to keep in mind when setting your date.
Event Date
Here’s a checklist to help you make decisions when considering your venue
The area should be able to accommodate the followings: group tables, powerstrips, access to Wifi, projectors, microphone, audio system, and cable adaptors (bonus: addition TV screens)
Is the signal strong and reliable? How many people the system can supports simultaneously? Time runs short and the energy is high, a slow and unreliable connection is not acceptable.
Is it easy to access via public transportation? Is there enough parking space? Include detail logistic such as maps, where to park, where is the nearest public transportation, and nearby hotel options into the participant info pack.
What is the building’s policy regarding photography, videography, and drone restriction? Make sure to know their regulations or get their permission
Basic Facility Setup
Wifi
Transportation/Parking
Media restriction
Landmark (optional)
Is the location a landmark? If it is well-known, leverage this information in PR and marketing campaign.
Venue
Nexus Growth Bootcamp Day 1
Idea (25%)
Execution (25%)
User Experience (25%)
Presentation (25%)
How creative and original is the idea to
solve a problem in the selected category?
Includes how well the idea was designed and implemented, the complexity of the build and creative use of developer tools.
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
05
186
Nexus Growth Stage Bootcamp - Agenda Day 1
DAY 1
8:30 - 9:30
9:30 - 10:30
Introduction
Persona
14:15 - 15:15
Hiring and firing people
15:45 - 16:45
Decision Making Unit
10:45 - 12:15
TAM - SAM - SOM
13:15 - 14:15
Test (Past and Future)
BREAK
LUNCH
BREAK
END OF DAY WRAP-UP
Introductions
131
Introductions
8:30
From the trainer and org: What is the bootcamp? Why is being organized? What are the goals and next steps? Paint a picture of the positive future for the enterprises. You can mention the Entrepreneur’s/Hero’s journey (on the following page)
9:00 - 9:30
Entrepreneur quick intros. Everyone should say briefly their name, where they are from and what their company does. Time this, and cut people off. Time is determined by the half hour/# of participants.
8:45
Mingle, Mingle, Mingle - have participants walk about while you sing “Mingle, Mingle, Mingle”. When you say “stop”, they have a 2 minute conversation about why they came/what they care about. Repeat for a total of 3 round.
05
187
Nexus Growth Stage Bootcamp - Agenda Day 1
This module kicks off the program, helps the entrepreneurs understand who you are, what your drivers are and what their path may be. It also helps you to understand them and what their needs and ambitions are.
Introductions
8:30
From the trainer and org: What is the bootcamp? Why is being organized? What are the goals and next steps? Paint a picture of the positive future for the enterprises. You can mention the Entrepreneur’s/Hero’s journey (on the following page)
9:00-9:30
Entrepreneur quick intros. Everyone should say briefly their name, where they are from and what their company does. Time this, and cut people off. Time is determined by the half hour/# of participants.
8:45
Mingle, Mingle, Mingle - have participants walk about while you sing “Mingle, Mingle, Mingle”. When you say “stop”, they have a 2 minute conversation about why they came/what they care about. Repeat for a total of 3 round.
The Entrepreneur's Journey is the Hero’s Journey
132
05
188
Nexus Growth Stage Bootcamp - Agenda Day 1
DANNY KENNEDY
Managing Director
@ the California Clean Energy Fund
From Accelerate This!:
Being an entrepreneur can be lonely. Sometimes you think you’re crazy, trying to do something new. Something different. Something impossible. Something no one has ever done before. Getting to “no” on most days: No money. No takers. No understanding.
Being in an accelerator makes the work less lonely. It lets you see that someone else, maybe the person at the desk next to you, is crazier than you!
You know how Frodo has to leave his shire to save it, and on the way there are all kinds of trials and troubles as he explores a strange new world? Yeah… that’s likely you. By taking on the established system, you are entering into a new world. It’s exciting, but can be tough. You’ll likely get set back a few times… but you’ll also meet the most inspiring people along the way, and have fun. Frodo goes through his trials, but eventually comes home, saves the shire and they have an awesome party… so, keep going!
The AiB and other tools are here to help hasten your Hero’s Journey!
”
“
Personas (1 hour)
133
In the past months you have spent a lot of time talking to potential customers in your customer discovery process, so you have a pretty clear idea what your beachhead market is and who your typical customers are within that.
05
189
Nexus Growth Stage Bootcamp - Agenda Day 1
We are going to generalize your typical customers into three personas. These are helpful for planning growth, communications and synching with your team.
60
mins
Source: Bill Aulet
- Disciplined Entrepreneurship
Personas (1 hour)
134
05
190
Nexus Growth Stage Bootcamp - Agenda Day 1
60
mins
Source: Bill Aulet
- Disciplined Entrepreneurship
In the past months you have spent a lot of time talking to potential customers in your customer discovery process, so you have a pretty clear idea what your beachhead market is and who your typical customers are within that.
We are going to generalize your typical customers into three personas. These are helpful for planning growth, communications and synching with your team.
Personas (1 hour)
135
Age?
Born?
Raised?
Education?
Family?
Hobbies?
Job?
Number of years at the company:
Salary, performance metrics?
What keeps them awake at night?
Purchasing Priorities?
Story?
Goals?
Needs?
Pains?
Feel free to make a drawing of this person…
PERSONA 1
PERSONA 2
PERSONA 3
Age?
Born?
Raised?
Education?
Family?
Hobbies?
Job?
Number of years at the company:
Salary, performance metrics?
What keeps them awake at night?
Purchasing Priorities?
Story?
Goals?
Needs?
Pains?
Feel free to make a drawing of this person…
Age?
Born?
Raised?
Education?
Family?
Hobbies?
Job?
Number of years at the company:
Salary, performance metrics?
What keeps them awake at night?
Purchasing Priorities?
Story?
Goals?
Needs?
Pains?
Feel free to make a drawing of this person…
05
191
Nexus Growth Stage Bootcamp - Agenda Day 1
60
mins
TAM-SAM-SOM (1.5 hours)
05
192
Nexus Growth Stage Bootcamp - Agenda Day 1
SAM
SOM
TAM
What kind of business are you in? Not like, “what do you make”, but more like: “is this is a small business? A medium size one? A giant international corporation?” Having a sense of that is important for you to plan financially and effects the kind of investment (or not) path you may be on. This exercise also serves to prepare you for presenting your TAM-SAM-SOM to investors, who will want to understand your underlying assumptions and math.
90
mins
TAM
SAM
Total Available Market is the total market demand for a product or service. This includes the whole world.
Serviceable Available Market is the segment of the TAM targeted by your products and services which is within your geographical reach. As in, these are markets/customers we credibly have access to.
Serviceable Obtainable Market is the portion of SAM that you can capture. As in, who percentage of your market can you capture? Virtually no business has 100% of every market/customer, so what are you realistically aiming for?
SOM
TAM-SAM-SOM is the standard way to do this. To break down the language:
TAM-SAM-SOM (1.5 hours)
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Nexus Growth Stage Bootcamp - Agenda Day 1
90
mins
How do you do this? Use market data from reports and look at comparable companies. It’s a bit of a scramble, but you’ll soon start to narrow into range that seems reasonable for each.
Now, pair up with another team. Spend 10 minutes presenting to them. Give them your elevator pitch/What for Who, then your TAM-SAM-SOM. The other team should fire off questions about the data, challenge its robustness, suggest additions, suggest new sources of data, etc. Then, switch.
Work for 45 minutes to estimate the date points for your TAM-SAM-SOM.
SAM
SOM
TAM
Tests (Past and Future) (1 hour)
138
You likely remember from the previous exercises how important test and data-driven decision making can be. It’s a science… and also an art. It’s something you develop a better gut sense of, become more efficient in, and get more out of.
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60
mins
Let’s think back to a previous Test to see how that went, then plan a future Test for your company.
Past and Future
Previous & Future test
139
Recall the previous test you did, or think back to a previous experiment, then plan your next test.
PREVIOUS
FUTURE
Hypothesis: Define the assumption you wanted to validate
We believed that...
Experiment Design: Define how you tested the hypothesis.
To verify that we...
Metric: What were the metrics you used to measure.
We measured ...
Success Criteria: What were the criteria you used to validate the hypothesis as true?
We knew we were right if ...
Next Step: Decisions and actions.
Based on that, we made this change ...
Hypothesis: Define the assumption you wanted to validate
We believed that...
Experiment Design: Define how you tested the hypothesis.
To verify that we...
Metric: What were the metrics you used to measure.
We measured ...
Success Criteria: What were the criteria you used to validate the hypothesis as true?
We knew we were right if ...
Next Step: Decisions and actions.
Based on that, we made this change ...
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Nexus Growth Stage Bootcamp - Agenda Day 1
Hiring & Firing (1 hour)
140
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Nexus Growth Stage Bootcamp - Agenda Day 1
”
“
If you ask entrepreneurs what the hardest part of their job is, many will say 'finding the right people’. If you ask what the worst part of their job is, it’s quite likely 'firing people'.
60
mins
Hiring People
141
In job interviews, people get asked the weirdest questions. 'What is your spirit animal', 'What is your favorite holiday location', 'Who was your teacher at university', etc.
These questions don’t necessarily give you specific insight into if a candidate is actually a good fit for your company.
Hiring people is the one of the few things you actually have full control over in a startup (unlike market developments, laws of nature, competitors, government regulation, etc). So make the most of it!
Build a scorecard: Define Job mission, Outcomes and Competencies.
Source candidates: Don’t expect the right candidate to apply: actively search for candidates.
Conduct up to five types of interviews: Phone screening: Use phone interviews to screen candidates and select the
best ones to move on to the next step. Use four key questions and set up each one in a what, how, tell me more framework.
Top grading: Conduct long, in-person interviews discussing the last 10 years of job experience. These interviews should last anywhere from one and a half to three hours and should use the same five questions for each candidate.
Focused interviews (optional in some cases): Introduce candidates to the team and have other team members conduct interviews. These interviews are more focused on the responsibilities of the job and compatibility with the team.
Skill-will interview (optional in many cases): Use this interview to recap the information covered in previous interviews to ensure a candidate’s skills and motivation align with what’s needed for the job.
Reference interviews: Contact references and conduct informal interviews about the candidate, his or her work experience and attitude.
Make a decision based on data: use the score card, it helps to eliminate bias
Sell: Sell your company and the position to the candidates throughout the process. After all, if they are great they may have other opportunities.
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Here’s a good approach:
1
2
3
4
5
Hiring Scorecard
Take 30 minutes to make a scorecard, then show to another team for 10 minutes. There are three elements:
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Nexus Growth Stage Bootcamp - Agenda Day 1
Define how the employee is expected to operate. Pick the most important competencies you look for, because nobody can be everything at the same time. Options: efficiency, honesty, integrity, intelligence, team player, persistence, attention to detail, analytical, openness, hard-working. You will give a grade like in school (A-F) for each of these.
3 Competencies:
2 Outcomes:
Make clear what the new team member needs to accomplish. For example, 'grow revenue from $1 million to $2 million by the end of the year.' Set three to seven outcomes that are challenging but attainable.
1 Job Mission:
Define the essence of the job. For example, 'grow revenue through building direct relationships with customers' or 'develop our technology from lab scale to pilot plant'. The job mission should be short, sweet and understandable.
Firing People
143
This is always hard, so having some framework around it can be helpful.
Take 20 minutes to role play with another person. You fire them, then the reverse. Focus on being direct but compassionate.
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DMU (1 hour)
Many startups in the energy sector sell to large organizations, like businesses, government agencies, hospitals, universities etc., and this has its own set of challenges. Let’s look at this process and introduce you to the concept of a DMU: Decisions Making Unit.
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Nexus Growth Stage Bootcamp - Agenda Day 1
60
mins
Source: Bill Aulet
- Disciplined Entrepreneurship
Decision Making Unit
Selling to large organizations is a bit like convincing a jury of your innocence. There are many people involved and each member of the Decision Making Unit has a specific perspective on the sale you are prosing to them.
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Champion: This is the person that found you, or connected with you first. They want their
company to become your customer.
End User: The person who will actually use the product.
Primary Buyer: the person that actually signs the purchase order (rarely the same person as the
champion).
Influencers: People with in-depth knowledge and understanding of what the sale is about, and that can influence the rest of the DMU.
People with Veto Power: typically someone high up in management, ofter in the financial or safety department.
Purchasing Department: large organizations have procurement rules, and these people can block a sale for a wide range of reasons.
Let’s look at some typical roles:
Decision Making Unit
Pick one of of the big clients in your beachhead market and describe, to your best understanding, who plays the different DMU-roles as described. If you don't know, make your best guess. List three reasons they would be excited and three reasons they might have concerns.
CHAMPION
END USER
PRIMARY BUYER
INFLUENCERS
PEOPLE WITH VETO POWER
PURCHASING DEPARTMENT
WHY ARE THEY EXCITED ABOUT YOUR PRODUCT/SERVICE? #1
WHY ARE THEY EXCITED ABOUT YOUR PRODUCT/SERVICE? #2
WHY ARE THEY EXCITED ABOUT YOUR PRODUCT/SERVICE? #3
WHAT ARE THEIR CONCERNS? #1
WHAT ARE THEIR CONCERNS? #2
WHAT ARE THEIR CONCERNS? #3
If you are planning to sell your product in the consumer market, run the same experiment at the level of the consumer. Who will be involved in the decision making process of the consumer? Is a family or set of parents sitting down to make a decision?
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Nexus Growth Stage Bootcamp - Agenda Day 1
Nexus Growth Bootcamp Day 2
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Nexus Growth Stage Bootcamp - Agenda Day 2
DAY 2
8:30 - 9:00
9:00 - 10:30
Day 1 recap, Q+A, Day 2 agenda review
Negotiations
15:30 - 16:30
Time to polish pitch deck
16:45 - 18:00
Pitches
10:45 - 12:15
Management through OKRs
13:15 - 14:15
Listening Dyads
BREAK
LUNCH
BREAK
Module 6 Negotiations (1.5 hours)
A good way to approach this is to think of it as mutual value creation, with a bunch of small things that might make up a final agreement (and some of them may be surprising).
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Nexus Growth Stage Bootcamp - Agenda Day 2
Negotiations make some people really nervous because it implicitly asks fundamental questions about your value, can challenge your confidence, and there can be a downside if things don’t go well.
With a partner, pretend you’re negotiating the price of a new contract, expect to be around $1000. One of you is the startup, and the other is a large corporate.
Price of goods/service:
Price of the service/guarantee around it:
Your reserve (aka walk-away) price
Anything else that can be priced in (profit, trust, future relationship opportunities)
Each of you should come up with a valuation of the following things:
90
mins
Module 6 Negotiations (1.5 hours)
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Nexus Growth Stage Bootcamp - Agenda Day 2
Now, have a negotiation about the price, but remember to start with a frame around value and relationship conversation. Try to have your partner give a range first, then ask about the underlying calculations. Remember that this is a long-term relationship, and the big win here is the next and next next contract.
Get back together with the larger group to do a report-back, and then do another round.
$
PRICE OF GOOD OR SERVICE
PRICE OF GUARANTEE OR SERVICE AROUND PRODUCT
RESERVE/WALK AWAY PRICE
ANYTHING ELSE THAT CAN BE PRICED IN (PROFIT, TRUST, FUTURE RELATIONSHIP OPPORTUNITIES)
90
mins
Module 7: Management through OKRs (1.5 hours)
OKR is short for Objectives and Key Results and its used by household names (Google, Amazon, Twitter etc) and by me personally in my teams, across Nexus and in Third Derivative.
To me, the key to OKRs is that, especially as a company grows, it’s hard to keep track of what everybody is doing, and it’s hard to figure out how individual tasks and goals all add up to the organization's success.
From an employee perspective, OKRs help you understand what your objectives are, how your day-to-day tasks all add up, and if you’re on the right track or now. Bonus: it’s transparent and visible for every employee in the company.
OKRs consist of:
- a list of 3-5 high level Objectives
- Each Objective has 3-5 measurable Key Results
- Each Key Result can generally be measured on a score of 0-100%
These are set for the company as a whole, then they are translated to different teams, and within the teams to the individual level, and all tracked over time.
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Nexus Growth Stage Bootcamp - Agenda Day 2 - Module 7
90
mins
Module 7: Management through OKRs (1.5 hours)
150
Exercise: try setting OKRs for the company as a whole, then do them for each member of the team. These will get more defined and change over time, which is to be expected, especially as you build, measure, learn, and pivot.
You will be tracking completeness of tasks, and some things might be in process now, so score accordingly.
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Nexus Growth Stage Bootcamp - Agenda Day 2 - Module 7
90
mins
Listening Dyads (1 hour)
151
Practice listening? Sounds kind of obvious/crazy, but effective listening is one of the most underrated skills in business (and life). Effectively, there’s a difference between really listening (and watching someone’s face and really trying to understand them) and waiting for your turn to talk.
Split into pairs. Go to relatively quote places with interruption:
Get back together as a group and have a similar discussion. Were you able to read faces better? Listen deeper?
Round 1
Round 2
Round 3
One person talks for 3 minutes about a topic (suggestion: why do you wan to change the world?”. The other person just listens - no sound, no reactions, no facial reactions. Repeat, switch roles for 3 minutes.
Now, one person talks for 3 minutes (suggested topic: why has had the most influence on you?), but now the other person can nod and make small sounds like mmhmm, but no words. Repeat, switch roles for 3 minutes.
One person now talks (suggested topic: what legacy do you want to leave behind?), and the other person can say small things like “tell me more” and “wow, interesting”. This is sometimes call ‘active listening’. Repeat, switch roles for 3 minutes. Within the dyads still, now discuss for 5-10 minutes: what was the difference between the rounds?
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60
mins
152
We’re going to give your time to create a deck. Then it’s time to prepare for the pitch.
Use the template on the following page.
Depending on the group size and time per pitch, you may or may not be able to go through all slides, but it’s good to see what a full pitch deck is like.
209
It’s time to show the progress you’ve made in this boot camp.
Pitch
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Nexus Growth Stage Bootcamp - Agenda Day 2
89
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
1
2
3
4
5
6
7
8
9
10
11
From your exercise earlier, clearly define the company/business in a single declarative sentence.
What for who
Describe the pain of the customer (or the customer’s customer) Outline how the customer addresses the issue today
Problem
Demonstrate your company’s value proposition to make the customer’s life better. Show where your product physically sits. Provide use cases.
Solution
Set-up the historical evolution of your category. Define recent trends that make your solution possible
Why Now
Identify/profile the customer you cater to . Calculate the TAM (top down), SAM (bottoms up) and SOM
Market Size
List competitors, List competitive advantages
Competition
Product line-up (form factor, functionality, features, architecture, intellectual property)
Product
Where are you in terms of developing your product, talking to customers, testing with customers etc?
Status
Revenue model, Pricing, Average account size and/or lifetime value Sales & distribution model Customer/pipeline list
Business Model
Founders & Management, Board of Directors/Board of Advisors
Team
P&L, Balance sheet Cash flow, Cap table, The deal for investors etc.
Financials
210
Deck Overview
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Nexus Growth Stage Bootcamp - Agenda Day 2
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
From your exercise earlier, clearly define the company/business in a single declarative sentence.
211
Solarium: We put solar panels on school and churches.
What for who
For example:
What For Who
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Nexus Growth Stage Bootcamp - Agenda Day 2
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
Describe the pain of the customer (or the customer’s customer). Outline how the customer addresses the issue today.
Problem
212
There are 1000 schools in Jakarta who all pay $.50/kwh for energy.
For example:
Problem
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Nexus Growth Stage Bootcamp - Agenda Day 2
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
Demonstrate your company’s value proposition to make the customer’s life better. Show where your product physically sits. Provide use cases.
Solution
213
Solarium installs rooftop solar and provides. This saves $700/year per building.
Solution
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Nexus Growth Stage Bootcamp - Agenda Day 2
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
Set-up the historical evolution of your category. Define recent trends that make your solution possible.
214
Last year, solar and storage dropped in price, which now makes this cheaper than grid power… and cleaner.
Why Now
Why Now
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Nexus Growth Stage Bootcamp - Agenda Day 2
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
Identify/profile the customer you cater to. Calculate the total addressable market (TAM) and state your beachhead market
215
Market Size
TAM for rooftop solar in Indonesia
$3 billion
Schools and churches in Indonesia
$500
million
TAM for Asia
$40 billion
Market Size
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Nexus Growth Stage Bootcamp - Agenda Day 2
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
List competitors, List competitive advantages. Do this in a 2x2. Show that you understand your competition and substitutes (what people do without a product like yours)
Competition
Expensive
Hard
Easy
Cheap
Solarium
Grid power
Do it yourself systems
216
Competition
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Nexus Growth Stage Bootcamp - Agenda Day 2
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
Form factor, functionality, features, intellectual property
Product
217
Solarium uses state-of-the art panels and batteries, which are installed on a roof, in a yard or over parking lots.
Product
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Nexus Growth Stage Bootcamp - Agenda Day 2
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
Where are you in terms of developing your product, talking to customers, testing with customers etc. Do you have larger corporate customers or partners?
218
Status
DONE
DOING
NEXT
We have installed 5 systems and have strong word-of-mouth recommendations.
We have installed 5 systems and have strong word-of-mouth recommendations.
We are planning to install 10 more systems in the next 3 months, in collaboration with the national association of schools.
Status
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Nexus Growth Stage Bootcamp - Agenda Day 2
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
Revenue model, Pricing, Average account size and/or lifetime value Sales & distribution model
219
Solarium charges a flat monthly fee of $600, with a minimum contract of 3 years. We have our own team of sales people and distribute through partners.
Business Model
Business Model
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Nexus Growth Stage Bootcamp - Agenda Day 2
99
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
220
Founders & Management, Board of Directors/Board of Advisors
Team
TEAM MEMBER #1
TEAM MEMBER #3
TEAM MEMBER #4
TEAM MEMBER #2
Team
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Nexus Growth Stage Bootcamp - Agenda Day 2
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
Revenue model, Pricing, Average account size and/or lifetime value Sales & distribution model
221
Solarium has bootstrapped/friend and family raised $30,000. We are hoping to be cash flow positive in 6 month. We are looking for $150k in a convertible note to help us scale in our beachhead market.
Financials
Financials
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Nexus Growth Stage Bootcamp - Agenda Day 2
222
222
NEXUS GROWTH STAGE ACCELERATOR
06
Lots of customer discovery
1-on-1 one hour coaching of teams per week
Weekly dinner + expert speaker
Weekly check-ins peer-to-peer sessions
Close with event: Progress Day
The key elements of the Nexus Accelerator are
165
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
Once teams have a clear idea of the market, their technology is customer ready, and the company is thinking about the challenge how to grow the company, they are set for the Growth Stage accelerator.
By the end of the program, teams should be creating revenue and thinking about optimization and scale.
Minimum qualifications: working prototype, 2 person team, xxx
Time commitment: 3 months, full time/40 hours per week to work on their business.
Nexus Growth
Stage Accelerator
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Nexus Growth Stage Accelerator
Nexus Idea Stage Accelerator outline
166
WEEK 1
WEEK 2
WEEK 3
WEEK 4
MONTH 1
MONTH 2
MONTH 3
MONTH 4
MONTH 5
MONTH 6
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Nexus Growth Stage Accelerator
Weekly Cadence
167
MONDAY
TUESDAY
WEDNESDAY
THURSDAY
FRIDAY
MORNING
AFTERNOON
EVENING
Group check-in
Exercise/Speaker
Customer Discovery
Mentor Dinner
Mentor/leader check-in (customer discovery (2x week), team, lean startup)
Exercise/Speaker
Customer Discovery
Large Group Dinner
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Nexus Growth Stage Accelerator
Introduction and Goals
168
30 MINS
From the trainer and org: What is the accelerator ? Why is being organized? What are the goals and next steps? Paint a picture of the positive future for the enterprises. You can mention the Entrepreneur’s/Hero’s journey.
1 HOUR
Entrepreneur intros. Everyone say briefly their name, where they are from and what their company does (start with What for Who, then status/traction)
20 MINS
Mingle, Mingle, Mingle - have participants walk about while you sing “Mingle, Mingle, Mingle”. When you say “stop”, they have a 2 minute conversation about why they came/what they care about. Repeat for a total of 3 round.
This module kicks off the program, helps the entrepreneurs understand who you are, what your drivers are and what their path may be. It also helps you to understand them and what their needs and ambitions are.
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Nexus Growth Stage Accelerator
227
Goals for the Accelerator (30 mins)
169
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
My Goal: ………
The goal is important to me because it means that: …………
What are the three most important things I need to do to achieve this goal?
To reach goal 1 I will:
To reach goal 2 I will:
To reach goal 3 I will:
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Nexus Growth Stage Accelerator - Intro
This is for ___________________________________________ (company’s name)
My Goal :
The goal is important to me because it means that:
What are the three most important things I need to do to achieve this goal?
To reach goal 1 I will
To reach goal 2 I will
To reach goal 3 I will
1.
2.
3.
1.
2.
3.
1.
2.
3.
1.
2.
3.
30
mins
228
Timeline for Goals (20 mins)
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
Now, let’s map these out. When will you achieve goal 1, 2 and 3?
Write the goal in the place that seems reasonable, then fill in the barriers ‘things needed’.
MONTH 1
MONTH 2
MONTH 3
MONTH 4
MONTH 5
MONTH 6
GOAL
BARRIERS
THINGS NEEDED TO OVERCOME BARRIER
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Nexus Growth Stage Accelerator - Intro
This is for ___________________________________________________ (company’s name)
20
mins
Weekly Check-in and Tracking
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
You’ve stated this problem before. What is preventing you from solving it?
Do others from the group have a solution for this?
Are there additional things you should be thinking about?
An instructor will run this session, and ask critical questions like:
When we asked startups from Y Combinator (the first, and one of the best accelerators around) what the most valuable part of the program was, they pretty much all said it was this activity. Why?
Having a regular check-in keeps you accountable, and also helps you tap resources and ideas from others.
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Nexus Growth Stage Accelerator - Modules - Weekly
We are going to use a tracking sheet for every person linked to your goals that will help with this.
Weekly tracking (1.5 hours)
How integrated is the entire design of the program, functionality and visual aesthetics?
How well does the team deliver its prototype, description and value proposition?
How does this all fit into the overall goals you created on day 1? (refine that if needed)
Each week, groups of 5-6 people will have their check in. This is for the leaders and companies to keep things moving, identify blockers and solutions for moving past. Each company will have 20 minutes to do the following:
1
2
3
4
5
Restate what the goal was from last week.
What’s the update?
If you reached the goal, how did you do it? If you didn’t, what were the things that got in your way? What were your blockers?
With the larger group, what can be learned from the success, or is there advice for solving the problem so it doesn’t go another week?
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Nexus Growth Stage Accelerator - Modules - Weekly
90
mins
Weekly Goal Tracking Sheet For _______________ (name of company)
Goal for the upcoming week:
Achieved? (How or why not?)
MONTH 1
MONTH 2
MONTH 3
MONTH 4
MONTH 5
MONTH 6
WEEK 1
WEEK 2
WEEK 3
WEEK 4
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
Goal for the upcoming week:
Achieved? (How or why not?)
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Nexus Growth Stage Accelerator - Modules - Weekly
This is for ___________________________________________________ (company’s name)
Weekly Customer Discovery tracking sheet for _______________ (name of company)
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Nexus Growth Stage Accelerator - Modules - Weekly
This is for ___________________________________________________ (company’s name)
MONTH 1
MONTH 2
MONTH 3
MONTH 4
MONTH 5
MONTH 6
WEEK 1
WEEK 2
WEEK 3
WEEK 4
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer:
1 _____
2 _____
Others? _________________
Customer Interview Tracking sheet
Week #____________, Month #____________
Customer 1: ___________________________
Customer 2: ___________________________
WHAT’S WAS YOUR QUESTION?
WHAT DID THEY SAY?
WHAT DID YOU LEARN? WHAT WAS YOUR INSIGHT?
NEXT STEPS?
QUESTION 1
QUESTION 2
QUESTION 3
QUESTION 4
QUESTION 5
QUESTION 1
QUESTION 2
QUESTION 3
QUESTION 4
QUESTION 5
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Nexus Growth Stage Accelerator - Modules - Weekly
WHAT’S WAS YOUR QUESTION?
WHAT DID THEY SAY?
WHAT DID YOU LEARN? WHAT WAS YOUR INSIGHT?
NEXT STEPS?
Expert sessions (45 mins)
Recommended format is to make the who session 45 mins and as interactive as possible (less sage on stage, more guide on the side). Leaders should think about way to make the content available to others: can it be taped? Put on Facebook live etc? Gather video/deck/materials and post to the Nexus Network Slack (http://bit.ly/newenergynexusnetwork) and tag Ryan (also, invite the speaker to join the Slack)
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45
mins
Every weeks or two Nexus will organize expert talks so you can learn from others and maybe meet a new mentor.
TECHNOLOGY
How to develop an app, how to use cloud services, challenges of developing hardware, what TRLs are
LEGAL
How to distribute ownership among the founders via vesting, how to incorporate your company, how to check for patents
TEAM
How to search for talent, how to pay talent with a combination of salary and shares
FUNDING
Subsidy opportunities, how to apply for them
FINANCE
How to do bookkeeping, how to manage money in a startup
They will be about themes like:
Format:
Intro of the speaker (5 mins)
Speaker Speaks (20 mins)
1
2
Q+A or interactive exercise/ workshop (20 mins)
3
Sales Targets (30 minutes)
It might be helpful to plan out your major beachhead sales targets. Use the sheet below to plan and track.
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30
mins
Sales Targets
WE NEED TO MEET…
APPROACH…
WE CAN REACH THEM BY…
OWNER
People we need to meet and our sales approach
Sales (1 hour)
Why? Because it’s seen as pushing people into things that that don’t really want or need. It doesn’t have to be this way. Sales can be a lovely process that leads to commerce and productivity.
In a traditional sales setting, you might do a pitch, have some q+a clarification and then see if the client bites. You’re likely doing most of the talking, looking for reactions and signs of life. Let’s try another way: Listen, Understand, Overlap.
With a partner, do your normal sales meeting for 10 minutes. Stand up, shake it out, both forget what just happened and now do this:
Set a timer for 10 minutes. Ask the client what their needs and pain points are. Feel free to ask clarifying questions, but don’t talk much.
When the alarm goes off in 10 minutes, ask questions about the things you heard that are relevant to aspects that your company solves. Do that for 5-10 minutes.
Propose a solution that focuses on the overlap between what they said and what you do. Sketch out something on paper, with activities, timeline and budget.
Now, was there a different between the two styles? What can you take from this? Discuss with the larger group.
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Or, better put: value creation. Yes, sales gets, and sometimes earns a bad reputation.
60
mins
Founder's Equity Calculation (1 hour)
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This quick calculation is based on a lot of assumptions. In fact all of it is assumed. This is not a problem at this stage. You’ll work out most of these assumptions during Boot Camp. Right now it’s important to understand the reasoning by working with a best guess. After each module we will return to this calculation and check it against the new insights to see if it is still valid.
Note:
The figure below explains this example of a founder who expects to have 25% of the company’s shares at the time of the exit. The founder wants an exit call of €5M. This means the company value needs to be €20M. With a multiple of 5 this translates into an annual profit of €4M. Assuming a margin of 40% this leads to a required revenue of €10M per year.
60
mins
EXIT / FOUNDER
€ 5M
COMPANY VALUE
€ 20M
EQUITY % / FOUNDER@EXIT
25%
PROFIT / YEAR
€ 4M
MULTIPLE
5
REVENUE / YEAR
€ 10M
MARGIN %
40%
Mentors and Supporters (1 hour)
Mentors can be great for your company, your stress and psychology, for attracting customers, investment etc… as long as expectations are set and everyone feels like their time and talent is being respected.
WHO?
DO YOU KNOW THEM? IF NOT, WHO CAN CONNECT YOU?
AVAILABILITY
YOUR EXPECTATIONS
THEIR REWARD
TYPE/SUBJECT MATTER (BELOW ARE SUGGESTED)
EXPERIENCED INDUSTRY EXPERT
INVESTMENT EXPERT
GROWTH HACKER
MORAL SUPPORT
There are lots of way to do this, but many find that a regularly scheduled call or meeting is a good way to keep things ticking along.
Use this sheet to think about who you might want, how to approach and how to structure the relationship.
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60
mins
Team Audit (1 Hour)
Are there missing skills on your team? It’s hard to know sometimes since you’re working day to day and maybe covering things in a casual/ad hoc way. Use the exercise below to do something thinking with your team about this.
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CURRENT STRENGTH
AVAILABILITY (TIME)
REQUIRED ACTION
CAPABILITY
BUSINESS/DOMAIN SKILLS
FINANCIAL SKILLS (ACCOUNTING)
DEEP TECHNICAL KNOWLEDGE
MARKETING
SALES
60
mins
Spotify’s Engineering Culture (30 minute videos)
https://labs.spotify.com/2014/03/27/spotify-engineering-culture-part-1/
https://labs.spotify.com/2014/09/20/spotify-engineering-culture-part-2/
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30
mins
Get inside the head of a fast-growing,
agile software company in these two videos.
Agile Management
Agile management is generally a way of organizing software development, but it draws a lot on the Lean Startup tradition and is worth knowing as a framework since developing any kind of product or service can be hard to sequence.
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1. CONCEPT
2. INCEPTION
3. ITERATION
4. RELEASE
5. PRODUCTION
6. RETIREMENT
Project and the viability are envisioned and prioritised.
The project team begins to work on the project’s development.
Keep track of your project and make sure it is constantly optimised.
Quality testing and reporting are put into production.
Initial requirements are discussed and decided.
End-of-life activities.
Read the 6 steps, then design an Agile set for a current or future product/service/release.
The AAARR! (say it like a pirate) Method For User Metrics (1 hour)
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Nexus Growth Stage Accelerator - Modules - Methods
How do you know how you’re actually doing with users? This method is a framework for tracking and evaluating.
Users conduct some monetization behavior
Users come to the site from various channels Activation: users enjoy 1st visit: "happy" user experience Retention: users come back, visit site multiple times
Dave McClure’s Pirate Metrics for Startup Growth
60
mins
Activation
How quickly can you get your customer’s to the ‘aha-moment’?
How many of your customers are you retaining & why are you losing the others?
How can you turn your customers into your advocates?
Retention
Referral
Revenue
Acquisition
How do customers find you?
How can you increase revenue?
The AAARR! (say it like a pirate) Method For User Metrics (1 hour)
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USER STATUS
CONV %
EST. VALUE
CATEGORY
ACQUISITION
Example Conversion Metrics
ACQUISITION
ACTIVATION
ACTIVATION
ACTIVATION
RETENTION
RETENTION
REFERRAL
REFERRAL
REVENUE
REVENUE
Visit Site (or landing page, or external widget)
Doesn’t Abandon (views 2+ pages, stays 10+ sec, 2+ clicks)
Happy 1st Visit (views X pages, stays Y sec, Z clicks)
Email / Blog / RSS / Widget Signup (anything that could lead to repeat visit)
Acct Signup (includes profile data)
Email Open / RSS view -> Clickthru
Repeat Visitor (3+visits in first 30 days)
Refer 1+ user who visit site
Refer 1+ user who activate
User generates minimum revenue
User generates break-even revenue
100%
70%
30%
5%
2%
3%
2%
2%
1%
2%
1%
$.01
$.05
$.25
$1
$3
$2
$5
$3
$10
$5
%25
Branding (1 hour)
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It helps them quickly understand you and the value you have for them. Brands are great! …and, working on your brand is hard, since you’re trying to distill your who company and maybe your personal purpose into a single thing.
3 MOST IMPORTANT CUSTOMERS
THEIR NEEDS
WHAT ARE YOUR IMPORTANT ATTRIBUTES?
WHERE IS THERE OVERLAP?
#1
#2
#3
60
mins
A brand is a shortcut for customers.
Where is there overlap, and how can you express that in words and images most effectively?
1
2
3
4
5
6
List your top 3 most important customers.
List all the needs they have that you satisfy (aka, your value proposition to them).
Circle one per customer that is the MOST important.
Now, think about your company and people. List all the attributes that you cannot exist as a company without? They might be values, principles, personality traits, beliefs, or an area of focus.
Circle the three MOST important.
To make this easier, with your team, do this:
Retention Marketing (1 hour)
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60
mins
Retention marketing looks to increase the Lifetime Value (LTV) of a customer over time through marketing channels like email, social posts, product features, and other strategic outputs.
Step 1
Look through this deck for a really nice description and some tools, notice the role that designing an experiment plays, then do this with your team:
Set clear and attainable goals.
What are you trying to accomplish with your retention program? Do you want to increase LTV? Do you want to reduce churn rate? Do you need to hit a particular conversion rate or revenue goal by the end of the year? Choose what’s right for you and start from there.
Step 2
Build an action plan and launch it.
Once you’ve decided what you want to accomplish and set clear goals around it, get to work! The faster you’re retaining customers, the faster your LTV is increasing. Every day a customer ignores or disengages with your brand is a day lost in their lifecycle. The likelihood for their return diminishes fast.
Step 3
Actively collect data and monitor your action plan. Adjust the plan, if needed.
Is your plan working? Are you finding surprising results? Adjust the plan as you see fit to encourage good results.
Elevator pitch (1 hour)
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It theorizes a scenario where you only have the length of time of time of an elevator ride to tell someone about your company and product. Totally crazy… and totally true! I have personally done this soooo many times, including literally in an elevator. You need to be able to do this.
Work with your team to come up with your elevator pitch for 20 minutes. Pitch to another company, get notes, refine, then pitch to the larger group.
60
mins
The proverbial elevator pitch…
Example 1
“Have you ever purchased a cell phone online? {wait for answer} Well, my company is cellphonesarecool.com. We are the number one, national distributor for all cell phones and carriers, online. We sell every type of cell phone available as well as provide very competitive service pricing. We are the leading, online cell phone provider in the United States and Canada.”
Example 2
“My company is cellphonesarecool.com. We are the number one, national distributor for all cell phones and carriers, online. We sell every type of cell phone available as well as provide very competitive service pricing. We are the leading, online, cell phone provider in the United States and Canada.”
_____________[Your company name] is _____________[your solution] for _____________[your target customers/users]. We help _____________[your customers/users] _____________[solve this problem with these benefits]. We’re initially targeting _____________ [your market]. We make our money by_____________ [your business model]. We acquire customers by _____________ [your customer acquisition strategy]. We have _____________ [your team advantage], _____________[your technology advantage]. __________________________[Traction statement].
This is for ___________________________________________________ (company’s name)
A/B Testing (1 hour)
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A/B testing (also known as split testing or bucket testing) is a method of comparing two versions of a webpage or app against each other to determine which one performs better.
60
mins
Raising Money
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This is a whole course in and of itself. Much of it is covered in exercised here, but this is a set of resources for further reading (and for us to pull more exercises from).
https://www.startupschool.org/videos/48
Great, very complete guide here: https://medium.com/station-f/station-f-guide-to-startup-fundraising-a491ed547874
Understanding SAFEs and Priced Equity Rounds: https://www.startupschool.org/videos/49
How to Get Meetings with Investors and Raise Money: https://www.startupschool.org/videos/50
S.M.A.R.T goals (1 hour)
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S.M.A.R.T goals are another way to set, track and manage goals. Follow the template below and work with another person. Once you set the initial goal and then the SMART, see if you can go through it and make it even more specific.
MEASURABLE
ACHIEVABLE
RELEVANT
TIME-BOUND
SMART GOAL
SPECIFIC
INITIAL GOAL
S
M
A
R
T
Write the goal you have in mind
What do you want to accomplish? Who needs to be included?
When do you want to do this? Why is this a goal?
How can you measure progress and know if you’ve successfully met your goal?
Do you have the skills required to achieve the goal? If not, can you obtain them? What is the motivation for this goal? Is the amount of effort required on par with what the goal will achieve?
Why am I setting this goal now?
Is it aligned with overall objectives?
What’s the deadline and is it realistic?
Review what you have written, and craft a new goal statement based on what the answers to the questions above have revealed
60
mins
Digital Advertising (30 minute read)
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If you’re thinking about digital advertising as as a way to reach customers, you can get caught up in a mess of confusion around all the channels and ways to measure your return on investment. This deck from David Quiec (500 Startups) has some great info about picking one channel (at first), and then focusing on your cost per acquisition.
30
mins
If you’re thinking about digital advertising as a way to reach customers…
Understand Your Acceptable CPA
Estimates OK
Compute:
Profit, Margins:1/3
Payback period, cash flow
Example:
CPA: $4, LTV: $12
CPA Ratio = 1/3 LTV
Co 1 Payback = 4 Mo
Co 2 Payback = 1 Mo
Faster payback: better hedge
DISPLAY
For: entertainment, inventions
Fun, low mindshare products
Lyft, Netflix, Supercell
GDN, Facebook ads
Includes video and retargeting
Mobile display: app installs
Business -Channel Fit
Understand Your Acceptable CPA
Provides cost targets across the funnel
Example: app install signup target = $2
Thus, cost per click = %0.32 … FB clicks are &0.50 - $1.00
Search Engine Optimization (SEO) (1 hour read)
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You have a digital product, so you need to think about SEO, right?
Not necessarily - it’s a big investment, takes a long time, and there are no guaranteed results.
60
mins
Read more in this exceptional deck from Bernard Huang.
Email List Best Practices
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Email is the underdog of outreach, but it’s really one of the most effective methods. Most people have come around to realize this by now, but how to do email marketing? That’s a whole other art.
Check out this great intro deck from Susan Su to get your feet wet and up your open rates right away.
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253
GROWING PAST STARTUP
07
You’ve created a growing business, and maybe you’re not quite in ‘startup’ mode anymore.
What are the thing that you should have on your mind right now to get to the next stage? This section suggests some important topics that will help ensure you’re not falling into any pitfalls along the way to an even bigger business.
Congratulations!
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Planning and Piloting
As you get into more advanced stages, you will likely end up working with larger (sometimes much larger) organizations.
These are exercises to synch up on the purpose and timing of partnership and piloting
07
255
Growing Past Startup - Planning and Piloting
Planning and Piloting
Technology validation
Do any of those concerns make The company not do a pilot with the startup? ( After extensive discussions)
1
What are the key concerns The company have regarding the technology?
What does the startup say regarding those concerns?
2
3
KEY CONCERNS THE COMPANY HAVE REGARDING THE TECHNOLOGY
STARTUP’S RESPONSE
CONCERNS RESOLVED?
DEAL BREAKER? DELTA, NEXT STEPS
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Growing Past Startup - Planning and Piloting
Planning and Piloting
Roadmap to success
1
Why The company is interested in this startup?
Why the startup wants to work with The company?
2
WHAT ARE THE MOST DESIRABLE OUTCOMES FROM THIS PILOT?
WHAT’S ARE THE KEY RESULTS THAT WOULD PROVE YOU HAVE ACHIEVED THE OUTCOME MENTIONED ON THE LEFT?
Objective
Key Result 1
Key Result 2
Key Result 3
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Growing Past Startup - Planning and Piloting
Planning and Piloting
What’s an acceptable outcome of the pilot? How to measure them?
Parking lot: the key differences between the two parties regarding the desirable outcome that would need to be addressed in the on-going conversation.
WHAT ARE THE MOST DESIRABLE OUTCOMES FROM THIS PILOT?
WHAT’S ARE THE KEY RESULTS THAT WOULD PROVE YOU HAVE ACHIEVED THE OUTCOME MENTIONED ON THE LEFT?
Objective
Key Result 1
Key Result 2
Key Result 3
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Growing Past Startup - Planning and Piloting
Planning and Piloting
Pilot planning
1
What are the stages in this pilot? What are the key activities on each stage?
Resources needed for each activity. Location for each activity
2
STAGES OF THE PILOTS
KEY ACTIVITIES
RESOURCES NEEDED FROM THE COMPANY
RESOURCES NEEDED FROM THE STARTUP
LOCATION
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Planning and Piloting
Cost of the pilot
STAGES OF THE PILOTS
STARTING DATE
OPTIMISTIC DURATION ESTIMATE
MOST LIKELY DURATION ESTIMATE
PESSIMISTIC DURATION ESTIMATE
DATE OF COMPLETION
07
260
Growing Past Startup - Planning and Piloting
Planning and Piloting
Pilot Execution and Collaboration: challenges and solutions
FORESEEABLE CHALLENGES IN THE PILOT
POTENTIAL SOLUTIONS
07
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Growing Past Startup - Planning and Piloting
Planning and Piloting
Where we would like this partnership to go after the pilot?
RESULTS AFTER THE PILOT
STARTUP REFERENCE RANKING
THE COMPANY REFERENCE RANKING
Technology Licensing
Strategic Investment
Purchase agreement
Co-development
Acquisition
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Growing Past Startup - Planning and Piloting
Planning and Piloting
Resolve issues in the “parking lot”?
ISSUES
CURRENT STATUS
NEXT STEP
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Growing Past Startup - Planning and Piloting
Planning and Piloting
Actions after the workshop to lead to the pilot
TASK
RESPONSIBLE PARTY
DUE DATE
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Growing Past Startup - Planning and Piloting
Planning and Piloting
209
07
Later Stage Advice for Startups
How to Succeed Long-term (SUS 2017)
The Two Most Common Mistakes Growth Stage Founders Make
Later-stage Advice (SUS 2014)
Subtle Mid-Stage Startup Pitfalls
265
Growing Past Startup
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266
INDEX / INSPIRATIONS
08
Index/ Inspirations
211
Techstars Toolkit - https://toolkit.techstars.com/
Startup Science - http://startupscience.com/
Y Combinator Startup School - https://www.startupschool.org/latest, https://www.startupschool.org/library
Yale - https://cbey.yale.edu/sites/default/files/2019/01/CBEY%20Certificate%20Core%20Curriculum%20Week%20By%20Week.pdf
500 Startups - https://www.growth.500.co/schedule, https://www.growth.500.co/
Nexus Thailand - KX Incubation Curriculum
Climate LaunchPad
CalSEED
08
267
Index/ Inspirations
268
268
PARKING LOT
09
Index/ Inspirations
211
08
269
Index/ Inspirations
Techstars Toolkit
Startup Science
Y Combinator Startup School
https://www.startupschool.org/latest, https://www.startupschool.org/library
Yale
https://cbey.yale.edu/sites/default/files/2019/01/CBEY%20Certificate%20Core%20Curriculum%20Week%20By%20Week.pdf
500 Startups
https://www.growth.500.co/schedule, https://www.growth.500.c
Nexus Thailand -
KX Incubation Curriculum
Climate LaunchPad
Cyclotron Road
CalSEED
Accelerator-In-A-Box!