1、Incubator 2.0: A Silicon Valley Story Engineering Better High-Tech Startups with Incubators, Investment, & Iterative Development,Dave McClure (DaveMcClure) Founders Fund & GeeksOnaP Sept-Oct 2009,Startup Funding Ecosystem,Union Square Ventures,First Round Capital,SoftTech (Jeff Clavier),SV Angel (Ro
2、n Conway),Benchmark,Sequoia,Y-Combinator,TechStars,FF Angel,FF II,fbFund REV (FF, Accel, Facebook),FF I,Pardon The Hype,Dave McClure,2001-2009: Startup Investor: 500 Hats LLC, Founders Fund Tech Marketing: PayPal, Simply Hired, Mint Advisor, Angel Investor: 40+ Startups Conf. Organizer: Web 2.0, ORe
3、illy, Startonomics Stanford Visiting Lecturer: Facebook, Startup Metrics80s & 90s: Entrepreneur: Founder/CEO Aslan Computing (acq.) Developer: Windows Apps / SQL DB Admin User Groups: E-Commerce, Internet, Client-Server Engineer: Johns Hopkins 88, BS Eng / Applied Math,GEEK, CODER, ENTREPRENEUR,Blog
4、ger, Startup Advisor Internet Marketing, Angel/VC Investor,Angel Investments (Personal, 2004-2008, 13 deals, avg $25K),Angel Investments (via FF Angel, Q408-Q309, 30+ deals),FF Angel 12 deals $50-250K,fbFund REV 22 deals $15-75K,Founders Fund (2005-2009),Startup Incubators (lots of little deals some
5、 of which work :),Incubator: Hatching Startups,Idealab (Bill Gross, 1996-2001) G - Yahoo Search Marketing CitySearch, PayMyBills, Commission Junction, NetZeroY-Combinator (Paul Graham, 2005-pres.) 9+ “vintages”, 100+ companies Reddit, Scribd, Xobni, Omnisio, DropBoxTechStars (CO), SeedCamp (UK), Lau
6、nchBox (DC)fbFund REV (Silicon Valley, 2008-2009) Facebook, Founders Fund, Accel,Incubator 2.0,Incubators growing in popularity, acceptance Supportive ecosystem for startups (angels, VCs) Efficient use of investment capital ($25-100K) High fail rate (60-80%) = large initial sample size,Incubator 2.0
7、,Success based on common platforms, physical proximity, open high-risk, but high-reward,fbFund REV,fbFund REV: Facebook “Social” Incubator: invest in startups, apps, websites based on Facebook platform, Facebook Connect. 25 startups (2 non-profits) $850K total investment ($35K each) 12-week mentorsh
8、ip program in Palo Alto, CA 25 Advisors / Speakers (Entrepreneurs, Geeks, Investors),fbFund REV,fbFund REV: Facebook “Social” Incubator: invest in startups, apps, websites based on Facebook platform, Facebook Connect.Education on Tech, Design, Marketing, Business topics Demo Day with 200 VC, Angel I
9、nvestors Target: 7-10 seed round investments ($250K-$1M) Success: 5 startups already funded, 5 break-even,Startup Funding,1, 2, 3: Incubator, Angel, VC.,Startup Funding Ecosystem,Union Square Ventures,First Round Capital,Benchmark,Sequoia,FF II,FF I,I3: Incremental Investment & Iteration,Method: Inv
10、est in startups using incremental investment, iterative development. Start with lots of small experiments, filter out failure, and expand investment upon success.Incubator: $0-100K (“Micro-Seed”) Angel: $100-$1M (“Seed”) VC: $1M-$5M (“Series A, B”),Investment #1: Micro-Seed (“Incubator”),Structure 1
11、-3 founders $25-100K investment Incubator environment: multiple peers, mentors/advisorsBuild Functional Prototype / “Minimum Viable Product” (MVP): Concept-Alpha, 3-6 months Develop Minimal Critical Feature Set = Get to “It Works” Instrument Basic Dashboard, Conversion Metrics Test Cust. Adoption (1
12、0-1000 users) / Cust. Satisfaction (Scale: 1-10) Connect with Advisors & Mentors, Angels/VCsDemonstrate Concept, Reduce Product Risk, Test Functional Use Develop Metrics & Filter for Follow-on Investment,Investment #2: Seed (“Angel”),Structure 2-5 person team $100-$1M investment Syndicate of Angel I
13、nvestors / Small VC FundsImprove Product, Expand Market, Test Revenue: Alpha-Beta, 6-12 months Customer Sat 6 = Get to “Doesnt Suck” Setup A/B Testing Framework, Optimize Conversion Test Marketing Campaigns, Customer Acquisition Channels Connect with Advisors, Investors, Key HiresProve Solution/Bene
14、fit, Assess Market Size Test Channel Cost, Revenue Opportunity Determine Org Structure, Key Hires,Investment #3: Series A (“Venture”),Structure 5-10 person team $1M-$5M investment VC InvestorsScale Business, Get to Sustainability: Beta-Production, 12-18 months Rigorous A/B Testing, Optimize Conversi
15、on Customer Sat 8 = “It Rocks, Ill Tell My Friends” MktgPlan = Predictable Channels / Campaigns + Budget Scalability & Infrastructure, Customer Service & Operations Connect with Marketing / Distribution PartnersProve/Expand Market, Operationalize Business Future Milestones: Profitable/Sustainable, E
16、xit Options,Startup Metrics,Create. Measure. Iterate.,Startup Metrics: Lean & Mean,Progress Features (Less = More) Focus on User Experience ( Compare 2+ Options Fast, Frequent Iteration (+ Feedback Loop) Keep it Simple & Actionable,Startup Metrics for Pirates: AARRR!,Acquisition: What channels do cu
17、stomers come from? Activation: Do they have “happy” 1st experience? Retention: Will they come back? Referral: Do they tell other people? Revenue: How to make money?,Minimize TOTAL time through the loop,LEARN,BUILD,MEASURE,IDEAS,CODE,DATA,Source: Eric Ries, The Lean Startup,Startup Metrics for Pirate
18、s,Acquisition: users come to site from various channels Activation: users enjoy 1st visit: “happy” experience Retention: users come back, visit site multiple times Referral: users like product enough to refer others Revenue: users conduct some monetization behavior,AARRR!,(note: If youre in a hurry,
19、 Google “Startup Metrics” & watch 5m video),AARRR!: 5-Step Startup Metrics Model,W,Startup Challenges,Startups have problems in 3 key areas:Management: Setting Priorities, Defining Key Metrics, Creating Dashboard, Reporting ProgressProduct: Building the “Right” Features, Getting Product Out Quickly,
20、 Testing for User Conversion / AdoptionMarketing: Accessing “Web 2.0” Channels (Search, Social, Viral, New Media), Cost-Efficient Distribution,Role: Founder/CEO,Q: Which Metrics? Why? A: Focus on Critical Few Actionable Metrics (if you dont use the metric to make a decision, its not actionable)Hypot
21、hesize Customer Lifecycle Target 3-5 Conversion Events (tip: Less = More) Test, Measure, Iterate to Improve,Role: Product / Engineering,Q: What Features to Build? Why? When are you “Done”? A: Easy-to-Find, Fun/Useful, Unique Features thatIncrease Conversion (stop iterating when increase decelerates)
22、Wireframes = Conversion Steps Measure, A/B Test, Iterate FAST (daily/weekly) Optimize for Conversion Improvement 80% on existing feature optimization 20% on new feature development,Role: Marketing / Sales,Q: What channels? Which users? Why? A: High Volume (#), Low Cost ($), High Conv (%)Design & Tes
23、t Multiple Marketing Channels + Campaigns Select & Focus on Best-Performing Channels & Themes Optimize for conversion to target CTAs, not just site/landing page Match/Drive channel cost to/below revenue potentialLow-Hanging Fruit: Blogs SEO/SEM Landing Pages Automated Emails,Links & Resources,Additi
24、onal References:Influence: The Psychology of Persuasion Robert Cialdini (book)Putting the Fun in Functional Amy Jo Kim (etech 2006 preso)Futuristic Play Andrew Chen (blog)Dont Make Me Think Steve Krug (book)Designing for the Social Web Joshua Porter (book, website)Startup Lessons Learned Eric Ries (
25、blog)Customer Development Methodology Steve Blank (presentation, blog)Startup-M Sean Ellis (blog)KISS Hiten Shah / Neil Patel (website)How To Pitch a VC Dave McClure (slides, NSFW),Silicon Valley Innovation = Entrepreneurs + Technology + Immigrants Immigration as Critical to American Economic Leader
26、ship as Technology Innovation,Q: Where are the Startups?,Source: TechC,A: Where Legal Immigrants Reside.,Source: TechC,A: Where Legal Immigrants Reside.,Source: TechC,Summary,1) Incubators are capital efficient method for stimulating tech innovation, job creation2) Metrics & Iteration, Feedback loop key to startup process and success3) Immigration = Critical to Entrepreneurship as Technology Innovation & Capital,
