VENTURE CAPITAL PITCH GUIDE TOOLKIT #3 This project is part of This project has received funding from the European Union’s Horizon 2020 Programme under Grant Agreement Nº. 825014 HOW DOES IT WORK? Show how the solution to the problem you have found works By this time you should have answered the following: WHAT is the problem? WHO has the problem? WHY is it a problem? Does it solve the problem? WHAT is your value proposition? “The only way to win is to learn faster than anyone else” Eric Ries Technical Financial validation validation Minimize the time in this loop Market validation It is an Iterative process TOOLKIT #3 TOOLKIT #4 TOOLKIT #5 The next parts of the toolkit are to be seen as an iterative process as well What’s next? You have shown why your product/service is better for your target. Now it is time to show that magic! In the end you should be answering this: HOW does your product/service work? WHAT are the main features? WHAT is your development roadmap? Show how does it work We believe that the best way to put your idea to test is to have an iterative process that goes like a loop cycle of: building, measuring and learning. This is the idea behind the Lean Startup and MVP (minimum viable product)! So, what is an MVP? “The minimum viable product is that version of a new product a team uses to collect the maximum amount of validated learning about customers with the least effort." It’s meant to begin the process of learning. It’s not only about design or technical questions but also, and mostly, about testing fundamental business hypotheses From where to start off? Learn and fail fast! You have a problem and a solution… now you have to test the latter! Start by prototyping and learning from that. Learn from Eric Ries video What kind of prototypes can you create? Low fidelity Paper Wireframes Drawings Focus on usability and interaction What kind of prototypes can you create? Low fidelity Pros Cons Anyone can do it Less fidelity Can be made in a collaborative way Difficulty to be good You can define data and content Visual proximity No technical restrictions Fast Low cost What kind of prototypes can you create? High fidelity HTML/CSS/JS Illustrator Photoshop Focus on design What kind of prototypes can you create? High fidelity Pros Cons Creates the expectation Takes more time to create of high progress Requires some tools knowledge There are several software solutions to Difficult to test make it easy and fast Creates high expectations Can test design details What if you have a service? Try and prototype the processes! Spark the creativity genius cells! Now, whether it’s a product or service, let us see it from the customer perspective. Map out the customer journey You got their attention! They’re considering buying and researching. How can They purchased your product. you help them understand if What’s the onboarding? How can your solution is the most they reach out to you? adequate for them? Sometimes shit will hit the fan (Reviews? Direct email? and they will want their money Outbound call center?) back or leave. What will you do? AWARENESS CONSIDERATION PURCHASE POST SALE ADVOCACY How will the potential They are going to buy! Your customer love your customer know about your But how? Do they buy it in product! How can they product/service? store? Online? How do they share the love? (Web Ads? Social Media? pay for it? How are you (Social Media? Reviews - Leaflets? Press release? going to deliver it to the where? Blog?) Guerrilla campaign?) customer? This link can also help Done? Nice! Let’s go to the tools part. What tools are out there to help build your prototype? LOW FIDELITY HIGH FIDELITY PROCESS DESIGN Balsamiq Mockups Adobe Photoshop Microsoft Visio Wireframe CC Adobe Illustrator Libreoffice Draw Moqups Gimp OmniGraffle Canva Sketch Any presentation software: Proto.io Figma Microsoft PowerPoint, Apple Keynote, HotGloo InVision Libreoffice Impress, Google Slides Any presentation software: Adobe XD Microsoft PowerPoint, Apple Keynote, Vectr Libreoffice Impress, Google Slides Now, what are your plans for the product/service development? Create a development roadmap! It should include 2 to 3 years scope General milestones: like landing page launch, BETA launch, MVP launch… Some specific goals in different areas (you don’t need to go super detailed in this phase): - Product - Sales - Marketing - Operations An example Milestone 1 Milestone 2 Milestone 3 Milestone 4 Milestone 5 timeframe timeframe timeframe timeframe timeframe Explain Explain Explain Explain Explain Useful links Google for Startups: Rapid Prototyping: Sketching & Paper Prototyping Google for Startups: Rapid Prototyping: Digital Prototyping Google for Startups: Rapid Prototyping: Native Prototyping Rapid Prototyping by Google - Udacity free course MVP: a guide by Eric Ries An MVP is not a Cheaper Product, It’s about Smart Learning How DropBox Started As A Minimal Viable Product How to Create a Customer Journey Map ARE YOU UP FOR THE CHALLENGE? Go back to the Pitch Template v1.