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Raising Money Using Customer Development

Steve Blank

Chasing funding versus chasing customers and a repeatable and scalable business model, is one reason startups fail. Product Development – Getting Funded as The Goal In a traditional product development model, entrepreneurs come up with an idea or concept, write a business plan and try to get funding to bring that idea to fruition.

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At times not losing is as important as winning

Steve Blank

He had just demo’d our product to his friend, the CFO of Autodesk. After seeing the demo, the CFO walked Joe over to the office of Autodesk’s VP of sales, and said to her, “I think this product might solve your sales reporting problem.”. After a demo she agreed it would.

Forecast 299
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Lessons Learned: The one line split-test, or how to A/B all the time

Startup Lessons Learned

I had the opportunity to pioneer this approach to funnel analysis at IMVU, where it became a core part of our customer development process. To promote this metrics discipline, we would present the full funnel to our board (and advisers) at the end of every development cycle. Check your assumptions, what went wrong?

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Good enough never is (or is it?)

Startup Lessons Learned

One of the sayings I hear from talented managers in product development is, “good enough never is.&# And, most importantly, it helps team members develop the courage to stand up for these values in stressful situations. The Entrepreneur’s Guide to Customer Development ► June (3) What is a startup?

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Create Structure out of the Gate and You’ll Thank Yourself Later

Feld Thoughts

Early customer development talks are going great which keeps the team really excited. Soundbites from potential customers are encouraging. Eventually early product demos start happening but they’re rough and the product looks very alpha. Three months in, the burn is now at $70k/month.

Burn Rate 152
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How to Create a Compelling Unique Selling Proposition

ConversionXL

This means buying their product, booking a demo or signing up for a trial. What product attributes are being highlighted? Sign up for a demo and go through the sales process. For some, this process will be a product development exercise, finding the best way to differentiate a new product or feature release.

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Lessons Learned: A hierarchy of pitches

Startup Lessons Learned

Most important slide: lessons learned Working product Key questions: what does the product do? Most important slide: live demo Prototype product Key questions: what will it take to ship a working product? The Entrepreneur’s Guide to Customer Development ► June (3) What is a startup?