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I did a presentation this week at Coloft that looked at how Non-Technical Founders can go about getting their MVP built. The second bullet, getting feedback from customers is most often not valid either. Examples might be a recommendation engine, search engine, matching engine or something with a complex interface.
Some analysis and duediligence along the following lines should be performed on every idea, as a reality check, before committing your efforts and other people’s money to building a business: Look for places where competitors are few. Don’t forget to consider customer alternatives, like trains versus airplanes.
You need to do the duediligence to make that decision before you sign away your equity. As a former startup investor, I was often involved with duediligence on founders, and I felt that founders should do the same on co-founders, as well as investors. The same benefits also apply to a joint venture.
Social proof is defined as “looking for others to guide our decisions&# and is also one of the most important techniques in acquiring customers in your company. It influenced a generation of tech marketers. The book popularized the technology adoption lifecycle curve that originally came out of Iowa State University shown below.
As organizations we have become more open and I believe this is great for businesses and their customers. We spent time out in the marketplace talking with customers, looking at their solutions, comparing ourselves with our competition and then squirreling ourselves away in our offices designing our next set of features.
We caution all readers to review the source code of each test when interpreting the plaintext numbers. However, in some cases due to custom core components in a framework or implementation particulars, a framework may exceed 100%. For example, in the multiple query test, Revel currently considerably exceeds Go.
For example, it is no secret that software pirating is still very common in China, Vietnam, and other cultures. Leading edge technology software and manufacturing require constant course corrections and iterative restarts. Customer-facing services, like call centers, should rarely be outsourced. Marty Zwilling.
One of the largest concentrations of technical talent in Los Angeles is in Glendale, at YP -- staffed with a surprising number of Los Angeles startup vets. Our whole product and technology team is about 500 people. Talk about the technology behind your operations here? What''s your background and how did you end up at YP?
One of the largest concentrations of technical talent in Los Angeles is in Glendale, at YP (www.yp.com) -- staffed with a surprising number of Los Angeles startup vets. Our whole product and technology team is about 500 people. Talk about the technology behind your operations here? Louis and Atlanta.
All parties need to perform duediligence to ensure that the assumptions are correct, that neither partner has financial issues which could affect the partnership, and that the opposite partner has the skills to contribute to the partnership. Access to new technologies. Review financial statements – up to 3 years if available.
The main thrust of the post is that with YouTube taking a 45% of revenue and talent taking 70% of the remaining revenue, YouTube Networks didn’t have sustainable businesses unless they invested heavily in technology as a tool to increase margin and provide defensibility. That is the definition of Disruptive Technology.
Yet, as a business consultant, I often find minimal focus on improving employee engagement and assessing their customer-facing performance. For example, I commonly see metrics to keep track of revenue per employee, overtime, and absenteeism, but I don’t often see measures of overall customer satisfaction with individual employees.
You’ll get sales information from your VP of Sales, marketing information from your VP Marketing, tech information from your CTO and so on. An obvious example would be in sales. By going on sales calls you pick up directly the feedback of what customers want and also what they’re telling you about competition.
As a logical and data-driven business advisor, I have long focused on facts, technology, and quantifiable pain in guiding entrepreneurs. I now offer the following additional guidelines for how to attract customers and position your product: Find the latest social trend, or even create it.
Companies that have leveraged technology to make the procurement and delivery of food more accessible to more people have been seeing a big surge of business this year, as millions of consumers are encouraged (or outright mandated, due to Covid-19) to socially distance or want to avoid the crowds of physical shopping and eating excursions.
In the initial phases of any new market you’re developing a product (hopefully with a minimal set of features), getting feedback from customers, refining your product based on user feedback and then re-launching your product. Rinse & repeat. It seemed to be purely speculative. I was a victim of this kind of thinking.
Only one guy in the room knew – their tech lead. Once you churn a user due to stability or performance problems it can be hard to get them back. 4 times / 100 means if a customer uses your app frequently (say 10-20 times / day) then they are crashing nearly every day. Customer Acquisition. SEO is seldom “free.”.
Exec Summary: Most companies (98+%) in the world (even tech startups) should be very profit focused. If you had huge customer growth but just didn’t focus on revenue that’s a different story. If you spent the 3 years perfecting some hugely differentiated technology IP that may also be different.
As a long-time business executive and adviser to entrepreneurs, I see a definitive shift away from customer trust in traditional business messages, and the executives who deliver them. I summarize the key elements of the transformation as follows: Customers are seeking control in a run-away world.
At TechEmpower, we frequently talk to startup founders, CEOs, product leaders, and other innovators about their next big tech initiative. After all, that’s what tech innovation is all about. Who are the customers? Do you have a custom algorithm or other technology? What are some examples of similar brands?
According to a recent Forbes article , UC Santa Barbara''s Technology Management Program offers students a superior startup education over the University of Pennsylvania (home of Wharton), as well Harvard, Northwestern and even its acclaimed southern neighbor, the University of Southern California. The TMP is an example of lean academia.
Attracting the right customers is the key to success in business, whether you have a new startup or a mature enterprise. For example, Xerox tried to broaden the use of "xerox" as the standard term for "photocopying" to extend their existing customer segment into office automation and all kinds of computing.
A closer analysis often indicates the cause to be a lack of diligence in handling common business finances. Don’t forget to add all pesky “overhead” costs, with fixed elements, like rent, insurance, and administration, and variable elements, like delivery, customer support, and commissions. This difference will kill your profit margin.
We are known for our impeccable customer service and our willingness to bend over backwards for our customers. Delight isn’t just for the customers – it starts with the employee! A perfect example of sharing delight with our employees is the story of former Make It Work-er Peet Guercio.
The technology team disagrees on direction and wants resolutions. A couple of quick stories / examples: 1. There’s a guy in Los Angeles that I met at several tech networking events. He would have found somebody technical and inspired that individual to work for equity or deferred payment. Making Things Happen.
However, he did confirm to TechCrunch that he had to reduce staff due to the COVID-19 pandemic. Divergent 3D made Blade — which was on the auto show circuit in 2016 — to demonstrate the technology platform. It was enough to get the attention of investors and at least two global OEMs as customers. A core team remains, he said.
In the first part of this post I talked about how sales in a startup is often evangelical , requires as consultative sale and needs constant adjustments based on customer feedback. Or the sales decks will all be customized by your “feet on the street&# and won’t resemble the way you THINK your company is being positioned.
Quality of your technical and business teams. Back in the early days of the personal computer, Bill Gates and Microsoft were widely recognized and having the strongest technical culture, as well as a commanding marketing presence. Just be aware that building your customer base first requires deep pockets, or many investors.
Guy’s latest book, Enchantment , was released in March of 2011, to overwhelmingly upbeat reviews. Of the 225 customerreviews currently posted on Amazon, over 90% are highly positive. I enjoyed the book as well, as evidenced by the review I wrote at the time of its release, which you can read HERE.
Every startup founder loves to prompt for questions from investors and potential key team members about their vision, and the huge opportunity that can be had with their disruptive technology. Is there a real customer willing to give a testimonial? Look for examples of similar companies and revenue multiples achieved from acquirers.
Currently, we have over a thousand customers, with customers ranging from anywhere from 100 employees to clients with more than a 100,000. Most of the top 100 cities and counties in the country are our customers, and twenty out of fifty states run all their recruiting and HR through our system.
Some analysis and duediligence along the following lines should be performed on every idea, as a reality check, before committing your efforts and other people’s money to building a business: Look for places where competitors are few. Don’t forget to consider customer alternatives, like trains versus airplanes.
Every new business I know dreams of building momentum in their business, where growth continues to increase, customers become your best advocates, and employee motivation is high. Unfortunately, with limited resources, this isn’t possible, and it frustrates customers and the team. Focus first on finding more of the right customers.
We’re here for Greycroft’s CEO Summit – a gathering of the CEO’s of their portfolio companies with guest speakers covering topics including how to build your team, PR, customer development, etc. It is the key to “customer development” that Steve Blank talks about. The Greycroft event was a 10 out of 10 so I’ve diligently taken notes.
Great benefits and a workplace that is fun and dedicated to making customers happy all fit in with the Zappos approach to company culture — when you get the company culture right, great customer service and a great brand will happen on its own. Portions of the budget are dedicated to employee team building and culture promotion.
Great benefits and a workplace that is fun and dedicated to making customers happy all fit in with the Zappos approach to company culture — when you get the company culture right, great customer service and a great brand will happen on its own. Portions of the budget are dedicated to employee team building and culture promotion.
With the advent of social media and the pervasive move to smartphones, even customers who still prefer to purchase in brick-and-mortar stores have dramatically changed their shopping habits. If you refuse to play by their rules, they have the power to easily find alternatives, and actively pull other potential customers away.
It really provides the most relevant reviews, because when you're looking for reviews, you want them from someone very similar to you. For example, if you come in and want to set up a movie community, we already have a lot of great movie reviews. That's kind of the foundation we've built this on.
Nearly every successful tech startup I’ve observed over the past 20 years has gone through a similar growth pattern: Innovate, systematize then scale operations. There is nothing more pure than building a product, putting it out in the world and seeing paying customers using your product and in some cases loving it.
Sometime around 2003/04 my technology team turned me on to “Spolsky on Software&# a periodic newsletter served up blog style from Joel Spolsky of FogCreek Software, a maker of bug-tracking software. For example, Excel was able to read files from Lotus, and was able to save the file without losing any information.
A closer analysis often indicates the cause to be a lack of diligence in handling common business finances. Don’t forget to add all pesky “overhead” costs, with fixed elements, like rent, insurance, and administration, and variable elements, like delivery, customer support, and commissions. This difference will kill your profit margin.
Fortunately I was mostly a technology consultant, which meant that I coded computers, designed databases and planned system integration projects. One of our core tasks was “market analysis,&# which consistent of: market sizing, market forecasts, competitive analysis and then instructing customers on which direction to take.
Even when you do sign-up initial customers it’s still not clear that your company will be a success and you’re still likely paying yourself under market rates. He or she has worked at some very successful big technology or media companies and went to a great school. If you can and if you want to – you should.
These days there are many lawyers that will do equity deals cheaply as long is it is a standardized, simplified term sheet, early stage, no serious investor / management debates, limited IP / customers / duediligence and as long as they perceive you as a “hot&# company that’s likely to need legal services for many years ahead. (if
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