Startup Skills: How to Create a Killer Talk

The Killer Talk: TL;DR: A Long Complicated Post

Creating a killer talk is complicated. Therefore this post is complicated, and because I want to go into detail on some of the points, I’m going to start with a quick TL;DR summary table. If you’re like me, and enjoy a nice wall of text, skip down and start reading!

 A killer talk

  • Preface
    • Practice is everything
    • Gifted speakers give bad talks too
    • Bad speakers can become great presenters 
  • Understanding Story Structure
    • Clear structure makes things memorable and easier to understand
    • Stories are present in all forms of expression, like architecture
    • Proper story structure helps us to manage attention and not be boring 
  • Picking the Story
    • 3 Key factors
      • What the audience expects
      • What the audience wants
      • What the audience needs
  • Complicating the Story
    • Subvert the 3 key factors and introduce conflicting ideas
    • Bring your story to an unexpected solution
    • If it’s not arguable, it’s not interesting 
  • Telling a True Story
    • Make yourself or someone else the hero of your story
    • Create an interest villain too
    • Have your hero’s story be a framing device for your views on the topic
  • Pro Tips: Establishing Authority
    • Always frame your talk in the context of your expertise and experience
    • Embrace your limitations as your advantage (unique perspective)
    • Make your authority clear by your words, not by declaration

 

People ask me sometimes how I prepare for the talks I frequently give at tech conferences and universities around Central Europe.

They say preparation is everything, and I agree. At StartupYard, we’ve been able to turn seemingly hopeless public speakers into real stars. It just takes dedication and time.

The truth is though, certain people are just good at public speaking. I have always been one of them, and that has made me slightly lazy when it comes to preparation. However, as expectations have risen over time, I’ve taken my speech prep more seriously.

This, by the way, is another common problem. Those who *are* naturally gifted public speakers tend to under-prepare. We’ve all had the experience of listening to a great speaker give a mediocre presentation for that reason.

The opportunity to change minds through public speaking is in many ways more powerful than in almost any other medium. It is an art our species has practiced for longer than any other. Standing in front of other people, and challenging and influencing their sense of truth, of justice, and of reason, is as good as it gets in the marketplace of ideas.

Public speaking is the Cadillac of communication.

So then, as a reformed lazy person, how do I prepare for public remarks? How can you learn from my experience?

Understanding Story Structure

“My mother always said: whatever you do in life, don’t be boring.” – Christopher Hitchens

The greatest sin in public speaking is to bore or confuse your audience.

I have covered the storytelling topic in detail in other blog posts. Still, I’ll provide a short primer here:

To be truly interesting is to be memorable. And memorability requires some structure- something the memory can attach itself to. The structure of a talk, just like that of a building or a piece of music, or a book, gives the listener/viewer/reader the shape of the idea, and helps them to remember it.

We call this structure “story.”

Think of it like architecture: the visible elements of a building help us to understand how that building works. Where are the entrances? What is the building for? These clues help you understand what is an office building, rather than a hospital, or what is a grocery store versus a warehouse.

An architect tells a story with the design of a building. In this analogy, we can see that it is possible to fail at speaking the same way you can fail at architecture. There are entire genres of architectural criticism that focus on this problem (and that particular blog is a hilarious example).

Is your talk a maze, or is the layout clear? Do people recognize the entrances and exits? Does it appear to be what it actually is? Does it make sense in the context of its time and space? Is it balanced?

Story structure is about answering these questions.

Note that not all of them have to be answered in the same way! Sometimes you want a maze. Sometimes you want the exits to be hard to find (like in a casino), and sometimes you want a building to stick out, and not fit in. But just like in architecture, we cannot simply ignore structure if we want to be different and memorable in the way we speak in public. We have to master story first.

Picking the Story

My strategy for creating a story for a talk is to understand 3 basic things very clearly. Again, this approach could be applied to any creative medium, even things like music (in fact, studying music theory and composition is where I learned this approach).

The three elements I start with are: what the audience expects to hear, what the audience wants to hear, and what the audience needs to hear.

So let’s take a practical example like Blockchain – the latest hot topic everyone wants to tell everyone else about. If I were to give a talk, I would follow these steps:

  • Think about what the audience expects you to say. Blockchain is the future? It’s a revolution? It’s safe? It’s better than alternatives?
    Pro Tip: Try to find something (which you also believe), that the audience doesn’t expect you to say. Blockchain will solve world hunger? Blockchain will cause a worldwide crisis?
  • Think about what the audience wants to hear. That blockchain is working out the way they hoped? That decisions made in the past were good? That the future is bright? Maybe the audience wants you to be negative about it as well. This is specific to the context of the talk, and who will hear it.
    Pro Tip: Acknowledge what the audience wants to hear, but don’t say it. “I know what you’re probably expecting to hear from me, but I’ll have to disappoint you.”
  • Think about what the audience needs to hear. What are the inconvenient truths about blockchain? What are the things people are ignoring? How are most people wrong about it? What is hard to grasp for this specific group?
    Pro tip: Avoid saying things the audience doesn’t need to hear or already knows. Blockchain is a popular subject? Yes. Only say this if it has a rhetorical purpose: “Of course blockchain is a popular topic but… (insert something the audience needs to know).

Complicating the Story

“Learn the rules as an artisan, so you can break them as an artist.” – Attributed to Pablo Picasso

So we’ve seen in essence, that a great talk is one that doesn’t say what people expect, that contradicts what people want to hear, and which says what people need to hear.

The art of public speaking is the way in which you complicate this process.

Complicating the story means introducing information or ideas that are in conflict with each other. One narrative appears to emerge, but is then challenged by a new narrative. A good public talk examines a story from more than one perspective, and shows how these narratives intersect and diverge.

So then an uncomplicated story begins with the three elements above, but stops there. It tells a narrative in conflict with previous narratives. A really complex and interesting story goes further, and challenges its own ideas in the same way, to arrive at still different conclusions. Often we do this by making the story about our personal journey of discovery: how we started by seeing things one way, and ended up seeing them another way entirely.

You will understand this concept quite instinctively, even if you have never noticed it before. Think of a classic story like The Lord of the Rings, or Casa Blanca. We are at first presented with two opposing ideas: a battle between the good guys, and the bad guys. But inevitably, the interesting part of these stories is what the good guys do that is bad, and what the bad guys do that is good.

You can’t have Frodo without Smigel. Casablanca’s Rick Blaine would never do anything interesting without his antagonist and rival Louis Renaultm to provoke him to action.

Remember: If it’s not arguable, it’s not interesting. Nothing worth your audience’s time is obvious. If everyone agrees with you all the time, then you’re probably not going deep enough. If you agree with yourself all the time, you’re probably not talking about anything that matters.

I know a talk has been a success when people come up to me afterwards to challenge my ideas. “Haven’t you considered this?” “I don’t agree with your conclusion about that.” These are positive outcomes for a public talk: that it inspires more people to think and talk about what you’ve said.

If nobody wants to give you their view, it may be because you haven’t really challenged them.

If it's not arguable, it's not interesting. @lloydwaldo on Creating a Killer Talk Click To Tweet

Telling a True Story

You may recognize the patterns i’ve talked about as similar to that of a classic TED talk, and with good reason. TED is masterful at helping presenters to illuminate a topic from a very specific point of view, and build a story around it.

Ted talks are most often shaped around the “Hero’s Journey,” narrative device. This is a common storytelling practice in which a character (often the speaker themselves), goes through a series of experiences which change their view of the world, and leave them better off than when they started.

A story that can seem flat and uninteresting if told without this device, can come alive for the audience when the hero is included. Take, for example, this classic talk from Will Wright, creator of SimCity, on Spore, birth of a game, from 2007.

On the surface, this could be a very dry discussion of game design in the 21st century. But because Wright makes himself the hero of his own story, we are taken on a journey from his early experiences with game design, through his personal discoveries about science and the theories of the universe, and arrive at the present day, understanding much more about why Wright has created this new game.

This strategy also works when you are not the subject of the story. We routinely see this in political speeches, for example: stories of average working people whose experiences are used to explain a political position or a decision. Investors often use this device to talk about the companies they invest in.

Pro Tips: Establishing Authority

Any time you’re being asked to speak as an authority on a given topic, it’s your job to help your audience understand not only what you think about that topic, but also how you came to have that position in the first place.

A poor way of establishing your authority is simply to state that you are an authority. “I am an expert in this topic,” is the lazy presenter’s mode of persuasion. Better is to list your accomplishments, and even better still, is to actively demonstrate your knowledge and experience in what you say.

A speaker’s authority is as important as what they say. This does not mean that one must be the highest authority on a topic in order to be persuasive, but it does mean that the speaker must frame their arguments in context with their authority to make those arguments.

For example, if I’m being asked to give a talk on Blockchain, I cannot give a persuasive presentation based on my knowledge of the technology. I just don’t know enough about it. There are others who should be listened to on that.

I don’t have to avoid talking about blockchain though. Instead, I would need to pick a point at which my authority intersects with the topic, and examine it from that perspective. Speaking outside my area of authority diminishes my arguments, but sticking to what I do know can bring up important points about the topic that another type of expert might miss.

Everyone is an expert if you look deep enough. @lloydwaldo on Creating a Killer Talk Click To Tweet

Can a marketing expert and an experienced startup investor tell you something meaningful about the blockchain? Absolutely. However, it should be something only a person with those qualifications would know or be able to argue effectively. I could talk about how the technology is marketed, for example, or what the technology’s implications are for marketing in general. I could talk about how the technology interacts with my discipline and my areas of experience.

Inside your area of authority, there will always be perspectives that can be valuable to others. So don’t ask “who am I to address this topic?” but rather “what does my expertise and experience tell me that others need to hear?”

Shareholder, Claimair, StartupYard, Central Europe, Accelerator

How to Write an Outstanding Shareholder Update

Shareholder updates can be hard, particularly if you have bad news. 

There are basically three ways founders tend to approach this: they can pretend everything is fine (a lie by omission), they can rationalize their past decisions and find a way to shift the blame off of themselves (aka: “our timing just wasn’t right”), or finally they can own the situation and focus on the future.

So it always makes us feel good when we see an update of the third kind, like the one we got recently from Jakub Havej, Founder and CEO at StartupYard Batch 5 Alum ClaimAir. With his permission, we are sharing the bulk of his end-of-2017 shareholder letter.

As you can tell, ClaimAir had a tough year. Things didn’t go the way Jakub hoped, but on the other hand, his team and the business both matured remarkably in that time, and today they are on a stable footing, looking to grow again.

It takes a lot of courage to admit when things aren’t working, and Jakub showed that courage to his shareholders. The feedback he got was incredibly positive, and his letter is something any young startup can learn from.By the way: You can help ClaimAir by using them to get compensation for flight delays, lost baggage, and other flight issues.

Visit ClaimAir and See How Easy it Is. 

At the bottom, we’ll talk about what makes this letter special. Now, here it is:

 

Dear Lloyd,

Last time I wrote you, ClaimAir was in the middle of fundraising. And it seemed very good, around €100k was hard-committed at that time.

And you know what?

It didn’t end up working out. It turned out that one of the interested investors faced credibility issues. The other one revoked his commitment without stating any reason.

And then, hard times began.

The company was running out of money. I continued with the fundraising, but after a while I realized that it needed time… time we didn’t have. I felt I couldn’t control the fundraising process. I was just sending out emails and was eagerly waiting for any replies that often never came.

I felt desperate.

“ClaimAir seems very interesting. Please keep us posted about the progress, so we may consider the investment in several months.” – the most common response.

Fortunately, it didn’t last long until I changed my mindset.

Instead of only pursuing investment for the sake of faster growth, I primarily started focusing on the profitability of the company. My inner engine has become fueled by motivation to make ClaimAir independent of external financing.

It was a pure instinct of survival, supported by opinions of people like Jason Fried, founder and CEO of Basecamp. It shortly happened that I liked that approach.

“If a restaurant served more food than everybody else but lost money on every diner, would it be successful? No. But on the Internet, for some reason, if you have more users than everyone else, you’re successful. No, you’re not.” – Jason Fried

Businesses must generate profit

A growth of acquired cases, our most important metric until that moment, had become irrelevant overnight. I didn’t care about new cases, because they didn’t bring immediate revenue. It wasn’t the case with more than a thousand existing claims, whose total sum of requested compensation exceeded €700k.

As a result, my team refocused on the management of legal cases, those that were handled by our legal partners. We needed the enforcement to be done much faster and we needed our lawyers to understand that.

We started playing a tougher game with airlines.

Just in a matter of few months, our activities have started bearing fruits. In summer, our monthly net revenue was averaging to €6,500. Three months later, we’ve doubled that!

 

Keep costs under control

Claimair, Shareholder, Startupyard

We’ve been increasing revenue while cutting costs significantly.

“When running a startup, costs are the only thing you can effectively control” – Cedric Maloux

Reducing costs was necessary. Even though it was hard for me to dismiss some people, it was inevitable. Being always transparent about the company made this much easier.

This step also forced us to optimize our activities even more, avoiding the reductions of having a devastating impact on our daily operations. This approach needs to be sustainable.

Finally, by the end of November, we made it.

For the first time in our short history, we ended a month with a positive cash flow. We generated €3,300 net profit, which completed our short-term mission.

Claimair, Shareholder

It’s not easy to enter this market

I remember my discussions with investors. Many of them claimed that it’s easy to copy our business and enter the market. Well, it’s not true at all.

Not only do you have to find smart team members, develop an automated platform, put all operational processes in place, but you must be also successful with enforcement of the rights of air passengers. To achieve this, you must establish a network of legal partners all around the world. Last but not least, it’s a matter of fact that lawyers won’t take you seriously and won’t accept favorable conditions until you’re big enough and deliver a tangible volume.

Our industry is so specific and you need to combine a lot of aspects to get the ball rolling. As long as we’re motivated and innovative, I’m not afraid of newcomers.

We’re still raising funds

It’s interesting to realize that “profit first” approach, which is much closer to my personal attitude, almost naturally attracted both our existing and new investors. Thanks to our results, we were able to raise money for a cash-flow cushion at a very fair valuation from new and existing investors in the past few months.

What’s next?

For a few upcoming months, I’m going to insist on generating profit together with securing a slight organic growth. We’re going to take on only as much work as is comfortable for the team.

As it has been planned for quite a long time, we’re going to prioritize the baggage segment. It’s still our unique value and the acquisition is much cheaper due to the missing direct competition.

Last but not least, we’re going to improve the product for travelers. B2whatever… we’ll design the service that works for the person on the other end. I’ll share more details in my next update.

Next reading

In November, we’ve been awarded a “Scaleup of the month” by EBAN (European Business Angel Network) – read more.

I was interviewed by Roklen24. I spoke about startups, aviation trends, and our recent product updates – read more.

Sincerely,
CEO – ClaimAir
Jakub Havej

What We love About this Shareholder Update:

A great shareholder update hits a lot of bases. Here are the ones this letter covers very well:

  • It tells a human story, covering past, present and future.
  • It admits problems, and offers solutions.
  • It acknowledges and answers shareholder concerns.
  • It asks for help.
  • It argues in favor of the business and the team.
  • It provides solid data.

Honesty Matters.

Really, in the world of speculative businesses, we see only one viable way of dealing with the inevitable challenges you face. That is to be frank and honest, first with yourself, and second with the people who put their trust in you. What is most important about this note is that it is part of a consistent pattern of behavior. If you make a habit of telling the truth, your life ends up significantly easier to manage. In the short term, a lie or even an omission might be convenient, but in the end, it will create more pain than it is meant to avoid.

So if you’re a founder who is facing similar challenges (and you probably will at some point), do yourself a favor, and take a page from Jakub’s experiences.

An exit is not a vision

5 Surprising B2C Growth Strategies Founders Rarely Try

I’m not a fan of so-called “growth guruism,” or a believer that so called “Growth Hacking,” is what separates successful startups from failures. Solving problems that matter, taking pains to understand your customers and your market deeply, and doing truly unique and challenging things set the best tech startups apart- not the tricks they use, but how they use them.

Still, a growth strategy doesn’t hurt. Netflix wouldn’t be Netflix if it didn’t have clever marketing back when it launched. But it might not be Netflix the global dominant SVOD platform if it hadn’t sent its early-days DVDs to customers by mail in bright, flashy red envelopes, making customers proud to evangelize a sexy new product.

Even absent a full-blown growth strategy, it often surprises me that more founders don’t do relatively simple things that can help them grow much faster, and fine tune their marketing and sales efforts much more quickly.

So that’s what this is, a list of simple growth ideas that most people don’t bother to try, but which may just work for you. As a bonus, I’ll be adding real world examples that you can study on your own more closely.

1. Tame Your Mavens

There are lots of ways to launch a B2C online product. There is no right way, but there are plenty of wrong ways.

Something pretty much every B2C company I’ve worked with has struggled at some point to gain traction for the launch of a new product. It gets a lot easier once you have a following and a track record with loyal customers, but your first product is like your first date. If it starts off badly, things usually don’t get very far.

Bad Version: The “I Hope This Works” Strategy

To ensure your launch will get the traction they need, many startups will “soft-launch” – an intermediate step between a beta version and a market-ready product. A soft-launch may be just a stealth launch with no marketing attached to it. That relies on friends and your personal networks to begin creating buzz about the launch.

It might work, but then it might not. No way to know.

Better Version: The “Connoisseur” Strategy

growth strategy

You can and should think about putting a bit more punch into a soft-launch pitch. Instead of just meekly offering your product, and seeing what happens, identify and close a group of customers who will be ready to use it from Day 1.

Use your customer personas (I hope you’ve done them), to identify a group of people who are in your key demographic, and are influencers in your market, and among your customers. What does an influencer look like? Somebody with a strong social media presence, plenty of mentions in news articles, or a following for a product of their own.

This group is what marketers call the “Mavens.” They are the ones whose social capital is invested in spotting new trends and talking about them. They’re the self appointed taste-makers, and you need them to like you.

Once you have a list, do whatever you can to get these mavens onboard with your launch. Give them free stuff, promise them visibility, praise their god-like skills of discernment. Whatever you have to do to be their best friends, do that.

Ever wonder how those startups with cool ideas end up in the gadget section of the New York Times, or the front page of Wired? That’s a process that starts long before the launch. In fact the launch depends on that process succeeding. Startups with a great PR strategy pre-launch will time their launch around the PR, not the other way around.

Real World Examples:

Netflix targeted avid film buffs on early-internet chatrooms and indy film reviewers in the 1990s before launching their DVD delivery service.

IndieGogo and other crowdfunding platforms turned this strategy into their core businesses: getting product enthusiasts to pledge purchases and hype products in exchange for special access and perks.

2. Be Controversial, Asshole

Growth Strategies

Startup founders can spend a lot of time (maybe too much time) studying the every move of a Steve Jobs or an Elon Musk. We all learn that you need to act successful in order to be successful.

That’s fine and good, but don’t be fooled: you are not successful yet. Why do we talk about these people now? Because of how diplomatic and strategically minded they are? I think not. The things those entrepreneurs had to do to grow their reputations and businesses would look much different to us if they did and said the same things now.

I’m not telling you to be an asshole. There are plenty of very successful entrepreneurs who aren’t. But I am saying to speak your mind when you can, because later, you won’t get that chance. Consider Mark Zuckerberg ranting in the Harvard Crimson that he was smarter than the entire IT department of the university in 2003. Consider Steve Jobs frankly insulting his future boss John Scully by calling him a sugar-water salesman.

Or just consider any successful entrepreneur who made people question what they really believed about how things should work. Feelings get hurt in that process, and a small company looking for an edge can’t afford to worry too much about hurting people’s feelings, particularly people a lot more powerful than they are.

Real World Examples:

Bitcoin was launched by the anonymous “Satoshi Nakamoto” in 2009 via a controversial white-paper. Regarded by some as revolutionary and prescient, and seen by others as problematic in its economic theories, the paper continues to enforce the Nakamoto brand even years after its author receded into silence.

Google began its campaign to expand beyond its beginnings as a search engine and launch Gmail. The company adopted the motto “Don’t Be Evil,” which at the time was interpreted as a hard swipe at competitors (like Microsoft and Yahoo) that Google was positioning itself against as a new Big Tech player.

3. Have a Gimmick

There are a few kinds of gimmicks. There are physical gimmicks, like a piece of swag or a clever trinket related to the product, and there are software gimmicks, which are a kind of game or a tool your target customers will like. Let’s take this premise in 2 parts.

  • The Physical Gimmick

A physical gimmick isn’t going to work for every company, because not everything lends itself to a physical hardware product. Then again, a lot of things really do.

growth strategy

Physical products, even very simple or decorative ones, offer an opportunity for your brand to reach customers in a new way. We are much more likely, as social creatures, to demonstrate new products we’ve brought to our friends and family if it has a physical component. This type of thing is sometimes referred to as “swag,” but a proper gimmick rises above the level of swag to become a part of the product experience.

Consider Google Cardboard – it’s a gimmick that advertises Google’s VR technology. Instead of a t-shirt or a coffee mug, customers get something that is contextual to the product itself. Because the product is also probably rare or unknown, it appeals to the human need for discovery and for “being first.”

How do you turn your product into a physical gimmick? There’s no one answer, but think about the ways in which your product is going to be used. What kind of physical tasks are involved? In what context will it be used? In the office? At home? On the toilet? In the car?

Not long ago one of our startups Beeem, the physical web company that helps retailers or venues broadcast webapps to nearby mobile devices, sent us a gift. They were standard sized “Business Cards,” enabled with Beeem’s beacon technology, that would broadcast a website where our LinkedIn profiles and emails would be accessible.

This is not really the business Beeem is in, but it’s a very clever growth idea. Now, whenever I talk about Beeem at a conference, I can whip out my business card and tell everyone how to get to my special, on-the-spot website from their mobile phones. It makes me seem geeky but cool, and it gets lots of people to try the service at once. Win, Win.

Real World Examples:

Revolut, the recently launched “post-banking” fintech company that offers virtual bank accounts and ultrafast and cheap currency conversion, used a very similar technique to the one I described above. They created blank credit cards, which they then distributed at events for free. Users could “claim” their card by opening an account on Revolut and putting some money on them. Which many, many people promptly did.

growth strategy

Amazon, when launching the Amazon Dash service (which allows customers to order specific items with one click), distributed small “Dash Buttons” to consumers to place in areas of their homes where certain products are used, such as laundry soap or food. Today Amazon has hundreds of these devices available to buy.

  • The Software Gimmick

The other avenue for gimmicks is in software, either in a browser or via an app. A great example of a classic gimmick is The Calculator. Such as this Mortgage Calculator from NYT.

A software gimmick is something related to your product in some way, but appeals to your customers on its own, helping you to instill your brand in their minds. There are a number of classic gimmicks:

The Calculator: a tool to help your customers solve a specific problem related to the product (like the price of insurance, or the cost of owning something versus renting it).

The Map: A way for your customer to explore content or learn something with a geographical context. Examples: Airbnb, Kiwi.com

The Puzzle: A game to get your customer thinking about the problems that your product solves for them. Also a way to spread the world about the product. Example: Google Doodles

The Quiz: A questionnaire that gives the customer a feeling of accomplishment (and works well to qualify a customer for follow-up). Examples: commonly used on Facebook

The Secret: This is in the form of an easter-egg or a “lifehack,” that helps your customer accomplish something few other people know about. Examples: In&Out Burger, famous in the US for their “secret menu,” which contains a large list of items that are only available upon request. Google has famously introduced hundreds of easter egg functionalities, which fans share and explore regularly. By the way, if you haven’t already: Do a Barrel Roll.

4. Make it Rain – (Money, That Is)

The quickest route between two points is a straight line. This is as true in finding customers as in anything else.

StartupYard, growth strategy

One of the straightest lines to a customer is the offer of something for nothing. Pay your customers to be your customers.

While it doesn’t work for every startup, it has been proven over and over to work for a great many of them. In a B2C company, even a SaaS company, the classic marketing strategies still work fine. There are a lot of ways of getting people in the door to have a look around.

If you’re old enough, you might remember some of the classic tactics. Sending a potential customer a discount coupon with a specific cash value (only to be used for a purchase with the retailer). Promising every customer a cash rebate for signing up.

The classic rebate deal was essentially a way of giving a customer something for free, while also getting them to commit cash to the endeavor. That’s a classic foot-in-the-door tactic. Many younger entrepreneurs today are less familiar with these old-school techniques because they went out of fashion with the age of online ads. However, they are making a comeback today.

For example, the phenomenon of “pre-purchases,” particularly of products that are not actually constrained by distribution logistics. Yet companies like Apple and Amazon have brought back the practice in a big way, tapping into the same emotional experience that send-away catalogues relied on for a century before they were abolished in favor of websites and apps.

Even supposedly “crowdfunded” products are increasingly really just products in pre-sale. The shift toward a primarily marketing role among leading crowdfunding platforms has been noted for years. With good reason: the tantalizing appeal of something one cannot have is harder and harder to find in today’s online consumer world. Waiting can be a joyful experience, and it can make the product feel special and noteworthy.

Real Life Examples:

Damejidlo, our 2012 alum and now the dominant food delivery platform in Czechia, bought users by offering every new customer about €10 worth of free food. You could get more credits by bringing friends to the platform as well.

Uber and many other ride-hailing apps have also famously paid for customers, offering a free ride to newly registered users. Airbnb has offered similar deals to new customers, as well as hosts.

5. Become a Public Personality

Easier said than done, but it’s still worth a try. Becoming a known public face for your industry, or for the greater problem your company is solving, can open up an ocean of free publicity for what you make.

At StartupYard, for example, we operate on a loose rule that we don’t attend tech conferences unless we are allowed to speak at the event, such as on a panel, or a workshop or keynote. Once at the event, we apply our experience as presenters and coaches to try and be the most memorable and interesting speaker there.

By being controversial, being informative, and being most importantly fresh with our perspective, Cedric Maloux and I are both often identified as standout presenters. People frequently talk to us after speeches, and more importantly, they tell their friends about us. Being out there in public isn’t for everybody, but if you’re doing something that takes advocacy and education for people to understand and value, then you need to be a leader, and speak out.

Growth strategies

Here are some things that can really help you transform yourself into a public personality:

Join Reddit channels in your industry, and follow topics on Quora. Take the time to build your reputation as an expert in the field you engage with. This takes time, but it also keeps you informed about what interests people, what’s being talked about, and what most people are missing in the conversation.

Join Competitions (with a goal). Pitching competitions, speaking competitions, even pub quizzes are going to help you build your confidence and assert yourself in front of strangers. Make yourself a goal of first attending a minimum number of competitions every month. When you get better at pitching or speaking, aim to win all the competitions you enter. Approach them as a game, not an opportunity, and try to win. If you win, opportunities will come to you.

Get speaking gigs. This means volunteer yourself to talk in front of groups of people. Be it technical, or business focused, government, corporate, or open source, get yourself on the list of speakers at relevant events and go out and talk about things you know matter. Be controversial. Be informative. And say something people haven’t heard before.

Get a speaking agent: If you’re highly skilled in your area of expertise, it’s quite possible there are people looking for speakers just like you, and even better, are willing to pay you to advertise yourself.

 

Our next post: How to Create a Killer Talk

StartupYard is currently accepting applications for Batch 9.

We’re looking for startup founders in Crypto, AI, IoT, and AR/VR!

Get started applying to StartupYard Batch 9. Applications close January 31st, 2018.

Apply to StartupYard Accelerator, Prague

How to Apply to StartupYard in 1 Hour or Less

It’s amazing how difficult filling out forms and following instructions can be for startup founders. But why not? After all, startups aren’t supposed to follow the rules.

Still, this is one thing we strongly recommend applicants to any accelerator take the time to do properly. It only takes an hour or less to write an application that will place you within our top picks for an interview with the selection committee.

This is our strategy for finishing your application as soon as possible. But our application platform F6S, allows applicants to revise their applications continuously until the due date: January 31st, 2018.

Ready to Apply to StartupYard?

We’re looking for startup founders in Crypto, AI, IoT, and AR/VR!

Get started applying to StartupYard Batch 9. Applications close January 31st, 2018.

Apply to StartupYard in < 60 Minutes

 

Phase One: Data Entry (5-10 Minutes)

Pro Tip : Don’t go in Order! Go through the whole application and fill in the data answers first. This should be easy, and it will help you better answer the other questions.

For example: When did you start your company? How much revenue have you made? What is the total amount of cash invested?

Also use this time to fill in your team information. You’re building a picture of the company basics here, you’re not telling the story just yet.

Also provide any links or documentation requested at this stage. Now the annoying part of the application is totally out of the way, and you can focus on the good stuff: the long form answers.

Phase Two: Positioning Work (20-30 Minutes)

Pro tip : Do this in a separate text file!

Go to our post on Positioning for Startups, and read it first. After reading it (not before), use the template provided to fill in your positioning statement:


Product Positioning Statement:

(Our Product) is for (target customers):

Who (have the following problem):

Our product is a (describe the product or solution):

That provides (cite the breakthrough capability):

Unlike (reference competition):

Our product/solution (describe the key point of competitive differentiation):

 

To be extra nice, I’m going to give you a concrete example you can compare your statement with in terms of length, specificity, and scope.

“MyFamilyApp is for parents of young children, who can’t afford to hire a babysitter and take a night off every few weeks. MyFamilyApp is a social platform that allows parents to share responsibilities with other parents, and get some time off for themselves. Unlike a paid babysitter, MyFamilyApp is free to use, and is restricted only to verified parents who pass a strict background check.”

(Note: This is just a fictional example. We would likely not be interested in this kind of product, though a good positioning statement would force us to at least consider it).

Another pro tip: The Positioning Statement is not a marketing document. It is a clear description of what your company does, how, and for whom.

Phase 3 : Answering The “Hard” Questions (10 Minutes)

Now that you’ve done the positioning statement, the remaining questions are relatively easy. What problem do you solve? Who is your target customer? These have become clear thanks to your prep work.

Also take a few minutes to come up with your answers to the Q&A at the bottom of the application. The more you tell us, and the more questions you ask, the better we will know what you’re looking for, and will be able to answer your concerns.

Phase 4 : Self-Review (10 Minutes)

Here is a checklist of questions to ask yourself before clicking “Submit.”

  • Would a Non-Expert in my field understand basically what I am doing?
  • Have I answered all the questions completely (not just part of the question)?
  • Are my answers also about the company, and not just an advertisement for the product?
  • Am I being really clear and honest about our current status, and not exaggerating or distorting the truth?
  • Is my spelling and grammar reasonably good? Do I write in complete sentences and  thoughts?
  • Do I sound like someone that would be good to work with?
  • Have I clearly shown why my project is a good fit for the accelerator? Have my answers shown that I am aware of how acceleration works?

And there it is: you’ve just shot to the top of our list with a great looking application. We look forward to seeing you in the next selection round.

Ready to Apply to StartupYard?

We’re looking for startup founders in Crypto, AI, IoT, and AR/VR!

Get started applying to StartupYard Batch 9. Applications close January 31st, 2018.

Startups: Do You Make Me Money, or Save Me Money?

Something jumped out at me from a recent podcast by Y-Combinator with Des Traynor, Founder of Intercom. Asked about the problem he solves, he described how over time, their approach to sales has changed:

“. When you’re trying to pitch them something, they just say “Hey, here’s my two numbers, which one of these are you changing?” And I think when we show up and we’re like, well if you love your users you’re going to stick around, and they’re like sh-sh. Don’t care about any of that. Are you going to make me money or save me money? And we need to get better at answering that question. And we need to have better evidence to answer that question.”

In Startup culture, there is always a lot of talk about “solving problems.” Every product and service has to solve some problem. That’s true as far as it goes, but “solving a problem” for your users is not, in itself, enough to build a business on. You have to also answer some version of this question: how do you make me money, or save me money?

As we accept applications for StartupYard Batch 9, this question will be forefront on our minds when making initial selections.

Lots of problems exist, but not all of them are promising new businesses. How do you know when you’ve nailed down that problem that people are willing to pay money to solve?

You can check out the video podcast here:

A Problem That Isn’t a Problem

The reason we always begin our acceleration program with the classic Positioning Statement, is that expressing the problem you solve is one of the hardest things an early stage startup has to manage.

Often times the “problem” founders pick to talk about is just another way of saying that their customers want their product. Maybe they do, but why?

Over the course of in-depth positioning discussions with dozens of startups, I’ve developed a sort of framework for determining whether a problem is in fact a real problem, and not a “startup problem.” While not universal, this framework is extremely helpful in determining whether you’ve really nailed down the problem you’re solving.

I apply this mental checklist:

  • Does the problem have clear financial implications?
  • Is the customer aware that this is a problem?
  • Does the customer actively search for other solutions?
  • Is this problem something your customer would list among their most important concerns?

One of the most typical early positioning problems is that founders will identify things like “a better interface,” or “more efficiency,” or “saves time,” as the key benefits of their solution to a problem.

But by applying this checklist, we can see that benefits like “saving time,” are not always as urgent as they might appear. Does the time have a clear financial cost? Is the customer aware that they can do something faster? Would they actually seek a faster solution on their own? Is this time that they are wasting a concern for them?

You can sell me a way to shower in half the time every morning, but I wouldn’t buy it. It’s only a problem if the time I spend showering is a frustration to me.

Sometimes I ask founders: “Have you ever sat down and googled: “how to do x faster?” Most of the time, they haven’t, because that’s not typically how people behave. Only when something is taking so long, and is so arduous that it has become a clear problem, do people act to find solutions.

A Case Study: Steel Mountain

Steel Mountain

Getting your positioning, and particularly your problem statement to answer those questions can mean changing deeply how you talk about what you do, and how you see your customers, and who they are.

I’m going to use the case of one of our most recent startups Steel Mountain, the home-network security company that will soon be offering a single device to monitor and protect homes from digital intruders, viruses, and other threats.

Steel Mountain, it must be said, were already in a more than usually advanced stage of development when they joined our program, but I would say this exact roadblock was among their toughest questions early on. They had a compelling product, but they needed to really be able to express the problem that it solves.

The “You Need Us” Problem

After about a month in the program, their positioning looked something like this:

“The privacy and security of homes and small businesses are increasingly at risk from digital threats. Steel Mountain’s Secaura device plugs into your router, providing enterprise grade security across your entire home network. Unlike typical security software, Secaura covers all connected devices instantly, requires no active maintenance, and employs advanced artificial intelligence against known and unknown security threats.”

That is a very straightforward positioning statement, quite typical of a security company. Just one problem: it doesn’t quite pass the checklist I mentioned earlier. Let’s see:

  • Does the problem have clear financial implications?

Not really. We are told first of all that there is a threat lurking out there somewhere online. But that threat has no exact proportion, and the target customer (the head of a household or small business), is at pains to estimate how much exactly a digital threat means in terms of lost income, lost business, theft, or other mischief.

  • Is the customer aware that this is a problem?

Maybe… although given that this is such a simple solution to a complex problem, it’s rather doubtful that anyone who truly understands the problem doesn’t already have a solution in place. Perhaps there is market awareness of the problem, but we aren’t yet clear from this statement that the target market knows they’re in real danger.

  • Does the customer active search for other solutions?

Again, it’s not yet clear whether the target customer actively engages with this problem at all. Some probably do, but the alternatives mentioned, such as security software, serve only a minority of households. Most do not have a sophisticated solution in place. Is the product only for security minded people, or is it for people who can’t deal with complex solutions?

  • Is this problem something your customer would list among their most important concerns?

Again, we can speculate that the typical household or small business does not list security among its top concerns. Those that do are probably using more complex solutions. For those who are using no solution, it is seen more as a low-level, constant issue that many people would rather ignore than understand, and most people believe will never have an effect on them either way.

As we can see clearly from this checklist, we haven’t identified an urgent, well-understood need from a well-defined target customer. 

Making the Problem a Real Problem

How did Steel Mountain come down to a positioning statement that did involve a clear problem and urgent need for the solution?

First, they took the painful but necessary step of considering that while their expertise and the value of the product as they see it is in security technology, the typical customer in their target market has no way of evaluating such products.

Instead, they went back to these 4 checklist questions and identified a problem that satisfies all of them at once.

The problem they identified was this:

 

“Parents of families feel great pressure to provide a safe digital environment for their children, and are prone to wasting money and effort on partial security solutions that never completely protect their homes and families.”

Bingo.

For starters, we have narrowed the customer set in this positioning statement to parents. In doing so, we’ve been able to identify a more universal emotional and social problem that the target customer can easily identify with.

So the problem is no longer: “my home is not secure,” but instead: “I am afraid of feeling like a bad parent who can’t protect their family.”

How does it do with the checklist?

  • The problem has clear financial implications. Every parent has wasted money on safety equipment that wasn’t really needed. This solution promises to end that guess-and-check approach to digital security.
  • The customer is very aware of the problem. Any parent who gives their child a smartphone or a tablet knows the dangers, and tries to consider them.
  • Nearly every parent in the target market has or will in the future investigate digital security to protect their children. The solutions are in fact much broader than merely software, as in the earlier positioning statement. Education products, specialty devices, operating systems, and many other solutions are available to address the same concerns. This solution can now be compared to those as a cost effective and complete alternative
  • Child safety is a top concern for most families with children. Again, by shifting the problem to one of “parents with children” rather than “owners of homes,” we have also shifted the conversation towards top concerns that parents have, for their children. Now, rather than comparing Secaura to an anti-virus software, we can compare it to other home security essentials: baby monitors, door locks, or fuse-plugs.

This process also helped the founders identify more features of the product that were very attractive for customers. Parental content locks, and “bedtime” settings for individual devices, though the founders had included them as an afterthought, were of prime interest to this new target market.

The reactions the founders got began to change because of this new positioning.

When Steel Mountain’s CEO Will Butler began pitching the company with this strategy, the change in enthusiasm was remarkable. People in his target market started asking: “Can I have one?” And “I’ve always wanted that!” It went from a geek product to something the customer had to have, and should have already owned.

Steel Mountain CEO Will Butler pitches about the stress of living up to your role as a parent.

It’s often said that “people don’t buy security.” What’s really meant by that is that people have a hard time seeing the value of something that protects us against a problem we don’t understand. If the product solves a problem we do understand, and even better, one we already have right now, then the customer is much more likely to consider buying it.

Some security companies only manage to sell to customers who have already been victimized by attacks and theft. But others find a way to sell “peace of mind,” instead.

When solutions really find a clear and understood problem and customer, they begin to feel not just strong, but practically inevitable. Why hasn’t someone done this before?

Applying it Yourself

Of course, not every problem has to do with security, or money, or peace of mind. Your customer might not be concerned with saving or making money. The logic of the framework is about the relevance of the problem to a particular customer. Have you picked a customer and a problem that match?

If not, how can you change your thinking about who the customer really is, or what their problem really might be?

Squaring that circle is never easy. As a founder, you’re naturally absorbed in what you’re building, and driven by your own reasons for building it. Opening up and applying that work to problems you haven’t considered is part of a continuous creative process. It involves talking to your target customer and others about what their real feelings and concerns are.

You have to talk to a lot of people. Not just customers, but the people who sell to those customers, and understand them best.

Getting the problem right is a life or death challenge for an early stage company. That’s one of the reasons an accelerator can be such a great choice for a team like Steel Mountain, or many other companies we’ve worked with. The opportunity to shift your thinking and test it with so many mentors and potential customers in such a short time is a rare opportunity for a startup.

 

StartupYard is currently accepting applications for Batch 9. We’re looking for startup founders in Crypto, AI, IoT, and AR/VR!

Get started applying to StartupYard Batch 9. Applications close January 31st, 2018.

Video: StartupYard Alumni Founders Tell Their Stories

At the end of StartupYard Batch 8, we asked our founders, along with some alumni to tell us about their experience with us for 3 months. Here is what they had to say.

StartupYard is currently accepting applications for Batch 9.

We’re looking for startup founders in Crypto, AI, IoT, and AR/VR!

Get started applying to StartupYard Batch 9. Applications close January 31st, 2018.

 

Accelerator, StartupYard

Choosing an Accelerator: 11 Questions to Ask

So you’ve got an idea for a tech startup. You’ve done your positioning statement, you’ve talked to people you trust about the idea. Maybe you’ve even talked to customers. Maybe you’ve already sold your product, or gotten users to sign up for your beta. Fantastic. Now maybe you need a Seed Accelerator. Not every tech startup needs one, and not every accelerator is the right choice. How do you know?

To Accelerate or Not?

At StartupYard, 59 startup investments in 6 years have shown us that the most important factor for founders looking at acceleration programs is fit. If the founders and their company are a good fit for the program, with the other startups, the mentor community and investors behind it, then the stage of the company, the domain, and the market focus are not nearly as important.

Accelerator, Startup, StartupYard,

This is why we’ve invested in companies doing hardcore cutting edge technology like AI and Cybersecurity, but also companies doing technologically simple things, like marketplaces, and sharing economy startups. If the fit is good, then the diverse backgrounds and ideas of the founders enhance each other, and mentors and investors get more engaged, because all of them are able to find something they’re passionate about in every batch.

We emphasize fit over most other considerations. How can we actually help companies succeed?

Nothing can guarantee fit, but there are at least 11 things you *can* ask any accelerator to determine whether it is the program you really need.

So here they are:

1. Why Is the Accelerator Interested in My Startup?

Few founders ask us this, but to me, it’s a potential game changer as a question.

What I see as an ideal answer is: “Because we see potential in your team, because we believe in the market you’re in, and because we think our program can help you.” It helps if the accelerator likes your technology, sees it as a big opportunity, and doesn’t want to miss out. But that’s unlikely to be enough on its own.

If the accelerator can’t clearly show you why your interests are aligned, you should think twice.

2. Are You Convinced by My Pitch?

Everyone likes validation. But you don’t necessarily want an accelerator that isn’t willing to say “no.”

We are not convinced by every pitch we hear, and that’s ok, if we *are* convinced by the team. Founders should go into a program knowing that they may need to consider big changes to their approach, and their assumptions. We want teams with a passion for their ideas, but not with a toxic sense of pride.

If an accelerator is not willing to voice doubts when you ask, then it might be a sign that they aren’t going to challenge you when needed.

3. What Do Your Investors Want, and/or Where is the Money Coming From?

Another key question almost no one asks. You really should, because the investors largely determine the direction of the accelerator. They ultimately control who runs the program, and thus the decisions being made.

If the money is from a corporate sponsor, what does the corporation want? If the money is private, then why are the investors backing this accelerator? Pay attention to how aligned the accelerator team are with the investors. If the investors and the team have a solid relationship, then you aren’t dealing with office politics or competing ideas about what success looks like.

4. Does the Accelerator Management Team Have A Stake?

This is related to the previous question. Ideally, the decision makers at the accelerator have a financial stake in the decisions they are making. This helps you to determine what their motivations in working with you really are.

Is it a deal breaker if they don’t have a stake? Maybe not, but you need to know who you’re talking to. The decisions a person makes when they have no financial stake in the outcome are bound to be different. Is the person making a decision because of the politics of their job, or because they really believe in it?

5. Why Are Your Terms What They Are?

Terms vary between accelerators. I don’t think there’s an ideal formula for how much an accelerator gives, or how much equity it takes. Zero equity programs are not always a bad thing, and programs that give more or less money for more or less equity have their own reasons for doing so.

Accelerator, StartupYard

The answer tells you how the accelerator views their role in your company. “Founder friendly” terms are very important. On the other hand, a mature investor is also up front about what they would be willing to do in case something went wrong with the relationship.

The terms are one thing, but the answers are another. Any contract is in place primarily to outline a relationship, not to define it in personal terms. Those personal terms often matter more than what’s on paper, so you need to know why the terms are the way they are.

6. Have You Ever Fired a Startup During the Program?

Not every accelerator has ended a relationship with a startup in less than ideal circumstances. It does happen though, and the story is usually instructive.

StartupYard, for example, has been very open about relationships that have gone wrong. In case such a thing happens, we try hard to identify the mistakes that *we* have made that led to the problem. In each case (and there has only really been one out of 59), we recognized our own errors in choosing, working with, and helping those companies. We have only “fired” one company during our program.

Accelerator, StartupYard

We were not vindictive and did not blame them for our own mistakes. If an accelerator puts blame only on the other party, that may indicate that they don’t acknowledge their failures or their part in the relationship. We all make mistakes, but you need investors who learn from theirs, and are not afraid to tell you about them.

7. What Do You Expect from Me?

What we expect from our founders informs how we choose companies to work with, and what we see as success when they go through our program. We have our own tough standards, but they are not universally what all accelerators expect.

We want every one of our companies to be a unicorn. We expect them to try. We expect ambition and drive, and hard work. We expect companies to improve markedly in all areas during our program. We expect them to challenge themselves and to meet challenges that we help them set.

But if you ask us, we will tell you that we also expect things like personal availability, honesty, willingness to talk about your motivations and to discuss your feelings. We expect our founders to take a broad range of input that other accelerators might not insist on. We expect them to adjust their ambitions according to new realities; to make changes swiftly if something doesn’t work, and react to obstacles rather than avoiding them.

Some accelerators will give hard and fast expectations in terms of growth, even on a weekly basis. There’s nothing wrong with that approach, but you need to understand the consequences of failing to meet those expectations.

You just need to know what you’re getting into, and what success looks like to accelerator you choose. Be honest with yourself, as to whether these are things you really want, and can handle.

8. What is Special About Your Ecosystem? Why Should I Go There?

Accelerators are deeply affected by their location in a particular ecosystem. What that ecosystem has and doesn’t have, and where it is, are important factors in your decision.

For example, StartupYard is located in a beautiful, accessible, and highly livable city: Prague. Our geography places us between East and West. We see that as a big advantage, and we want startups who also see it that way.

Our ecosystem has its strengths and weaknesses. Its size makes corporates more available, while it also limits which industries are most engaged here. The history of our region affects what we have to offer startups, and we work hard to express those peculiarities and special qualities to our companies.

Pick an ecosystem that works for you. Just because a place is big, doesn’t mean it’s best. Just because there’s money, doesn’t mean it’s the *right money*. The accelerator’s answers to this question will tell you a lot about how they see their value to you.

9. Does the Accelerator Pay The Mentors?

Accelerator, StartupYard

Hopefully the answer is “No.”

Of course, accelerators do pay for input from professionals in areas like design, marketing, speech coaching, in-person sales, and other soft skills. These workshop runners are professionals, and you get what you pay for. Mentors are different, however.

A mentor community should be all-volunteer because the connections that founders make with their mentors must be genuine. These are people who you will be relying on to follow-up, to open their contacts to you, make introductions, and be available for further advice and support down the line. That has to come from a place of passion, not greed.

Our mentors do it for various reasons. It improves their personal or company brand, it makes them look good, it gives them insight into emerging trends, etc. Primarily our mentors tell us that they do it because of the personal fulfillment and stimulation they get out of being mentors. These are high achieving individuals, who relish the chance to talk to people at the beginning of their own journey, and share their wisdom and knowledge.

That should be enough.

10. What Entrepreneurial Experience Does the Management Team Have?

An accelerator is for true entrepreneurs. No one is better suited to recognize your entrepreneurial strengths and weaknesses than a fellow traveler. That’s why most of StartupYard’s management team are founders of one kind or another themselves.

The management team don’t have to all be former tech startup founders. I was not a startup founder when I joined StartupYard. Neither was our Associate Helena, or our Portfolio Manager Jaromir. But we had all been entrepreneurs of one kind or another.

Cedric Maloux, our Managing Director, was a tech founder before it was cool, in the mid 90s. Helena owns a Yoga Studio, I run several side projects, and our Head of Partnerships, Gustavo, ran his own healthtech company for several years- we met because he applied to StartupYard with that project. It failed, but no one has better insight as to why it failed, than he does.

A military leader with no combat experience is a danger to the people he leads. It’s the same in Startupland. An advisor who hasn’t seen plans and dreams fall apart, is a liability to the founders he or she advises.

11. Do You Have Partnerships with Potential Customers?

Accelerators are not just about learning. They’re about doing. A key part of growing your company is going to be working with larger partners inside and outside the tech industry. A B2B startup needs real customers to talk to, and a B2C startup needs to talk to companies who serve the customers they are after. So ask about the accelerator’s real relationships with companies that may be important to your success.

In Startupland, there are “Partnerships,” and there are Partnerships. Promotional partners are cheap, and the relationships totally impersonal. Sponsorships and co-operational partnerships are better. An ongoing partnership is better than a short-term one.

You want an accelerator with a real working relationship with key players inside multiple industries and corporations. You may not always know which contacts you need, so the depth of the partnerships are important. Just because a company’s logo is on the accelerator website, doesn’t mean you’ll get past the secretaries if you need to.

So when you ask about these partnerships, pay attention to which contacts the accelerator actually has: they should be C-level, or other empowered representatives like board members, founders, and investors.

No accelerator will have powerful contacts in every corporation or government institution you may need, but an accelerator should have strong relationships in a range of key industries. This is why StartupYard has a dedicated team member for Partnerships, and it is why we have investors with deep ties to tech-related industries, who can leverage their networks for founders.

 

StartupYard is currently accepting applications for Batch 9. We’re looking for startup founders in Crypto, AI, IoT, and AR/VR!

Get started applying to StartupYard Batch 9. Applications close January 31st, 2018.

Build a Killer Customer Persona that Works in 5 Minutes

This week I’m in Kiev, talking to early stage startups in one of eastern Europe’s most interesting emerging tech markets. I’m mentoring at SeedStars, a leading international tech entrepreneurship platform that connects people and ecosystems together.

Ukrainians have a deserved reputation for cleverness and skill as engineers, but as in any very mathematically inclined culture, tech entrepreneurs here often struggle with customer oriented thinking. Because in the last few decades, most of ukraine’s tech industry has been based on outsourcing, product design thinking has not been a priority.

But that’s changing. One thing I’ve noted in my sessions so far is that local entrepreneurs are globally minded, and key to learn new tricks and mindsets in order to achieve their goals. Give me hunger over raw ambition any day: it’s clear these young tech people are looking to grow and to be part of a better future.

The Killer 5 Minute Customer Profile

The truth is, in Central Europe I have less and less occasion to talk to techies about positioning and problem oriented thinking, because the culture has become used to the ideas StartupYard has been promoting for many years.

But today I’ve pulled out an old favorite I personally love to use: the 5 minute customer persona. It’s quick, it’s dirty, but it’s a great way of challenging your thinking about what your company is really selling.

Why do a customer persona?

Most founders are used to the idea that a startup “solves problems.” The trouble is that often the “problem” as they view it is essentially “our customers don’t have our product.”

Take the case of a recruiting platform I met today. The problem they were solving, according to them, was “recruiters don’t have a single platform where they can gather all their leads.”

Maybe that is a problem, but it functions more as a description of the product. I asked the founders a simple question: would your target customer google the phrase “single platform for gathering recruiting leads?” And if so, what would they actually find there?

The answer is a ton of different products. Agencies, software, content, forums. A problem this generic has no one answer.

Enter the 5 minute Persona

Instead of defining the problem, I ask the founders to do a simple paper exercise. I write down the job title of the customer at the top of a piece of paper, and on the left margin I create three sections: Goals, Frustrstions, Fears. It looks like this:

Head of Recruitment Persona

Goals:

Frustrations:

Fears:

Fill in each section (in order!) with 2-3 key points. If you aren’t sure, bracket the point. This helps show what you know and don’t know about the customer, and to get you thinking in their shoes. It’s important to phrase the points as they would be seen by the *person* behind the persona, not the company, or just the position.

The persona we built took five minutes, consisting only of me asking questions about the customer:

Head of recruitment

Goals:

  • Increase Deal Flow (fees)
  • Train subordinates well
  • Improve Pipeline value

Frustrations:

  • Turnover in the team
  • High customer expectations
  • Lack of deal flow

Fears:

  • Automation (bots, AI)
  • Conflicts of interest with clients
  • Competition (Cheaper? Faster?)

Pretty simple, but here’s the clever bit: I then ask the founder to state the problem by describing the fears of the customer, describe the solution as solving the frustrations mentioned, and then describe the outcome as the goals you’ve identified.

Eg:

Problem: Competition and automation threaten recruiters. They need better deal flow and fewer errors to stay ahead.

Solution: a platform that helps you train your team and manage your deal flow, meeting high customer expectations faster.

Outcome: higher fees, a better team, and more business.

This pitch has been transformed into a winner in just minutes.

By starting at the “outcome” or goals, and working down to fears, you get away from your biased views of what customers need or want. First empathizing with the customer, then identifying the benefits your product offers (frustrations), and only then getting to the motivation to buy (fears), we short-circuit our biases about what’s important about the product.

Do This Often

This tool is so easy, I often feel bad for founders who don’t know it. Often they think me as if I’ve revealed some incredible secret, but this isn’t hard to put into practice at all.

In fact, you ought to do it every time you think about a customer, an investor, or even a new hire. Practicing empathy helps us to gain insight into what we know, and shows us what information and experience we lack. And practicing empathy is not rocket science.

It starts with a 5 minute routine.

 

StartupYard is currently accepting applications for Batch 9.

We’re looking for startup founders in Crypto, AI, IoT, and AR/VR!

Get started applying to StartupYard Batch 9. Applications close January 31st, 2018.

Startups Talk Press

How Should Startups Talk to the Press?

How should startups talk to the press? So you’ve launched your startup. Now the hard work starts. This week, we happily announced 7 new startups at StartupYard, and they all got a chance to meet the press. Over the past 2 days, numerous articles have appeared about them in the Czech press.

Here are the top hits for StartupYard in Google News (they are only a few of the articles published)- note the variety of headlines

How Smart Startups Talk to the Press: Be Prepared

So how did they do it? Despite the way movies make press conferences appear spontaneous and easy, they are actually carefully staged events. The press pitch, or the act of approaching the press with an idea for a story, is also a staged process.

Particularly when it comes to startups, it’s usually the founders who need to generate interest in the story. Journalists aren’t knocking down our doors, and few small companies get press they don’t earn.

Old fashioned preparation works today, just as it did 50 years ago. Take heart though: today, being prepared is easier than ever.

How to Prepare

We use a kind of refrain at StartupYard when it comes to press. It is: “make the press’s job as easy as possible.”

While no good journalist is lazy, all good journalists have too much to do. Making life easier doesn’t mean spoonfeeding them PR, but it does mean doing the boring stuff yourself.

A journalist has a reputation to protect (hopefully a good one). So you need to help them feel at ease. Certainly, if you don’t appear prepared, a journalist isn’t going to take a risk writing about you.

Here’s what you can prepare for a journalist before bugging them to write a story about you or what you are doing:

  • A Press Packet (PDF, Dropbox Folder, etc)
    • Photos of the team
    • Screenshots or shots of the product in use
    • Company one sheet, with Company history
    • Financial and user data if needed
    • Testimonials if you have them
    • Contact details and bio of team members
  • A Press Release with the Story
    • Properly formatted
    • Well written and objective (not a sales pitch)
  • The product: Website URL and credentials if needed to test a product
  • Pick the right target
    • Someone who has written about you or your industry.
    • Someone you have a personal/professional connection to
    • Someone whose writing you like
    • Someone at a publication that matters to your audience

It’s possible a journalist won’t need all this stuff to write about you. They might also write about something slightly different than what you pitched them.

Still, it’s helpful for the sake of your own clarity and confidence to have all these items ready to deploy. You never know when someone will ask for them. And if they do, it might be because they want to write about you.

Know Your Audience

Remember, you’re trying to get a journalist to write about you. So it pays to research exactly what that journalist is interested in, and what info they usually like to cover.

Some famous tech journalists have even published explicit guides on how to pitch them a story.

Mike Butcher is one example of this. While I find his approach a bit extreme, and also very much focused on tech-industry journalism, many of his points are universal. If you can’t answer every question he mentions, you might not be ready to talk to the press.

Solve a Problem for the Journalist

In that same infamous cheat sheet, Butcher writes:

“The most solid pitches come when the startup relates what they do to a CURRENT news story of the day. For instance, say Apple just came out with a new kind of headphone, and your startup has a product relevant to music or headphones. THAT is when you should jump all over the media – while your story is current and you can get into the tail-wind of a hot story. Not 6 months later when we’ve all moved on and forgotten about headphones.”

There’s a reason this is right out in front.  Remember that the journalist has a job, and it involves generating content their readers want. If they don’t get read, they lose their jobs.

In addition, if they don’t “break” stories, and become a trusted source of news, then their reputation never grows, and they don’t advance professionally.

So you need to approach members of the press as people who have their own needs. As such, how can you help them fulfill those needs?

Here are a few easy ways to do that:

Become a trusted source: Journalists from several publications regularly ping me for my opinion on various topics. Often I am not quoted or mentioned, but when I have a story I want the journalist to tell, then it’s likely he or she will at least listen to me. To be a trusted source, you have to give more than you get.

Give them Real News: Remember, the journalist’s reputation is built on their ability to be first, to be right, and to be read. So help them do that. If you have a tip, and it is ethical to share it, then choose a favorite journalist to talk to about it.

Remember Your Friends: The other day, I was on Twitter when I spotted this:

Steve O’Hear happens to be the journalist who wrote the “big story” about our alum Gjirafa, and its founder Mergim Cahani. Since I worked with Mergim to craft the press pitch that got Steve interested in the story, I immediately thought of him.

The good news is, Gjirafa didn’t forget Steve. But when some big news happens for them, they have to remember who was there from the beginning. Journalists take risks on startups all the time. Make it worth their while, and show some loyalty.

Plus, what’s better than Steve O’Hear getting to boast that he broke the story about Gjirafa 2 years before they “made it big,” and he gets to report that he was right all along? That’s a win win. Your best press is the press that loves you.

Make It About the Story. Not About You.

Remember, you are not entitled to a story just because you are a startup. My mother can start a startup. Anyone can. Tech journalists hear about new startups all day, every day.

If you want a journalist to take you seriously, then you need to have a real story. Real news.

Hint: you being a startup isn’t news. You launching a product is *probably* not news. Because who are you anyway?

So what is news?

Real news has a narrative. It connects with what’s going on in the world and where you are. There are other ways to describe it, but It’s simple to think of it like this:

  • Controversy: What about the story is controversial or unexpected? What is challenging or new, or possibly unexplored or counter-intuitive?
  • Trends: How does the story reinforce a trend that the journalist can describe and the audience can recognize? How does it “fit in” with other things that are in the news?
  • Data: What are the facts? Why are those facts significant?

A press pitch that isn’t developing one of those things isn’t doing its job. Why tell your company history? Because it is part of a trend, or a controversial approach or point of view. Why are you doing what you’re doing? Because data shows that it matters. Everything is connected with advancing a controversial idea, a broader trend, and real data.

Keep in mind: You are not the story. You are *part* of the story. An important part, but not the only one.

Your Press Release

How do you deliver that story? There are many methods, but one of the most straightforward is with a classic press release.

We won’t dive into that here, but I will refer you to my authority on this topic: Colette Ballou from Ballou PR, a friend of StartupYard.

Her presentation on PR for Startups gives detailed instructions on how to craft and format a press release. It’s worth studying closely.

What is News?

Because this point is where many startups fail, I’m going to pay special attention to talking about what *is* and *isn’t* news.

I’ve prepared a handy list:

Not News:

  • We launched a Startup!
  • We pivoted our Startup!
  • Our startup is better than another Startup!
  • We have a (generic) opinion on something!
  • We have a (vanilla) mission statement!

Is News:

  • A famous person endorsed our product! (Proximity)
  • A famous company uses our product! (Credibility)
  • Our product solves a problem everyone is talking about! (Timeliness)
  • We are experts on a hot topic and have an opinion! (Authority)
  • We raised Money! (Relevance)
  • We have a controversial mission statement! (Controversy, Sensationalism)

Get Professional Help

I know. You’re a rockstar. Everyone will want a piece of you.

I’ll let you in on a little secret though: rockstars have PR reps too.

You’re a small company, and your authenticity is vital. Still, using a PR pro can really help you develop your approach to press and connections you’ll need to get your story heard.

People see PR as a dirty word. It’s fake, or insincere. But that’s not necessarily the case. A good PR rep that understands and cares about what you do can be magic.

Think of it like this: you help your customers the way you know how. A PR rep helps the press the way they know how. The best marketing and PR isn’t dishonest, it’s mutually beneficial. It helps good stories get told by the right people. You don’t pay PR reps to lie. You pay them to find someone who cares.

StartupYard uses a PR agency. That’s how we get our startups covered in the press. Not because we can’t tell our story, but because we can’t spend all our time on relationships in the press. If you have a good agency, the press will trust them, and work with them. They can bring you credibility, and hopefully help you tell your story better.

With all that said: go forth and tell your story. Just do the footwork too.

Your Landing Page Sucks (Probably)

The Landing Page. Yes, in 2017, this is still an important part of your arsenal of marketing skills as a startup. That’s why at StartupYard, I still do a full-on workshop on just this topic, and why with every startup we accelerate, we drill these basic themes over and over again.

Why? Because the ability to write and execute an effective landing page depends on a very clear grasp of good marketing in general. A landing page is a “single serving communication,” or a piece of marketing that has to speak for itself, and be judged on its own. So it is also a great testbed for ideas, and seeing what works, or doesn’t work.

Since we face many of the same challenges with startups year after year, I thought it was high time to publish a post about the basic principles behind an effective landing page. These strategies can be used in many forms of communication (like email), because they focus on understanding the *why* of messaging decisions, rather than the *what* of any particular message.

What is a Landing Page?

For the purposes of this discussion, a landing page is a part of your website (or online product) where visitors “land” first. Depending on what kind of company you are, you might have only one landing page: your Homepage. Or you might have many. A blog post can serve as a landing page if it is meant to draw people in via search or social media.

Here are some examples of successful modern landing pages of different kinds. Take a moment and appreciate what about them is consistent and familiar.

In this discussion, we’re going to follow the KISS principle, and only talk about one kind of landing page, which is the single-purpose landing page, with one target audience, one message, and one call to action.

The Trust Pizza

Over the years, I’ve worked as a copywriter on uncountable landing pages, and other single-use marketing materials for scores of startups. I’ve devised a very simple formula for determining whether I am being effective with a particular page.

Content is King, as we say. A great message is most important. But an effective message follows from the right approach. Having a formal structure that is designed to be foolproof is important in helping you shape a message.

My formal approach is simple. I call it the “trust pizza.” Here’s what it looks like:

Landing Page

What is important about the Trust Pizza is its shape and the order of ingredients. Follow this simple strategy, and you’re much more able to judge whether your landing page is likely to work or not.

 

  1. Trust = Crust

The most boring but essential element of the pizza is the crust. Not only do we grab a pizza by the crust, we also use the crust to judge the pizza overall.

Just think about evaluating a pizza. If the crust is burnt, what does that tell you about the overall quality of the thing? On the other hand, if the crust is soft and inviting, then you know the pizza will probably be good. Looking at the middle of the pizza tells us very little about it: it might be good, but we can’t know.

The “outer layer” of a landing page is just like that. Trust is composed of every background element of your page. Do you have a header and footer? Do you have appropriate links and contact details? Is the font, color and any background image on-brand?

You should spend as much time on these details as you do on the central message of a landing page. These things tell us whether you can be trusted at all, much less believed in this particular case. Get them wrong, and forget about anyone taking a “bite” out of your landing page.

The trust crust also reminds us not to get too clever. At the end of the day, no matter how revolutionary the idea, a pizza still looks like a pizza. So it is with a landing page. The content should be interesting, but not *less interesting* than the format.

Landing Page

Not only confusing, but actually disgusting.

 

If you want to give the impression that you’re incredibly hip and modern, do so with the understanding that this may be the only message that gets across. I may admire a pizza shaped like the Eiffel tower, but I don’t want to eat it.

2. Understanding = Toppings

The “understanding” aspect of your landing page is the heart of the message. It is the information you want to convey. It’s often a number or a date. It’s a key point. If a visitor remembers anything about you, it should be this.

Of course when you order a pizza, the toppings are the focus. They differentiate your pizza from all other pizzas. Cheese and pepperoni is totally different from a cream sauce with BBQ chicken.

But remember: an effective pizza has only the right combination of toppings. Go too crazy, and you turn something good into something truly nasty. Burgers are good. Fries are good. Nuggets are good. But all 3 on a pizza are not good, they’re gross.

Adhere to the KISS principle (Keep it Simple Stupid), when choosing your toppings. If you aren’t sure how to blend two ideas together, then don’t try. Choose the most important one, and go with that.

Better a few good toppings than a mess of bad ones, right?

Landing Page

All of these things individually are amazing. All of them together are horrifying.

3. Emotion = The First Bite

Finally the good stuff. The pointy edge of your landing page pizza is the spot at which a customer will “bite.” So you need to give them a good reason to do so. You’ve presented an appealing crust, a nice set of toppings, and now you want a nice, crisp wedge shape to finish the job.

This is the Call to Action. The button, or other cue which should prompt a person to do something (take a bite of the pizza), and be led somewhere else on your website, or in your customer funnel.

The call to action is the simplest but often most important part of a page. It prompts the user with their next move, and at the same time must show them exactly what happens when they click the button, follow the link, or enter their information. The “ first bite” has to be rewarding enough: it has to be mouth watering.

The Pizza Shaped Landing Page

Landing Page

The above is a tool for planning and assembling the elements of your marketing message for a landing page. But remember that just as you must form a pizza from raw ingredients into a certain shape, so must you shape a landing page to be enticing and “edible.”

One of the keys here is “visual momentum,” or what I call the pinball effect. That is, the attention and visual interest of the page should eventually lead down to the place where you want eyeballs to be. It can’t *start* there, but it shouldn’t end somewhere else. No big exciting things to see off to the side. No distractions: just one bigger message leader to a smaller one, leading to a simple action.

In principle, you should try to keep the three key sections of your landing page organized in order of interest:

  1. The Headline
  2. The Body (or Subhead)
  3. The Call to Action

 

The Headline

The headline, while simple, should grab the most interest from the beginning. It is something bold and maybe unexpected. It is not, I repeat, *NOT* a list of buzzy words like: “Analyze. Evaluate. Innovate.”

That’s just lame folks. Your headline needs to be a statement about why you’re different. It should be something ripped straight from the “unlike” section of your positioning statement. It can even be negative: “Don’t Be Lame,” or “Had Enough BS for One Day?”

That’s an eye-catching statement. Something weak and defensive is not eye-catching. “We Care about You,” is not compelling. “Our Customers Come First,” is an eye-roll at best. Say something definitive about what makes you different, and more importantly, why your customer should even care.

Remember: the Headline is about letting the visitor know what they’re in for. It’s a signal of what’s to come. So it needs to be a strong one.

 

The Body (Or SubHead)

Here you have the most freedom. You should include numbers, or statistics, or outcomes that your product or service will provide.

“Trusted by 3 of 4 Startups,” for example, or “Proven to lower your costs by 30%.” These are informative, direct statements about what the product is promising to do. If the landing page is for an event or a sale, then it might be time to include the date or time.

Now is *not* the time to sell or urge action. Don’t jump the gun here. You’re being informative. You’re showing the meat of the offer, not closing the sale.

The Call to Action

Now you’re closing. The call to action is simple but very tricky. You want to accomplish a bunch of objectives at once, to some degree or another. You want the visitor to know a number of things:

  • What am I supposed to do
  • When am I supposed to do it
  • What will happen
  • When will it happen

And remember, this is a call to action that may be as long as two or three words. It has to accomplish a lot in that space of time. It needs to rely on context and build upon the preceding elements to do that.

But always consider the call to action in this context: Is it clear to the reader exactly what will happen when they press that button? And is what they think is going to happen what will actually happen? As a landing page is meant to create a relationship, you need to start it off by delivering on what you’ve promised.

Don’t offer something in your call to action that you can’t deliver. Don’t lie. Don’t even get close to maybe being a little bit dishonest. Just don’t do it. 

Here are some common “Call to Action Lies” to avoid:

  • It’s Free! [But give us your credit card]
  • Start Your Trial [Actually give us your contact so we can sell you ]
  • Get it Now [But you have to wait a while]
  • Get the Beta [When it’s ready]
  • Learn More [Just Kidding Buy Now]

Instead, a call to action should do exactly what the user expects. If you want their email, say: “Enter Your Email,” if you want them to buy, say: “Buy Now, Save X.” If you want them to demo the product, then make the demo accessible when you say it will be.

Remember: If you’re thinking it’s a cheat, then your visitor is too. Don’t treat your customers as dumber than you are. Assume they’re smarter.

Stick to the Trust Pizza

Landing Page Pizza

Remember, whatever decisions you make about *what* to communicate, never forget the importance of *how* you communicate it. In my experience, more than half of the message is not the words you use, but rather their format.

Does it look right? Does it make visual sense? Is it weird or somehow off? These details make or break a landing page much more easily than a less than perfect turn of phrase. Stick to the pizza. Don’t reinvent it.

About Part Two: The Good The Bad and the 1999

In part two of this post, we’re going to look deep into some good, bad, and 1999 landing pages, and explore what about them works and doesn’t work.

We’ll be approaching that using the Trust Pizza methodology, seeing how effective landing pages approach visitors with building trust as their priority.

Until then: do a pizza.