Perspective on Pitching

Having been at the ground floor of a startup before I’ve experienced writing the first lines of code, shipping a product, and then getting acquired, but I never had the experience of pitching or seeing someone else do.  Last Wednesday I did my first pitch for my startup, BizeeBee, in front of about 75 people, a panel of 4 angel investors, and alongside 7 other founders.  While this might seem nerve-wrecking to most, it was an experience I had been looking forward to for months.  I finally felt like a founder!  The event was sponsored by DukeGEN and limited to founders from Duke.

The reason I really liked this format was that before the founders presented the Angels took the time to tell us what they were looking for.  Each pitch last 6 minutes and there was a 3 minute Q&A period following each founders pitch.  Before announcing the winners,  the Angels spent time giving each business feedback, which I found to be extremely valuable because I got to experience first hand how they evaluate and think about business ideas.

Here’s what the angel’s were looking for:

  1. Getting to the heart of the product and what problem it is solving
  2. Large market
  3. Explanation of Customer Acquisition strategy
  4. Team: strong technical and business members
  5. Polished presentation and understanding of each component of your business

Here’s what the Angels focused on during the QA and it making their final decisions:

  1. Many of them questioned the actual market size, and drilled into the numbers presented.
  2. How robust the technology was compared to competitors, and if it was enough of a differentiator.
  3. How much of the product had already been built out.  Having an actual prototype versus a PowerPoint presentation was more powerful.
  4. How capable the founding team was of executing on the business and technical side.
  5. Traction and having customers that were using the product.
  6. The methods used for attracting customers.  Angels really care about your distribution model.

I came in third place.  Here’s the feedback I personally received (yes I’m still leaving my readers in the dark about my product):

  1. Great team, brand, UI, and simple product proposal.
  2. Given that I’m targeting the SMB space, they were concerned about how scalable my business model is given how fragmented of a space I’m operating in.
  3. They did emphasize the need for a couple more key hires such as a VP of Engineering and VP of Sales.
  4. Traction – they’d like to see the customer feedback, how the product and brand awareness will spread, and if I’ll be able to start making money off of customers.

One final note, I want to thank my teammates Liz and John for all their support and hard work that went into helping me prepare the prototype and the pitch!  I couldn’t have done it without either of them :)

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I Don’t Know to CEO: Transforming Passion in Action

On Saturday May 1, 2010, I will speaking on a panel entitled: “Taking Flight – Launching a Belief into a Brand” at the I Don’t Know to CEO: Transforming Passion into Action conference at the Annenburg Auditorium at Stanford University.

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Social Developers Summit

I will speaking at the Social Developer Summit on June 29, 2010 (9:30-10:20am).  The session will be about Scaling Social Analytics.  I’ll cover some of the data analytics I worked on at Mint.com, and propose suggestions for building analytics in from the start to then help with scale.

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Team Dynamics

For the past three months, as a startup founder, I have been focused on customer development, creating a product roadmap, understanding the complexities of the industry of my product, and establishing a company culture.  This month in particular I’ve added another component to the mix: team dynamics. To me team dynamics goes beyond culture fit.  Culture fit is just a sliver, and is tantamount to does this candidate have a personality type that jives with the rest of the members of the team, and they’re willing to be collaborative, basically guaranteeing long-term harmony on the team.  Team dynamics are much more nuanced, and starts with each individual:

  1. Understand the needs of each individual: what are their motivations, and goals both long-term (years) and short-term (day-to-day and months).
  2. Analyze their aptitude: this is based on what they have demonstrated a proficiency in over the past several years, and what they are capable of doing.
  3. Gauge their results: this comes down to giving them a small project, with clearly defined goals and parameters, and a predictable and measurable set of results.  Once you’ve done this walk away, don’t micromanage!

It’s not enough to do this once, you have to do it daily, weekly, and monthly.  The next step is to piece the team together.  Building a founding team comes down to the following:

  1. Complementary skill sets – you want to make sure that people on the team aren’t stepping on each others toes.  Each founding team member should have ownership of what they are doing from the beginning and understand how they are interfacing with one another.  As the team grows owners might change and increase or initial members may want to move onto other projects, which is fine and to be expected.
  2. Communication and comfort – as the founder it is your responsibility to let each member of the founding team know where you are going.  Even people in a startups crave stability, and one of the ways of giving them stability is by giving them a sense of where you are headed over the course of the next week and months.  Its also really important to attend to their most basic needs: food, water, and shelter.  You can’t expect people to work in a stressful environment without compensation!
  3. Shared vision – before someone becomes an official member of your team you want to make sure they are vested into the direction of the company and share the same values and grand vision as you do.  This is a function of you as the founder executing on that mission, and if your direction does change, alert your team of that as soon as your decision is made, or involve them in the decision-making process.

My team is obviously very important to me, and I think about each person individually, and how they fit together.  The reason its important to go through this set of criteria and process is because the founding team you build translates to high performance in both good and bad times, the sort of people they will in turn attract to build out the company, and their decision-making process that will affect the course of your startup’s future and success.

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Deploy 2010

I will be speaking at Deploy 2010 hosted by Seattle 2.0 on Thursday June 24th at Bell Harbor Conference Center in Seattle, WA.  The focus of my talk is pre-launch planning for startups, geared towards engineering.  I aim to cover technologies to use, best practices, and trade-offs to make before crunchtime!

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Careers of the Future: Which One is Right for You?

I will be on a panel at the Invent Your Future Conference for Women, on Tuesday April 20, 2010 (10:15am – 11:45am).  The title of the panel is: Careers of the Future: Which One is Right for You?  The conference will be held at the Santa Clara Convention Center, Santa Clara, CA.

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The Hive is Live!

The BizeeBee team has been hard at work putting together our product.  Our first addition is our blog The Hive.  Please check it out!

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My Product Development Process

Design books are some of my most favorite and enlightening reads of all time like: Donald Norman’s DOET, John Maeda’s Laws of Simplicity, and Indi Young’s book Mental Models. They bridge together reason, emotion, and the physical faculties of humans in order to create tools to help people live everyday. As an engineer I have designed software for years, but until my most recent startup I haven’t had the opportunity to actually design the user facing component of a product. Here are some key principles to I’ve been practicing:

1. Learn empathy through personas.

I’ve come across a lot of engineers who just build stuff and expect people to “get it”. Thats fine if everyone were alike, but we’re individuals, who have different experiences, tastes, and ways of thinking and interacting. Think about the guy who just got laid off and now has to spend the next 2 hours researching health insurance, then fax in documents, make a few phone calls – be transferred multiple times – only to find out that he has to now wait two weeks for someone to “approve” of his medical records. What if he has a congenital disease and his prescription ran out the day he got laid off?

Yes, it’s an extreme case but stress does factor into the way humans interact with products and services, which is why its important to develop personas. A persona is an abstract representation of a set of behaviors. The persona’s name connotes her behavior e.g. “Jill” the receptionist at a yoga studio. Personas need to be developed for the primary group of individuals that will be using your product.

Immerse yourself in your user’s environment, and even better live a few days of their life.  You will retain the emotional response you had giving you more intuition when designing a solution to their problems.

2. Kill a tree.

I love building stuff and I hate wasting time.   Its important to build the right thing.  So instead of diving into coding up a web app, I created rough drafts of my product purely on paper, and then spent a month doing usability testing with over a handful of users in stages. At each stage I would iterate on the feedback I received from my users. Paper prototyping is a powerful process. I was able to gauge how users felt about my product versus the competition, what was missing from it, and what could be done to improve the experience of interacting with it. I also learned what users thought the most critical features was, which is essential to developing a prototype.

3. Shut up and listen.

Listen to the problems of your users. All of them!  An easy exercise to break the ice is to have a user walk you through their day, and have them highlight all their pain points. What was the latest catastrophe in their life? How did they solve it or try to solve it? From this you will learn how your users think, interact, and solve problems without you.  This has to be an ongoing dialogue because your users’ needs will change and they will keep having different experiences, so keep the channel open.  Expose problems over time, analyze them one at a time, and then create a bigger picture of their needs.

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jQuery Basics

I’d been hearing a lot of buzz around jQuery and how much developers like it.  While I myself am not a front-end developer and prefer doing mostly back-end work in Java or Rail, after I saw jQuery in action at SXSWi I wanted to learn to code it in first hand.

One of the reasons I never liked coding in JavaScript is because I didn’t like it being dynamically typed language and having to deal with retrieving DOM elements based on their names and the ability for the namespace to constantly change.  I also found it cumbersome to have to deal with integrating CSS and JavaScript.  jQuery resolves a lot of these issues for me.  jQuery is basically a JavaScript library that lets developers manipulate DOM objects as if they were POJOs, and also manipulate objects based on their CSS classes.  It also has an extensive animation library giving user a richer experience.

For those out there who are new to JavaScript I highly recommend the following sequence of tutorials:

  1. Getting Started with jQuery
  2. Additional Tutorials
  3. Pretty jQuery Interfaces
  4. AJAX with jQuery

And of course you need the requisite tools to get up and running so I’d recommend downloading the lates version of FireFox and installing the Firebug plugin to help with debugging any JavaScript issues you might have.

If you want to get further into jQuery check out the main site, which includes a testing framework QUnit,

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Post-Launch Prep

This is a follow-up to my prior post Pre-Launch Prep.  First, pat yourself on the back for making it through the launch!  Now let’s focus on next steps.  The product team’s job is to create and design features that will keep users engaged, and engineering team’s job is to make users happy.  Happiness == (bug free  && accurate data && responsive site).

1. Squash big bugs first!

Grep the logs and count the number of Exceptions or Errors then have it!  Best to create a nightly script to tally up Exceptions and Errors so that you don’t have to type the same grep command everyday.  You also want to check the user forums for discussions on bugs and talk to customer service representatives.  But before you begin doing a big fix make sure that the bug impacts a majority and not a vocal minority.

2. Get down and dirty with data.

Depending your product you might have data accuracy issues.  The easiest first step is to hit the production db and make sure the data that is being pulled in is correct.  If it is then you know there’s an issue farther upstream i.e. business logic or rendering.  If the db is wrong then you’ve got an issue with storing data, which could be caused by a broken link somewhere in the front to back-end flow.

3. Prioritize performance.

Everyone is always touting the vices of premature performance optimizations, which is a valid point, especially in a startup where you are resource and time constrained. You don’t need to optimize from the start, but you do want to build infrastructure to measure your site’s performance.  Performance is both a front and back-end issue.

  • Front-End: your page load time is abominable because you’ve got lots of graphics that haven’t been sprited, have browser interoperability issues, or network latency sucks because your user bought the cheapest DSL package…
  • Back-End: sure you’re using ajax on the front-end, but if each request is hitting the db and you’re pulling in thousands of records no point in being asynchronous…

Figure out where your bottlenecks are, and then tune it up!

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