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You need more traction!!Investor criteria when assessing a product
Adam Komarnicki Product Development Days conference, 20 October 2015, Kraków
Innovation Nest
#venturecapital #startups #investing
Fundacity
#SaaS #product #fundraising
Freebee
#loyalty #mobile #customers #analytics
@AKomarnicki
Disclaimer:
All comments here refer to evaluating a PRODUCT
PRODUCT – a piece of software you can sell at scale
Investors don’t care about your product
Investors – they may be cool and friendly…
But make decisions with one simple objective
Whereas you see a set of features
Investors want to see…
Give them what they want
Not all numbers make good metrics Not all numbers make good metrics
Be careful with vanity metrics
Numbers with no direct relation to revenue are „vanity metrics”
App downloads Visitors Press mentions Social media activity
Number of paying customers
MRR, Revenue growth rate
LTV/CAC
Key operating metrics
Product metrics that matter
Growth of key metrics = TRACTION
Presenting a product
FORGET ABOUT THIS, BUT…
TELL A STORY, NOT FEATURES
AVOID DEATH BY PRESENTATION, ENGAGE IN THE CONVERSATION
AVOID TECHNICAL DETAILS - DON’T MAKE INVESTOR FEEL STUPID
RANDOM TIPS
• Not having a product person in a team is a disadvantage
• “We need to see more traction” can mean lots of things
• If investor does not ask to see your product around the first meeting, it’s not smart money
• It’s null until you ship - traction for a feature used in another product is not an indication of success of the new product
IS GOOD, ANY QUESTIONS?