Investor Connect Podcast

Tips for Success in Product Development

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

It takes a plan and persistence to bring a product to market. 

Here are some tips to make your product development successful.

You’ll need to bring passion to the project to see it all the way through.

Use Minimum Viable Products to test out the idea and gather feedback. 

Success with an MVP will energize the team to move forward.

Don’t try and do it all yourself.  Setup processes and delegate.

Hire the right people with the skills necessary to take it through to the market.

Foster a culture of innovation and curiosity.

Prepare the team to pivot the product, the price, or the positioning, and don’t marry yourself to one concept as it will most likely change.

Funding the new product will take some time as fundraising is a process.

Use mistakes as a learning opportunity.

Enjoy the process of innovation and discovery.

Show the team how thankful you are for their contribution.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

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Direct download: Tips_for_success_in_product_development.mp3
Category:general -- posted at: 5:00am CDT

On this episode of Investor Connect, Hall welcomes Michelle Seiler Tucker, Founder, and CEO of Seiler Tucker, Inc. and EXIT RICH Podcast. 

Located in New Orleans, Louisiana, Seiler Tucker, Inc buys and sells businesses. They help business owners with the valuations of their businesses so they can sell for the most profit and find the right buyers for their businesses.

Michelle holds the M&AMI (Mergers & Acquisitions Master Intermediary) title, as well as the Certified Mergers and Acquisitions Professional (CM&AP) and Certified Senior Business Analyst (CSBA). 

She also owns many other businesses in several different industries. She and her firm have sold businesses in almost every vertical and have a remarkable track record of success.

Michelle discusses helping business owners find the right value for their businesses, finding the perfect buyer, and much more. 

Visit Seiler Tucker, Inc. at: https://seilertucker.com/;http://www.linkedin.com/company/seiler-tucker/ 

Reach out to Michelle at: http://www.linkedin.com/in/michelleseiler/; https://twitter.com/MSeilerTucker; podcasts@seilertucker.com; marketing@seilertucker.com

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org  

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
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Direct download: Michelle_Seiler_Tucker_of_Seiler_Tucker_Inc._-_EXIT_RICH_Podcast.mp3
Category:general -- posted at: 5:00am CDT

Product Development Using IDEO

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Startups can use the IDEO  method to build out their product development process.

Here are the steps:

Observation -- observe the user and their pain points.

Ideation/brainstorming -- turn the observations into product ideas and use brainstorming to generate multiple variations.

Prototyping -- mock up an example of the proposed product using simplistic approaches such as made-up datasheets, screen interfaces, and cardboard prototypes.

User feedback -- gather user feedback using the prototypes.

Iteration -- use the feedback to iterate on the product and generate more feedback.

Implementation -- take the feedback and develop the first version of the product.

Make sure you capture the feedback in written form for review later.

Continually validate the product with new users.

Launch the product into the market for even more feedback.

The IDEO process works well for products developed around the user.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
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Direct download: Product_development_using_IDEO.mp3
Category:general -- posted at: 5:00am CDT

Product Development Team Dynamics

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Product development requires a team approach.

Here’s a list of key points to consider:

Assess the skills of each team member to understand the group’s capabilities.

Set goals for the team before the project sprint begins.

Lack of clarity causes confusion among the team members.

Check the feasibility of the project sprint before launching it to make sure the team is on board. 

Break down big projects into a series of smaller ones that you can execute on.

Use a kanban or card-based tool to track the projects. 

It will highlight where there are too many bottlenecks.

Use scrum as a framework to manage the meetings, the tools, and the roles for the team members.

The project manager needs to exercise leadership in resolving conflicts among the team and setting priorities for projects.

There’s a tradeoff between quality, speed, and cost of which you get two.

It’s important the team buys into the tradeoffs made along the way.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
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Direct download: Product_development_team_dynamics.mp3
Category:general -- posted at: 5:00am CDT

Product Development Best Practices

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Product development is an important function in a startup.

Here are some best practices to consider:

Maintain focus on the user.

Involve other stakeholders in the process such as sales and marketing.

Metric your product development process to know how you are doing.

Focus on those areas with a strong return on investment.

Prioritize the strategic objective of your product development such as lowering product cost, improving time to market, or increasing product quality.

Practice design reuse to lower the cost.

Involve suppliers and partners in the planning phase.

Obtain commitment for the plan from all stakeholders.

Use rapid prototyping tools and techniques.

Use collaboration tools to keep everyone informed of the progress and issues.

Run a gap analysis to identify areas for improvement.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
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Direct download: Product_development_best_practices.mp3
Category:general -- posted at: 5:00am CDT

Lean Startup Approach to Product Development

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

The lean startup approach seeks to discover a product and business model that works.

Unlike big companies which have a large staff to maintain an existing product line, the startup has little to no staff and works on finding new business opportunities.

Startups use the lean startup approach in product development.

They look for product market fit by focusing on the product and the customer rather than the larger market or internal processes.

The startup finds itself working with emerging technologies in newly defined fields.

The purpose is to create a minimum viable product and test it with the market.

The startup uses A/B testing to try out variations of the product.

The startup team focuses on interviewing customers, identifying needs, and proposing feature sets.

The product development process runs on a limited budget and a short timeline.

The lean startup process consists of building several MVPs and testing them out until product market fit is identified.

Quite often, the technical development team is outsourced to another company.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
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Direct download: Lean_Startup_approach_to_Product_development.mp3
Category:general -- posted at: 5:00am CDT

Product Development Plan

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Here’s a checklist for launching product development for your startup:

Research the industry for trends and competitors in the space.

Talk with prospective customers about their pain points.

Consider not only the product to be built but the revenue to be generated.

Build out several Minimum Viable Products or MVPs.

Plan out a product roadmap from beta, to versions 1, 2, then 3.

Consider your intellectual property strategy.

Consider the platforms and coding language you will use.

Think through the product architecture so you can grow it later.

Make the development in-house or out-of-house decision.

Figure out the costs to develop and the funding needed.

Setup your development process to code the solution.

Test out the interfaces with users.

Track the metrics of your development process.

Launch your first version of the product.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
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Direct download: Product_development_plan.mp3
Category:general -- posted at: 5:00am CDT

On this episode of Investor Connect, Hall welcomes Mike Millard, Operating Partner at Ecliptic Capital.

Located in Austin, Texas, Ecliptic Capital is an emergent, early-stage innovation fund focused on pre-seed, seed, and Series A investments. Ecliptic Capital invests in companies that use science and technology as a lever to disrupt lagging industries and cultivate multiple market adjacencies. Their approach is industry agnostic and aims to invest in accelerating technologies that solve big problems and make a global impact in sectors such as energy, climate change, human welfare, and social change.

Ecliptic Capital invests in broadly disruptive technologies that can be applied to multiple market adjacencies improving returns and reducing risk. Their unique structure allows them to maximize these world-changing opportunities, each to their fullest extent, by not forcing exits too early or abandoning them at the first sign of distress.

Mike spent over 20 years of his career in newly formed Fortune 500 divisions and venture capital, creating value at scale with engagements at Dell, HP, AT&T Knowledge Ventures, Ascension, and Austin Ventures. His years in the corporate arena culminated in becoming a Texas innovation ecosystem builder.

Mike is also the Co-Founder of Pitch-a-Kid - where real entrepreneurs pitch their company ideas to kids. It helps kids learn about entrepreneurship while pushing entrepreneurs to communicate better using straightforward language. 

Mike discusses strategies for investments, how to bring value to a startup,  how to reduce risks when investing, and more.

Visit Ecliptic Capital at: www.eclipticcapital.com, www.linkedin.com/company/eclipticcapital/, and Twitter @EclipticCapital.

Reach out to Mike at: www.linkedin.com/in/mikemillard/L, millard@eclipticcapital.com, and Twitter @millardtx.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org  

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Direct download: Mike_Millard_of_Ecliptic_Capital.mp3
Category:general -- posted at: 5:00am CDT

Creativity Is a Process

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Ideation requires creativity. 

Creativity is a process no different than any other activity.

Here are some steps to follow in generating creativity in your ideation program:

Start with preparation.

Capture your ideas into a list for evaluation.

Incubate the ideas.

Spend time exploring the ideas listed.

Identify the insight.

The idea crystallizes into a potential solution after a period of reflection.

Verify the idea.

Test the idea against your criteria for a solution.

Finding ideas comes from observation in which one notices interesting facts.

Trying to formulate ideas without any exposure to the situation is very difficult.

Most good ideas have an element of effective surprise which is a quality of obviousness producing a shock of recognition after which there is no longer astonishment.

Consider the role of creativity in your ideation program.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
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Direct download: Startup_Funding_Espresso_--_Creativity_is_a_process.mp3
Category:general -- posted at: 5:00am CDT

Testing Your Ideas

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

After generating ideas for your startup, you’ll need to test those ideas.

Consider these points in your evaluation:

Research the market on the product you intend to build and sell.

Is it big enough and growing fast enough for a venture deal?

Who is the competition and how are they positioned in the market?

How saturated is the market and where are the open spaces?

How differentiated will your product be and will that be enough to win customers?

What do the comments on social media platforms indicate about the market’s view of current products?

How scalable is the proposed product?

Will the product and its business model generate high growth?

What is the break-even point for the proposed product?

How much funding will need to be raised to achieve the product launch?

Finally, what is the channel to the market?

Test your startup ideas with these questions before committing to it.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
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Direct download: Startup_Funding_Espresso_--_Testing_your_ideas.mp3
Category:general -- posted at: 5:00am CDT

Basics of Product Development

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Product development should follow a standard process.

It starts with a strategy.

That strategy should align with the goals of the company and mesh with its current product roadmap. 

The specific product should further the company’s business objectives such as increasing revenue, reducing costs, or holding off a competitor.

The product development process should take into account the financial objectives such as meeting a quota line or increasing margins.

There should be a scope that defines where innovation should occur and where it should not.

Product development should have established processes for developing new products as well as upgrading existing ones.

It should draw from research both within the company and from sources outside the company.

Product development should maintain a view of the company’s portfolio and how new products will fit in.

There needs to be a process to tradeoff between risk and reward on new products.

Finally, the company needs capabilities to deliver on product development including leadership such as project management and technical skills for product development.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
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Direct download: Startup_Funding_Espresso_--_Basics_of_Product_Development.mp3
Category:general -- posted at: 5:00am CDT

Where to Start Your Product Development

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

It’s important to have a product development process for your startup.

Here’s a list of what startups should do to get started:

Focus on the customer's pain.  Find that which is critically important and not just nice to have. 

Do it better than the competition.  Don’t be just slightly better, be way better.

Use the SCAMPER model to ideate new product concepts as follows:

Substitution -- use a different material, ingredient, or interface.

Combine -- put multiple components together.

Adapt -- make it easier for the user.

Modify -- add one new feature to an existing product.

Put to another use -- take an existing solution and apply to a new application.

Eliminate -- remove unnecessary features or intermediaries.

Reverse -- approach the problem from the other direction.

It’s important to know your customers and then spend time with them to validate the proposed solution.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
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Direct download: Startup_Funding_Espresso_--_Where_to_start_your_product_development.mp3
Category:general -- posted at: 5:00am CDT

Product Development Using Stage-Gate

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Startups can use the Stage-Gate method to build out their product development process.

Here are the steps:

Idea generation -- use brainstorming, market research, and other tools to come up with ideas.

Idea screening -- create a set of criteria to judge the ideas and determine what to pursue.

Development and testing -- flesh out the concept for an idea and test the market with it.

Business analytics -- this step determines the business model, competition, costs to build and deploy, pricing, and other aspects of the product.

Marketability tests -- test the product in small groups for feedback and use for further development.

Product development -- build the product including the promotion and fulfillment.

Commercialization -- sell the product with support, logistics, marketing, and more.

Perfect the product and pricing -- adjust the price for the market and costs to build and deliver.

The Stage-Gate process works well for products that follow a linear development path.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
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Direct download: Startup_Funding_Espresso_--_Product_development_using_stage_gate.mp3
Category:general -- posted at: 5:00am CDT

Thank you for joining us today for our TEN Capital Fundraise Launch Program.

In this program, we help startups prepare for a fundraise. 

We provide templates, tools, eGuides, and advice to founders who are working towards raising funding.

We’ll kick off the session with a short overview on a fundraising topic, then we’ll answer questions from the founders.

I hope you enjoy this episode.

_______________________________________________________

Thank you for joining us for the TEN Capital Fundraise Launch Program where we help startups prepare for a fundraise. 

For more episodes, please visit the site at: http://investorconnect.org  

Check out our other podcasts here: https://investorconnect.org/  

For Investors check out: https://tencapital.group/investor-landing/ 

For Startups check out: https://tencapital.group/company-landing/  

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Finding Your Value Proposition

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

In ideating for a startup you must first start with a customer problem. 

Once you find a solution for that problem, you then identify your value proposition.

A value proposition is how you solve a problem and the benefit it brings to your customer.

Here are the steps to find your value proposition:

Start with a customer problem. 

Articulate the benefits of your proposed solution.

Choose a specific problem case.

Show how your solution solves that problem.

Show what the customer should expect from your company.

This makes your solution relevant to the customer's problem.

Quantify if possible how your solution provides value to the customer.

This could be a calculated ROI such as your product reduces your cost by 2x.

Show how your business is uniquely positioned to solve the problem.

Phrase your value proposition in five words or less.

It should show how your customer benefits from your product or service.

Great ideas for a startup generate strong value propositions to the customer. 

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
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Direct download: Finding_your_value_proposition.mp3
Category:general -- posted at: 5:00am CDT

The Vision Problem

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

In turning your startup idea into a product you’ll need to avoid the vision problem.

The vision problem is having a product or service in mind and then trying to build and launch it as your initial product.

Big vision products take years to develop in most cases.

It’s not practical to build your fully envisioned product in one go.

You’ll need to break it down into steps and stages.

The first product you build to enter the market will be a greatly reduced version of your vision.

This can be hard for some founders because they want the envisioned product now.

This often leads to founders trying to raise outsized amounts of funding.

In essence, they want to pole vault over years of development by raising capital.

Even if they could raise that funding, it’s most likely that they will end up building the wrong thing.

Take the envisioned product and break it down into smaller steps.

Make your first product small and simple so you can enter the market.

Then grow the product from there to the full vision.

Create a roadmap of products showing how you grow from one product to the next in a logical fashion.

Avoid the vision problem and work on a product development path that uses customer revenue to help achieve the vision.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
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Direct download: The_vision_problem.mp3
Category:general -- posted at: 5:00am CDT

Legal Aspects of Ideation

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

There are financial and legal aspects to startup ideation.

Here are some key points to consider:

Test your idea with a minimum viable product before investing substantial resources.

All ideas look good until you have to actually build and sell it.

As always there should be more than one MVP on ideas that pass muster.

Check the numbers.

Do a basic financial analysis to see if the numbers make sense.

Model out the cost to build and sell the product.

Make sure all contributors to the ideation process have signed intellectual property rights over to the company.

This is often part of the employment agreement but should also be applied to contractors and other contributors.

Skip the non-disclosure agreements also called NDAs.

You want to generate more exposure to customers. 

A few precautions at this stage can save a tremendous amount of time and energy later.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
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Direct download: Startup_Funding_Espresso_--_Legal_aspects_of_ideation.mp3
Category:general -- posted at: 5:00am CDT

Use Design Process for Ideation

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

In ideation for a startup, it’s important to follow a process.

Consider these process steps for your ideation program:

Empathize -- understand your customers' problems very well including what works for them and what does not.  

This takes the research to a deeper level and includes the wishes and fears that customers have.

Define -- analyze the problems and categorize them into meaningful structures.

Consider the user’s journey and capture what the customer must do to accomplish their task.

Ideate -- generate potential solutions for the customer’s problems.

Capture all ideas in writing to share with the team.

Prototype -- develop a prototype for each viable solution.

It’s important to build something that potential users can engage with.

Test -- test the prototype on customers.

Engage customers to check their feedback on the prototype.

The process is iterative as the feedback from the customer will refine the definition of the problem which will require more ideation, prototypes, and testing.

Ideation builds on previous prototypes carrying the lessons learned to subsequent versions.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
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Direct download: Use_design_process_for_ideation.mp3
Category:general -- posted at: 5:00am CDT

More Mental Models for Ideation

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

There are several more approaches to ideation for a startup.

Consider these mental models for your ideation process:

Move online -- take offline interactions and move on to the web.

Roll-ups -- acquire other companies into your company or into a new one.

Provide enabling technology -- provide technology to an industry segment to reduce cost or increase productivity.

Commercialize patents -- take technology sitting on the shelf such as at a university and commercialize it.

Spin off technology -- take a successful internal technology and set it up as a stand-alone company.

Extend technology in the market -- apply high-end technology to low-end applications to reach more users.

Picks, shovels, and Levis -- provide the tools to other companies serving a customer.

Monetizing a network -- build a business that takes advantage of channel access.

Consider these additional mental models for ideation in your startup.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/  

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Direct download: More_mental_models_for_ideation.mp3
Category:general -- posted at: 5:00am CDT

Thank you for joining us today for our TEN Capital Fundraise Launch Program.

In this program, we help startups prepare for a fundraise. 

We provide templates, tools, eGuides, and advice to founders who are working towards raising funding.

We’ll kick off the session with a short overview on a fundraising topic, then we’ll answer questions from the founders.

I hope you enjoy this episode.

_________________________________________________

Thank you for joining us for the TEN Capital Fundraise Launch Program where we help startups prepare for a fundraise. 

For more episodes, please visit the site at: http://investorconnect.org  

Check out our other podcasts here: https://investorconnect.org/  

For Investors check out: https://tencapital.group/investor-landing/ 

For Startups check out: https://tencapital.group/company-landing/  

For eGuides check out: https://tencapital.group/education/  

For upcoming Events, check out https://tencapital.group/events/  

For Feedback, please contact info@tencapital.group 

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Direct download: 2022-03-08_TENFL__The_Art_of_Pitching_QA.mp3
Category:general -- posted at: 5:00am CDT

Ideation Steps

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Ideation requires a process.

There are specific steps required to reach a successful outcome.

Here are the steps to follow for your ideation program:

Define the problem.

Write out a problem statement to define clearly the problem to be solved.

Set the criteria.

This defines what criteria the idea must meet to be considered.

Generate ideas.

There are several methods to generate ideas including mind mapping and inversion.

Mind mapping starts with a core focus and then draws out related concepts.

Inversion is the process of reversing the problem and creating a list of ideas to solve it.

Idea selection.

Apply your criteria to the generated ideas and eliminate those that don’t fit.

Test the ideas.

Take the ideas that meet the criteria and test them out.

Ideation is a process just like every other business function.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/  

For Feedback please contact info@tencapital.group   

Please follow, share, and leave a review.

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Direct download: Ideation_steps.mp3
Category:general -- posted at: 5:00am CDT

Lateral Thinking

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Lateral thinking is solving problems using an indirect and creative approach via reasoning that is not immediately obvious according to Wikipedia.

In your startup ideation process consider using lateral thinking.

Here are some steps to implement it:

Come up with a random word and apply it to the problem you are solving. 

This stimulates new lines of thinking.

Ask why five times.

Asking why five times takes you past the symptoms and to the root of the problem.

Examine your current thought patterns to alter your thinking to identify potential new approaches.

Consider alternatives to the current solutions and also to your proposed solution.

Invert the problem and solve it.

To do this solve the opposite of what you are trying to achieve which generates new ways of viewing the problem.

Break the problem down into smaller problems and solve each one.

Use a transitional object to inspire new ideas. 

For example, if you have a management problem look to a figure such as Abraham Lincoln for inspiration.

Ask what you should not do in order to narrow the problem solution set.

Use the subtraction technique in which you ask what would happen if we stopped doing X.

This generates new ways of framing the problem.

Consider these techniques for fostering lateral thinking in your ideation process.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/  

For Feedback please contact info@tencapital.group   

Please follow, share, and leave a review.

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Direct download: Lateral_thinking.mp3
Category:general -- posted at: 5:00am CDT

Lead Users in Ideation

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Lead users are the early pioneers looking to solve a problem.

They face problems that need to be solved in advance of the general market providing a solution.

Lead users start well ahead of the mainstream market so they create their own solutions.

They can be a great source of inspiration for startups seeking new business opportunities.

To use lead users for your ideation process, consider the following:

Identify the problems to be solved.

Look for the leading edges of a new market.

This is often not in the mainstream market but rather a niche market.

Identify lead users in the niche market that are already working on a solution.

They are often found in research labs, academic institutions, and other startups.

Create a set of interview questions.

Interview the lead users to capture their proposed solutions.

Collect the resulting interviews and analyze the various approaches and strategies they used.

Share the results in a report with others on the team.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/  

For Feedback please contact info@tencapital.group   

Please follow, share, and leave a review.

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Direct download: Lead_users_in_ideation.mp3
Category:general -- posted at: 5:00am CDT

Brainstorming in Ideation

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Brainstorming can be an effective tool in the ideation phase of a startup.

It works best when focused on the right elements.

The startup exists to solve a customer problem.

Here are some steps to consider for your brainstorming in the ideation phase:

Start with a list of customer pain points.

Make a list of disruptive technologies that have recently come on the market.

Apply each disruptive technology to each pain point to find a solution.

Analyze and score each match on market size, competition, how well the solution fits, capital requirements, and barriers to entry.

Take the best matches and apply recent business model innovations to each matched pair.

Analyze and score each one on how well it solves the problem and monetizes.

Finally, take the top problem, technology, and business model matches and research the market by talking with customers and current providers in the space. 

It’s best to start with a pain point that is strong enough to motivate someone to pay for it. 

Nice to have solutions rarely go very far so focus on real problems.

Avoid starting with disruptive technologies or new business models as this leaves out the most important element: a paying customer.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/  

For Feedback please contact info@tencapital.group   

Please follow, share, and leave a review.

Music courtesy of Bensound.

Direct download: Brainstorming_in_ideation.mp3
Category:general -- posted at: 5:00am CDT

Key Mental Models for Ideation

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

There are several approaches to ideation for a startup.

Consider these mental models for your ideation:

Solving a customer problem -- focus on reducing the cost or increasing the convenience of the solution.

Transfer a solution -- this takes a solution from one industry and applies it to another.

Disruption -- provide a better solution to an existing market where the competition is antiquated.

Replicate success -- take a successful business and apply the business model to another industry or application.

Bundling -- create a new product by bundling two or more functions together.

Unbundling -- take a current business apart by creating a solution for a subset of its offering.

Remove the intermediaries -- create a solution that removes the middleman.

Predict the future -- extrapolate current trends to identify how the future will look and build a solution for that.

Backcasting -- develop a non-consensual view of the world and develop solutions for that world.

Consider these mental models in ideating for your next startup.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/  

For Feedback please contact info@tencapital.group   

Please follow, share, and leave a review.

Music courtesy of Bensound.

Direct download: Key_mental_models_for_ideation.mp3
Category:general -- posted at: 5:00am CDT

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