Startups We acquired 150,000+ new users for our chrome extension by spending ~$2000 on Tiktok influencers, 5 lessons for you |
- We acquired 150,000+ new users for our chrome extension by spending ~$2000 on Tiktok influencers, 5 lessons for you
- Finance professional trying to break into startups from F500
- Are there any technical startups who keep their documentation in PPTs?
- Trying to figure out equity and salary position for a possible merger and acquisition offer for my company or just me
- Stories of people who made a ton of money as an early startup employee
- Findings about building a SaaS (bootstrap, 230k users, x2.5 YoY) part.2
- Business model Pivot or Not? Change from App to Web?
- Founders bad habits
- Finding distributors
- Employee stock implications with legal entity change
- Masters in Business Creation
- What are potential issues if an interested VC has invested in a competitor before?
- How can I help a late co-founder feel like it is their business too?
- what decision-making processes do you use to choose between offers?
- What is the distinction between starting a competitor vs. copying a business?
- Funding of R&D phase of a startup
- I do not have any experience in engineering nor biology, but would like to start a startup in that field
- Measuring organic growth in the presence of paid marketing
- How to name this position
| Posted: 28 Oct 2021 11:22 PM PDT Our founders acquired 150,000+ new users for our chrome extension (https://tactiq.io) by spending ~$2000 on Tiktok influencers, so here are 5 lessons for r/startups:DETAILS
#5 Lessons for Tiktok growth marketing your app:
2 of our high performing posts: Student, UX designer Obviously there is more to this, how to brief creators, payments etc. So feel free to AMA :) [link] [comments]  |
| Finance professional trying to break into startups from F500 Posted: 28 Oct 2021 02:24 PM PDT First off, let me be clear I'm not selling any services here. Looking for advice. This is more of a career post, with how I can convert my corporate experience into startup experience. Background: I have a day job as a F500 finance manager. My company is stingy with titles, and the reality is it's a director level position at many other F500 companies and certainly equivalent to a director level position at smaller companies. But I'm not here to flaunt my resume. The point is, I have substantial experience directly supporting executives in strategic decision-making, building detailed financial models and implementing cost management systems. In this F500 company, I've frequently been placed in fast-growing or turnaround business that had financial support needs very dissimilar to some of the more established businesses. I also recently finished my MBA from a T20 school and have an accounting undergrad. I feel confident I can be a valuable partner to many startups and ultimately want to transition from being a cog in a giant corporate machine to being a key strategic partner on a startup's management team. I recently went through the interview process for a Head of Finance role and then the Head of Supply Chain role at a series B funded startup. While I didnt get the job, the feedback was immensely positive and the reason they wanted me to interview for the Head of Supply Chain after finance didnt work out is that they saw the strategic leadership and wanted me on the team. But then, in both cases, it came down to them having another candidate with tangible startup experience and they just felt more comfortable betting on them given that they had been through the capital cycles before. I get it. They did say they believe I would have been an excellent Head of Finance at their company had we found each other a bit earlier and that they felt I was a strong candidate for that position generally. But I know that they wont be the only ones who end up seeing my F500 background and having doubts about my ability in the startup arena. So that's what I'm here for. I'm in a bit of the classic experience catch-22. Gotta have startup experience for a startup to hire you (in a financial leadership position). I'm at a good company and paid well, so while I'm 100% willing to jump ship for a Head/VP/Director of finance at a startup, even if the pay isnt quite the same, it doesnt make sense to try to jump into an analyst position, financially or in terms of giving up my momentum here. While I'm continuing to apply, I also want to seek out opportunities to cut my teeth and establish tangible experience in the startup arena. My thought is to offer pro bono financial consulting support to startups with seed funding. Whether it is help with pro forma financial modeling, pitch decks, building initial cost management procedures, market analysis, investor relations, business strategy, etc. Basically I want to come on and be a business advisor. My reward is tangible projects I can talk to and demonstrate that my F500 experience translates, and I'd continue learning and filling in the gaps that I do have with real experience. My question is, what is the best way to get in front of startups that might need my help and be willing to partner? I am not based in CA or NYC, so not physically able to just hang out at the incubators or run into folks in the normal course of networking. Are there organizations that I should reach out to that could share my info to the relevant audience? Also, in terms of setting upfront criteria on who I would work with (because I have limited bandwidth): is setting the bar at seed funding fair? My thought is that if I dont have a bar, then everybody with a half-baked idea will hit me up and that's a waste of time. But folks with seed funding are serious and getting things under way, but likely dont have the cash to hire a finance team member as they are prioritizing product/market fit and generating sales. That's where I could add a lot of value in helping establish key metrics, a strategic roadmap, pro forma financials, etc. All of which would help them approach Series A funding. Thoughts? Trying to be creative here and hustle a bit. I can keep applying for these positions and likely someone will eventually take a chance on me, but at the same time I know I have a weakness in my candidacy and want to do what I can (short of blindly giving up a good career) to address it. I appreciate any insight you guys have. [link] [comments]  |
| Are there any technical startups who keep their documentation in PPTs? Posted: 28 Oct 2021 09:20 AM PDT The startup that I am working for (as a co-founder) along with two other co-founders have asked me to only maintain documentation of the product in PPTs (Google Slides). I have set up Jira for interns (and myself) to create documentation as well, but they keep moving back to PPTs. This one time I presented the products documentation in Google Docs (since they want to use Google), yet they asked me to present it in a PPT form. The other two co-founders have little-to-zero knowledge and experience about maintaining and managing a project (let alone technical knowledge), yet they keep insisting on following their ways. At this point, I am very fed up with their way of managing. The only reason I am sticking with them is that they are from a better institute than me and they were able to raise some capital for the startup. [link] [comments]  |
| Posted: 28 Oct 2021 09:37 AM PDT Hi all, I am trying to figure out what questions to ask and what equity position makes sense for me at a company I have been approached from. The company in question has VC backing the founders (2 CEO,COO) has raised ~$2M, and have a product that is being used in over 50 countries. It's a SAAS offering - but it's a single product hardware/software combo. I have my own startup that is on the last month of the runway. I had recently approached them to talk about getting us connected for an idea that we have been working on internally. I guess it resonated with them and they want to bring me on as a CTO lead their product development including the idea I had chatted them about. And my recollection is of the conversation is maybe merge with what we are doing. I also know the ex CTO's at this company. One was let go due to a disagreement not sure what happened with the other one - I do plan on talking to her. I currently work another job and makeover 110K with perks included. I was told to think of an equity number and dollar amount for a meeting next week. I was wondering
If I get let go from my current job I get paid severance - is it too much to ask them for this seeing the risk involved? Thank you [link] [comments]  |
| Stories of people who made a ton of money as an early startup employee Posted: 27 Oct 2021 07:41 PM PDT Of course there's the well-known stories of founders making a ton of money from their company. But I'm curious if there's any stories from people who joined a startup early and made a lot of money with < 1% equity? The founders of the startup I work for gloat that we're all going to make a lot of money, so looking for any proof that that actually happens. I've always had the mentality that you have to be a founder to make a lot of money. [link] [comments]  |
| Findings about building a SaaS (bootstrap, 230k users, x2.5 YoY) part.2 Posted: 28 Oct 2021 12:50 AM PDT Hello, everyone. Me again, sharing what we've learned from developing the product: Saas, bootstrap, no VC, 4 years, 230k users, x2.5 YoY, team 5→21, Productivity & Design tool (B2B + B2C2B). You can find the beginning in Part 1. 5/ Talk to users every day You hear it in all the startup sources, but not everyone interprets it correctly. "Communicating with users" is often thought of as complicated UX Research, where you have to find users, make appointments, interview, transcribe the conversation. Not always. There is a much simpler way.
People come to your therapy room on their own! Don't try to get rid of this opportunity. Founders working in support get the most valuable data there is: user behavior. 6/ Don't be afraid to ask people to test your product We have the imposed patterns of successful companies in our heads: automated sales, conversion funnels, segmented traffic, dynamic landing pages, etc. Startups spend a lot of time and resources to create something like this but inevitably fail (it's impossible in the early stages). Resources spent → no crowd of users → time to close the startup. Here's the secret: to get the first 100 users, all you have to do is ask them for it.
7/ Start social & communications asap, even before launch. The regular situation: "we've been writing code for 10 months, and now it's release day, 0 users, 0 site visitors, f*ck". Create a landing page, let users join the waitlist starting the first day, start communicating with the audience, talk about the future product, create content, look for the right audience, create accounts on the right social networks, meet market experts, build lists for beta testing, start doing SEO (it's a long story). This will help a lot at launch time.
8/ Support is very very very important. The fast one is a game-changer I have already touched on this issue above. The prompt and friendly user support is a delight. And it's also a completely unobvious promotional factor: wow effect, love, a wave of public reviews, mentions in social networks. People will appreciate your caring (and quick response).
9/ Do in-house-only product marketing No one, ever, under any circumstances will do the marketing work for you at the level you want. Marketing is not a thing you can buy and put on the shelf. Marketing is an experience that has to be accumulated within the team. Grow the knowledge, find ways to improve, invent, test and reinvent. Changing another freelancer/agency always means only one thing - you're back at 0. No money for a marketer? Well, congratulations, you're a bootstrap founder, which means you have to do it yourself.
10/ Develop an A/B testing system from the beginning ("flag-function") The ability to experiment with functionality within Saas is a critical factor in the logical development of the product. The parallel distribution of people into cohorts allows a balanced view of the value of the functionality being tested (frequency of use, usefulness, necessity, effectiveness).
——— Be patient, be brave and don't give up. [link] [comments]  |
| Business model Pivot or Not? Change from App to Web? Posted: 28 Oct 2021 09:29 AM PDT Sorry for the long post but any help would be great. I have an app that currently has a subscription model. The conversion rates are pretty good and average for everything until the payment comes in. The app is simply a place for people to create an "in case of the death" folder for their loved ones. This includes personalized messages, legal documents, insurance, bank account information, etc. Not sure if it matters but the app is on both app stores but 98% of downloads are android (because of easier and cheaper marketing). The flow is simple: (1) Download and Open app (2) Login with Phone number (3) Create Folder ( just information) (4) Pay I have a great conversion rate up until pay, where it drops 95+% and then after trial or promo (testing both), I have near 0 retention. The biggest feedback I am receiving is "Feel like it should be free" or "I would do a one-time payment but not forever". This is where I am thinking about changing the business model. The second biggest feedback is "You aren't presenting the app great" or "I need to be sold once I log in, but you just have a button to create a folder". I am doing a bit of redesign to make it nicer and more walkthroughable, and also adding in a marketing-type flair for first login users. All data is stored in the cloud, so I have monthly costs, and I'm bootstrapped so I can't afford a free product for 1,000s of people. First question is should I be so quick to change my business model? Should I apply other comments I have received first but keep the same model? At what point do I know to change the business model? Second, this is an app, so marketing, privacy, and maintenance are harder - should I push a web version and market that (I understand it to be much cheaper?)? I started the web version, but then got caught up in the app so I never completed it 100%. If I do should I focus just on web? or on both? Third, What should I change the business model to? I know there is a be thing of freemium in apps and SaaS in general. Should I do freemium? Ads? Combo? Where do you think is a good line for a freemium model? (Initial thoughts are. (1) no video, pics, or docs unless premium so only typed is free OR (2) cloud storage, but then I need to build out a system for people to keep encrypted files on their device until person death and then key shared from our server, OR (3) make categories like "dying message", legal docs, insurance, etc 8-10 of them, and keep all but 1 or 2 of them locked) Also ads would be targeted, like if they never add a will targeted ad for an estate attorney, no insurance added then targeted ad to life insurance, etc. and then get paid affliate marketing wise. I can do a combo of most models? What are your guys thoughts and advice? Any thoughts and comments are really appreciated. I am kind of freaking out so this would be great. I'll edit in any information if I see anyone ask anything. Thanks in advance. P.S: Trying to include all the information I can, without self promotion, so not using any buzzwords or anything -only what is necessary. [link] [comments]  |
| Posted: 27 Oct 2021 10:25 PM PDT What I observed from a couple of cofounders who I talked to recently. Repetitive points of selling Unfair comparison with competitors ( features wise ). Unhealthy image of their product as superior although it might not seem this to a neutral 3rd person. Attachment to the product ( mostly if self developed) Capacity to listen to others- minimized Capacity to listen to market - reduced due to self made product requirements Moving in different directions instead of focusing on the core product. ( either due to desperation or time availability or ideas by advisors who might not understand the core product). Keep on building things which are not needed at this stage. Less focus on robustness , stability of the product. Thinking good paths only and procrastination of handling of wrong paths. This is not any of the founders I met on reddit just to be clear. 😆 [link] [comments]  |
| Posted: 28 Oct 2021 07:18 AM PDT Hi guys, I am in the making of a board game and I am very close to getting towards the launch. I have decided I want to publish the game myself rather than go through an established publisher and create my own publishing company. I have sourced a manufacturer and I am paying a artists to create all the necessary artwork to complete the product. My next step is to look into marketing and finding companies that would distribute the game to retailers. Does anyone have any tips on this side of business, what is the best way to find and contact distributors around the world. And are there any tips, tricks or things that I wouldn't think to ask that I should be aware of in order to help me source distributors to buy and sell my games? [link] [comments]  |
| Employee stock implications with legal entity change Posted: 27 Oct 2021 10:01 AM PDT The startup I work for (500+ employees) is doing some organizational changes as part of which the legal entity that employs me will change. They are telling me to resign from the previous legal entity and sign an offer with the new legal entity. I have worked here for 2 years and have vested ESOPS (not exercised) issued by previous entity, and my biggest fear is if anything can happen to them. The HR assures me in chat that nothing will change, but the new offer letter has no mention of stocks. Speaking to them doesn't help much since they deflect direct questions and repeat standard statements over and over. I have heard hearsay about companies pulling shady tactics when it comes to employee stocks but don't understand these things well. Could anyone with experience in this area chime in on this situation? Does this look shady to you? What would you do in this situation? If there is any verbal clarification given over chat or email, will that hold weight later? How much can I rely on it? It will be a long time before I get to exercise my options at which point I don't know what the situation will be or who will be around. Is there anything I need to be doing now to safeguard my interests? [link] [comments]  |
| Posted: 27 Oct 2021 11:09 AM PDT Hey everyone! The University I got my undergrad from offers a Masters in Business Creation. Its one of few Universities in the US that offers the program and the program seems to have a lot of accreditation (highly ranked, whatever that means considering there's only a handful of this type of program). Anyway, in order to get in you have to have a start-up that is in the begging to middle stage, which I have. The program essentially walks you through how to create a startup, get funding, and build your company. If I were to get in and complete the program, do you guys think that this could be a valuable masters outside of running my own startup? Specifically, if I sell my startup, would other startups be interested in hiring someone with this education? The program is fully scholarshipped if you are accepted and lasts 9 months. Let me know! [link] [comments]  |
| What are potential issues if an interested VC has invested in a competitor before? Posted: 27 Oct 2021 08:45 AM PDT Do you see this as a hard constraint? What are problems that may arise from this if the investor would be fine with investing in several companies per sector. This is intentionally a very open question, would like to hear from all perspectives. Thanks. [link] [comments]  |
| How can I help a late co-founder feel like it is their business too? Posted: 27 Oct 2021 02:09 PM PDT I'm in the late stages of adding a technical co-founder who I think would be a great fit for the business. The biggest hesitation he has is not feeling like he helped build the business. The product is super early. Consumer social with about 4k users, not near the full potential yet. There's a still a lot to build and grow and the product's code could be different by next year if he joins. Any suggestions on how I can help him feel like this is his business too? [link] [comments]  |
| what decision-making processes do you use to choose between offers? Posted: 27 Oct 2021 11:54 AM PDT I'm totally new to the start up space and am deciding between two offers. As such, I'm curious about the decision-making processes that people use to choose between offers in the hopes that I can apply them to myself as a total newbie to startups. For Context: Both startups have similar values and missions and both offers are competitive. One is a less ideal role with a late-stage B2B unicorn, and one is the perfect role with an early-stage (Series A) B2C startup. Thank you in advance! [link] [comments]  |
| What is the distinction between starting a competitor vs. copying a business? Posted: 27 Oct 2021 09:03 AM PDT I have been working on an idea for the past couple of weeks and am still in the very early stages, but I am being sort of blocked mentally by this question. The space I am working in has several competitors already established and it seems that my idea isn't quite as unique as I had originally hoped. However, I have a unique strategy that I believe separates my idea from what the competitors are doing and my research is telling me that the market wants my strategy, but outside of that unique strategy much of what I have come up with is very similar to what some of the larger companies are doing. With that being said, I still think that this idea can work. The largest competitor that most closely resembles what I intend to build is actually a pretty shitty company with many user complaints, controversies, and a somewhat dated product. This leads me to believe that if I can build a better product than what they offer and my unique strategy is validated by the market then this is a good idea that is worth pursuing. My hesitation lies in the fact that they are already a pretty big company with a decent market share and this sort of feels like a 'Company X but better" situation. I am trying to check my personal bias here and figure out if this is worth going after. If anyone has any personal experience, anecdotes, or resources I can learn from that relates to this issue, I would be grateful to hear it! [link] [comments]  |
| Funding of R&D phase of a startup Posted: 27 Oct 2021 05:21 AM PDT Hi everyone looking for some wisdom. Got a potential educational software product for Geological and Mining engineers. One university program in Ontario has expressed interest in this product to educate Geology executives on how to optimize the cost of the mill and its mines. Is there a program to support startups in the development stage of the process before the initial product is released? The project requires more time and effort than I have with my current full-time job. The business model of the product might change depending on the feedback of these execs using the application. Thanks [link] [comments]  |
| Posted: 27 Oct 2021 03:36 AM PDT I'm interested in starting an insect farming start up. I am a firm believer that insects will be the next food trend, as well as a solution to the existing food production problem. However, I do not have any experience in engineering, biology, agriculture or the food industry. I'm a marketing major that freshly finished Uni. At the same time, I'm terrified and excited. Currently, I am reading anything about edible insects, competitors, the industry, the expected growth, and checking out how other companies are doing. Heck, I started to reach out even to the competitors as a customer to see if they would provide me more info than it shows on their website. Also, I already do have dead insects in my fridge that are waiting to be prepared from a competitor. I'm not confident enough in my own skills nor experience. However, I do have a passion to build something mine, novel to my country, and provide to the world a different solution to existing problems. In the past few days, I am only reading about it and taking all the knowledge. I do not want to enter the market too late and compete in the saturated market. Even though, even now big corporations do exist. Should I try? [link] [comments]  |
| Measuring organic growth in the presence of paid marketing Posted: 27 Oct 2021 10:38 AM PDT How do you measure your organic growth rate during a period when you are also running some paid marketing? We are tracking the users who come from the paid marketing so we are able to exclude them from our calculations... but the problem is that the users acquired this way then also bring in new users for us via word of mouth and we can't see a good way of excluding these additional users that the paid marketing caused [link] [comments]  |
| Posted: 27 Oct 2021 04:01 AM PDT How to name a position who can quickly setup test in order to validate a business idea?
[link] [comments]  |
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