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YC SUS: Kat Mañalac and Eric Migicovsky discuss Week 2 SUS Lectures
42 segments available
Questions from SUS 2020 answered live by Kat & Eric (https://www.startupschool.org/posts/31881)
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Introduction to SUS Week 2
Eric and Kat introduce the second week of Startup School lectures, focusing on how to talk to users and the importance of launching repeatedly. They invite questions from various platforms, setting the stage for an interactive session.
"what will i okay good morning everyone and good evening and it could be anywhere actually I'd like somewhere my name is Eric I'm the facilitator of course facilitator here at startup school pleasure t..."
Balancing Launches and Success
Kat addresses a question about balancing the number of launches with the chances of success. She emphasizes the importance of not overthinking each launch and suggests spending limited time on messaging while encouraging frequent launches to maximize exposure.
"but we will also take some questions from the YouTube comments from Twitter smoke signals basically anywhere that you can find us we will attempt to answer some questions so let's jump into it first q..."
Effective Call to Action Length
Kat discusses the optimal length for landing page calls to action, advising that they should be concise and straightforward. She highlights the importance of getting feedback on messaging and suggests using forums for constructive criticism.
"channels granted you know launching a kind of pre-order Kickstarter campaign or pitching press does take a little longer and I'm sure Eric has some so I'm Kickstarter and pre-orders but but don't spen..."
User Interviews and Feedback
Eric shares insights on conducting user interviews, recommending to separate interviews between current users and potential users. He advises against mixing feedback requests with incentives, emphasizing the need for genuine insights into user problems.
"because oftentimes like we we will obsess over the perfect copy when in reality like they still don't know what we're talking yeah you try to get it as much feedback as you can as possible yeah school..."
Engaging Influencers for Launch
Kat and Eric discuss strategies for engaging influencers and bloggers to promote a product launch. They stress the importance of research, persistence, and targeting the right audience to increase the chances of getting coverage.
"Eric was saying if it's not a real problem that you're solving or if your product isn't 10x better than what they were using it might be difficult to convince people - yeah like that's a good data poi..."
Launching in a Specific Area
Eric provides advice for launching a service in a specific metro area, using examples of grassroots marketing strategies. He suggests leveraging personal networks and local engagement tactics to build initial traction.
"follow up with a follow up email there was a company that I mentioned in the talk called joy they were trying to get featured by their a wedding website builder and they were trying to get featured by..."
Simplifying Complex Ideas
Kat emphasizes the need for clarity when presenting complex products, particularly in the biotech sector. She highlights the importance of simplifying messaging to ensure it resonates with a broader audience.
"so I took down the numbers just like wherever there's a higher concentration of people yeah that's right that's a cool idea but like a little did you rip off a little tag or was it like I didn't I jus..."
Timing Your Launch
Kat advises on the best timing for launching biotech products, suggesting that founders should align their launches with significant events like conferences or paper publications to capture media attention and interest.
"sciences and what I do is I you know look at what reporters have covered companies like mine or like the company I'm going to pitch before is what I'm building in the wheelhouse of things that they're..."
Effective Media Outreach
The segment focuses on effective media outreach strategies for biotech startups. Kat explains how to identify and prioritize reporters who cover relevant topics, emphasizing the importance of personalized pitches and exclusives to capture their interest.
"so oftentimes scientists are gonna conferences they're publishing papers they're publishing posters which are a thing so if you're if you're doing that try to I consider reaching out to reporters or b..."
Testing MVP Features
Eric discusses the importance of testing minimum viable product (MVP) features with real users. He advises against discussing hypothetical features and instead encourages focusing on solving actual problems users face to validate product-market fit.
"are Robin and Rover an online platform for people to trade their purchasing data directly with companies okay I think I know what you do but I'm guessing there's something a little bit missing like pu..."
Launching Without Perfection
Kat emphasizes the need for startups to launch quickly rather than waiting for a perfect product. She encourages founders to share their projects with friends and iterate based on user feedback, highlighting the importance of early traction.
"to evolve our current MVP to do so I've gathered some insights from users on what they would like to do I want to I want to test them with others but should I ask hypothetical future features how woul..."
Balancing Full-Time Work and Startups
Kat and Eric discuss the challenges of being a solo founder while working full-time. They highlight the importance of validating your startup idea and ensuring that you are passionate about it before fully committing to the venture.
"full-time but I think after the MVP you know that was enough to convince most of them that they needed to go full time to really build it into a big company I agree I think like working a full-time jo..."
Experimenting with Pricing Strategies
The conversation shifts to pricing strategies for enterprise software. Kat shares insights on how to conduct pricing experiments without public pricing, emphasizing the flexibility of negotiating different prices for different clients.
"Kyle asks is once our white label payments SDK is integrated we only get paid when the enterprise partners end users of our service from end users of our service we pay X dollars per transaction and o..."
Pricing Strategies for Startups
Kat and Eric discuss the importance of pricing strategies for startups, emphasizing that founders should not hesitate to ask for higher prices if they believe in the value of their solution. They highlight that potential customers may push back on price but are still interested in the product, indicating a willingness to pay at the right price point.
"if not thousands of dollars so yeah it's a cat's point like don't be afraid to ask for more they'll push back if you know yeah like again you think really truly have this burning problem like they're ..."
Navigating Government Contracts
Eric discusses the complexities of selling to municipal governments, offering strategies for accelerating decision-making processes. He emphasizes the importance of understanding budgeting cycles and aligning your product with existing budget priorities.
"and there will be a price at which they'll pay the trade off okay zyre at boom loaf we're in love we help users to separate we help users to separate most of their inorganic trash by scanning the barc..."
Navigating Government Sales
Kat and Eric provide insights on selling to municipal governments, discussing the slow decision-making processes and the importance of understanding budgeting cycles. They suggest that startups should identify when budgeting begins and ensure that their solutions align with existing budgetary allocations to facilitate quicker sales.
"this happens a lot less often on the consumer side and more often on the b2b enterprise side where the buyer might be the founder or the manager and the user might be someone else so this is this is a..."
Identifying Viable Market Problems
The duo addresses the importance of validating market problems by examining past failures in similar ventures. They encourage entrepreneurs to investigate why certain ideas did not succeed and to learn from those experiences to avoid repeating mistakes.
"about this a little bit in my video one of the important questions that you need to resolve during user interviews is are they already paying for a solution to this problem or are all do they already ..."
Launching with Friends and Family
Kat and Eric discuss the significance of launching products to friends and family first. They reassure entrepreneurs that initial feedback from this group is valuable and that it's acceptable to relaunch with improvements based on user experiences, emphasizing the importance of iterative development.
"can consider doing are find out when the budgeting process starts understand if you actually if they actually have budget in there if they have line items in the budget to solve this I mean it's kind ..."
Understanding User Engagement
The conversation turns to the necessity of ensuring that early adopters find value in the product. Kat and Eric advise that if initial users do not engage positively, it is not the end of the world, as there are plenty of potential users who may find the product useful once it is refined.
"it's and it's something that everyone wants it is a problem so here's here's one of those tricks like it is a problem that everyone has has it's not necessarily a problem that people are willing to pa..."
Investor Insights for Relaunching
A participant shares their experience of pivoting a company and seeks advice on what investors look for in a relaunch. Kat emphasizes the importance of demonstrating learned insights from past experiences and how these can inform future success, highlighting the value of team expertise.
"network and then it being harder to get them back and for lunch later this is a legitimate worry no I don't think so because there are a lot of people in the world and so if you find that you know the..."
Targeting the Right Audience
Kat and Eric discuss the importance of targeting the right audience when launching a subscription-based service aimed at young adults. They suggest that understanding the motivations of both users and paying customers is crucial for effective marketing and product positioning.
"watch the same people yeah I've launched the same people over and over and they if anything like as it gets better they'll be like wow this is way better than last time the problem that I could see a ..."
Validating Content Creator Solutions
The discussion shifts to validating ideas with content creators. Kat advises focusing on those who have previously engaged with similar solutions to gather meaningful feedback and insights, stressing the need to differentiate from existing platforms like Patreon.
"that double sex toys that double the length of a woman's orgasm I have a question for Kat about relaunch narratives long story short I success also that's hilarious long story short I successfully lau..."
Exploring User Niches
Kat shares her approach to exploring different user niches, emphasizing the importance of identifying acute problems and potential users who are willing to pay for solutions. She suggests a systematic approach to user interviews to refine product offerings.
"that pivoting back and I think I'd want to understand like like what you and the rest of the team you know what convinced you that this was what do you learn what have you learned like what have you l..."
Testing Market Fit with Active Users
The conversation focuses on the importance of testing market fit with both active users and potential new users. Kat advises segmenting user interviews to gather insights from different groups, ensuring that feedback is relevant to the product's development.
"exciting but yes what is it but you've learned and what do you know that others don't yeah good luck he'll be a fun ride yeah I'm Rafi founder of Aventis media publisher of the bridge magazine it's a ..."
Identifying Beachhead Markets
Kat and Eric discuss strategies for identifying beachhead markets when dealing with a mix of paying customers across various sectors. They emphasize the need to analyze user demographics and pain points to determine the most promising market segments.
"adults aged 13 to 18 a little bit a little bit long in terms of what ladder but I get it this is a subscription-based service my users are the kids and customers the kids and the customers are the par..."
User Interviews for Market Fit
Kat and Eric discuss the importance of conducting user interviews to achieve product-market fit. They emphasize the need to segment interviews between active users and potential users who are discovering the product. This approach helps in understanding different user perspectives, especially when testing new features like parking bookings for events.
"public and private parking lot owners cool app that helps you find parking spots in Latin America I have a question related to user interviews we've launched our prototype six months ago and we have 1..."
Identifying Your Beachhead Market
The conversation shifts to strategies for identifying a beachhead market when you have paying customers across various sectors. Kat and Eric suggest analyzing existing users to find common demographics and focusing on those who are most likely to benefit from your product, rather than targeting large companies initially.
"market fit like that growth is indicating that there is a problem hopefully that's revenue yeah I think that's revenue growth if you're testing a feature I would recommend testing it with your cart us..."
Approaching Silicon Valley Tech Companies
Kat and Eric provide insights on how a no-name European company can approach Silicon Valley tech firms. They recommend leveraging platforms like Product Hunt and Hacker News to reach potential customers and emphasize the importance of differentiating your product from existing solutions in the market.
"that okay moving into moving into Twitter okay John Dougherty asks what's the fastest way to identify the beachhead when you have paying customers for a mix of industries or sectors kind of kind of ag..."
Using Established Products as References
The discussion focuses on the pros and cons of referencing existing products when pitching a new idea. Kat explains that using familiar comparisons can help clarify your concept, but caution is advised if the referenced product is in crisis or not widely recognized.
"sector well they have they have paying customers yeah yeah sorry I misunderstood yeah so if you already have those users yeah talk to them like within those users there's probably larger demo demograp..."
Creating an Effective MVP
Kat and Eric discuss the concept of a Minimum Viable Product (MVP) and its role in fundraising. They highlight that even a simple landing page can serve as an MVP if it effectively addresses a user problem, encouraging founders to focus on solving real issues rather than overcomplicating their initial offerings.
"than upward top tail and all these other ok Sandro Franco asks what is the downside of referencing a product or business that already exists for instance our company is I do an interactive tik-tok Ins..."
The Importance of Organic Growth
The conversation addresses the misconception that organic revenue is the only path to success. Kat emphasizes the need for founders to start small, focusing on creating a product that solves a specific problem for one user before scaling up, especially in hardware development.
"start I would definitely use that when wouldn't you want to reference the product so when it's oh I've seen a lot of people describe themselves as like we work for X yeah when it's like if there's a c..."
Re-engaging Users After a Delay
Kat and Eric explore strategies for re-engaging users after a product launch delay. They suggest personalized outreach from the CEO and using surveys to gather feedback, emphasizing the importance of direct communication to rebuild trust and interest in the product.
"says hi my name is Eric here's my phone number I will solve your problem if you have this is a great MVP like we have we have founders in this batch of YC where that literally is their whole product l..."
Building Reputation Before Launch
The discussion shifts to how a startup can build a positive reputation before launching their service. Kat suggests creating a Twitter account to share updates about public utilities, establishing trust and credibility that can later be leveraged when approaching service providers.
"people in hardware always think like that's not the way to do it but that actually is the way to do it so ideally if you can use to your problem is that you've made the sensor but not the SmartWatch w..."
Targeting Big Retailers as a Startup
Kat and Eric advise against targeting large retailers like Walmart as a startup's first customers. They recommend focusing on smaller clients who can provide immediate feedback and are more likely to make quick purchasing decisions, avoiding the pitfalls of 'whale hunting.'
"CEO is not individually emailing people to ask them to use the product like I'm talking a real email from your Gmail account not some drip email campaign that that oftentimes is enough like not for ev..."
Navigating Challenges with Big Clients
The conversation continues with strategies for startups facing challenges in securing big clients. Kat emphasizes the importance of building a product that serves a broader market while also being useful for larger companies, suggesting that startups should seek smaller clients first to gain traction.
"earn a good reputation like imagine if you started a Twitter account that would talk about the public state of the utilities in your city people would begin to rely on that and you'd become like a tru..."
When to Pivot Your Business Model
Kat discusses the signs that indicate a startup may need to pivot its business model. She encourages founders to listen to customer feedback and be open to changing their approach if the initial product does not meet market needs, reinforcing the importance of adaptability in entrepreneurship.
"multi the reality is unless you have some connection to Walmart already it's unlikely that they're gonna be your first customer [Music] Michael from biz asks we're busy or busy too we're busy we show ..."
Evaluating Your Target Demographic
The segment focuses on evaluating the target demographic for a product. Kat advises founders to reconsider their audience if they are not generating revenue, suggesting that high schoolers may not be the right market for a gift management platform, and encourages exploring other demographics that might yield better results.
"that your users have to solve that's here's one I've run gifted app gifted as a platform for users to manage their wish lists from multiple sites to shop on and shop for gifts for friends I'm seeing a..."
Launching Major Updates: A Comprehensive Approach
Eric Migicovsky provides a strategy for successfully launching a significant update for a mobile app. He recommends treating the update launch like the initial product launch, utilizing all available channels and gathering user feedback through beta testing. This segment emphasizes the importance of thorough preparation and user engagement in the launch process.
"probably don't sound like the people that you should be going after I've have changed the product so that it's something that high schoolers can use but then there's also a way to generate revenue fro..."
Scaling Your Startup: Local vs. New Markets
Kat Mañalac discusses the decision-making process for startups facing growth opportunities. She outlines three options: expanding in the current city, entering a new city, or seeking investor funding. The segment highlights the advantages of focusing on one location to refine the product before scaling, emphasizing the importance of customer feedback in driving growth.
"to have that problem and then you can definitely guide the conversation towards kind of problems that they have and solutions they think would be good for that problem and then you build it when you g..."
Navigating Legal Challenges in Healthcare Launches
Eric Migicovsky addresses the complexities of launching a healthcare product, particularly regarding legal and ethical considerations. He advises startups to focus on existing products in the market and collaborate with them to navigate regulatory challenges. This segment provides valuable insights for entrepreneurs looking to enter the healthcare vertical.
"other users and see if it clicks because oftentimes like again there are the people who have the problem or who use the app or whatever and when they like when they start using it they get excited and..."
The Pros and Cons of Targeting Large Customers
Kat Mañalac and Eric Migicovsky discuss the challenges of pursuing large customers for startups. They highlight the longer sales cycles and lower conversion rates associated with larger clients, suggesting that focusing on smaller customers may yield quicker results. This segment offers strategic advice for startups in their early stages.
"same time adora has a lot of things yes it is started a folk joy another third one talking to investors like if you can help it try to get money from your actual customers to fund your business rather..."
Wrapping Up: Next Steps for Founders
In the closing segment, Kat Mañalac and Eric Migicovsky encourage founders to continue asking questions and engaging with the community. They preview the next session focused on live design reviews, inviting participants to submit their websites for feedback. This segment reinforces the importance of community support and continuous learning in the startup journey.
"specifically around pre-op tell consultations could we use your app to do that in the US there are a few HIPAA compliant apps that are kind of like platforms that you can use I think I think like you ..."