Month: August 2017

VenturX is for ALL stages of Entrepreneurship

VenturX is for ALL stages of Entrepreneurship

Did you know that 90% of startups fail in their first year? VenturX’s main goal is to help early stage entrepreneurs get beats the odds! VenturX is a Canadian company that leverages data and technology to optimize the entrepreneurial journey. There are different types of “Early Stage” Entrepreneurship that we want to break down and show you how we can help! 

1. How VenturX helps in the Idea Creation Stage:

Definition:

· You have thought of a name and what you want to build or maybe a couple of ideas of different potential startups

· You may have recruit interested co-founders

· You even have business cards!

· You didn’t talk potential customers in your target market and didn’t invest a lot of time and money into the startup yet.

Are you ready for VenturX? YES!

How VenturX can Help:

· VenturX can help you test out your early ideas! Check out this article to for 4 easy steps to do that while in the Idea Creation stage: https://medium.com/@VenturX_team/how-to-survey-for-product-market-fit-in-24-hours-2f79571ea5d4

2. How VenturX helps in the “Pre-Revenue” Stage (A.k.a. No Revenue Yet)

Definition:

· You are either going towards revenue or funding

· You don’t have any sales yet

· You might be busy building out your product or having a hard time finding those early adopters

Are you ready for VenturX? YES!

VenturX Entrepreneur Dashboard

VenturX Entrepreneur Dashboard

How VenturX can Help:

· We can help you figure out which new features to build out first and track your early adopters pain points for you so you can focus on the 1000 more things on your plate!

· VenturX gives you industry benchmarks to guide you along to the path of success and increase your chances of revenue!

3. How VenturX helps in the Funding Stage (Seed Round or Series A)

Definition:

· You are either going towards funding from investors

Are you ready for VenturX? YES!

VenturX Entrepreneur Dashboard Runway

VenturX Entrepreneur Dashboard gives real time Runway

How VenturX can Help:

· We manage your runway so you know how much money and time you have to get funding and to make that first sale! Let us deal with the boring day to day book keeping while you work on making that pitch deck stunning!

· Gives you benchmarks and requirements for funding to best prepare you when you go in front of those investors

4. How VenturX helps in the Ramen Profit Stage

Ramen Noodles

Ramen Noodles

Definition:

· You make just enough money to eat Ramen Noodles every day

· Officially launched startup but want more customers

· Already have your early adopters on board

Are you ready for VenturX? YES!

How VenturX can Help:

· Test for the early majority target market, after your early adopters you have several options for your next target and you don’t want to waste too much money investing in the wrong market. We are here to help!

 

Product Adoption LIfecycle

Product Adoption Lifecycle

5. How VenturX helps in the Late Funding Stage (Series B-D)

Definition:

· You have closed Series A and are looking into more funding

Are you ready for VenturX? YES!

You are doing great and are not right for VenturX. Our mission is to help the rest of the amazing new startups get to where you are! At this stage, you are ready to introduce new features or extend your product line.

How VenturX can Help:

· While you focus on your innovative R&D and scaling your growth, let us take care tracking your testing with your new product line or new features to ensure there is no market cannibalization!

“The reality is the Lean Startup method is not about cost, it is about speed. Lean startups waste less money, because they use a disciplined approach to testing new products and ideas.” — Eric Ries, American entrepreneur, blogger and author of The Lean Startup, a book on the lean startup movement.

Let VenturX help you with accelerate your startup to market today. Sign up @ www.venturx.ca

Share this:
Posted by VenturX in Blog, 0 comments
Why every startups need metrics!

Why every startups need metrics!

Why every startups need metrics!

In this article, we are taking a deep dive into why young companies should track their metrics right from the get go! Below are three reasons to start today if you are not doing it already!

Before we dive into the reasons why startups need to monitor their metrics, we must first take a look into a few misconceptions as to why early stage startups currently do not emphasize on metrics.

Misconception #1: “I am not tech savvy enough to monitor my metrics!”

HBO’s Silicon Valley —Dashboard

Don’t be scared! You do not have to be super tech savvy to get your metrics!
Nowadays, there are many tracing tools that can help you clearly track your metrics whether they be online or offline. For examples of easy user dashboards, send me an email.

Misconception #2: I do not have enough data to even track them!

You have to start somewhere! Start at 0 users! Keep in mind that that is the same starting point that Facebook, Google, Apple, that hair salon down the street all started at! The important thing is to JUST DO IT! did you think they waited until they had 500 or 5 million users before they started to track their basic metrics? NO!

3 Reasons why startups need to start measuring their progress now!

1. Make your targets

Knowledge is power! Learning about your metrics can only help your team meet target quarterly or monthly goals. For a great example for early stage startups, I refer you to the Lean Analytics book by Alistair Croll and Ben Yoskovitz. They created great chart to show what lean metrics you show focus on depending on what stage you are at.

Lean Analytics Book: Use Data to Build a Better Startup Faster

Startups tend to focus on a lot of things that are not their short term targets. For a deeper dive, check out this article: https://medium.com/@VenturX_team/3-startup-mistakes-what-do-young-startups-focus-on-besides-their-metrics-9a59f17d84e8

2. Not waste time and money on the wrong things

Time is money! Key performance metrics (KPIs) may differ from department to department in big corporations. Early stage startups should see this as an advantage. As the teams are small, everyone can just focus on one or two key metrics and have that be focus on where resources, time, and money is invested in. Once that goal is achieved, you can make another goal. That is exactly what metrics do. If you don’t have a particular goal in mind, track tools like VenturX can help you industry benchmarks for early stage startups.

3. Helps prioritize your tasks — things that move the needle

When early stage startups go through the feedback cycle (build, test, analyze, and repeat), having your key metric(s) can help your team prioritize which task to focus on for the next product release or the next product iteration.
For example, if your key metric is to increase engagement because it is low, then your team make want to prioritize the features that would keep your customers using the product for longer. You may also want to de-prioritize other features related to marketing channels and conversions.

Share this:
Posted by VenturX in Blog, 0 comments
What is the difference between VenturX and HockeyStick and LaunchPad?

What is the difference between VenturX and HockeyStick and LaunchPad?

VenturX is a startup success tool that tracks and benchmarks startups across all industries until they are ready to be connected to funding. VenturX leverages data to optimize the entrepreneurial journey.

We have made a helpful chart to help us demonstrate!

 

VenturX VS Hockeystick VS Launchpad

What is the difference between VenturX VS Hockeystick VS Launchpad

Share this:
Posted by VenturX in Blog, 0 comments