Great read on pricing your SaaS product
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@carloscheung
Great read on pricing your SaaS product
My post on Sales4Startups:
Getting a job at a hot technology startup is very competitive. Learn how to leverage each interaction of the interview process!
Hackathon Know How
From an article I wrote on Gulf Elite Magazine:
http://gulfelitemag.com/hackathon-know/
With the high number of startuppers and entrepreneurs going through our publications and website, we thought it might be time to get you something directly relevant to you: Hackathon Tips!
What is a hackathon? A hackathon is a group of people coming together to build a product or service offering over a course of two days (or more like 24 hours). More people wonder if they need coding experience to participate, and the short answer is NO.
BUSINESS-HACKER-DESIGNER
Are you a Business Guy, a Hacker, a Designer, or other? Generally at these events, people are placed into one of these three buckets. A businessperson at a hackathon must contribute with a defined pitch deck, but as well as market research. Go around and ask people’s thoughts about the product offering and collect as much data as you can. Try to capture consumer insights about certain features or problems they would like you to solve. Also, get them signed up for a beta test. If you’re a hacker, find folks who you can learn from or who you can teach. For junior programmers, focus on a specific task, get it done, and have some more experience look over it—go ask around! Designers should focus on a variety of things depending on their skill sets. Anywhere from a digital mock up to converting it to HTML & CSS or building other crucial design elements for the application.
TEAM VS. SOLO
“HACKERS” can come to these events either as an individual or with a team. There are pros and cons about coming with a pre-determined group or coming alone. The quick highlights of coming with a team: everyone has a consensus on idea; everyone knows their role; and a better team dynamic. The benefit of going without a team is the ability to meet new folks and join a random team where you can learn.
My team and I won the OnDeckCup regional hackathon in San Francisco and we are competing for the national finals. Over a course of 24 hours, we successfully built a web application, SMS engine, and an iOS application. A team comprising of a senior engineer, a junior engineer (myself), a designer, and a lawyer. You can learn more about us at PlayHatTrick.com or follow us on Twitter at: @winahat
A bit more about what we built over 24 hours (Sports focus Hackathon):
We built a Sports Trivia application for users to engage with their favorite sports players or teams and show their real sports knowledge. They have the opportunity to compete in daily tournaments to win a physical prize (a sports Hat with any team of the winner’s choosing). People can play via text message, web application, or iOS. (We’re currently working on android). Also, over the course of the weekend, we have built an engine that generates infinite sports trivia questions with both real-time questions or historical questions. Moreover, we are building a Trivia API to give developers the ability to build other applications or integrate Trivia into their current existing applications. Feel free to reach out to our team on Twitter @CallMeEd @AndrewCollup@CarloskCheung @IvyThuyLam
TIP 1: BRAINSTORM EARLY
A fun way to brainstorm if you do not already have an idea, and want to just come up with one is to sit down with your friends and play a game of telephone in a circle. 1) Each write down a couple ideas on your own sheet of paper. 2) Pass it to the person next to you and iterate over the idea to expand or come up with new ones. 3) Lastly, when you have done this for a little bit with a group of friends (recommend at least 4 people), list out all your ideas and talk about it. Figure out which ones fit the guidelines or the theme of your specific hackathon. The best way to come up with great ideas is thinking simple.
TIP 2: SIMPLE MVP, ITERATE FAST
Focus on the main thing that solves a big problem, and make sure its functionality demonstrates its ability. Hackathons care more about the functionality of your product more so then the look and feel, which is secondary. Make a timeline and deadline of when you can realistically complete a task and try to capture all the core components to demonstrate its potential value. This means if one task is taking too long, move on to the next component and don’t waste time for perfection.
TIP 3: PRESENTATION, FOCUS ON TECHNOLOGY THEN PRODUCT
At a hackathon presentation, the judges want to know what you actually built. So explicitly tell the judges and audience what technologies you used and how you built it in a short paragraph. For example, you could say: “We built XYZ application on the WEB/Phone over the weekend using XYZ API. Our technology does XYZ which in turn provides the consumer…(elaborate).” Walk through the application with your audience on how it would work in real life and demonstrate it’s potential capabilities.
TIP 4: RESOURCES FOR BEGINNERS
Resources I recommend to be a successful hustler in each of these three realms. Business: Steve Blanks Crash Course on Getting out of the building; Hacker: (depending on language) One Month Rails or tutorials on Team Tree House; and Designer: General Assembly HTML/CSS course or Skillshare.
If you don’t fit into any of these categories then my best advice for you is to go to these events with an open mind to learn and do whatever you can to create value for the team.
I hope you’ll now have the knowledge and ability to go out and win a hackathon. Good luck and happy coding!
(CONT...) Entrepreneurial Track - Old Post
12/7/2011
I thought to myself… Is this really what I wanted to do…investment banking? The answer is No. I re-discovered myself and thought about how motivated I was to be an entrepreneur coming into college. Thus, here are some tips I wish I knew freshman year to get started on the path to Entrepreneurship in the techie realm. (If you think I’m missing anything crucial, please let me know) This is not an exact list to follow by, but I think it’s just some tips to help you along the way, everyone has their own journey!
My tips in a student perspective to get started in the Techie Side of Entrepreneurship:
Freshmen Year:
Create an account on some of the top social media outlets & build your brand: Facebook, Twitter, Linkedin, (maybe Foursquare), Skype, Google+
Read a bunch of great news sources: TechCrunch (Like the WSJ of the Tech Industry), Techcocktail (They throw events too!), Entrepreneur, Inc , Mashable, VentureBeat , Hacker News , AllthingsD , and Linkedin (Amazing how Linkedin has a lot of curated industry articles)
Join campus entrepreneurship programs: Kairos Society or Compass Partners
Find Mentors—inside & outside of school. (Do this for all four years)
Sophomore Year:
Meet people in the Tech Community: Ohours, Eventbrite (Just look for events nearby!), StartUp Weekend, StartUpScramble, LeanStartupMachine, and Meetups
Educate yourself
Books: 1) Lean Startup by Eric Ries; 2) Four Hour Work Week by Timothy Ferris, and 3) Getting Things Done by David Allen. (If you want more recommendations please email me!)
Videos: Mixergy, Udemy, Ecorner-Stanford, Ted
Coding: Team Tree House, Safari Books (They usually have free access through public libraries or universities), & Code School
Come up with an idea, but a big IDEA. I’ll be writing more about idea creation later.
Start your Startup! (I’ll be writing another article about getting started)
Junior year
Start working on an idea if you haven’t started yet and compete at a Startup Weekend
Apply for incubators or accelerators: Ycombinator & TechStars (List by TechCocktail)
If you haven’t begun networking and friend-ing investors then start NOW.
Senior Year
Keep working on your startup and keep the ball rolling
Not worry about jobs after graduating because you’re creating your own job
Banking Track - Old Post
12/7/2011
Senior year of high school, I knew I wanted to be an entrepreneur. I was pending between two schools: Babson College & Georgetown University. I ended up choosing Georgetown University because I wanted to work on my Chinese skills. Attending Georgetown University, I got sucked into the idea of becoming an investment banker for awhile before starting a business. My first year and a half, I was miserable. In the middle of sophomore year I cracked because I was depressed by this career track…
There has always been a general college career path for investment bankers (Let me know if I’m missing anything):
Freshman Year
Get good grades and party a little—but remember to get GOOD GRADES, like 4.0.
Go to some of the investment banking information sessions, but realize they don’t want you till next year or junior year.
Explore some of the investment banking related clubs on campus.
Look at some of the sophomore programs for next year
Suck up to some of the upperclassman for wisdom & knowledge—hopefully they’ll remember you when they are hiring.
Sophomore Year
Begin taking some classes in finance
Read the wall street journal like it is your bible (Also checkout CNBC, Bloomberg, and etc.)
Maybe open a small stock portfolio yourself or virtual stock portfolio
Get a more important role in an investment banking related club on campus
Try to apply for some investment banking internship jobs
Read investment banking related articles online
Junior Year
Start freaking out about investment banking
Read a lot about prepping for the interview
ACTUALLY read Wall Street Journal like it is your Bible
Wear Suits everyday for investment banking information sessions
Apply for an investment banking internship (hopefully get into Goldman Sachs)
Senior Year
Hopefully you return with a full-time offer from your investment banking internship
or start freaking out some more about full-time positions with other firms)
If you got it then begin not worrying about your grades and smooth sail your senior year
Graduate and think life will be all good.
Ted Talks
5/31/2012
I just wanted to make a post of my favorite Ted Talks:
1. Vulnerability
2. Raise our kids to be entrepreneurs
3. School kills creativity
4. What makes life worthwhile
5. The power of introverts
6. Your brain on impov
7. Why you will fail to have a great career
Entrepreneurial Interview, YEC - Scott Gerber
Article I wrote for Techcocktail
03/03/2012
If you’re young and an entrepreneur, and you don’t know who Scott Gerber is, you need to. He is the founder of the Young Entrepreneur Council (YEC) and co-founder of Gen Y Capital Partners. He is also a serial entrepreneur, internationally syndicated columnist, host of the Inc.com web show Ask Gerber, author of the book Never Get a “Real” Job and has been featured in all the major media, from the New York Times to ABC World News Tonight.
I had a chance to sit down with Gerber recently and talk to him about what you need to start a successful company, where YEC is headed, and why Gen Y Capital Partners is different from YCombinator and TechStars.
I wrote an article about Scott Gerber get the whole article here...
http://techco.tl/yJcnsZ
Nice - Need - Love ?
03/03/2012
This past week I've been thinking about the strategy for idea generation. One question that always lurks in my mind is whether a product is more on the nice side or the need side of a spectrum. However, after reading Ted Leonsis' book - Business of Happiness (a highly recommended book) - I added another metric of measurement, Love.
Nice- having a product that is nice to have in your life, but is not essentially necessary and you can live without.
Need- Indispensable- very hard to make an indispensable product, can't ever really reach it (kind of like limits to infinity--you can get very close though).
Love- a product that makes people happy and they just love it.
Our main goal in building products & services though is to make people Happy. It matters whether is is nice, needed, or loved; however, it's even more important that it makes your customer and employees happy.
Thus, a recommendation when evaluating your idea is to think through these different metrics and be honest with yourself--scale it from 1 to 10. If you find yourself to be on the nice side then look for a way to pivot. The nice, need, and love scale is a good scope and measurement, but make sure to re-focus and think about happiness--are you reaching to your fullest potential to being a overall happy company and not just a happy product.
"Nevertheless a prince ought to inspire fear in such a way that, if he does not win love, he avoids hatred." - Niccolò Machiavelli
Leap of Faith
2/16/2012
It was just a year ago that I took the leap of faith and decided to pursue my venture. This journey has been hell of a ride. This past week we've met with potential partners and clients, I even met with some cool prospective investors. What it all comes down to is how did I get here. A year ago, I would of dreamed of getting to this stage and having everything finalized, but it is not actually as glamorous as everyone thinks. Once you take the funding or the clients money- you have to work 10x harder then you were and you start doubting yourself.
This past week made me reflect about what I've been doing and how I would make this startup journey a little bit easier to deal with for a new person getting into tech. For instance, who are the major players in the startup industry that affect the success of a venture: Lawyers, investors, technical founders, interns, media, and mentors. These are just some of the main areas that are beneficial to founders running an early stage company. MAP IT OUT! Who are the people in these categories in your network?
I think most tech-startups should consider joining the community to receive all these support. The main places I recommend looking at are MeetUps (DC Tech meetup), Eventbrite, Foster.ly, TechCocktaill events, Social Media Week, Digital Capital Week, and DC Entrepreneurship Week.
Over The Hill?
2/07/2012
This past weekend at the Kairos Society Global Summit- we were taking a perspective on idea generation. I was in the Education group and we were all assigned the task to think about the worst idea that can improve education and pitch it in a good way. After the session, I reflected and thought about how hard it was to actually think about the worst case scenario and tweaking the pitch to make it sound good. In addition, I was told by Vivek Wadhwa that I, as a 21 year old, was over the hill and was no longer thinking outside of the box. I was shock by his statement and insisted that I was not over the hill.
The thought that I, a 21 year old, was over the hill and not thinking out of the box about the worst or best idea possible, blew my mind. This made me think about the process of idea generation and what constitutes as a great idea or how do you form great ideas. There are currently a lot of books out there teaching you about the science behind building a successful venture from the ground up, but nothing that really captures the science of idea generation. Can there be a science that makes you think of something executable, scalable, and profitable, yet something you are still passionate about?
I think there is a science to it. People must first learn about themselves and their strengths & weaknesses. Second, they must think about the different verticals that bother them and list it all out. Third, they must list all the things that they love--with both list, do a mind map with details and draw it out as big as it can be. Now pick out the top four--2 good & 2 bad-- things that affect you on a daily basis and with that find the one that may affect more then just you. This is just a rough sketch of how I organically produce great ideas, mind mapping has been a great tool, but I know we can all do it.
"None of my inventions came by accident. I see a worthwhile need to be met and I make trial after trial until it comes. What it boils down to is one per cent inspiration and ninety-nine per cent perspiration." -Thomas Edison
Entrepreneurial Interview, VFA - Andrew Yang
02/07/2012
Name of Entrepreneur: Andrew Yang (Venture For America)
Bio: Founder and President of Venture for America. Andrew was previously the President and CEO of Manhattan GMAT, an industry-leading test preparation firm that was acquired by Kaplan/the Washington Post. Prior to Manhattan GMAT, Andrew served as Vice President of MMF Systems, a healthcare software company based in New York. Before MMF Systems, Andrew was Vice President of Business Development at Crisp Wireless, a mobile content management company in New York. Andrew also co-founded an Internet fund-raising company for celebrity-affiliated non-profits. He is on the Board of Directors of ProPhase, a rater training company serving the pharmaceutical industry, and of Roundhouse, an outsourcing service provider to the fashion and retail industries. Andrew began his career as an Associate in Banking and Mergers and Acquisitions at the law firm Davis Polk and Wardwell. Andrew graduated from Columbia Law School, where he was an Editor of the Law Review, and has an Economics degree from Brown University.
5 Key Learning Points:
1) Be prepared to commit a significant time--average business takes a couple years
2) Focus on the team & Hire really carefully (slow to hire & fast to fire)
3) Don't get to caught up in what people are doing - Competitors are not that important. Good to know what other people are doing, but better to know what you are doing 80%
4) Act all the time- recording. Value judgements- speak to character. Be on the game 24 hrs a day. If someone was to show your family. (Food for thought: One thing to fail, and one way to fail that cause your integrity into question).
5) Invest in relationships because 9 times out of 10, you're going to do something else in your career that will be the people you will work with.
Understanding Entrepreneurship
1/30/2012
The law is real. I had a meeting this past week with a lawyer from Pillsbury Law--after shopping around the DC, Maryland, and Virginia area. Other law firms I have been recommend to: DLA Piper, Cooley, and Venable. I woke up on the morning of January 24th, 2012 knowing I had lots of questions to ask the lawyer about. (Incorporation filings, Intellectual Property, Shares distribution, Vesting, Interns, Term Sheets, Letter of Intent, etc.) We had the meeting at a nice brunch restaurant on M st for a good hour and settled on things I needed to get done with for the following conversation--if anyone needs any startup free legal advice before consulting a lawyer, please contact me! (I can probably answer some basic information now)
After speaking with the lawyer, I realized that things were getting a lot more serious. I had to really read documents a lot more clearly and not just skim through or else that can cause lots of issues in the future. This put me in a new perspective about startups and the different things they have to face--things that never occurred to me. I continue to preach to people that startups are a lot of fun and a steep learning curve, but it really does consume you. You have to be really REALLY passionate about startups before you take the leap or else you'll get drowned out in the long haul. Also, when people tell you it's like a roller coaster ride, they are lying because it's worst then a roller coaster ride--more like one on steroids with no stops or breaks. Even though I have mentors that I can consult to, I have still made my pitfalls that I wish another student could of told me. If anyone finds a step-by-step manual of how to do a startup, send it my way! In the tech industry, things change so fast that I think it is impossible to really give a good step-by-step advice to standardize everything, but it might be worth a shot.
As I think about SIPs and what I wish I had or want it to be. I hope to be a person students could reach out to before that take the big leap and give them the step-to-step breakdown of pitfalls I made. The incorporation process, stock-equity, mentorship, team building, 4-step consulting process, all things legal, books to read, bootstrapping, investors, media, interns, employees, independent contractors, school, relationships, etc. Just looking back at these couple items, I realized it has been a far journey and it is definitely long from over. It be nice to have a good guide to walk through this foggy path though. I also envision producing a standard consulting process for different stages of ventures and refining the road I took.
"We are all entrepreneurs, but only the lucky ones come to understand it" - Carl Schramm
Two Roads
01/30/2012
On January 18th, I stepped into a Barclays info session accidentally. I saw a friend who I have not seen since Freshmen year. I was dress that day thankfully after my business meeting earlier for my startup. I chatted with him about his job and how he was enjoying it and what his plans were going down this road. I told him a bit about what I was doing and how I was happy I made the career switch from pursuing sales & trading to entrepreneurship. He smiled and said he was proud of me. We chatted a lot about other stuff, but this moment really stuck with me..
It was bittersweet hearing those words coming from him because I always looked up to him since my senior year of high school when I stayed at a GAAP weekend. He showed me the ropes my freshmen year of what I should be doing and what I should be thinking of. Like a role model and brother, you usually want to follow their path. He graduated after that first semester and joined the ranks of other Georgetown Students on Wall st. I unconsciously made a decision that freshmen year that I should go do sales & trading--to "building a good foundation"-- before I pursue my desires to start a business and be an entrepreneur. A year later, deep into my sophomore year, I realized that decision was wrong. On February 1, 2011, I took a step towards pursuing my venture by dropping other extracurriculars. January 10, 2012, I took a great leap towards getting my venture to become an early-stage company. Thinking back upon those words, it gave me validation, validation that things do workout for the better. Although my venture is not worth millions of dollars, yet I feel accomplished and a lot more satisfied.
As I trace back through history, I realize a lot of people changing the world do things out of the norm. Although there are certain systems we follow for awhile. There is points in our lives that we must make a decision to take the turn down the other path and go with our guts. The people that go down the other path and truly embrace it 100% without any hesitations are the ones that truly succeed--no matter what there results may be. Talking to thought leaders like Ted Leonsis and mentors like Jimmy Lynn, if you take all that passion and put it in one place, you can truly make a difference.
"Two roads diverged in a wood, and I--I took the one less traveled by, And that has made all the difference." -Robert Frost
First Steps
11/23/2011
The first step I took to embrace entrepreneurship again was attending a Startup Scramble event in Washington, DC. I walked into the event having an idea that has been in me for 5 years. I wanted to build a product like Rosetta Stone, but teaching people interpersonal skills--I liked self-development books, but this product was targeting the future generations. This idea was because I use to be a chubby kid in middle school, and at the bottom of the social ladder; however, in high school, I lost a lot of weight and learned a lot about socializing--gained my way up the social ladder. I was not exclusive though and I thought everyone has an interesting story that should be heard. The product was going to be Chameleon.
I pitched, then I sat down and thought to myself. Is this idea any good?
All of a sudden I had another idea storm up in my head. The idea was called "Mindful." Mindful was a product that was initially like Plaxo with a one address book, but with a little spice on top that made it different.
I wanted to build Mindful because it was a lot easier then doing the Chameleon idea. I could see it take immediate affect in people's lives. I ended up building a pitch deck for Mindful--looking back, it was a very terrible pitch deck.
After the weekend, I decided to continue running with my idea and started looking for someone to help me develop this idea. It was a struggle, but I'll talk about that in my next post.
- Carlos
The Transition
11/11/2011
In 2009, I graduated from Mission High School in San Francisco, CA. I ended up attending Georgetown University in Washington, DC. Before going to Georgetown, I heard about people talking about becoming an investment banker, and I chuckled: “why would anyone want to be an investment banker?”
I wasn’t quite sure what an investment banker did back then, but I knew for a fact that I wanted to be an entrepreneur. However, a year and a half into college, I was going down that route to become an investment banker. I was quite upset about taking the path down investment banking, but I did not realize it at the time, and I ended up going to my counselor for some advice about life.
Fast forward, after my mini-college crisis, I thought about what truly made me happy. It was when I was in 4th grade selling pokemon & yugioh trading cards to my friends to try and make some extra cash for ice cream on Friday…It was when I was in 7th grade selling junk food to my peers because the School District ban the schools from selling junk food…It was when I was in high school and trying to start an young entrepreneurship association or helping with a recycling business at my school.
All these thoughts helped me realize I wanted to become an entrepreneur. I wanted control over my life, I hate following the system, and I wanted to be happy!
A year later, here I am, smiling!
-Carlos