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Customer Discovery

Dave Danielson’s Winter 2023 Stanford Climate Ventures lecture on Best Practices for Customer Discovery. 


Credit: David Danielson, Stanford Climate Ventures 


Click Here to Watch: https://www.emersoncollective.com/persons/grayson-zulauf


This presentation by Steve Blank, the thought leader behind the Lean Startup approach, walks through the pitfalls of developing a business as startup, and specifically highlights how startup operations and purpose differ from those of a large corporation in that startups are searching for a new business model while corporations are executing known plans. The deck also includes a range of examples from a hard tech startup to corporate initiatives.


Credit: Steve Blank


These Lean Launchpad video lectures cover the importance, value, and methodology of customer discovery.


Credit: Lean Launchpad Customer Discovery


In the Mom Test, entrepreneur Rob Fitz provides an honest guide on how to engage customers savvily and meaningfully in the path of Customer Discovery and Customer Development. The title's namesake example, the 'Mom test' highlights a simple situation of conversing with a prospective customer with the goal of focusing on their pain and perceived solutions, to learn about their process and priorities. The book goes on to highlight questions that provide valuable insights and rather than those that simply encourage your interviewee to reinforce your own beliefs about your market and product.

Credit: Rob Fitzpatrick


Product Documents

This example of a product spec sheet by power equipment Cummins is a detailed walk through of relevant product details of one of its diesel generators including certifications, output and input power and other capacity metrics. This sheet can act as guide to what information customers in industry will look for when being approached by a potential vendor. 


Credit: Cummins 


Halotechnics - This document provides an example of a product specification and cost document, detailing product costs by weight. 

Credit: Halotechnics, Inc.


This presentation by Confianzys walks readers through the crucial difference between a Market Requirement Document (MRD), which communicates the requirements you would like your product to address based on your market and customer research, and the Product Requirement Document (PRD) which communicates what product actually does in the context of the market needs.


Credit: Confianzys


This guide by Silicon Valley Product Group provides an unambiguous method of creating a product requirement document (PRD), differentiating it from a product strategy document, and a market requirement document.

 

Credit: Martin Cagan


This detailed Product Requirement Document (PRD) template by Cyclotron Road provides a structure and information to include when defining a PRD to communicate the value of your product. 


Credit: Cyclotron Road


This guide from the Blackbot Product Manager's Toolkit provides a template to create a product requirements document (PRD). 


Credit: Blackblot


This guide from the Blackbot Product Manager's Toolkit provides a template to create a market requirements document (MRD). 


Credit: Blackblot


Recommendations

This article provides deep analysis and insights into the concept of learning processes, particularly within manufacturing and sales. This article also highlights the importance of the sales learning curve as a framework for helping managers and investors develop thoughtful launch strategies, plan resource allocation more accurately, set appropriate expectations, avoid disastrous cash shortfalls, and reduce both the time and money required to achieve a profit. 


Credit: Harvard Business Review 


Founding Sales is a book on startup sales for founders and other first-time sales staff.  Written by Pete Kazanjy, founder of Atrium Sales Analytics and the Modern Sales Leadership and Operations Community, the book’s goal is to accelerate the learning and success of those who find themselves in a similar spot Pete did in early 2011—don’t know much about B2B sales, and need to figure it out in a hurry.

Credit: Founding Sales - The Early Stage Go-to-Market Handbook 


Techno-Economic Modeling

This deck by Dev Gavaskar, Techno-Economic Modeling Principal at True North Venture Partners, provides an overview of the value of techno-economic modeling as a tool in quantitatively understanding whether a technology can be scaled up to be profitable and what risk factors need to be addressed on the path to get there. These metrics include sensitivity, scale, applicable markets, and cost extremes. 

The presentation includes some in-depth examples, including one on assessing a new chemical process technology, and another on determining an optimal factory flow process using this framework.


Credit: Dev Gavaskar, PhD


This presentation by MIT Professor Yet-Ming Chiang and Ryan Boas, both affiliated with 24M, highlights the importance of shifting from thinking purely about technology to using a robust cost model to tune the direction of your R&D when commercializing technology for impact. 

The presentation walks through the elements of a good cost model and argues that this approach will help avoid the 4 pitfalls of developing technology without a guiding model. 


Credit: Prof. Yet-Ming Chiang Ryan Boas


This resource by Nico Pinkowski and Sean Cassady provides a brief overview of techno-economic modeling (TEM) for electrochemical systems to help assess the economic viability of certain electrochemical processes.

The document takes you from thermodynamic analysis, stoichiometric and flow rate modeling through electrochemical reactor modeling, generating system-level schematics and costing, and finally ends by synthesizing the analysis to conclude the feasibility of the technology in question. 


This edition of ARPA-E University contains helpful advice for performers on an introduction to cost modeling and templates.

The video provides a structure by which to think through the process of analyzing and modeling cost and introduces how to use the attached spreadsheet template. 

Credit: ARPA-E University


Example of a simple techno-economic model. 

TEA videos for this model can be found here. 


Credit: Beth Zotter and Chris Burk, Cyclotron Road


Example of simple techno-economic model. 

TEA videos for this model can be found here.


Credit: Beth Zotter and Chris Burk, Cyclotron Road


Download this example of simple techno-economic model. 


View TEA videos for this model here.


Download this example of techno-economic modeling for hydrogen production. 


Credit: Ahmad Mayyas, Mark Ruth, Bryan Pivovar, Guido Bender and Keith Wipke, NREL


This presentation by Beth Zotter provides an introduction to techno-economic analysis and points the reader to other TEA resources from Cyclotron Road. As mentioned in the slides, not many journal papers provide a TEA analysis. Click here for an example. 


Credit: Beth Zotter


IP FILING

There is a lot to consider when building a robust IP strategy. Deciding whether to seek patent protection is a crucial decision for an inventor. Do you know whether your invention is patentable? If so, how do you balance the cost of filing with the breadth of coverage around the world? 

ARPA-E University hosted Michael Ward, a partner at Morrison Foerster, to address the decision-making process in choosing how to protect an invention. He also discussed the difference between patentability and patent infringement. 


Credit: ARPA-E University


This guide from Fenwick and West highlights seven mistakes an entrepreneur can make in relation to intellectual property (IP) development and sharing. 


Credit: Rajiv P. Patel


Cleantech San Diego and Southern California Energy Innovation Network teamed up with law firm Procopio to provide the cleantech startup community with a series of workshops led by Miku Mehta, a leading patent attorney with energy sector experience. 


Credit: Cleantech San Diego


Halotechnics - This example of patent portfolio shows how to categorize and document all patents held under a given entity. 


Credit: Halotechnics, Inc.


This quick one pager by Heliotrope provides advice on how to prioritize markets of relative value before filing expensive patent applications. Definition of 3 Tiers based on the commercial importance of the invention in question and the markets it which one intends to operate. 


IP Licensing

This introduction to licensing from ARPA-E University takes entrepreneurs through the basics licensing your technology to an external party. 

Dr. Edmonds reviews the impact of the America Invents Act on licensing, what to expect in a license agreement and their typical monetary terms, and how to meet the licensing needs of start-ups and academics. This session builds on the Energy Innovation and IP Strategy session of ARPA-E University that was held in December 2012. 


Credit: Karina Edmonds, PhD


This sample license term sheet outline provides the structure for all basic relevant information to be included in a licensing agreement.  


Click here to download the Licensing Agreement. 


This sample licensing agreement provides a vetted framework to license you IP and technology to an external partner or group, along with a drop in statement of work (SOW) section to identify any work being done with the license.  


A discussion about lessons learned from starting a company while in a university setting, with entrepreneur and Dartmouth College Professor Lee Lynd. Moderated by ARPA-E Technology-to-Market Advisor Josh Gould, this edition of ARPA-E University focuses on how academics build businesses from the ground up, navigating the complexities of the relationship between their intellectual property, their universities, and their financial backers. 


Credit: ARPA-E University


This guide by the Office of Technology Licensing (OTL) at UC Berkeley explains how to license technology from the university for use in an external venture. 


Credit: Michael Cohen


This tech transfer overview of moving technology from the LBNL lab into a startup environment also details resources within the lab to help with IP protection, and how to collaborate with the lab to improve future research. 


Credit: Cheryl Fragiadakis


Company Building

Joel Moxley’s Winter 2022 Stanford Climate Ventures lecture on Company Building Fundamentals. 


Credit: Joel Moxley, Stanford Climate Ventures


Porter's Five Forces Framework is a method for analyzing competition of a business. 


Credit: Wikipedia


A worthy read. The author takes many tried and tested ideas, and ties them together in a cohesive manner allowing for a more robust analysis of fascinating case studies, namely Intel. 


Credit: Chris Stoneman


In this lecture at Stanford Peter Thiel addresses his belief that when starting a venture, you should go after total market share i.e. be a monopoly business and in doing so shares his advice on beating out competitors and finding the right market.  


Credit: Peter Thiel


Derek Sivers offers a very quick set of key inisghts out of the book by Peter Thiel and Blake Masters, Zero to One. Highlights include the need to target becoming a monopoly business, how propretary technology is at the heart of most such companies these days, and planning out the future of a new venture with macro scale thinking. 


Credit: Derek Sivers


 Click here to access the book. 


Renowned investor Vinod Khosla details how technology-driven entrepreneurship can reinvent out society.  


Credit: Vinod Khosla


Renowned investor Vinod Khosla gives his thoughts on using accepting failure and using it to your advantage in his keynote speech at the 2013 Khosla Ventures Summit. 


Credit: Vinod Khosla


Ben Horowitz on why Andreesen Horowitz prefers to fund companies whose founder will run the company as its CEO. The article explores Founder vs Professional CEOs more broadly. 


Credit: Ben Horowitz, a16z


A business moat is a key competitive advantage that sets a company apart from its competitors. From Amazon to Tesla to Starbucks and Coinbase, here is how 25 of the world's biggest companies have built and defended their moat.  


Credit: CB Insights


Company Leadership

●  What you need to know about  a good board meeting.

This desk template provides insights into the importance of having a good board meeting and the value it provides to the audience. You can read the full presentation about this here.

Credit: Grayson Zulauf

●  Startup boards, getting the most out of your board of directors

The board is a group of people, including the founder, CEO, and investors, that represents all shareholders’ interests. This presentation provides insights into why startups need boards, how to compose a board, how to run an effective board meeting, and how to change your board as the company changes and transitions.

Credit: Sila Kiliccote

● What you need to know about startup boards 

This colloquially written techCrunch article on the ins and outs of startup boards, gives a basic overview of key considerations for founders starting out. Tips include how to maintain control of your venture at different stages and after funding, and how to navigate managing different stakeholders on your board. 

Credit: Samer Hamadeh Adam Dinow

● Sequoia Board Deck Structure

This guide by Sequoia Capital provides an overview of how to structure a startup deck for the board. 

Credit: Bryan Schreier

● NextView Board Deck Template

This deck template by NextView provides a guide on what to include in a startup presentation to its board.  

Credit: NextView Ventures

● Role of the Board Observer

High-value perspective on the role of a Board of Directors Observer, including information rights, opportunities to speak up, and best practices for negotiating for observation seats. 


Credit: O'Melveny & Myers


● The Psychology of Startup Teams 

This presentation by Lindy Greer of the Stanford Graduate School of Business focuses on emphasizing the importance of diversity and working with new recruits to maintain your valuable team culture in building your startup team. She also points out pitfalls of hiring such as hiring a homogenous team, and hiring only when you need to fill a gap. 

Credit: Prof. Lindred L. Greer

● Team 101 

This presentation by the Cleantech to Market(C2M) program highlights a set of tips and guidelines to solve interpersonal and team dynamics issues to have a successful working team.  

Credit: C2M, Haas School of Business

● Team Survival Kit 

This guide from Haas School of Business at UC Berkeley highlights methods to work with a team 


Credit: The Berkeley MBA


● High Hit Rate Hiring 

This guide to hiring a great team by Ilan Gur of Cyclotron Road, lays out a set of tips and steps by which to attract, screen, and bring on great team members for your growing startup, while keeping your culture, vision, and quality in mind. 


Credit: Ilan Gur, PhD


● Gene Pool Engineering for Entrepreneurs 

Click here to access the book.


● What Silicon Valley Can Learn from Bill Walsh’s The Score Takes Care of Itself 

Sachin Rekhi provides a summary of the book The Score Takes Care of Itself by Bill Walsh, the legendary football coach of the San Francisco 49ers. The book illustrates how to focus on process, rather than outcome, to run successful organizations. 

Credit: Sachin Rekhi

● Netflix Culture Deck 

This presentation highlights the cultural elements that Netflix management sees as valuable within members making up a dynamic, effective organization: Judgement, Communication, Impact, Curiosity, Innovation, Courage, Passion, Honesty, Selflessness 

Credit: Netflix

● eShares Team Culture 

eShares provides some guidelines and suggestions around how to create an inclusive, productive work culture, with individual suggestions for managing work relationships, including being honest, checking in regularly, and creating an open environment.  

Credit: eShares

● KV - People + Development Ground Rules 

This set of tips around creating a productive, open, adaptive work exerience with a supportive team by David Weiden puts emphasis on honesty, personal relationships, and flexibility as cornerstones to a healthy work space.  


Credit: David Weiden


● Bias In Venture Capital 

This presentation from Kapor Capital helps to increase understanding of the current state of diversity in VC, how unintentional bias can seep into hiring and deal sourcing, practical steps to mitigate individual and firm-level bias, and successful strategies. (c) Kapor Capital 2021: please contact for permission.  


Credit: Kapor Capital


● Advisor Agreements

The FAST Agreement is used by tens of thousands of entrepreneurs and advisors per year to establish productive working relationships, trading advice and support for a standardized amount of equity. 


Credit: Founder Institute


● HR Issues in a Startup 

This presentation by Robert Siegel, a lecturer at Stanford Graduate School of Business, on the HR issues facing most startups. 

Credit: Robert Siegel

● Greentown Labs - Paid Parental Leave Policy 

This Parental Leave Policy by Greentown Labs provides an example as to how to structure policy for new parents, touching on percentage of base pay and the period of time for which these benefits are supported.  


Credit: Greentown Labs


Legal

This presentation by Partner Kristine di Bacco at Fenwick and West provides considerations for a startup on the incorporation process and the seed fundraising process. 


Credit: Fenwick & West LLP


NVCA Model Legal Documents are industry-embraced model documents that can be used in venture capital financings. 


Credit: NVCA


Cooley GO generates important legal documents for startups. 


Credit: CooleyGo


WilmerHale Launch generates important legal documents for startups. 


Credit: WilmerHale Launch


The Lawyers for a Sustainable Economy Initiative matches non-profits and start-ups working in the field of environmental sustainability with law firms providing pro bono legal services. The initiative continues to grow, with 17 law firms collectively providing over $55 million in pro bono services over the past three years to support sustainability efforts both inside and outside of the initiative. 


Credit: Stanford Law School


Finance

Taking technology to the next level means navigating a confusing range of financing options: venture capital, angel investors, government grants, bank loans, and many more. Matthew Nordan explains the different types of capital available to early stage technologists, what each looks for to make an investment decision, and what they want in return. 


Credit: Matthew M. Nordan


This video by Venture Hacks walks through how to fill in and use the Venture Hacks Cap Table Template, which you can also find among the resources on the Founder's Playbook. 


Credit: Venture Hacks


Angelcalc helps small companies calculate their cap tables using standard financing documents like SAFEs, including Y Combinator's new Post-Money SAFE. 


Credit: Geoff Ralston


YC Partner Kirsty Nathoo gives the lowdown on several different ways to capitalize your company and how those impact founder equity and cap tables overall. Watch if you are raising money or you aren't sure how startup investment documents like SAFEs work. 


Credit: Y Combinator 


This web article describes the unique benefits of a SAFE (simple agreement for future equity), a funding mechanism sharing similarities to a convertible note that was created and pioneered by YCombinator. A SAFE is supposed to be easier to execute, due to a simple legal structure, does not saddle the startup with debt with a time limit, unlike a convertible note, and converts into preferred stock at the first priced round. The article provides links to 4 different types of SAFEs that can also be found as resources in the Founder's Playbook. 


Credit: YCombinator


This presentation by Cyclotron Road provides a clear and simple explanation of what a SAFE (simple agreement for future equity) entails, including examples. 


Credit: Cyclotron Road


This example spreadsheet developed by Charlie Tillett provides a template for companies to list and track financial details for functions like sales, product development and deployment (capex, and opex), staffing, and profit and loss statements. 

Credit: Created by Charlie Tillett for MIT


This spreadsheet from the MIT Energy Ventures course provides a template for tracking project finance cashflows through the process. 


This spreadsheet template by Matthew Nordan with descriptive comments shows the expected returns for a model venture capital firm for a particular investment, using inputs such as revenue, investment made, total investment raised by the startup and ownership and provides metrics such as absolute return in dollars based on a given valuation.  


Credit: Matthew M. Nordan


This spreadsheet template by Matthew Nordan with descriptive comments shows the expected returns for a model venture capital firm for a particular investment, using inputs such as revenue, investment made, total investment raised by the startup and ownership and provides metrics such as absolute return in dollars based on a given valuation.  


Credit: Matthew M. Nordan


Stock options, RSUs, job offers, and taxes—a detailed reference, including hundreds of resources, explained from the ground up and made to be improved over time. 


Credit: Holloway


How do you convince lenders and equity investors to provide hundreds of millions of dollars to a company that has no credit history, has no employees, has never operated or generated any revenue and has no guarantees from anyone credit-worthy, promising to repay the money and make good on the investment?

Credit: Pivotal 180 


This is an extract from pre-course videos about renewable energy and infrastructure project finance modeling courses.

Credit: Pivotal 180 


This article is about demystifying tax equity investments and IRA’s clean tax credit bonanza. Taxes may make your eyes glaze over, but the Inflation Reduction Act’s (IRA) promise of a whole pot of gold at the end of the green rainbow is reason enough not to sleep on tax credits.

Credit: Grace Donnelly 


This webpage provides an overview of the federal investment and production tax credits for businesses, nonprofits, and other entities that own solar facilities, including both photovoltaic (PV) and concentrating solar-thermal power (CSP) energy generation technologies.

Credit: Energy Gov


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