TypingDNA took part in How to web conference as a team to share information and experiences with some of the best Romanian companies about tech products and the digital world. Throughout the 2-day event, there were exciting concepts, and stories, as well as great life-advice. We took that and put it into 4 quick takeaways we want to share with you.
TypingDNA’s CEO explained how to “Get your pitch together.”
Based on his broad experience in pitching to investors, and people with various professional backgrounds, Raul Popa, TypingDNA’s CEO, showed the audience 3 things to take into account when pitching to investors.
- Good team means value added – hiring experienced and passionate individuals who enthusiastically see the meaning behind the product will help convince investors of the company’s relevance and trustworthiness.
- Product-market fit is vital – if there is no market with a thirst and a need for your product, then why would anyone invest in it?
- Quick revenue doesn’t always mean sustainable ROI – Do you want to be a “tomato-plant” or a “walnut-tree” type of business? The amount of revenue and the time it takes your company to generate revenue and a return on investment might be relevant for some investors. However, although it’s a more long-term approach, with patience, a “walnut-tree” type of company will generate several times the amount of revenue compared to a “tomato-plant” company, and therefore will be that much more valuable.
Although Raul’s presentation consisted of 71-slides, the feedback from the audience was great. We were excited to do a live demo for those interested to see how typing biometrics technology works.
Here are 4 takeaways from How To Web 2019
North star metric
Many speakers talked about defining a north star metric, which is the key purpose of a company, the core value that a product brings to customers, and the means used to getting there. Sean Ellis mentioned the importance of aligning your team to the north star metric in order to achieve a growth mindset by having a shared mission.
Keep it simple
We all know how important it is to simplify things for the sake of the customer. Yet, as David Hogue from Google said in his presentation, the extent that such simplification is relevant has to do with a previously well-defined purpose, which must be based on facts. It’s important to maintain a user-centric approach from product development and design to communication, “everything should be made as simple as possible but no simpler” – Albert Einstein.
“In God we trust, all others bring data” – Adam Breckler. Marcin Grodzicki from Sotrender used this quote to make it very straight-forward that hunches should never be the sole element that defines companies’ decisions. Regardless of whether it is an R&D, marketing, or an operational choice, it should always be data-driven.
Test and experiment, then, make decisions (in that order)
Whatever assumption you have on things that you think should change, always test and experiment with those ideas before implementing changes for good. Udit Batra from Booking.com explained that too often, real customers’ needs differ significantly from our assumptions, constantly changing and evolving. “Asking questions creates spaces in the brain for solutions to fall into”, as Bob Moesta told the audience. So, be ready to have an analytical and “interrogatory” approach and ask your customers what they think of your ideas in order to create an up-to-date user experience.
All in all, How to web conference was an opportunity for TypingDNA to find out exciting information on how to build great products and achieve faster growth, as well as share our experiences and knowledge with some of the best businesses in Romania. Hope to, maybe, see you there next year.