The November Dubai Tech Nights event took place on Thursday, November 14, 2013 at the Auditorium in Knowledge Village. Instead of a theme, the evening was all about bringing together experts in startup culture. The panel of geeks answered questions after Sir Dave McClure addressed the group.
Organized by 500 Startups, Geeks on a Plane (#GOAP) is an invite-only tour for startups, investors, and executives to learn about burgeoning technology markets worldwide. They travel by planes, trains, and automobiles to the most exciting international startup scenes with the sole mission of uniting geeks and exploring cross-border opportunities. The result: a lifelong bond with fellow travelers, a wealth of new friends and business contacts in exploding technology markets, and a stronger appreciation for the cultural and economic ties that bind us globally.
Dave McClure is a Funding Partner of 500 Startups and has quite an impressive resume. His past affiliations includes work at Founders Fund, Facebook fbFund, PayPal, Mint.com, and Simply Hired. McClure gave the DTNers the rundown on his “Startup Metrics 4 Pirates”. See the list of highlights from his talk below.
- To start up you need MVP (Minimum Viable Product), the absolute minimum that a customer can use and will be willing to pay for; don’t delay because you’re adding features.
- Understanding human psychology and emotion is what entrepreneurs should focus on.
- Build your product to satisfy customer needs, not your own.
- Remember the AARRR (hence, the pirate theme) cycle: Acquisition, Activation, Retention, Referral and Revenue
- The Role of the CEO/Founder is to focus on a few critical actionable metrics; focus.
- Marketing is important! Technical risk has decreased, while marketing risk has increased
- Book recommendation: Understanding Comics by Geoffery Miller