What stage is your Startup currently in?
You can choose from the following stages while creating your Startup profile on LetsVenture. Note that most of it will also apply to services startups. -
- Ideation - you have the problem, solution, business model etc well defined but you haven't built any POC nor have you launched the product in the market.
- Proof of Concept - you have a POC version of product ready and able to give a demo but product is yet to launch in the market.
- Beta launched - product has been launched in the market to a small set of beta customers. Product may undergo few iterations before it is taken out of beta and 1.0 is released.
- Early Revenues - product is launched and it has started generating revenues from few customers but revenue may be sporadic in nature.
- Steady Revenues - there is steady customer base which is generating steady revenues for the company month on month or year on year.
What type of business are you in (B2B vs B2C)?
You are a B2B Startup if your customers are typically other businesses or companies, NOT individuals. On the other hand, if your customers are typically individuals, then you are a B2C Startup. For example, Freshdesk is a B2B company and PhonePe is a B2C company.
There is also a category B2B2C where you first sell to businesses who in-turn have individuals as the customers. If your startup falls in this category, you should still choose B2B in your Startup profile on LetsVenture.
How to invite a Team member or Investor to LetsVenture platform?
When you add a team member to your LetsVenture Startup profile, his/her details will be instantly added and shown into your Startup profile. However, if you want the team member (e.g. co-Founder) to be able to edit your Startup profile as well, he/she needs to create his login/password on LetsVenture. To be able to do this just check the checkbox for "invite team member to LetsVenture" and also "give Admin privilege" checkbox. He/She will receive an account creation link from LetsVenture, once he fills all his/her details we ask, he will have his independent login/password and will be able to edit your Startup profile as well.
Note that the above process also applies when you add investors in your round information tab and check the "invite to LetsVenture" checkbox. The Investor will receive a signup link from LetsVenture and after filling up the information, an investor onboarding person from LetsVenture will talk to him/her and get his onboarded to LetsVenture.
What are the Traction Metrics on LetsVenture?
You can choose any of the following Traction Metrics while updating Traction data in your Startup Profile on LetsVenture. Note that if you have a custom metric that doesn't match any of the below ones, you can use that too.
The Metrics are categorised into various buckets for simplicity of understanding -
- CAC - Customer Acquisition Cost (CAC) is simply the average money you spend in obtaining a customer.
- LTV - The amount of sales amount that a customer will spend with your company over their lifetime.
- MRR - It is the recurring revenue, normalized, over a period of a month.
- ARR - It is the recurring revenue, normalized, over a period of a year.
- ARPU - Average Revenue per User/Unit is calculated by dividing the Total MRR by the total number of customers or accounts.
- Churn rate - the churn rate is the rate at which your customers are canceling their subscriptions.
See following links from Chargebee website for details on the SaaS metrics.
- Pageviews - the total number of pages people visited on your website per month
- Users - number of users who have initiated at least one session on your website
- Website Traffic - it could be a measure of the pageviews or Unique Users or a mix of both
- New Users - number of first time users
- Sessions - session is counted as the time period during which user is actively engaged with your website.
- Number of Sessions per User -
- Pages/Session - average number of pages viewed per session
- Avg Session Duration - the average length of visitors’ sessions
- Bounce Rate - the percent of visits that are single-page only (i.e. people who visit one page and leave).
- No of downloads/install - from the android play store and Apple app store.
- 7 day retention - how many of your users come back to your app on 7th day
- 30 day retention - similar as above
- DAU - Daily Active Users - the key lies in how you define "active" user. Is "user signed" in enough to define a user as "active"? Perhaps its better to to measure a more valuable action like "Update a Task", "Invite Collaborator", "Share Content". See https://sixteenventures.com/active-users-vanity-metric
- MAU - Monthly Active Users
- NPS - Net Promoter Score (NPS) is a management tool that can be used to gauge the loyalty of a firm's customer relationships. It serves as an alternative to traditional customer satisfaction research and is claimed to be correlated with revenue growth. An NPS can be as low as −100 (every respondent is a "detractor") or as high as +100 (every respondent is a "promoter").
- DAU/MAU - it reflects Stickiness of your app. For example, a DAU/MAU ratio of 50% would mean that the average user of your app is using it 15 out of 30 days that month. See https://mixpanel.com/blog/2014/03/06/addiction/ and https://techcrunch.com/2009/10/29/how-to-measure-the-true-stickiness-and-success-of-a-facebook-app/