David Teten
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Free Market Research for Entrepreneurs
David Teten Teten.com info @ teten.com 1-917-355-5726 New York, NY © Teten Advisors, LLC 2008. More at Teten.com
http://www.flickr.com/photos/23912576@N05/2962194797/
Interviewed over 125 Private Equity and Venture Capital Funds for Study on Best Practices in Identifying Growth Companies
© Teten Advisors, LLC 2008. More at Teten.com
Evalueserve, Ltd. © 2008. All Rights Reserved.
Definition of Market Research •Market Research is the systematic, objective collection and analysis of data about a particular target market, competition, and/or environment. •It always incorporates some form of data collection, whether it be secondary or primary research.
© Teten Advisors, LLC 2008. More at Teten.com
http://www.marketresearchworld.net/index.php?Itemid=38&id=14&option=com_content&task=view
David Teten Biography • Currently: Acting CEO of Attendees.com; Advisor to DanceTimePublications.com; advising several other startups and private equity funds • Managing Director, Evalueserve, through September 2008. 2,500-person research firm. • Founder and CEO, Circle of Experts (investment research firm), sold to Evalueserve • Founder and CEO, Teten Executive Recruiting, sold to Accolo, #42 on 2007 Inc. 500 • Founder and CEO, GoldNames, domain name investment bank, based in Israel • Technology M&A, Bear Stearns • Lead author, The Virtual Handshake: Opening Doors and Closing Deals Online (TheVirtualHandshake.com) • Harvard MBA, Yale BA • Contact: info @ teten.com
© Teten Advisors, LLC 2008. More at Teten.com
Why Private Information About Opportunities is More Valuable Ability of entrepreneur to exploit opportunity
Sweet spot of highest returns
Customers pay high prices
Customers pay low prices Info is Private Few Competitors © Teten Advisors, LLC 2008. More at Teten.com
Info is Public Many Competitors Inspired by Robert Bruner, Applied Mergers & Acquisitions, page 186
Investment Search Process (# Companies)
Acquirer/Investor Profiled Initially Targets selected Met Negotiated with Detailed due diligence Acquired/invested © Teten Advisors, LLC 2008. More at Teten.com
Highland TA Angels on Typical Capital Associates Angelsoft Entre(2008) (2006) (2009) preneur 22,312 3 10,000* 8,000 1,584 1,000 750 1,034 NA 555 2 10-20
10-12
440
1
•Business plans received Highland data: Economist, Global Heroes: A Report on Entrepreneurship, March 14, 2009, page 9. TA Associates data: The Big Issue: Deal Origination, Corporate Financier, October 2006 Angelsoft data: Website, Fall 2009.
Why Do Market Research • A survey of small business managers in Texas revealed that 84% of those who conducted formal marketing research projects in the past three years felt that the information obtained was worth the money spent. • Overall, 58% said that they were able to incorporate the research findings into their decisionmaking process. • Only 6% reported that they were not able to implement the results.
© Teten Advisors, LLC 2008. More at Teten.com
http://extn.msu.montana.edu/communitydevelopment/pubs/mt9013.pdf
Market Research Process 1: Define Marketing Problems and Opportunities 2: Set Objectives, Budget, and Timetables 3: Select Research Types, Methods, and Techniques 4: Design Research Instruments 5: Collect Data 6: Organize and Analyze the Data 7: Present and Use Market Research Findings
© Teten Advisors, LLC 2008. More at Teten.com
Search Hacks • Filetype:pdf • Filetype:ppt • Archive.org • Books.Google.com • Slideshare.net
© Teten Advisors, LLC 2008. More at Teten.com
http://flickr.com/photos/neilt/2517652/sizes/o/
Network Valuation Formula Ch Co R S I N D
= = = = = = =
Character Your Competence Relevance of the contact Strength of your relationship Information Number of people Diversity
N
= D * ∑ (Chn*Con *Rn* Sn*In) n=1
© Teten Advisors, LLC 2008. More at Teten.com
David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (www.TheVirtualHandshake.com)
Organizing / Speaking at Conferences • Alumni organizations • Meetup
http://www.flickr.com/photos/programmerman/2315566040/sizes/l/
© Teten Advisors, LLC 2008. More at Teten.com
Learn from Others’ Mistakes • Ex-Employees
© Teten Advisors, LLC 2008. More at Teten.com
http://flickr.com/photos/h-k-d/2898797929/sizes/o/
Gated Communities for Executives • IERGOnline.com • Executive-Forum.org • INMobile.org • Sermo.com • LinkedIn • Xing
© Teten Advisors, LLC 2008. More at Teten.com
Interns • Business Schools – Columbia Business School Small Business Consulting Program – Levin Institute JumpStart • Colleges • Student Special Interest Groups
© Teten Advisors, LLC 2008. More at Teten.com
http://flickr.com/photos/foundphotoslj/1134148114/
Your tax dollars • Public libraries • Your university library • Interns’ libraries
© Teten Advisors, LLC 2008. More at Teten.com
http://flickr.com/photos/extranoise/169187125/sizes/l/
Customers • Observe customers in action • In-depth interviews • Snowball sampling •Ask for referrals to potential buyers to build a sample • Online surveys •Surveymonkey.com • Bleeding-edge users
© Teten Advisors, LLC 2008. More at Teten.com
http://www.flickr.com/photos/superrabbit/319538167/
Sample Market Mapping Approach Used by Growth Investor #
Stage
Example
1 Identify global trend
Aging population in developed countries
2 Implication for specific industries of interest
Finance industry: growth for financial services providers with low-risk investing products
2 Implication for specific geographies of interest
Japan: need for low-wage workers (likely immigrants) to take care of older people
3 Build market map
List major players
4 Identify areas of future growth
core business / adjacent markets; regional/global expansion; M&A; human capital; technology; financial structure; personal networks
5 Assess fit with Fund’s strategy
Local geographic leader that would benefit from Fund’s global reach
© Teten Advisors, LLC 2008. More at Teten.com
David Teten, based on public records of major global investors
Sample Entrepreneur Market Map: Social Networking, mid 2005
Business LinkedIn Target Market Social Dating
Xing
Facebook myspace Match.com US
Orkut Plentyoffish Europe
LatAm
Geography © Teten Advisors, LLC 2008. More at Teten.com
This chart is purely illustrative and is not intended to be exhaustive.
Other Sample Market Maps Customer Segment
Quality Distribution Channel
Products
Contextual Info About Each Company to Include • Management strength • Product strength • Client desirability • Financial returns © Teten Advisors, LLC 2008. More at Teten.com
Any questions ? Slides at www.Teten.com Free book download at TheVirtualHandshake.com
© Teten Advisors, LLC 2008. More at Teten.com
David Teten Teten.com info @ teten.com 1-917-355-5726 New York, NY © Teten Advisors, LLC 2008. More at Teten.com
http://www.flickr.com/photos/23912576@N05/2962194797/
Interviewed over 125 Private Equity and Venture Capital Funds for Study on Best Practices in Identifying Growth Companies
© Teten Advisors, LLC 2008. More at Teten.com
Evalueserve, Ltd. © 2008. All Rights Reserved.
Definition of Market Research •Market Research is the systematic, objective collection and analysis of data about a particular target market, competition, and/or environment. •It always incorporates some form of data collection, whether it be secondary or primary research.
© Teten Advisors, LLC 2008. More at Teten.com
http://www.marketresearchworld.net/index.php?Itemid=38&id=14&option=com_content&task=view
David Teten Biography • Currently: Acting CEO of Attendees.com; Advisor to DanceTimePublications.com; advising several other startups and private equity funds • Managing Director, Evalueserve, through September 2008. 2,500-person research firm. • Founder and CEO, Circle of Experts (investment research firm), sold to Evalueserve • Founder and CEO, Teten Executive Recruiting, sold to Accolo, #42 on 2007 Inc. 500 • Founder and CEO, GoldNames, domain name investment bank, based in Israel • Technology M&A, Bear Stearns • Lead author, The Virtual Handshake: Opening Doors and Closing Deals Online (TheVirtualHandshake.com) • Harvard MBA, Yale BA • Contact: info @ teten.com
© Teten Advisors, LLC 2008. More at Teten.com
Why Private Information About Opportunities is More Valuable Ability of entrepreneur to exploit opportunity
Sweet spot of highest returns
Customers pay high prices
Customers pay low prices Info is Private Few Competitors © Teten Advisors, LLC 2008. More at Teten.com
Info is Public Many Competitors Inspired by Robert Bruner, Applied Mergers & Acquisitions, page 186
Investment Search Process (# Companies)
Acquirer/Investor Profiled Initially Targets selected Met Negotiated with Detailed due diligence Acquired/invested © Teten Advisors, LLC 2008. More at Teten.com
Highland TA Angels on Typical Capital Associates Angelsoft Entre(2008) (2006) (2009) preneur 22,312 3 10,000* 8,000 1,584 1,000 750 1,034 NA 555 2 10-20
10-12
440
1
•Business plans received Highland data: Economist, Global Heroes: A Report on Entrepreneurship, March 14, 2009, page 9. TA Associates data: The Big Issue: Deal Origination, Corporate Financier, October 2006 Angelsoft data: Website, Fall 2009.
Why Do Market Research • A survey of small business managers in Texas revealed that 84% of those who conducted formal marketing research projects in the past three years felt that the information obtained was worth the money spent. • Overall, 58% said that they were able to incorporate the research findings into their decisionmaking process. • Only 6% reported that they were not able to implement the results.
© Teten Advisors, LLC 2008. More at Teten.com
http://extn.msu.montana.edu/communitydevelopment/pubs/mt9013.pdf
Market Research Process 1: Define Marketing Problems and Opportunities 2: Set Objectives, Budget, and Timetables 3: Select Research Types, Methods, and Techniques 4: Design Research Instruments 5: Collect Data 6: Organize and Analyze the Data 7: Present and Use Market Research Findings
© Teten Advisors, LLC 2008. More at Teten.com
Search Hacks • Filetype:pdf • Filetype:ppt • Archive.org • Books.Google.com • Slideshare.net
© Teten Advisors, LLC 2008. More at Teten.com
http://flickr.com/photos/neilt/2517652/sizes/o/
Network Valuation Formula Ch Co R S I N D
= = = = = = =
Character Your Competence Relevance of the contact Strength of your relationship Information Number of people Diversity
N
= D * ∑ (Chn*Con *Rn* Sn*In) n=1
© Teten Advisors, LLC 2008. More at Teten.com
David Teten and Scott Allen, The Virtual Handshake: Opening Doors and Closing Deals Online (www.TheVirtualHandshake.com)
Organizing / Speaking at Conferences • Alumni organizations • Meetup
http://www.flickr.com/photos/programmerman/2315566040/sizes/l/
© Teten Advisors, LLC 2008. More at Teten.com
Learn from Others’ Mistakes • Ex-Employees
© Teten Advisors, LLC 2008. More at Teten.com
http://flickr.com/photos/h-k-d/2898797929/sizes/o/
Gated Communities for Executives • IERGOnline.com • Executive-Forum.org • INMobile.org • Sermo.com • LinkedIn • Xing
© Teten Advisors, LLC 2008. More at Teten.com
Interns • Business Schools – Columbia Business School Small Business Consulting Program – Levin Institute JumpStart • Colleges • Student Special Interest Groups
© Teten Advisors, LLC 2008. More at Teten.com
http://flickr.com/photos/foundphotoslj/1134148114/
Your tax dollars • Public libraries • Your university library • Interns’ libraries
© Teten Advisors, LLC 2008. More at Teten.com
http://flickr.com/photos/extranoise/169187125/sizes/l/
Customers • Observe customers in action • In-depth interviews • Snowball sampling •Ask for referrals to potential buyers to build a sample • Online surveys •Surveymonkey.com • Bleeding-edge users
© Teten Advisors, LLC 2008. More at Teten.com
http://www.flickr.com/photos/superrabbit/319538167/
Sample Market Mapping Approach Used by Growth Investor #
Stage
Example
1 Identify global trend
Aging population in developed countries
2 Implication for specific industries of interest
Finance industry: growth for financial services providers with low-risk investing products
2 Implication for specific geographies of interest
Japan: need for low-wage workers (likely immigrants) to take care of older people
3 Build market map
List major players
4 Identify areas of future growth
core business / adjacent markets; regional/global expansion; M&A; human capital; technology; financial structure; personal networks
5 Assess fit with Fund’s strategy
Local geographic leader that would benefit from Fund’s global reach
© Teten Advisors, LLC 2008. More at Teten.com
David Teten, based on public records of major global investors
Sample Entrepreneur Market Map: Social Networking, mid 2005
Business LinkedIn Target Market Social Dating
Facebook myspace Match.com US
Orkut Plentyoffish Europe
LatAm
Geography © Teten Advisors, LLC 2008. More at Teten.com
This chart is purely illustrative and is not intended to be exhaustive.
Other Sample Market Maps Customer Segment
Quality Distribution Channel
Products
Contextual Info About Each Company to Include • Management strength • Product strength • Client desirability • Financial returns © Teten Advisors, LLC 2008. More at Teten.com
Any questions ? Slides at www.Teten.com Free book download at TheVirtualHandshake.com
© Teten Advisors, LLC 2008. More at Teten.com
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