San Francisco Virtual Fall 2022

Virtual First

FI Core Program

Deliverables

Launch Track

1. Progress - Outline your business ideas and any testing or progress made to date.
2. Hotseat Pitch - Prepare a one minute verbal pitch for the weekly “Founder Hotseat”, where you present to Mentors during the Feedback Sessions. Start with our one-sentence pitch template, and if you do not have a final idea yet, describe yourself and a field that you are passionate about and uniquely qualified to build a business around.
3. Co-Founders - If you are looking for a Co-Founder, create a basic description of what you are looking for, and this will be shared with the rest of your cohort.

Growth track

1. Program Goals - Outline the monthly objectives your team wants to achieve during the four month Core Program.
2. Key Performance Indicators - Outline the KPIs that you are currently using to track success. Analyze the validity of these metrics, and create a plan to share updated metrics and progress with your Local Leaders every week in the program.
3. Hotseat Pitch - Prepare a one minute verbal pitch for the weekly “Founder Hotseat”, where you present to Mentors during the Feedback Sessions. Start with our one-sentence pitch template, followed by why your team is uniquely qualified to execute your business and the progress that you’ve made to date.

Deliverables

Launch Track

1. Ideation - Catalogue the ideas that you are interested in pursuing, or examine different variations of the current business you are pursuing.
2. Initial Interviews - Using our templates, interview at least 15 people that have knowledge of the customer problems or may be potential customers themselves.
3. Market Research - Utilize our market research template to collect accurate and available market information on the customer problems you are analyzing.

Growth track

1. Customer Interviews - Using our templates, interview at least 15 customers. If you already have done extensive customer development then outline your current findings and identify areas that require deeper understanding.
2. Identify Unknowns - Document a detailed understanding of the main customer problem, and fill any required gaps in your customer knowledge.
3. Visioneering - Describe what your business will look like when it has $100 million in annual revenues, including the vision, culture, and main revenue stream, and outline at least 5 steps that need to happen for your company to reach that goal.

Deliverables

Launch Track

1. Customer Interviews - Develop a longer series of customer interview questions based on your initial interviews and key assumptions, with at least ten open-ended customer interview questions for each customer problem.
2. Customer Archetype - Use our guidelines to develop or improve an initial customer archetype for your ideal target customer.
3. Landing Pages - For each remaining customer problem, develop or improve a professional landing page targeted to your initial customer archetype, and quickly build up a mailing list to receive customer feedback.

Growth track

1. Customer Archetype - Use our guidelines to create or update a detailed customer archetype of your target customer, based on either your existing customers or improved research.
2. Revenue Interviews - Interview customers about the pricing of your revenue model, using three different revenue models/ pricing schemes. Confirm your existing model or select a new one based off these interviews.
3. Interview Competitor Customers - Identify customers of competing products or solutions and encourage them to switch to your solution, ideally securing a letter of intent (“LOI”), or developing an ongoing relationship for feedback.

Deliverables

Launch Track

1. Customer Problem - Based on your research, select one customer problem to pursue in the program that has the greatest chance to generate significant revenue.
2. Revenue Models - Narrow down that problem to three potential revenue models, and thoroughly analyze the positives and negatives of each model.
3. Professional Pitch Deck - Use our templates to develop a professional three minute long pitch deck, based on the feedback, concepts and flow that have resonated from your Hotseat pitches.

Growth track

1. Expert Interviews - Speak with three financial people who have experience in a similar industry to your customer problem, and get their insights and opinion on the scalability of your revenue model.
2. Key Performance Indicators - Based on your research thus far, identify the final key metrics that will impact your ability to secure revenue (and funding). Discuss these with your Local Leaders, and finalize a tracking system for these metrics.
3. Product Development - Refactor your plans to prioritize the release of a solution that will generate initial customer revenue and validate your riskiest assumptions.

Deliverables

Launch Track

1. Competitor Branding - Analyze and compare the name and branding of at least 15 companies with a competing offering, in a related industry, or with a similar value proposition in a different industry.
2. Name Brainstorming - Use combinations of your naming words to develop a series of business names for the review of your peers and Local Leaders.
3. Name Research - Research the availability of the combined words as a domain name and list the ones that are most available.

Growth track

1. Branding Expert - Leverage the FI Network to set up meetings with industry experts to get feedback about your name, branding, and customer experience.
2. Close Sales - Follow-up on your previous sales activities, and measure the time allocated, conversion rates, financial spending and other metrics for each activity. Your goal is to convert new sales and/or show quantifiable traction before the Mentor Idea Review.
3. Idea Review Pitch Deck - Finalize your 3-minute pitch deck for the Mentor Idea Review, using our templates and guidelines. Practice the pitch at least five times with your peers, and revise it based on feedback. Upload a final video on the deliverables page.

Deliverables

Launch Track

1. Corporate Materials - Immediately update your 3 minute pitch deck and video based on the Mentor Idea Review feedback, and develop a new and updated Executive Summary using our template.
2. Advisor Candidates - You will create (or fill out) an Advisory Board in the next 5 weeks, so develop a target list of new advisor candidates based off your identified needs and gaps in knowledge/ connections.
3. Advisor Outreach - Leverage the FI network to get introductions to your targets where necessary, and follow our templated process to make progress on your advisory board.

Growth track

1. Sales Follow-up - Continue to work on securing sales or commitments for revenue, growing the rate month over month. For B2B solutions, get as many contracts or letters of intent as possible. For B2C solutions, aggressively increase your revenue (or submitted information indicating they will pay you). Document all lessons learned.
2. Financial Model - Develop or professionalize your financial model based on our template that focuses on expenses (“burn”) to understand your cash needs. Develop a revenue forecast for 12-18 months and factor in timing considerations from your sales follow-up work.
3. Legal - Identify your short to medium term legal needs, and if you don’t already have a law firm, identify at least two local law candidates that have experience working with startups. Begin vetting new or existing law firms using our guidelines.

Deliverables

Launch Track

1. Legal Review - Review our Legal Guide to fully understand all critical startup legal components, including granting equity, vesting equity, granting options, issuing common stock versus preferred stock, and more. If any of your existing legal structure is in conflict with these best practices, then create a plan for resolution.
2. Capitalization Table - Develop or improve your capitalization table (“Cap Table”) that shows the ownership structure of the business, using our template and guidelines.
3. Finalize Co-Founder Legal (if any) - Create a list of any co-founders, co-founder candidates or founding Team Members that you have for your Founder Institute company, and begin the next steps in formalizing the relationship.

Growth track

1. Law Firm Engagement - If you don’t already have a law firm, meet with your law firm candidates and sign an “engagement letter” with your chosen firm.
2. Corporate Formation Agreements - If you don’t already have a suitable corporation, secure all of your corporate formation agreements which govern how the business conducts itself.
3. Equity Collective - Prepare to join the Equity Collective, and send your law firm the necessary agreements and request their help to properly fill out the required fields.

Deliverables

Launch Track

1. Alternatives - Identify two alternative models (markets or “pivots”) for your go-to-market solution to discover the most lucrative market opportunity. Interview at least 2 customers for each alternative.
2. Advisor Follow-Up - In the next Step you will finalize advisors, so begin finalization meetings with your top candidates, and set up test Advisor Test Projects where necessary following our templates.
3. Test Marketing Messaging - Write at least three separate marketing messages for your solution, and A/B test them using landing pages with at least 100 engagements each.

Growth track

1. Customer Acquisition Channels - Identify at least five initial or new major marketing channels to acquire customers that are appropriate for your solution.
2. Conversion Rate - Begin testing at least three of your new customer acquisition channels, pushing as much traffic through them as possible to evaluate their comparative conversion rates.
3. Unit Economics - Research any data on the standard Cost of Customer Acquisition (CAC) and standard Lifetime Value (LTV) for your industry and segment, and compare and analyze against the metrics you have collected thus far.

Deliverables

Launch Track

1. Intellectual Property - If you have not already, secure and protect the intellectual property for all of the work done to date. Examine the need for patents, if applicable, following our guidelines.
2. Solution Goals - Evaluate the current state of your solution, and outline the three solution goals that you would like the next product release to solve for your target customers over the next year.
3. Project Team - If you have not already, organize the skills and roles needed to execute on your solution goals, whether using existing team members or supplementing through hiring or outsourcing.

Growth track

1. Product Roadmap - Develop a first or updated product roadmap, using our guidelines, in order to meet your solution goals with your project team.
2. Project Plan - Fine tune the schedule of releases in your product roadmap to be as simple as possible to each test one hypothesis of the business, using our guidelines.
3. Hotseat Pitch - Prepare a five minute presentation for the Mentor Progress Review that includes sufficient information to enable Mentors to evaluate your progress and plans.

Deliverables

Launch Track

1. Polished Investor Pitch Deck - Create an expanded, 12-slide pitch deck incorporating any feedback from the Mentor Progress Review, using our templates.
2. Growth - Make progress on your growth goals, and examine or adjust how your strategy and the system to keep yourself accountable is performing.
3. Product - Make progress on your next product release, and outline and address any of the setbacks that you have faced with your project team.

Growth track

1. Hiring Needs - Score the progress of each member of your project team on a 1 to 10 scale, including yourself, and set up plans to improve those that are struggling.
2. Finalize Advisory Board - Set up your advisory board with startup, industry, technology or marketing advisors, and set up a one hour conference call with all of the them, which will be your first quarterly advisory board meeting.
3. Financial Model Update - Review and update your financial model with the work done to date. Adjust the revenue projections based on your growth thus far, and evaluate the need and requirements for external funding.

Deliverables

Launch Track

1. Candidates - Search for candidates to hire (including Co-Founders) by identifying everyone that you know who is appropriate, or leveraging the FI network, to fill the top two or three roles you are not planning to outsource.
2. Hiring Process - Develop a hiring and onboarding process using our guidelines to add team members into your organization, and begin executing on the process.
3. Test Projects - Develop at least one test project for each of your top two or three roles, which should create opportunities for credible candidates to demonstrate their skills.

Growth track

1. Advisor Review - Arrange a meeting or phone call with at least one of your advisors to discuss your hiring work. Present everything that you have done, and incorporate their feedback into your planning.
2. Time Allocation - Meticulously outline your “founder’s schedule” by allocating weekly blocks of time to address your core business activities, providing you with uninterrupted time to work on each activity.
3. (Optional) Fundraising - If you don’t have sufficient capital to run the company for the next few months, then follow our guides to start a preparing documentation and research for a funding round.

Deliverables

Launch Track

1. Growth Plan Update - Review the performance of your growth goals and adjust your growth plan to improve your performance and accountability.
2. Sales - Pursue aggressive goals to close new revenue or users, which may be signups, payments, a signed contract, a pre-payment or a signed letter of intent.
3. Growth Tactics - Work with your working group and advisors to brainstorm 15 new ideas to increase the top of your funnel, and provide a bulleted list of these Growth Tactics.

Growth track

1. Pivot - Consider a pivot if you are not meeting your growth goals, sales, product or hiring progress targets. If you decide to Pivot, schedule a call with one of your Local Leaders to discuss your proposed pivot in the business and do the same with your advisors.
2. Hiring Channels - Review all of the candidates that have come through the various recruiting outreach channels and other activities, and identify the most effective channels.
3. Post-Program Onboarding - Review the FI post-program resources, and work with your cohort on a monthly meeting schedule where you will continue to meet, provide updates, and share learnings on your progress.

Deliverables

Launch Track

1. Minimum Victory Condition - Work with your Local Leaders to establish your "Victory Condition" to achieve before the "Impact Deadline" (three months after the program ends), and add it to your business calendar.
2. Advisor Strategy - Set up a call with each of your advisors and briefly review your "Victory Condition", the funding strategy, hiring plan, sales plan and product plan.
3. Use of Proceeds - Examine the capital needs of the business, and extend your financial model to project revenues and expenses for a total of 24 months from now.

Growth track

1. Final Investor Pitch Deck - Refine your investor pitch deck, and update it with all of your work to date, including details from your various plans. Test the presentation on peers and Directors and upload it to the FI site for review.
2. Deal Room - Create a Deal Room for future investors that includes relevant files like Company documents with legal, Pitch Deck, Team bios, Board Materials, Financials, Sales information, Marketing materials and Intellectual Property.
3. Target List - Identify local Angel Investors and Seed Accelerators, ignoring Venture Capitalists and Seed Funds. The Target List should include at least 100 local angels, 25 regional and 50 global seed accelerators, using our guidelines and resources.