The Short Stack 🥞 Vol #6
First emailed to newsletter subscribers on January 28, 2017
Good morning all ✌️
This past week was tight! Our first #NoAgenda dinner of 2017 was amazing, thanks to everyone who came out on Thursday night in NYC. A special thanks to Jen Mozenter, Ryan Leslie, Fabrizio Brienza and the SoHo Grand Hotel for making it exceptional.
Back to business. This week our teammate Armaan is traveling to India and taking over our Instagram, follow here! Here In NYC, we’ll be meeting with several incubators and VCs to brainstorm on the startup ecosystem, discussing ways we can work together to increase success odds for early-stage ventures.
Contributed by Michael Saloio
Yesterday we met with Bonaverde, a unique coffee company based in Berlin making a push into the US market. With its initial funding raised on Kickstarter, Bonaverde’s MVP is a coffee roaster, grinder and brewer all-in-one. Sounds cool right? Well making coffee is just the beginning. Bonaverde’s machine is IoT with both WiFi and LTE connection. Each packet of coffee beans is RFID tagged and the machine recognizes where the coffee is from and brews it accordingly, maximizing taste. The bags of raw green coffee beans come directly from the source, they’re biodegradable and double as the coffee filter. What’s more, the machine sends data about your coffee preferences back into the cloud. But the real kicker is the company’s long-term ambitions to become a marketplace. By connecting coffee growers in Nicaragua and the “Coffee Belt” regions directly to consumers, cutting out distributors and coffee roasters and attributing higher economics back to the real value source in the supply chain — the grower. What does this mean for coffee as a traded commodity long-term, or other commodities where D2C could disrupt?
2. Acquisition, Conversion, Retention
Contributed by Anthony Tumbiolo
Jakt’s holy grail of product building is the user journey; defining a “critical path” from problem to solution and then executing by acquiring, converting and retaining users. (We recently launched a new section on our website which details our process, check it out here.) Thinking through how you’ll acquire, convert and retain users is a crucial process often missed when building a business. Whether you’re a pure technology company, tech-enabled business or dentist office — you’ve got to spread the word about your product, convert passive observers to users and retain them. Missing one piece of this equation could be a costly mistake. Misidentifying personas might mean targeting the wrong users, choosing the wrong acquisition channels and lower ROI on marketing dollars. A clunky, cumbersome on-boarding may lose your user’s attention and fail to convert them to an active customer. Finally, your best users are the ones you already have. Without a good retention strategy, you will spend higher marketing dollars targeting new users which is more expensive than keeping the ones you already have. Of course, all of this is by trial-and-error. But the more work you do in the beginning, testing and iterating, the more time and money you’ll save (or make) long-term. Full post here.
Part of our community building efforts at Jakt involves expanding our horizons outside technology and startups and into other creative fields. I (Mike) have personally learned a ton about the creative process from musicians and other artists. Last night at dinner, one of our attendees was an emerging hip hop artist out of Chicago now residing in Brooklyn named Rising Over Envy. He’s the man, and happens to be playing Webster Hall this Sunday night. We’re going, and if you’re in NYC ping me and join! You can snag tickets here.
1. On the blog: Acquisition, Conversion, Retention
by Anthony Tumbiolo, our CEO
2. On the blog: Principles for Building a Company That Lasts
by Anthony Tumbiolo, our CEO
3. On the blog: Jakt’s 2017 Plan
by Anthony Tumbiolo and Michael Saloio
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