It’s the DEMO AfterParty, Shareholder Equity Building Party via Larry Chiang AfterParty Concept

Notes from Larry Chiang Impromptu Office Hours, Monkey Inferno

April 17, 2013

Flowbit.org à No .org (get a real website)

Rebrand: “The Calcium/Magnesium Tracker” (e.g. name your company after something useful)

Your awards are shit.

Internal Escrow: What’s internal escrow? It’s this cool thing where the money never leaves your entity. If we meet 20 of the 30 milestones, you pay half of the value of the deal.

One Way Letter of Intent

I write the letter of intent. It contains 35 or 37 milestones (10 steps break out into 40 sub-steps).

Example: I connect my product to your plant. I install it on your plant with a plant diagram. I need to audit the plant. I can do a walkthrough and give you the CAD drawings for free.

-DJ up some APIs. That’s what you do when you build something powerful but you just connect other people’s APIs to make a conglomerated service thing.

No meetings! Just sell. Calls calls calls.

Your company could have peaked on Wednesday at DEMO. Are you going to let it happen?

How-To

EUBM: Engineer Up a Business Model (around a revenue stream)

Find an $800,000 problem that you solve; charge $200,000 and solve it for $100,000.

-Residual costs: Old school pricing stuck in consumer’s mind

-You must be a Nalco company sales rep.

-No overhead. Everyone needs to generate revenue. Everyone needs to sell and add to the bottom line.

Read three books: Boilers, Cooling Towers, Perry’sGuide. LEARN TO SELL.

Team

Treasure Maps: Teams need treasure maps.

Focus. Have goals. Make a checklist of 250 items with WHO does what listed.

Second Supplier Gambit

I just want to know that some time in the future, I’ll have a chance to close a sale.

“Were you looking to solve this problem now? I’d like to be a [free] consultant for you on XYZ issue, so we’ll have plenty of time to find a solution.”

“How to do what Duck 9 Does without hiring Duck 9”

Listener: “I don’t want your product.”

Your Presentation: How to do what Flowbit does without hiring Flowbit

You do this presentation to get an “IN.” The listener is now interested in hearing about how to do what you do without paying you. Show them that it’s too annoying and it’s easier to pay you.

AIDA: Attention, Interest, Decision, Action.

American Express’ Under-Promoted Credit Truths at Mercedes Benz Fashion Week (MBFW)”