I recently prepared this template for one of our portfolio companies and thought I’d share it. I’m a big fan of dashboards as a quick way to get a grasp on our companies. I believe all successful startups are data driven. So having a dashboard that everyone sees regularly keeps people focused.
This dashboard works for pre-revenue startups that are focused on building that initial user base. As a seed investor when we make an investment we do so with the following goals in mind:
– Build an initial user base. One that is engaged. Prove that we have built something that a defined market wants.
– Build out the team beyond the founders.
– Manage cash and milestones so that we have enough runway to hit the proof points needed to raise more $.
This dashboard hits those key points.
Some definitions for usage:
New users: 1st time use of an application.
Existing active users: A user acquired in a previous period who is active in a subsequent period.
User quality: The levels used to stratify usage level are arbitrary. Choose ones that make sense for you, but make sure you capture single usage. In my experience with free apps, a huge number of users use the service 0 or 1 times. You need to get a handle on this.
Despite the fact that churn is the most important aspect of any recurring revenue business I don’t focus on it at the seed stage because we don’t have anywhere near enough data to measure it accurately. So for that reason it’s not included here.
Hope you find this useful…