For today’s episode, Mike is joined by Marcelo Calbucci, the author of PRFAQ Lab. He has been successfully growing startups for 18+ years and is a former Amazon exec. His book PRFAQ Lab breaks down the framework Amazon uses to determine whether an idea is viable and how to develop it. This framework has helped to ensure that in a world where 92% of start-ups fail, most of Amazon´s succeed. As do other start-ups that use the framework.
If you want to learn how to de-risk your startup and build with confidence before you write a single line of code, listen in and turn your ideas into validated and fundable billion-dollar products, services and businesses.
KEY TAKEAWAYS
92% of startups fail.
Amazon start-ups use a simple framework called PRFAQ to validate their ideas, align their team and get investors. An approach that has been highly successful, with the majority of their start-ups succeeding.
PRFAQ stands for Press Release and Frequently Asked Questions.
Using the 7 step Press Release format enables you to identify the problem, who is experiencing the issue, your solution, how it works and how people can get your product.
Writing a press release as if you have already launched the product opens your mind and improves understanding.
Manually write your PR. Writing has been scientifically proven to help you think, it activates different sides of the brain.
The FAQs you need to include are those that help you to define vision and strategy.
Validate your idea before you start coding. If the market does not exist, don´t build it.
Understand the job the customer is trying to complete and what steps they are currently following to get it done. Don´t guess.
Understanding where to find your customers is a vital part of your research.
PRFAQ also works well for services and businesses. It is a great way to align a team and share the vision in an undiluted form.
PRFAQ is good for pitching.
BEST MOMENTS
3:40 "You have to wear your archaeologist or anthropologist hat and really observe how people work through the problem that you're trying to solve."
7:13 "The best way to address that problem is to eliminate the problem."
12:43 "According to Harvard Business Review, startups that validate … market need for their solution are 2.5 times more likely to succeed."
30.53 “It's not really a customer discovery framework. PRFAQ is a framework that helps you discover what you don't know and helps you to capture and think critically about that.”
47.34 “So, your slides don't have the typical gaps that most pitch decks have.”
48.53 “According to Forbes, startups with well-structured pitch documents are 60% more likely to secure funding.”
52.31 “Every product you know that Amazon has launched over the last 20 years was backed by a PRFAQ.”
EPISODE RESOURCES
https://www.theprfaq.com
ABOUT THE HOST
Meet Mike, a seasoned tech entrepreneur and visionary with over two and a half decades of invaluable experience in founding and scaling successful tech start-ups. Mike brings a wealth of firsthand knowledge, and a deep understanding of the challenges faced by entrepreneurs and tech professionals.
As a host, Mike is dedicated to sharing actionable insights, strategies, and stories gathered from conversations with industry leaders, innovators, and experts. With a remarkable ability to distil practical wisdom from guests, Mike curates engaging discussions that resonate with both aspiring entrepreneurs and seasoned professionals.