Turing helps unlock Vietnam’s tech talent to the rest of the world

Turing helps unlock Vietnam’s tech talent to the rest of the world

Vietnam has emerged with a rising tech talent pool: the many key factors attributed to this growth include an increase in STEM education, economic policies that encourage domestic and international entrepreneurs, and investments by private tech companies. The fruits of the combined labor of government and private investment are an increasingly skilled workforce that has pegged Vietnam as the technology hub for Southeast Asia. There is a great potential within the Vietnamese tech workforce that will greatly benefit companies throughout the world.

The tech industry demand for talent presents many opportunities for a workforce like Vietnam’s and presents a unique resource for companies across the globe. While India has been a primary outsourcing focus, Vietnam presents itself as a viable contender for the world’s market.

“Vietnam is a hub of business process outsourcing along with IT outsourcing. It’s an excellent complement for multinational corporations managing big datasets and looking for data cleansing ahead of software development,” according to Forbes.

Turing plans to close the gap between Silicon Valley companies and the relatively untapped tech workforce in Vietnam. At the touch of a button, customers have the benefit of finding the ideal candidates that will develop their products. 

Turing has built the first labor marketplace based on Artificial Intelligence to provide a scalable team of elite, pre-vetted, remote software developers to Silicon Valley companies. Turing’s AI analyzes data from various sources to build rich developer profiles and then matches them with companies looking for engineers. The company believes remote teams are the key to solving the tech challenges and delivering accelerated development.

500 Startups Vietnam has invested in Turing to help talent in Vietnam get access to opportunities and make an impact on the global tech market. The joint effort will not only provide an easy way to pair entrepreneurs with Vietnam’s tech workforce, but also further the connections to an eager global market. Not only will it benefit a growing Vietnamese economy, but also the global market in tandem.  

We believe Vietnam will become a technology hub not just for Southeast Asia but across the emerging world. We’re working hard – like the talented entrepreneurs we support – to help make that happen,” 500 Startups Vietnam.

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© 2010-2018 500 Startups

Saola Accelerator: supporting the next “Asian unicorns”

Saola Accelerator: supporting the next “Asian unicorns”

Application is now open! 

bit.ly/500saola

One month after announcing its oversubscribed final close, 500 Startups Vietnam today announced that it will bring 500 Startups’ Silicon Valley accelerator curriculum to Vietnam in 2019 in partnership with Korean multimedia retailer GS Shop.

The Saola Accelerator, named after the rare Vietnamese deer also known as the “Asian unicorn”, aims to support three batches of Vietnam-connected startups with US$100,000 investment in each startup as well as programmatic support. In addition, each participating company will receive access to more than US$500,000 worth of free perks and discounts from twenty 500 Startups partners including Amazon Web Services, Google, and Microsoft.

500 Startups’ flagship accelerator has been named a Top 3 accelerator in the U.S. by notable publications including Forbes and Entrepreneur. 500 Startups has also been running growth programs in Latin America, Europe, the Middle East, and Asia. The Saola Accelerator is 500’s latest step in its mission to back talented entrepreneurs anywhere, help them build companies at scale, and develop thriving startup ecosystems around the world.

500’s programs around the world

Marvin Liao, Partner at 500 Startups and head of its flagship accelerator program in San Francisco, said, “We’ve learned a lot from working with 1,000 companies in more than 40 growth program batches around the world. We’re excited to bring that experience to Vietnam.”

In addition to capital, the Saola Accelerator will offer enhanced programming including 500’s signature Growth Hell Week plus hands-on support for growth. The program will conclude with a Demo Day, where the companies will share about their products and progress to an invite-only audience of regional venture investors.

Demo Day

The Saola Accelerator will be operated in partnership with GS Shop, Korea’s foremost multimedia retailer with an internationally active corporate venture capital team. GS Shop and 500 Startups have had a close relationship for years, with investments and collaborations spanning from Korea to the U.S. and the Middle East. GS Shop plans to match 500 Startups Vietnam’s investment in select batch companies, bringing the potential investment per company to up to US$200,000. GS Shop also plans to send two representatives to attend the program.

“We believe Vietnam’s existing incubators and accelerators have played an important role in nurturing startups in their earliest stages. Our program is aimed at companies ready to break out and become Asian unicorns – saolas,” Eddie Thai, a lead partner of 500 Startups Vietnam, explained.

Application form

Submit your application at bit.ly/500saola

 

Interested startups can apply to the program if they meet the following 3 criteria:

  • Tech or tech-enabled
  • Vietnam-connected (serving the Vietnam market, having a Vietnamese co-founder, and/or having a meaningful portion of the team in Vietnam)
  • Have meaningful traction

Deadline is January 20, 2019, and late deadline is February 15, 2019.

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© 2010-2018 500 Startups

AARRR

AARRR

Acquisition, Activation, Retention, Referral, Revenue.

This is the AARRR (Must Read!) startup metrics model developed by Dave Mcclure. These 5 metrics represent all of the behaviors of our customers.

We want to break down these 5 metrics on your product and look at them separately, then analyze and monitor them so that we can optimize them. A successful startup is one where they are able to optimize every single one of these 5 metrics.

It’s important to understand about AARRR, because only when you understand all the metrics, you will understand where exactly is wrong with your startup, so you don’t guess and make the wrong assumptions. When you understand AARRR, you can become a startup doctor, because you will know exactly what or which part is wrong, and then fix it.

For example, a Chinese restaurant owner opens his restaurant in San Jose. After 3 months his business is still quite poor, so he simply blames that people in San Jose don’t like to eat Chinese food (impossible!).

The truth is that many startups make the same mistake of thinking if something doesn’t work, it must be everything, or they just guess the wrong reason why their business is not working. Like any website or app, a restaurant relies on many things to be optimized. It needs to have a good location. The storefront needs to look good so customers want to go in. When users are in, customers need to feel comfortable with the interior, and they need to be sold on the content in the menu. Moreover, when they go through the menu, they need to feel comfortable with the price point. Also, the user will obviously rate their experience in terms of the service, the taste of the food, etc.

So, while 1 restaurant owner will conclude that people don’t like Chinese food. Another store owner that knows AARRR-fu will find out maybe it’s because his storefront doesn’t look interesting enough, his price point is too high, or what not.

The truth is, any part of a customer’s experience and its details from walking pass the storefont, to going inside, finding a seat, ordering, eating, paying, and leaving the restaurant, are all very crucial to the restaurant’s business.

Case Study: Michelin 1 star restaurant chain called Ding Tai Fong focuses on every part of the detail. They optimize everything. They are so detailed that when you are paying for the bill, the cash change they give back to you is always new so that you don’t get your hands dirty. So they have someone who goes to the bank every morning to get brand new cash to start the day off. It’s something as subtle as this, but this way, people love their whole experience from beginning to end and come back again or tell their friends.

Website Case Study: StartitUp is getting 1000 visitors/month (Acquisition), and our Activation (conversion) is 70%, so that we are getting around 700 users/month. Out of those 700 users, only 20% of those users are coming back after their first visit (Retention). Out of those 20% (140 users), only 10% are paying (Revenue), so that we end up with 14 users paying each month. Out of the 700 users, about 10% of those are referring out service to their friends (Referral).

When we look at the example above, we can separate each behavior and try to optimize each separately.

For example:

1. StartitUp has a good Activation (conversion) rate of 70%, which means we are dealing with a real problem and we have a real solution, and we also have a convincing landing page.

2. We want to get more signups, so we look to improve our Acquisition (visitors) by adding more acquisition channels or work on SEO to try to get more users.

3. We then look at our Retention, and saw that our Retention is pretty horrible at 20%, so we build some extra features like email newsletters and gamification to get users to come back so that we have another chance to monetize them. But we realize users are not coming back to our service because our service somehow isn’t delivering the value promise we made – it doesn’t solve their problem or it’s not clear how to use our service. We also create a better tutorial feature to help users get started with the guide so they can properly reap the benefits from StartitUp.

4. We also see that we are not doing a very good job converting users into paying customers (Revenue), so we look at our price structure and our pricing page to see if we are not doing a good job communicating, or if we can build a stronger pricing plan with the main pricing plan that we want people to buy highlighted.

5. Finally, we check to see why we are not being recommended (Referral) to friends and see if we can put in some social sharing features to increase the number of referrals. This could also be that our service doesn’t have any referral value since it’s not good enough.

However, for a startup, we don’t need to focus on all of the 5 metrics during the MVP (Minimum Viable Product) phase. The 2 most important metrics we want to monitor and optimize right now are Activation and Retention (Retention is King! – If people like using your product and they return to use it, then you will be successful).

These are the 2 main metrics that will determine whether or not you have built a service that people need. A good Activationtells you that your UVP and landing page is convincing and that you successfully get the user to go through with 1 use cycle post logging in. Good Retention tells you that your MVP actually delivers the UVP to the customers.

If you plan to start charging immediately, then Revenue will be one that we want to monitor as well. Acquisition and Referral are not immediate, but they are the engines to drive new customers to your website, so do keep them in mind when building your MVP.

Important: Before you can get good Activation and Retention, which means that you have proven that your product does indeed deliver the UVP, there is no need to start getting users. The reason is that before you are sure that you have a working solution, the users you get now will leave anyways. You will be depleting your users, and it might also give you bad reviews. Therefore, before we can validate your MVP in a later section, only focus on getting “early adopters” and leave the Growth Hacking for later.

Read the original article by Dave Mcclure here. Click on “Tiếng Việt” on the menu for the Vietnamese translation provided by 500 Startups Vietnam.

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San Francisco, CA 94103, USA

© 2010-2018 500 Startups

16 Startup Metrics

16 Startup Metrics

by Jeff Jordan, Anu Hariharan, Frank Chen, and Preethi Kasireddy.

We have the privilege of meeting with thousands of entrepreneurs every year, and in the course of those discussions are presented with all kinds of numbers, measures, and metrics that illustrate the promise and health of a particular company. Sometimes, however, the metrics may not be the best gauge of what’s actually happening in the business, or people may use different definitions of the same metric in a way that makes it hard to understand the health of the business.

So, while some of this may be obvious to many of you who live and breathe these metrics all day long, we compiled a list of the most common or confusing ones. Where appropriate, we tried to add some notes on why investors focus on those metrics. Ultimately, though, good metrics aren’t about raising money from VCs — they’re about running the business in a way where founders know how and why certain things are working (or not) … and can address or adjust accordingly.

Business and Financial Metrics

#1 Bookings vs. Revenue

A common mistake is to use bookings and revenue interchangeably, but they aren’t the same thing.

Bookings is the value of a contract between the company and the customer. It reflects a contractual obligation on the part of the customer to pay the company.

Revenue is recognized when the service is actually provided or ratably over the life of the subscription agreement. How and when revenue is recognized is governed by GAAP.

Letters of intent and verbal agreements are neither revenue nor bookings.

#2 Recurring Revenue vs. Total Revenu

Investors more highly value companies where the majority of total revenue comes from product revenue (vs. from services). Why? Services revenue is non-recurring, has much lower margins, and is less scalable. Product revenue is the what you generate from the sale of the software or product itself.

ARR (annual recurring revenue) is a measure of revenue components that are recurring in nature. It should exclude one-time (non-recurring) fees and professional service fees.

ARR per customer: Is this flat or growing? If you are upselling or cross-selling your customers, then it should be growing, which is a positive indicator for a healthy business.

MRR (monthly recurring revenue): Often, people will multiply one month’s all-in bookings by 12 to get to ARR. Common mistakes with this method include: (1) counting non-recurring fees such as hardware, setup, installation, professional services/ consulting agreements; (2) counting bookings (see #1).

#3 Gross Profit

While top-line bookings growth is super important, investors want to understand how profitable that revenue stream is. Gross profit provides that measure.

What’s included in gross profit may vary by company, but in general, all costs associated with the manufacturing, delivery, and support of a product/service should be included.

So be prepared to break down what’s included in — and excluded — from that gross profit figure.

#4 Total Contract Value (TCV) vs. Annual Contract Value (ACV)

TCV (total contract value) is the total value of the contract and can be shorter or longer in duration. Make sure TCV also includes the value from one-time charges, professional service fees, and recurring charges.

ACV (annual contract value), on the other hand, measures the value of the contract over a 12-month period. Questions to ask about ACV:

What is the size? Are you getting a few hundred dollars per month from your customers, or are you able to close large deals? Of course, this depends on the market you are targeting (SMB vs. mid-market vs. enterprise).

Is it growing (and especially not shrinking)? If it’s growing, it means customers are paying you more on average for your product over time. That implies either your product is fundamentally doing more (adding features and capabilities) to warrant that increase, or is delivering so much value customers (improved functionality over alternatives) that they are willing to pay more for it.

See also this post on ACV.

#5 LTV (Life Time Value)

Lifetime value is the present value of the future net profit from the customer over the duration of the relationship. It helps determine the long-term value of the customer and how much net value you generate per customer after accounting for customer acquisition costs (CAC).

A common mistake is to estimate the LTV as a present value of revenue or even gross margin of the customer instead of calculating it as net profit of the customer over the life of the relationship.

Reminder, here’s a way to calculate LTV:

Revenue per customer (per month) = average order value multiplied by the number of orders.

Contribution margin per customer (per month) = revenue from customer minus variable costs associated with a customer. Variable costs include selling, administrative and any operational costs associated with serving the customer.

Avg. lifespan of customer (in months) = 1 / by your monthly churn.

LTV = Contribution margin from customer multiplied by the average lifespan of customer.

Note, if you have only few months of data, the conservative way to measure LTV is to look at historical value to date. Rather than predicting average life span and estimating how the retention curves might look, we prefer to measure 12 month and 24 month LTV.

Another important calculation here is LTV as it contributes to margin. This is important because a revenue or gross margin LTV suggests a higher upper limit on what you can spend on customer acquisition. Contribution Margin LTV to CAC ratio is also a good measure to determine CAC payback and manage your advertising and marketing spend accordingly.
See also Bill Gurley on the “dangerous seductions” of the lifetime value formula.

#6 Gross merchandise value vs. Revenue

In marketplace businesses, these are frequently used interchangeably. But GMV does not equal revenue!

GMV (gross merchandise volume) is the total sales dollar volume of merchandise transacting through the marketplace in a specific period. It’s the real top line, what the consumer side of the marketplace is spending. It is a useful measure of the size of the marketplace and can be useful as a “current run rate” measure based on annualizing the most recent month or quarter.

Revenue is the portion of GMV that the marketplace “takes”. Revenue consists of the various fees that the marketplace gets for providing its services; most typically these are transaction fees based on GMV successfully transacted on the marketplace, but can also include ad revenue, sponsorships, etc. These fees are usually a fraction of GMV.

#7 Unearned or Deferred Revenue … and Billings

In a SaaS business, this is the cash you collect at the time of the booking in advance of when the revenues will actually be realized.

As we’ve shared previously, SaaS companies only get to recognize revenue over the term of the deal as the service is delivered — even if a customer signs a huge up-front deal. So in most cases, that “booking” goes onto the balance sheet in a liability line item called deferred revenue. (Because the balance sheet has to “balance,” the corresponding entry on the assets side of the balance sheet is “cash” if the customer pre-paid for the service or “accounts receivable” if the company expects to bill for and receive it in the future). As the company starts to recognize revenue from the software as service, it reduces its deferred revenue balance and increases revenue: for a 24-month deal, as each month goes by deferred revenue drops by 1/24th and revenue increases by 1/24th.

A good proxy to measure the growth — and ultimately the health — of a SaaS company is to look at billings, which is calculated by taking the revenue in one quarter and adding the change in deferred revenue from the prior quarter to the current quarter. If a SaaS company is growing its bookings (whether through new business or upsells/renewals to existing customers), billings will increase.

Billings is a much better forward-looking indicator of the health of a SaaS company than simply looking at revenue because revenue understates the true value of the customer, which gets recognized ratably. But it’s also tricky because of the very nature of recurring revenue itself: A SaaS company could show stable revenue for a long time — just by working off its billings backlog — which would make the business seem healthier than it truly is. This is something we therefore watch out for when evaluating the unit economics of such businesses.

#8 CAC (Customer Acquisition Cost) … Blended vs. Paid, Organic vs. Inorganic
Customer acquisition cost or CAC should be the full cost of acquiring users, stated on a per user basis. Unfortunately, CAC metrics come in all shapes and sizes.

One common problem with CAC metrics is failing to include all the costs incurred in user acquisition such as referral fees, credits, or discounts. Another common problem is to calculate CAC as a “blended” cost (including users acquired organically) rather than isolating users acquired through “paid” marketing. While blended CAC [total acquisition cost / total new customers acquired across all channels] isn’t wrong, it doesn’t inform how well your paid campaigns are working and whether they’re profitable.

This is why investors consider paid CAC [total acquisition cost/ new customers acquired through paid marketing] to be more important than blended CAC in evaluating the viability of a business — it informs whether a company can scale up its user acquisition budget profitably. While an argument can be made in some cases that paid acquisition contributes to organic acquisition, one would need to demonstrate proof of that effect to put weight on blended CAC.

Many investors do like seeing both, however: the blended number as well as the CAC, broken out by paid/unpaid. We also like seeing the breakdown by dollars of paid customer acquisition channels: for example, how much does a paying customer cost if they were acquired via Facebook?

Counterintuitively, it turns out that costs typically go up as you try and reach a larger audience. So it might cost you $1 to acquire your first 1,000 users, $2 to acquire your next 10,000, and $5 to $10 to acquire your next 100,000. That’s why you can’t afford to ignore the metrics about volume of users acquired via each channel.

Product and Engagement Metrics

#9 Active Users

Different companies have almost unlimited definitions for what “active” means. Some charts don’t even define what that activity is, while others include inadvertent activity — such as having a high proportion of first-time users or accidental one-time users.

Be clear on how you define “active.”

#10 Month-on-month (MoM) growth

Often this measured as the simple average of monthly growth rates. But investors often prefer to measure it as CMGR (Compounded Monthly Growth Rate) since CMGR measures the periodic growth, especially for a marketplace.

Using CMGR [CMGR = (Latest Month/ First Month)^(1/# of Months) -1] also helps you benchmark growth rates with other companies. This would otherwise be difficult to compare due to volatility and other factors. The CMGR will be smaller than the simple average in a growing business.

#11 Churn

There’s all kinds of churn — dollar churn, customer churn, net dollar churn — and there are varying definitions for how churn is measured. For example, some companies measure it on a revenue basis annually, which blends upsells with churn.

Investors look at it the following way:

Monthly unit churn = lost customers/prior month total

Retention by cohort

Month 1 = 100% of installed base

Latest Month = % of original installed base that are still transacting

It is also important to differentiate between gross churn and net revenue churn —

Gross churn: MRR lost in a given month/MRR at the beginning of the month.

Net churn: (MRR lost minus MRR from upsells) in a given month/MRR at the beginning of the month.

The difference between the two is significant. Gross churn estimates the actual loss to the business, while net revenue churn understates the losses (as it blends upsells with absolute churn).

#12 Burn Rate

Burn rate is the rate at which cash is decreasing. Especially in early-stage startups, it’s important to know and monitor burn rate as companies fail when they are running out of cash and don’t have enough time left to raise funds or reduce expenses. As a reminder, here’s a simple calculation:

Monthly cash burn = cash balance at the beginning of the year minus cash balance end of the year / 12

It’s also important to measure net burn vs. gross burn:

Net burn [revenues (including all incoming cash you have a high probability of receiving) – gross burn] is the true measure of amount of cash your company is burning every month.

Gross burn on the other hand only looks at your monthly expenses + any other cash outlays.

Investors tend to focus on net burn to understand how long the money you have left in the bank will last for you to run the company. They will also take into account the rate at which your revenues and expenses grow as monthly burn may not be a constant number.

See also Fred Wilson on burn rate.

#13 Downloads

Downloads (or number of apps delivered by distribution deals) are really just a vanity metric.

Investors want to see engagement, ideally expressed as cohort retention on metrics that matter for that business — for example, DAU (daily active users), MAU (monthly active users), photos shared, photos viewed, and so on.

Presenting Metrics Generally

#14 Cumulative Charts (vs. Growth Metrics)

Cumulative charts by definition always go up and to the right for any business that is showing any kind of activity. But they are not a valid measure of growth — they can go up-and-to-the-right even when a business is shrinking. Thus, the metric is not a useful indicator of a company’s health.

Investors like to look at monthly GMV, monthly revenue, or new users/customers per month to assess the growth in early-stage businesses. Quarterly charts can be used for later-stage businesses or businesses with a lot of month-to-month volatility in metrics.

#15 Chart Tricks

There a number of such tricks, but a few common ones include not labeling the Y-axis; shrinking scale to exaggerate growth; and only presenting percentage gains without presenting the absolute numbers. (This last one is misleading since percentages can sound impressive off a small base, but are not an indicator of the future trajectory.)

#16 Order of Operations

It’s fine to present metrics in any order as you tell your story.

When initially evaluating businesses, investors often look at GMV, revenue, and bookings first because they’re an indicator of the size of the business. Once investors have a sense of the size of the business, they’ll want to understand growth to see how well the company is performing. These basic metrics, if interesting, then compel us to look even further.

As one of our partners who recently had a baby observes here: It’s almost like doing a health check for your baby at the pediatrician’s office. Check weight and height, and then compare to previous estimates to make sure things look healthy before you go any deeper!

Read the original article by Jeff Jordan, Anu Hariharan, Frank Chen, and Preethi Kasireddy here. Click on “Tiếng Việt” on the menu for the Vietnamese translation provided by 500 Startups Vietnam.

San Francisco
814 Mission St., 6th Floor
San Francisco, CA 94103, USA

© 2010-2018 500 Startups

The Second Most Important Metric for Every Company

The Second Most Important Metric for Every Company

What’s the second most important metric for every company?

Let’s start by clarifying the most important metric for every company.

It is the North Star Metric (NSM), which Sean Ellis elegantly defines as the “single metric that best captures the core value that your product delivers to customers.” Facebook’s NSM is Daily Active Users (DAUs), which captures value delivered to users; Square’s NSM is Gross Processing Volume (GPV), which captures value delivered to sellers; AirBnB’s NSM is Nights Booked, which (since AirBnB is a marketplace) captures value delivered to both hosts and guests.

The North Star Metric is necessary and essential for a company to align its strategy, plans and people around. When company leaders set internal goals or talk publicly about the company’s growth, they do so in terms of the NSM.

But the NSM is not sufficient.

Growing the NSM in a principled way benefits all stakeholders — customers, employees, shareholders. Growing it in an unsustainable or unconstrained way can lead to challenging situations and inhibit long-term growth.

Here are some examples of NSMs growing in potentially unsustainable ways, optimizing for short-term growth and empty calories.

E-commerce: The NSM for an ecommerce company is orders. When the company runs a price promotion, orders get a nice boost. Is this a good way to grow the NSM?

Media: The NSM for a photo sharing utility is DAUs. The marketing team stumbles upon a SEO hack that grows DAUs by 100%, but every user coming through the SEO channel stays on the landing page for exactly 5 seconds before bouncing. Did this tactic grow the NSM in a way that makes sense long-term?

Enterprise: The NSM for an enterprise SaaS company is number of seats. The sales team signs one massive customer and hits the NSM goal for the entire year. The company thinks it hit its goals, but did it really?

All these are situations where the NSM was solid and well-meaning, but since there were no constraints on how the NSM should be achieved or on what “long-term value” means, it led (knowingly or unknowingly) to behaviors that maximize short-term gains over longer term value creation.

So, to reiterate the question posed in the first sentence: what’s the second most important metric for every company?

The second most important metric for every company is a check metric on the NSM. It’s a metric that constrains the NSM and ensures that the NSM grows in a way that is sustainable and creates long-term value.

The NSM and the check metric have an inherent and perpetual tension. The check metric is the yin to the NSM’s yang, and the push-pull between the two is what leads to great companies that maximize long-term stakeholder value.

Every company should therefore have (at least) two top level goals: the NSM and the corresponding check metric.

The check metric goes beyond just outlining a high level goal to emphasizing a key facet of the goal that critically matters to the company. It starts becoming more prescriptive about what actions and strategies create long-term company value.

Let’s look at potential check metrics for each of the three situations above.

E-commerce: A possible check metric could be Gross Profit, which leads to unit economics staying sustainable and strong.

Media: A potential check metric could be Time on Site, which ensures that users who bounce quickly are not deemed as valuable as engaged users.

Enterprise: A simple check metric could be Number of Customers, which avoids customer concentration.

Each check metric listed above is just one possibility of many. Each situation above could have other check metrics, depending on what the company wants to optimize for (eg: in the e-commerce case, another possible check metric could be customer LTV, which is another way of looking at sustainable unit economics). The point is that it’s better to have a check metric than to have none.

Every good company has a NSM. But if you want to build a company where people’s behaviors and actions are aligned with long-term value, don’t stop with the NSM. Put some more thought and add a check metric to your company’s top level goals. You won’t regret it, and your company’s stakeholders will thank you for it.

Read the original article by Gokul Rajaram here. Click on “Tiếng Việt” on the menu for the Vietnamese translation provided by 500 Startups Vietnam.

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San Francisco, CA 94103, USA

© 2010-2018 500 Startups