How to Pitch a Lean Startup Idea

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  • 1. Minimum Viable Presentation 1. Tell us your story 2. Be concise and clear 2. Use experiments as your vocabulary 3. Examples
  • 2. Quick Review “The team that shows, through evidence, the most customer validation for a new product or service.”From your Workshop Manual (hint: READ IT!)• Clear statement of business assumptions, documenting how these assumptions changed over time• Assumptions validated or invalidated based on market feedback• MVP that demonstrates learning and productivity• Strong evidence to support conclusions, qualitative or quantitative
  • 3. Tell us your storyTake us along for the journey (but do it fast)- What insight led you to believe in this opportunity?- What expectations did you have as the LSM began?- What experiments did you run and why?- Share your craziest story! Think like a movie trailer!
  • 4. Be concise and clearCommunicate clearly with simple words and statements- Focus on the most important events in your story- Connect these events together into an narrative- Make a clear link to your conclusionJudges do not have the same background as you- Avoid too much detail, or industry specific jargon- We’re looking for specific behavior from the teams- We should understand your vision, as well as your progress
  • 5. Vocabulary of ExperimentationEach experiment is a key event in your journey- Identified the riskiest assumptions in the business- Created effective experiments to test assumptions- Capture metrics and customer insightsWhat data supports your decision – Pivot or Persevere- Capture metrics and customer insights- Use observations customer behavior- What DATA suggests a pivot or persevere?
  • 6. Experiment DetailsHighlight the most important components of your experiments- What was your numerical hypothesis?- Did the hypothesis pass or fail? WHY? What did you learn?- What currency did your customers exchange?- What behavior did they do as a result of your experiment?- What decision did you make based on this experiment, and what data supports this decision? Output = Metrics + Surprises
  • 7. Example (bad)Assumption: Ben’s presentation will help LSM participantsExperiment: Share 15 minute presentation on hypothesesHypothesis: If Ben shares a 15 minute presentation on effectivehypotheses, 75% of LSM participants will be able to write aneffective hypothesis when when he is done talking.Results: People didn’t seem to do this. Bummer.Decision: Persevere (but create a better presentation next time)
  • 8. Example (good)Assumption: Ben’s presentation will help LSM participantsExperiment: Share 15 minute presentation on hypothesesHypothesis: If Ben shares a 15 minute presentation on effectivehypotheses, 75% of LSM participants will be able to write aneffective hypothesis when when he is done talking.Results: 10% of LSM participants created hypothesesSurprises: Few people listen to me. Difficult to remember mytalk when the time comes to write down hypotheses.Decision: Pivot (need to provide hypotheses worksheet?)Why: Hypotheses training must be embedded into LSM