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Building Startups and Minimum Viable Products (NDC2013)
 

Building Startups and Minimum Viable Products (NDC2013)

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Delivered at NDC2013, 14th June 2013

Delivered at NDC2013, 14th June 2013

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  • I have fun with startups
  • http://www.flickr.com/photos/newyorkbaltimore/8010607852/sizes/k/in/photolist-dcSsCu/Taking everything you’ve heard this week and applying it to real businesses with the aim of making *money*
  • Stages of a startupBuild, measure, leanDon’t be scared to failDon’t be scared to kill it if it’s not workingBe public, be visible, talk to everyoneDon’t fail too early!
  • Meerkatalyst example Thought I understood customer problem. Problem I had personally while at 7digital, knew others had it, ran with it as a side project before joining Springboard startup accelerator
  • PoolTapsInternal / External
  • Ideas by themselves are worthless100% on executing the visionPrevious company tried to split attention across 4 company streams. It doesn’t work.Without a core desire, you’ve already lost the game
  • 3 people max.Designer/UI, Backend, CustDev/Biz DevUnicorns!!

Building Startups and Minimum Viable Products (NDC2013) Building Startups and Minimum Viable Products (NDC2013) Presentation Transcript

  • @Ben_HallBen@BenHall.me.ukHacker in Residence at Cornershop / #1seedBuilding Startups and Minimum ViableProducts
  • @Ben_HallBen@BenHall.me.ukHacker in Residence at Cornershop / #1seedYou talk about it, we ship it.#craftsmanship
  • @Ben_HallBen@BenHall.me.ukHacker in Residence at Cornershop / #1seedLet’s make some money#craftsmanshipisdead
  • Who am I?• Hacker in Residence at Cornershop / #1seed– Meerkatalyst / MaydayHQ (Co-founder)– Swapit– 7digital– Red Gate Software• Multiple open source and side projects• @Ben_Hall or Ben@BenHall.me.uk
  • AgendaIdea Build Release
  • How I see the worldWith a bit of a rant, and variouslessons learned along the way
  • Startup Mindset
  • Validate / Invalidate a concept asfast as possible
  • Lean Startup?• Toyota production system• Toyota Way• W. Edwards Deming• Eric Reis made it mainstream
  • BuildMeasureLearn
  • Not about being cheap
  • It’s good to fail, as long as youfail fast
  • But not so fast that it’simpossible to succeed
  • The Idea
  • What happens if you don’t havean idea?Find a space, theme, problem thatyou personally find interesting
  • Redstar Ventures, Science Inc,Rocket Internet
  • CornershopTapsPoolInternal / External
  • BELIEVE IN THE VISIONWithout a core desire, you’ve already lost the game
  • People dont buy what you do;they buy why you do it.
  • Ideas to avoid / be aware of?• Market places / two sided markets– They do lead to digital transaction businesses ==most likely to hit $1b– Winning once is hard. Here you need to win twice.• Viral– Generally all about luck• Photo Sharing etc– Yawn!!! Be original.
  • Business Assumption ExerciseBusiness Assumptions ExerciseI believe that my customers have a need to________________________________________________________________________________________________________________________________.This need can be solved with________________________________________________________________________________________________________________________________.My initial customers will be_____________________________________________________________________The #1 value a client wants to get out of my service is:_____________________________________________________________________The client can also get these additional benefits:________________________________________________________ and______________________________________________________I will acquire the majority of my users/customers through______________________________________________ and________________________________________________Business Assumptions ExerciseI believe that my customers have a need to discover thebest online services to solve their problems.This need can be solved with recommending them newservices based on their existing tools and expressedproblems.My initial customers will be early adopters working in theLondon tech scene people who use 5-10 apps on a dailybasis and have signed up to over 100.The #1 value a client wants to get out of my service is:having a personalised recommendation service for apps.The client can also get these additional benefits: visualiseall the apps their currently subscribed too and curatedpages by thoughtleaders and social connections.I will acquire the majority of my users/customers throughexternal integrations with apps and word of month /SEO
  • Leave the buildingUnderstand potential customeracquisition approaches early
  • Speak to everyone!• Influencers• Users of competitor products• Potential new users• People in different verticals with similar businessmodels• Understand industry, customer segments• Test different value props, identify whichconnects best
  • Always discuss previous experiences.People are rubbish at predicting thefuture
  • Easy way to prove it’s a goodidea?Get them to pay for it.
  • LISTEN TO CUSTOMERS NOTADVISORS / VC
  • Naming & BrandingNaming is the hardest problemCan kill days and suck motivation
  • Create a brand with any name(Google)
  • Let the name create brand(AirBnB, YouPorn, PornTube)Pivots are harder
  • MEERKATALYST IS A RUBBISHNAME!
  • MissingUnicorns.comTechnical recruitment tool
  • CORNERSHOPInvesting in the name and the brand
  • Tag lines should be short andsweet
  • DON’T SAY YOU’REDISTRIBUTING OR INNOVATINGLAME!!! Only others can say that
  • CustDev can only get you so farShould have concept / vision clear inyour own head
  • The Build
  • What is a MVP?• Enhance Learning• Enable you to ask new questions beyond whatyou’ve asked before
  • Don’t turn into a developer!• This isn’t an exercise in learning newtechnologies.• It’s an exercise in building businesses• Don’t confuse the two.
  • Lesson learned fromMeerkatalystBuilt an over complex system when a shellscript would have done
  • Lesson learned from MaydayStopped the MVP, started scaling (technicalbackend), didn’t have product/market fit.Massive Fail
  • Avoid writing code if you can• Email first startups are cool!!• Sunrise (Just raised $2.2m, started as morningemail of your day’s schedule each day)• Mattermark
  • Speed of delivery is key• Beg, steal, borrow – just get it done!• Ability to lean• Should be based around your vision• BOA took too long… aim wasn’t to learn,missed a number of opportunities
  • LIFE IS TOO SHORT TO WRITEBORING STUFFDon’t reinvent the wheel
  • UI / Design• Bootstrap• Flat UI• ThemeForest + Wordpress• KISS!! Do you really need EmberJS, Backboneetc etc etc?
  • Middleware• NodeJS• GitHub• Community• NPM / Bower
  • Backend• NoSQL– Mainly because of migrations• ElasticSearch– *AMAZING*
  • Hosting• Heroku• Rackspace Cloud– Preference of choice. Great startup team.– Gave me lots of free beer at SXSW• Amazon Web Services
  • Paul Stack rocked my world – Vagrant
  • APIs• Easily accessible data– FourSquare• Screen Scrape Data– Dirty, but *powerful*– Node + Redis === *fast*
  • Personal collection of reusablecodeCopy and paste FTW!!!
  • Cult of the Software Craftsman• Code Quality is not a feature!• Do you really need 80% test coverage? Whatvalue is that actually adding?• Do you really need that abstraction? That IoC?That level of separation? That ability to scale?• Is that really going to change your world?
  • BULLSH*T
  • WHO CARES ABOUT CLEAN CODE IFTHERE ARE NO SALES!
  • IF DEVELOPERS WERE IMPACTED BYREVENUE THEN THEY WOULDN’TSPEND 10 DAYS WRITING CLEAN CODE
  • STOPPED DOING TDD A LONG TIMEAGOWrite tests / code / shell scripts to speed up feedback loop – not aboutlong-term.
  • BUT I ATTEMPT TO KEEP IT CLEAN
  • DON’T BE AFFAIRD TO THROWCODE AWAY
  • Facebook Rewrite ExampleMove fast and break things
  • Ideal Team SizeTeam SizeIdeally Three People
  • Identifying what’s required?• MVP needs to be a product you can learn frombut generally everything can be dropped.– If it doesn’t answer a question, does it need to bethere? If there is no question, then no.– Need X feature to be Y is generally incorrect.Other ways to solve the problem• Releasing and iterating at least every day
  • Fake it until you make it
  • Lesson learned fromRate it Slate itPrototyped FunctionalityTook 2-3 hours to go from a concept tolearning valuable insights
  • Release something that movesthe needle every dayZynga’s approach
  • But that won’t work in XYZenvironmentReally?!
  • TheRelease
  • Job done! If you build it they will comeMust be true, Hollywood said so
  • Find the people who believe what youbelieve• Early Adaptors• Early Evangelists• Will market the product for you.
  • Key factors• Metrics• Drive Traffic• Listen to your customers
  • Metrics• Collect everything• Visualise key data• Have key metrics that you want to track
  • Backend system• Librato metrics• Rackspace / AWS
  • Librato
  • User Metrics• Google Analytics• MixPanel• KissMetrics• Your own database is most valuable source.Use it!
  • AARRR• Pirate Metrics. The only ones that matter.• Application Level• Feature Level (less for investors, more forproduct managers)
  • Taskfirm.com
  • Metrics became the tests• Ensure the system isworking as expected• Alerts when the systemstopped working outsideof normal bounds
  • Drive Traffic• PR (Hacker News, Techcrunch, The Next Web)• Newsletters (Own and others)• SEO – Inbound links• Blog (Own and others)• Tweet (MailChirp)• Email (MailChimp)• Influencers in the sector– Friends of Red Gate– Microsoft MVP programme
  • Paid Advertisement• 4 Hour Body tricks (Google Ad Words for title,in store hack for cover)
  • Speak to people using the product• Red Gate UX team• Watch, Listen, Learn• Introduce explicit touch points in theapplication for reaching out– Rate it Slate it inbox beta list• Do people want the feature?• Can we build a email list of people who are activelyengaging with the product
  • Quickly qualify a lead & call• Rapportive• Intercom• Drop off time is around 90% a day after theyused your product• Call them ASAP
  • A/B Tests?• Waste of time at the early stage.• Complex to configure, not enough traffic tomake them statistically significant.– Mayday A/B tests• Took ages to get data, could have just asked people
  • Be prepared to kill it!• Referly• Meerkatalyst• Mayday• Pivot.
  • Be public about failing
  • Finally…
  • Summary• Stop playing with cool tech & start learning• Have a vision & execute it• Listen to customer over everyone else• Watch your metrics• Just get started!
  • To all the hackers, hustlers andhipsters – Good Luck!Ship stuff, change the world and havefun!Apparently it’s worth all the pain, stressand sleep nights
  • Thank you, please come again.@Ben_HallBen@BenHall.me.uk