Lean Startup 101

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Here's my (new) 30 minute introduction to Lean Startup that I just presented at Northeastern's Husky Startup Challenge.

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Lean Startup 101

  1. 1. Lean Startup 101 Abby Fichtner Harvard Innovation Lab http://HackerChick.com
  2. 2. “Considering the incredible amount of human energy, passion,and creativity that we invest in creating new products & services…@HackerChick @EricRies
  3. 3. … it’s a terrible waste that so many of them fail.”@HackerChick @EricRies
  4. 4. 9 out of 10 new products fail@HackerChick
  5. 5. “Most start-ups fail not because the technologydoesn’t work, but because they’re making something that there is not a real market for”@HackerChick @EricRies
  6. 6. Single Biggest Predictor of Failure?@HackerChick 300 startups surveyed (src: Don Sull, "The Upside of Turbulence”)
  7. 7. Single Biggest Predictor of Failure?Sticking to Initial Business Plan@HackerChick 300 startups surveyed (src: Don Sull, "The Upside of Turbulence”)
  8. 8. Promise of the Lean Startup Instead of building our startups according to myths We can guide them with facts and knowledge@HackerChick @EricRies
  9. 9. Startups are NOT small versions of large organizations@HackerChick
  10. 10. @HackerChick
  11. 11. The unit of progress for entrepreneurs… learning not execution@HackerChick
  12. 12. validate before building@HackerChick
  13. 13. @HackerChick
  14. 14. @HackerChick
  15. 15. @HackerChick
  16. 16. @HackerChick Andrew Mason, CEO of Groupon (NY Tech Meetup)
  17. 17. you‘re way too dumb to figure out whether your idea is good@HackerChick Andrew Mason, CEO of Groupon (NY Tech Meetup)
  18. 18. @HackerChick
  19. 19. @HackerChick
  20. 20. @HackerChick
  21. 21. Minimum Viable Product (MVP) strategy for fast & quantitative market testing of a product or feature@HackerChick wikipedia
  22. 22. @HackerChick
  23. 23. Step #1a Find a problem worth solving@HackerChick
  24. 24. We had an idea for a new product. We went off & built it, put it on our website.@HackerChick
  25. 25. We had an idea for a new product. We went off & built it, put it on our website. Not a single person clicked thru to it@HackerChick
  26. 26. We had an idea for a new product. We went off & built it, put it on our website. Not a single person clicked thru to it What did we learn from that?@HackerChick
  27. 27. We had an idea for a new product. We went off & built it, put it on our website. Not a single person clicked thru to it Was there a faster way to get through that learning loop?@HackerChick
  28. 28. @HackerChick
  29. 29. @HackerChick
  30. 30. @HackerChick
  31. 31. @HackerChick
  32. 32. @HackerChick
  33. 33. Step #1b Know your customer@HackerChick
  34. 34. @HackerChick
  35. 35. It’s just as important to develop your customers as it is to develop your product@HackerChick wikipedia
  36. 36. Brainstorm Customer Problem anyone who cooks can’t find recipes@HackerChick
  37. 37. Brainstorm Customer Problem anyone who cooks can’t find recipes amateur gourmet chefs want to make fabulous food for friends & family@HackerChick
  38. 38. Brainstorm Customer Problem anyone who cooks can’t find recipes amateur gourmet chefs want to make fabulous food for friends & family dieters need to lose weight@HackerChick
  39. 39. Brainstorm Customer Problem anyone who cooks can’t find recipes amateur gourmet chefs want to make fabulous food for friends & family in college dieters ^ need to lose weight@HackerChick
  40. 40. @HackerChick
  41. 41. @HackerChick
  42. 42. @HackerChick
  43. 43. Xcelerate - @HackerChick
  44. 44. Customer DiscoveryWhat is the problem?Who has the problem?@HackerChick @SGBlank
  45. 45. Customer DiscoveryHow important is the problem’s solution to the customer?How valuable is the problem’s solution to the customer?@HackerChick @SGBlank
  46. 46. Step #2 Find a solution that resonates@HackerChick
  47. 47. Concierge Service (AKA Wizard of Oz)@HackerChick@HackerChick
  48. 48. @HackerChick
  49. 49. @HackerChick
  50. 50. Step #3…n-1@HackerChick
  51. 51. Customer Validation@HackerChick
  52. 52. Step #n launch! when you have a quantum of utility@HackerChick @paulg, Y Combinator
  53. 53. Learn More Eric Ries @EricRies http://startuplessonslearned.com/ Steve Blank @sgblank http://steveblank.com/ Ash Maurya @ashmaurya http://ashmaurya.com/ Abby Fichtner@HackerChick

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