Lean Startups: A Success Blueprint for Early-Stage Entrepreneurs

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The presentation I gave to kickoff to the Boston College Venture Competition Speaker Series.

Lean Startups: A Success Blueprint for Early-Stage Entrepreneurs

  1. 1. Lean Startups A Success Blueprint for Early-Stage Entrepreneurs Abby Fichtner @HackerChick Harvard Innovation Lab
  2. 2. @HackerChick
  3. 3. What’s your idea @HackerChick ?
  4. 4. “Considering the incredible amount of human energy, passion, and creativity that we invest in creating new products & services… @HackerChick @EricRies
  5. 5. … it’s a terrible waste that so many of them fail.” @HackerChick @EricRies
  6. 6. 9 out of 10 new products fail @HackerChick
  7. 7. “Most technology start-ups fail not because the technology doesn’t work, but because they’re making something that there is not a real market for” @HackerChick @EricRies
  8. 8. Single Biggest Predictor of Failure? @HackerChick Don Sull, "The Upside of Turbulence”
  9. 9. Single Biggest Predictor of Failure? Sticking to Initial Business Plan @HackerChick Don Sull, "The Upside of Turbulence”
  10. 10. @HackerChick
  11. 11. Promise of the Lean Startup Instead of building our startups according to myths We can guide them with facts & knowledge @HackerChick @EricRies
  12. 12. @HackerChick
  13. 13. Startups are NOT small versions of large organizations @HackerChick
  14. 14. @HackerChick
  15. 15. validate before building @HackerChick
  16. 16. VISION @HackerChick BUILD
  17. 17. VISION @HackerChick BUILD
  18. 18. VISION @HackerChick BUILD
  19. 19. VISION @HackerChick BUILD
  20. 20. VISION @HackerChick REALITY
  21. 21. @HackerChick
  22. 22. @HackerChick
  23. 23. @HackerChick Andrew Mason, CEO of Groupon (NY Tech Meetup)
  24. 24. you‘re way too dumb to figure out whether your idea @HackerChick is good Andrew Mason, CEO of Groupon (NY Tech Meetup)
  25. 25. Thinking ‘Bout Your Startup • Can I Make Money From It? • Can I Get People to Know About It? • Can I Build It? @HackerChick
  26. 26. Thinking ‘Bout Your Startup • Can I Build It? • Can I Get People to Know About It? • Can I Make Money From It? @HackerChick
  27. 27. @HackerChick
  28. 28. @HackerChick
  29. 29. @HackerChick
  30. 30. IDEAS Learn Build Measure Get Through The Whole Loop as FAST as POSSIBLE @HackerChick
  31. 31. Guesses Learn DO Measure Get Through The Whole Loop as FAST as POSSIBLE @HackerChick
  32. 32. The unit of progress for entrepreneurs… learning not execution @HackerChick
  33. 33. Idea to Launch • Find a problem worth solving • Know your customer • Find a solution that resonates • Launch when you have a quantum of utility @HackerChick
  34. 34. @HackerChick
  35. 35. COOL? @HackerChick
  36. 36. Step #1 Find a problem worth solving @HackerChick
  37. 37. We had an idea for a new product. We went off & built it, put it on our website. not a single person clicked thru What did we learn from that? @HackerChick
  38. 38. We had an idea for a new product. We went off & built it, put it on our website. not a single person clicked thru Was there a faster way to learn that? @HackerChick
  39. 39. @HackerChick
  40. 40. @HackerChick
  41. 41. @HackerChick
  42. 42. @HackerChick
  43. 43. @HackerChick
  44. 44. @HackerChick
  45. 45. How do you get people to your @HackerChick site ?
  46. 46. Step #2 know your customer @HackerChick
  47. 47. It’s just as important to develop our customers as our product @HackerChick
  48. 48. Lean Startup Product Customers Agile Development Customer Development @HackerChick
  49. 49. Lean Startup Product Customers Agile Development Customer Development @HackerChick
  50. 50. @HackerChick
  51. 51. Customer Discovery What is the problem? Who has the problem? @HackerChick @SGBlank
  52. 52. Customer Discovery How important is the problem’s solution to the customer? How valuable is the problem’s solution to the customer? @SGBlank @HackerChick
  53. 53. @HackerChick
  54. 54. What are you doing to solve this problem today? @HackerChick
  55. 55. Step #3 Find a solution that resonates @HackerChick
  56. 56. (MVP) Minimum Viable Product @HackerChick
  57. 57. Concierge Service (AKA Wizard of Oz) Boston Startup School - @HackerChick @HackerChick
  58. 58. @HackerChick
  59. 59. @HackerChick
  60. 60. Product/Market Fit “In a great market – a market with lots of real potential customers – the market pulls product out of the startup.” - Marc Andreessen @HackerChick
  61. 61. Step #4 launch! when you have a quantum of utility @HackerChick @paulg, Y Combinator
  62. 62. Guesses to Validate • Can I Make Money From It? • Can I Get People to Know About It? • Can I Build It? @HackerChick
  63. 63. • Find a problem worth solving • Know your customer • Find a solution that resonates • Launch when you have a quantum of utility @HackerChick
  64. 64. Learn More Eric Ries @EricRies http://startuplessonslearned.com/ Steve Blank @sgblank http://steveblank.com/ Ash Maurya @ashmaurya http://ashmaurya.com/ Abby Fichtner @HackerChick http://HackerChick.com

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