So You Want to Do a Startup!

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FYI - there is video that shows these slides with the audio of my presenting this to UMass Lowell here (presentation starts about 10 minutes in): http://echoess.uml.edu:8080/ess/echo/presentation/c90d10f4-f507-41ae-9fa1-4ce63aa967a0

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So You Want to Do a Startup!

  1. 1. So You Want To Do a Startup?Abby FichtnerUMass Lowell New Venture Fellow@HackerChickhttp://HackerChick.com
  2. 2. @HackerChick“Considering the incredible amount of human energy, passion,and creativity that we invest in creating new products & services…@EricRies
  3. 3. @HackerChick… it’s a terrible waste that so many of them fail.”@EricRies
  4. 4. @HackerChickout of9new productsfail10
  5. 5. “Most start-ups fail not because the technologydoesn’t work, but because they’re making somethingthat there is not a real market for”@EricRies@HackerChick
  6. 6. @HackerChickSingle Biggest Predictor of Failure?300 startups surveyed (src: Don Sull, "The Upside of Turbulence”)
  7. 7. @HackerChickSingle Biggest Predictor of Failure?300 startups surveyed (src: Don Sull, "The Upside of Turbulence”)Sticking to Initial Business Plan
  8. 8. @HackerChickInstead of building our startups according to mythsWe can guide them with facts and knowledgePromise of the Lean Startup@EricRies
  9. 9. @HackerChickStartups are NOT small versionsof large organizations
  10. 10. @HackerChick@HackerChick
  11. 11. @HackerChickThe unit of progress for entrepreneurs…learningexecutionnot
  12. 12. @HackerChickvalidatebuildingbefore
  13. 13. @HackerChickYour GoalVISION REALITY
  14. 14. @HackerChick
  15. 15. @HackerChick
  16. 16. @HackerChick Andrew Mason, CEO of Groupon (NY Tech Meetup)
  17. 17. @HackerChickyou‘re way toodumbAndrew Mason, CEO of Groupon (NY Tech Meetup)to figure out whether yourgoodidea is
  18. 18. @HackerChick
  19. 19. @HackerChick
  20. 20. @HackerChick
  21. 21. @HackerChickMinimum Viable Product(MVP)
  22. 22. @HackerChick
  23. 23. @HackerChickCOOL?
  24. 24. @HackerChickStep #1aproblemFind aworth solving
  25. 25. @HackerChickWe had an idea for a new product.We went off & built it, put it on our website.
  26. 26. @HackerChickWe 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
  27. 27. @HackerChickWe had an idea for a new product.We went off & built it, put it on our website.What did we learn from that?Not a single person clicked thru to it
  28. 28. @HackerChickWe had an idea for a new product.We went off & built it, put it on our website.Was there a faster way to getthrough that learning loop?Not a single person clicked thru to it
  29. 29. @HackerChick
  30. 30. @HackerChick
  31. 31. @HackerChick
  32. 32. @HackerChick
  33. 33. @HackerChick
  34. 34. @HackerChick@HackerChick
  35. 35. @HackerChick@HackerChick
  36. 36. @HackerChick75,000signups overnight
  37. 37. @HackerChick$10 MILLION
  38. 38. @HackerChick69,000backers
  39. 39. @HackerChickStep #1bcustomerKnow your
  40. 40. @HackerChick
  41. 41. @HackerChickIt’s just as important to develop yourcustomers as it is to develop your productwikipedia
  42. 42. @HackerChickPhoto Sharing AppRecipe AppFacebook for<happy people/smart kids/psychos/dogs/travel agents/astronauts…>Group Travel PlanningDiscover Local Events
  43. 43. @HackerChickPhoto Sharing AppRecipe AppFacebook for<happy people/smart kids/psychos/dogs/travel agents/astronauts…>Group Travel PlanningDiscover Local Events?!
  44. 44. @HackerChickVC: “There are a million cloud storage startups!”Drew: “Do you use any of them?”VC: “No”Drew: “…”
  45. 45. @HackerChickKnow where yourtarget audiencehangs out& speak to them in anauthentic way@drewhouston, Dropbox
  46. 46. @HackerChick
  47. 47. @HackerChick10 100>
  48. 48. @HackerChick
  49. 49. @HackerChick@HackerChick
  50. 50. @HackerChickBrainstormCustomer Problemanyone who cooks can’t find recipes
  51. 51. @HackerChickBrainstormCustomer Problemamateur gourmet chefs want to make fabulous foodfor friends & familyanyone who cooks can’t find recipes
  52. 52. @HackerChickBrainstormCustomer Problemamateur gourmet chefs want to make fabulous foodfor friends & familydieters need to lose weightanyone who cooks can’t find recipes
  53. 53. @HackerChickBrainstormCustomer Problemamateur gourmet chefs want to make fabulous foodfor friends & familydieters need to lose weightanyone who cooks can’t find recipesin college^
  54. 54. @HackerChick@HackerChick
  55. 55. @HackerChick@HackerChick
  56. 56. @HackerChick@HackerChick
  57. 57. Xcelerate - @HackerChick
  58. 58. What is the problem?Who has the problem? @SGBlankCustomer Discovery@HackerChick
  59. 59. How important is the problem’s solution to the customer?How valuable is the problem’s solution to the customer?@SGBlankCustomer Discovery@HackerChick
  60. 60. @HackerChickStep #2solutionFind athat resonates
  61. 61. @HackerChickBoston Startup School - @HackerChickXcelerate - @HackerChickConcierge Service(AKA Wizard of Oz)
  62. 62. Xcelerate - @HackerChick
  63. 63. @HackerChickXcelerate - @HackerChick
  64. 64. @HackerChickStep #3…n-1
  65. 65. @HackerChickCustomer Validation
  66. 66. @HackerChickStep #nlaunch!when you have aquantum of utility@paulg, Y Combinator
  67. 67. @HackerChickLearn MoreSteve Blank@sgblankhttp://steveblank.com/Eric Ries@EricRieshttp://startuplessonslearned.com/Ash Maurya@ashmauryahttp://ashmaurya.com/Abby Fichtner@HackerChickhttp://HackerChick.com

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