Redefining your big idea
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This is a talk for participants of the second #startathon in Singapore.
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Redefining your big idea
- 1. Masterclass workshop: Redefining your big idea Ryan Lou @RyanLou (Twitter) Ryanlou11@gmail.com
- 2. The sad truth Your Idea could be worth billions, but you won’t see a cent of it.
- 3. Because… • • • • • • • • • • • • Branding Marketing Forming a team Differentiation Finding partnerships Selling your product Pricing Policies IP protection Design Customer personas User Experience Global markets • • • • • • • • • • Investors Pitch Decks Government grants Unique propositions Taglines Domain names User stories Picking features Interfaces Team ownership Technology Product testing Market segments Firing staff Team cohesion Founder personality Accounting Innovating Building communities • LUCK • • • • • • • • •
- 4. Also… • Innovation is becoming increasingly rare and complex
- 5. But… • How does someone who has no idea how a digital camera works • Take this picture
- 6. So… • You don’t need to know how it works • Just how to use it
- 7. So… • You don’t need to know how it works • Just how to use it • Or as a founder • Why use it (Problem) • Who will use it (Customer) • How they will use it (Product)
- 8. Wait… • How do I know what’s important? • Business model canvas – – – – – – – – – Key partners Key activities Key resources Value propositions Customer relationships Channels Customer segments Cost Structure Revenue Streams www.businessmodelgenera0on.com/canvas
- 9. Then… • Focus on the most important
- 10. The basis of lean startups • Learning which activities in a startup creates value
- 11. The basis of lean startups Early focus was on ge#ng any individual to 7 friends in 10 days.
- 12. The basis of lean startups Get users to 5-‐10 twi:er accounts in their first day on twi:er.
- 13. Workshop Exercise… • I need 3 ideas to talk about… – – – – The problem Who faces it The product The team’s background
- 14. The basis of lean startups Validating the idea 1. Hit the streets 2. Use social media 3. Skype with experts/ potential customers 4. Setup a landing page 5. Ask for referrals via email Testing the product 6. Concierge approach 7. Product pitch 8. Using free/Creative commons content 9. Concept demos 10. Produce a video
- 15. #1 Hit the streets
- 16. #2 Use social media 90k Retweets
- 17. #2 Use social media Step 2: Link to landing page in profile Step 1: Follow someone on TwiCer Step 3: Collect email addresses
- 18. #3 Skype with experts Source: hCp://blog.trak.io/39-‐ac0onable-‐ growth-‐hacking-‐tac0cs-‐part-‐1-‐of-‐5/
- 19. #4 Setup a landing page Dropbox Startup Lessons Learned
- 20. #5 Email referrals Ash Maurya, Running Lean Hey {Friend}, Hope all is well, I have a quick favor to ask. I’ve got a product idea that solves [problem] that I’m trying to validate.. I’d appreciate if you can send this message along to people you know who fit this target. (Feel free to change a bit if you like) -‐-‐-‐ Hello, we’re a [market] company working on a new service to solve [Problem]. I would like to get 30 mins of your 0me to help understand how you’re solving this now. I’m not selling anything just looking for feedback.
- 22. #7 Product Pitch Sell your product before it exists
- 23. #8 Using free content
- 24. #9 Concept demos
- 25. #9 Concept demos
- 26. #10 Produce a video
- 27. Thank you! Here’s how you can get connected: @RyanLou And if you like, stay and we’ll work through your ideas.