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Venture Design Crash Course: Prep for Startup Weekend Oakland Venture Design Crash Course: Prep for Startup Weekend Oakland Presentation Transcript

  • Prep. Workshop: ! Crash Course in 
 Venture Design! Copyright 2014 Cowan Publishing
  • ABOUT ME ! ENTREPRENEUR (5X) ! INTRAPRENEUR (1X) ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • ABOUT ME ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing View slide
  • ABOUT ME ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing View slide
  • AGENDA Period! Activities Deliverables! CRASH COURSE IN VENTURE DESIGN Tutorials! Examples! Exercises First take on:! Personas! Problem Scenarios-Alternatives-Value Propositions! Start Business Model Canvas! Venture Hypotheses! Storyboards! MVP Ideas! Customer Discovery Ideas! ! Copyright 2014 Cowan Publishing
  • IT’S A PROCESS Some techniques are more effective than others. Personas But they all require substantial, consistent exertion. Copyright 2014 Cowan Publishing
  • VENTURE DESIGN Foundation in Design Thinking Copyright 2014 Cowan Publishing
  • VENTURE DESIGN Hypothesize Learn Lean StartupStyle Assumptions Experiment Foundation in Design Thinking Copyright 2014 Cowan Publishing
  • VENTURE DESIGN Hypothesize Lean StartupStyle Assumptions Business Model Canvas Learn Experiment Foundation in Design Thinking Copyright 2014 Cowan Publishing
  • VENTURE DESIGN Hypothesize Lean StartupStyle Assumptions Business Model Canvas Learn Experiment User Stories & Test Cases Foundation in Design Thinking Copyright 2014 Cowan Publishing
  • VENTURE DESIGN Hypothesize Lean StartupStyle Assumptions Business Model Canvas Learn Experiment User Stories & Test Cases Product & Promotion Foundation in Design Thinking Copyright 2014 Cowan Publishing
  • DESIGN THINKING Empathy Creativity Copyright 2014 Cowan Publishing
  • DESIGN THINKING- APPLICATIONS ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • DESIGN THINKING- APPLICATIONS 1 2 Urinate as they go 3 Edges preferred 4 Speedy 5 Empathy Entry PB > cheese ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • DESIGN THINKING- APPLICATIONS Check & Repair 1 UV Validation 2 Relevant Placement 3 A Better Mouse Trap 4 Powered by Better Bait 5 Creativity ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • DESIGN THINKING- PERSONAS Personas Problem Scenarios Alternatives Your Value Propositions Foundation in Design Thinking Copyright 2014 Cowan Publishing
  • DESIGN THINKING- PERSONAS ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • DESIGN THINKING- PERSONAS ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • DESIGN THINKING- PERSONAS •Women! •Age 28-45! •Have kids! •Socialize with other mom’s! •Online with Facebook! •86% said they’d like to be more organized! •70% said they’d use an application that organizes them Copyright 2014 Cowan Publishing
  • DESIGN THINKING- PERSONAS Copyright 2014 Cowan Publishing
  • END USER PERSONAS Rita 
 the Reseller Rhonda 
 the Receptionist Amy 
 the Assistant Esteban 
 the Executive Orson 
 the Office Mgr. Susan the 
 Small Bus. Owner Simone 
 the Standard User Mikuko 
 the Mobile User Ignatius 
 the IT Guy Keith 
 the Key System User Chuck 
 the Call Center Agent Cindy 
 the Call Center Manager Copyright 2014 Cowan Publishing
  • ENTERPRISE PERSONAS Bruce 
 the Business Owner Sidney 
 the Sys. Admin. Anthony 
 the Applications Eng. Sam 
 the Support Eng. Paola 
 the Provisioner Percival the 
 Product Manager Itzhak 
 the IT Developer Saul 
 the Site Developer Nietzsche 
 the Network Eng. Sven 
 the Salesperson Frank 
 the Field Eng. Fritz 
 the Field Eng. Manager Copyright 2014 Cowan Publishing
  • DESIGN THINKING- PERSONAS PROBLEM SCENARIO X ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • DESIGN THINKING- PERSONAS PROBLEM SCENARIO X What job(s) are you doing for the customer? What existing need or behavior are you fulfilling? ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • DESIGN THINKING- PERSONAS PROBLEM SCENARIO X ALTERNATIVE(S) ? ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • DESIGN THINKING- PERSONAS PROBLEM SCENARIO X ALTERNATIVE(S) ? If they currently use spreadsheets, watch them use it and get a copy of it. If they currently put notes on the family fridge, ask about it, photograph it. ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • DESIGN THINKING- PERSONAS PROBLEM SCENARIO X ALTERNATIVE(S) ? YOUR VALUE PROPOSITIONS ! ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • YOUR PRODUCT HYPOTHESIS A certain PERSONA exists… … and they have a certain PROBLEMS(S) … X … where they’re currently using certain ALTERNATIVE(S) … ? … and I have a VALUE PROPOSITION that’s better enough than the alternatives to cause the persona to act (purchase, use, etc.). ! ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • ENABLE QUIZ: EXAMPLE PROBLEM SCENARIOS PERSONA Helen the HR Manager Frank the Functional Manager “It’s hard for me to screen on technical skill sets and I end up sending Frank unqualified recruits.” “I have limited time and I don’t want to be a jerk. It’s hard to screen for all the relevant technical skill sets.” ALTERNATIVE(S) - Call references! - Take their word for it - A few probing questions! - Take their word for it VALUE
 PROPOSITIONS New ability for meaningful screening of technical candidates, increasing % of successful hires and lowering Frank’s workload on recruiting. Less time doing interviews, and better hires sooner. X PROBLEM
 SCENARIO ? ! Copyright 2014 Cowan Publishing
  • STORYBOARDING A PROBLEM SCENARIO BEFORE Problem Scenario 
 +! Alternative AFTER Problem Scenario 
 +! Value Proposition Copyright 2014 Cowan Publishing
  • EXERCISE- PERSONA CREATION 1. List at least 3 personas (4 min) Mary the Working Mom Susan the Stay-at-Home Mom Douglas the Dad Nathan the Nanny … ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • EXERCISE- PERSONA CREATION 1. Which are buyers? Users? Both? Note with a ‘B’ and/or ‘U’ on the Post-It 2. Which have the most compelling need, desire? Sort top to bottom (4 min.) ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • EXERCISE- VALUE PROPOSITIONS X 1. Brainstorm Problem Scenario-Alternative-Value PROBLEM SCENARIO Proposition Trios. 
 (7 min.) ? ALTERNATIVE(S) ! YOUR VALUE PROPOSITIONS Problem: Mary would like to be more structured and consistent in her use of allowances to teach the link between work and financial rewards. Alternative: Track the completion of chores, homework, etc. manually using paper, boards, notes on her phone. Value Proposition: Use our app to easily and consistently implement best practices tailored to your situation. Copyright 2014 Cowan Publishing
  • EXERCISE- VALUE PROPOSITIONS 1. Prioritize your value propositions- if you could only pitch one, which? After that? Etc. (2 min.) ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • PEER PRESENTATIONS PREP! For [target customer] who [statement of the need or opportunity], the [product name] is a [product category] that [statement of key benefit/key reason to buy]. unlike [primary alternative], our product [statement of primary differentiation]. Describe your venture accordingly (5 min.) Copyright 2014 Cowan Publishing
  • EXERCISE: PEER PRESENTATION (2 MIN/EACH) As Presenter 1) Who is the persona? What kind of shoes do they wear?! 2) What problem scenario(s) are you looking at? What alternatives does the persona use now?! 3) What’s your value proposition?! As Audience - Focus on the process; avoid editorial! - Ask a lot of questions! - Think about it like an investor ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • THE BUSINESS MODEL CANVAS (Key Partners) (Key Activities) (Key Resources) (Cost Structure) (Value (Customer Propositions) Relationships) (Customer Segments) (Channels) (Revenue Streams) The templates here are made available on the same CC license terms as the original canvas. This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA. ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • SEGMENT TO VALUE PROPOSITION MAPPING Partner_1 Partner_2 Partner_3 Activity_1 Activity_2 Activity_3 Proposition_1 Proposition_2 Proposition_3 Relationship_1 Relationship_2 Relationship_3 Resource_1 Resource_2 Resource_3 Cost_1 Cost_2 Cost_3 The templates here are made available on the same CC license terms as the original canvas. Segment_1 Segment_2 Segment_3 Channel_1 Channel_2 Channel_3 Revenue_1 Revenue_2 Revenue_3 This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA. ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • EXERCISE- MAPPING PERSONAS, VALUE PROP’S 1. Print out the Canvas ! 2. List your prioritized personas (Customer Segments) and Value Propositions! 3. Map your personas to your Value Propositions ! (3 min) Activity_1 Activity_2 Activity_3 Proposition_1 Proposition_2 Proposition_3 The templates here are made available on the same CC license terms as the original canvas. Persona_1 Persona_2 Persona_3 This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http:// creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA. Copyright 2014 Cowan Publishing
  • DESIGN THINKING- USING PERSONAS MAKING
 STUFF
 What does the user (most) want? What does the user actually do? SELLING
 STUFF
 Who are we selling to?! ! ! Where do we reach them?! With what proposition? Personas Who’s buying?! Problem Scenarios Alternatives Your Value Propositions ! 
 Where?! ! 
 Why? Foundation in Design Thinking Copyright 2014 Cowan Publishing
  • PERSONAS- DISCOVERY & VALIDATION Interviews AdWords, etc. + Landing Page Tests What language, propositions resonate? ! What is the customer prepared to do? Real-Time Analytics & Recording MVP Tell me about yourself.! What do you do? How often?! How does it make you feel? What do users actually do? Minimum Viable Product Do customers like it? Buy it? Use it? 
 Tell others about it? Copyright 2014 Cowan Publishing
  • VENTURE DESIGN Hypothesize Learn Lean StartupStyle Assumptions Experiment Foundation in Design Thinking Copyright 2014 Cowan Publishing
  • PLANNING Now Then Lean 
 Startup Five Year Plan 01 IDEA! 45,000,000% 40,000,000% 02 HYPOTHESIS 35,000,000% 30,000,000% 25,000,000% Revenue% Expense% 20,000,000% EBITDA% 15,000,000% 6.a PIVOT experiments 03 EXPERIMENTAL DESIGN disprove hypothesis 04 EXPERIMENTATION 10,000,000% 5,000,000% 0% !5,000,000% 2012% 2013% 2014% 2015% 2016% 2017% 2018% 2019% 2020% 05 PIVOT OR PERSEVERE? 6.b PERSEVERE ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • PLANNING WITH LEAN STARTUP Do I have real evidence from my buyer that this is compelling? What are the key assumptions required to make this business work? How do I definitely prove or disprove the assumptions with a minimum of time and effort? Am I reacting or am I focused on validating my pivotal assumptions? 01 IDEA! 02 HYPOTHESIS 03 EXPERIMENTAL DESIGN 04 EXPERIMENTATION ‘Pivot or persevere?’ Copyright 2014 Cowan Publishing
  • ASSUMPTIONS & LEAN STARTUP Priority Key Assumption Needs Proving? 1 [A key assumption about the business] 1 Parents want to organize the distribution of Yes allowances with an app * Post the proposition in ads
 online! * Measure sign-up’s on a landing page
 2 Parents want to link allowances to chores Yes * Show prototypes with choices
 * Test in beta 2 Parents have smart phones No n/a [Whether it needs proving! Experimentation [Experiment to ! prove or disprove] Focus on strategic, pivotal assumptions
 ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • PLANNING WITH THE LEAN STARTUP Crossing t’s
 Dotting i’s
 Doesn’t matter unless it helps prove (or disprove) your pivotal assumptions
 ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • PLANNING WITH THE LEAN STARTUP Subject 
 all your activities + metrics to that litmus test.
 ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • THE REVELATION OF CUSTOMER DEVELOPMENT You know you’re here and should be doing this, but. . . MVP . . . most people mimic mature business patterns and start here. Product-Market 
 Fit Scale PIVOTAL
 ASSUMPTIONS
 Nascent
 Test, revise, test...
 Validated- now tactical
 Validated- now tactical
 PRODUCT
 N/A
 MVP
 Focus: efficiency, extension
 What would a startup do??
 ORG.
 Founders
 PARTNERS,
 CHANNELS
 Customer dev. team
 Full functional organization
 Scalable organization
 Probably too soon
 Probably too soon
 Yeah, maybe?
 Yeah, definitely!
 ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • DESIGN THINKING- PERSONAS PROBLEM SCENARIO X ALTERNATIVE(S) ? YOUR VALUE PROPOSITIONS ! ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • YOUR PRODUCT HYPOTHESIS A certain PERSONA exists… … and they have a certain PROBLEMS(S) … X … where they’re currently using certain ALTERNATIVE(S) … ? … and I have a VALUE PROPOSITION that’s better enough than the alternatives to cause the persona to act (purchase, use, etc.). ! ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • LEONID MVP #1: CONSULTING It pays CONSULTING It’s easy to scale Consultants naturally do customer discovery ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • LEONID MVP #2: PRODUCTIZED CONSULTING Customer empathymore scope, detail on problem scenarios It’s easier to sell CONSULTING ‘PRODUCTIZED’ CONSULTING It’s easier to staff It’s easier to manage ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • LEONID MVP #3: SOFTWARE PRODUCTS Customer empathymore scope, detail on problem scenarios CONSULTING Validated problem scenarios with substantial detail ‘PRODUCTIZED’ CONSULTING PRODUCTS Copyright 2014 Cowan Publishing
  • LEONID MVP #3: SOFTWARE PRODUCTS Validated problem scenarios Existing customer relationships PRODUCTS Ability to pre-sell ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • USER JOURNEY: PHOTO-SOCIAL ASSUMPTION
 User’s social network will like and share the app’s output ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • PHOTO-SOCIAL MVP MVP
 Create the target output by hand. ! ! Does anyone care? ASSUMPTION
 User’s social network will like and share the app’s output ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • ENABLE QUIZ: PROBLEM SCENARIO BEFORE AFTER ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • CONCIERGE MVP: ENABLE QUIZ Concierge MVP? Sure: Hand craft quizzes on paper on off-the-shelf tool. ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • MVP: Zappos Some shoe buyers are dissatisfied with mall retail and would purchase online. Photograph some shoes and create a site to showcase them for sale. source: CNN article ‘Zappos’ silent founder’ ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • MVP: Paul Howe & Associates Some people would like to know how much their stuff is worth. Do it for them buy hand. source: as told to Lean Startup Circle, SF (Jan 2013) ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • MVP: Sprig Urbanites would like Uber-style, healthy, hot, meals delivered in 20 minutes. Put it on Eventbrite, email people, see what happens. source: as told to Lean Startup Circle, SF (Jan 2014) ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • MVP: Dropbox Users would sign-up and pay for a file exchange service that actually worked well. Create a ‘Wizard of Oz’ demo tailored for early market (techies) and measure sign-up’s. ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • IN CONCLUSION… You have to put the magic in the software. (Not the other way around) Concierge and other nonsoftware MVP’s can be pretty magical. ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • LEAN AT LARGE Hypothesize Learn Experiment Lean StartupStyle Assumptions Lean at Large Foundation in Design Thinking COWAN! ALEX AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • LEAN AT LARGE Let’s not argue Let’s assume. Then test. ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • ASSUMPTIONS & LEAN STARTUP Priority Key Assumption Needs Proving? 1 [A key assumption about the business] 1 Parents want to organize the distribution of Yes allowances with an app * Post the proposition in ads
 online! * Measure sign-up’s on a landing page
 2 Parents want to link allowances to chores Yes * Show prototypes with choices
 * Test in beta 2 Parents have smart phones No n/a [Whether it needs proving! Experimentation [Experiment to ! prove or disprove] ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • OPERATING WITH LEAN AT LARGE Copyright 2014 Cowan Publishing
  • EXERCISE: LEAN STYLE ASSUMPTIONS List at least 3 assumptions (5 min.)! “Parents want to better organize the distribution of allowances using an app” Priority: 1 [1 for existential; 2+ for others] Needs Proving?: yes [yes or no] ... One assumption per index card Copyright 2014 Cowan Publishing
  • EXERCISE: LEAN STYLE ASSUMPTIONS 1. Rank order them. Which ones are truly pivotal? 
 Note with a ‘1’. (3 min.) Copyright 2014 Cowan Publishing
  • EXERCISE: GROUP PRESENTATIONS (3 MIN/EACH) 1) What’s your idea? (Read positioning statement)! 2) What’s your MVP/next step?! 3) What are your success criteria for validation? ALEX COWAN! AlexanderCowan.com! @cowanSF Copyright 2014 Cowan Publishing
  • www.alexandercowan.com/venture-design www.alexandercowan.com/venture-design www.alexandercowan.com/startup-sprints @cowanSF acowan@alexandercowan.com Copyright 2014 Cowan Publishing