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Vetting ideas

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  • 1. Vetting Product Ideas ASH MAURYA @ashmaurya http://www.ashmaurya.com
  • 2. Everyone gets hit by ideas.Most people ignore them. Entrepreneurs act on them.
  • 3. An idea can consume years of your life.
  • 4. Most startups fail.
  • 5. A better, faster way for vetting ideasso you don’t waste time, money, and effort.
  • 6. Life’s too short to build something nobody wants.
  • 7. What is Running Lean Customer Development + Lean Startup + Bootstrapping
  • 8. Customer Development Get out of the building. - Steve Blank
  • 9. Lean StartupStartups that succeed are those that manage to iterate enough times before running out of resources. - Eric Ries
  • 10. Bootstrapping Right Action, Right Time. - Bijoy Goswami
  • 11. Most Plan As don’t work.
  • 12. Not a better Plan A but a pathto a plan that works before running out of resources.
  • 13. Running Lean Roadmap
  • 14. 1 Document your Plan A
  • 15. Reasonably smart people can rationalize anything but entrepreneurs are especially gifted at this.
  • 16. Business Model versus Business Plan
  • 17. Business Model versus Business Plan A document investors make you write that they don’t read
  • 18. Business Model versus Business PlanA single diagram of your business
  • 19. Problem Solution Unique Value Unfair Customer Proposition Advantage SegmentsTop 3 problems Top 3 features Single, clear, Can’t be easily Target customers compelling copied or bought message that states why you are different and Key Metrics worth buying Channels Key activities you Path to measure customersCost Structure Revenue StreamsCustomer Acquisition Costs Revenue ModelDistribution Costs Life Time ValueHosting RevenuePeople, etc. Gross Margin PRODUCT MARKETLean Canvas is adapted from The Business Model Canvas (http://www.businessmodelgeneration.com) and is licensed under theCreative Commons Attribution-Share Alike 3.0 Un-ported License.
  • 20. Your “product” is NOT the productProblem Solution Unique Unfair Customer Value Advantage Segments Proposition Key Metrics ChannelsCost Structure Revenue Streams
  • 21. Your “business model” IS the productProblem Solution Unique Unfair Customer Value Advantage Segments Proposition Key Metrics ChannelsCost Structure Revenue Streams
  • 22. Brainstorm possible models Time
  • 23. Prioritize where to start 1. Customer Pain Level 2. Ease of Reach 3. Price/Gross Margin 4. Market Size Time
  • 24. 2 Identify the riskiest parts of the model by stage and type
  • 25. Identify the riskiest parts of your model Time
  • 26. 3 Stages of a Startup Problem/Solution Product/Market Scale Fit Fit Stage 1 Stage 2 Stage 3
  • 27. 3 Stages of a Startup Problem/Solution Product/Market Scale Fit Fit Do I have a problem worth solving?
  • 28. 3 Stages of a Startup Problem/Solution Product/Market Scale Fit Fit Have I built something people want?
  • 29. 3 Stages of a Startup Problem/Solution Product/Market Scale Fit Fit How do I accelerate growth?
  • 30. Do you have a problem worth solving?
  • 31. Problem Solution Unique Value Unfair Customer Proposition Advantage Segments 1 Key Metrics ChannelsCost Structure Revenue StreamsLean Canvas is adapted from The Business Model Canvas (http://www.businessmodelgeneration.com) and is licensed under theCreative Commons Attribution-Share Alike 3.0 Un-ported License.
  • 32. Problem Solution Unique Value Unfair Customer Proposition Advantage Segments 1 Key Metrics ChannelsCost Structure Revenue Streams 2Lean Canvas is adapted from The Business Model Canvas (http://www.businessmodelgeneration.com) and is licensed under theCreative Commons Attribution-Share Alike 3.0 Un-ported License.
  • 33. Problem Solution Unique Value Unfair Customer Proposition Advantage Segments 1 Key Metrics ChannelsCost Structure Revenue Streams 2 3Lean Canvas is adapted from The Business Model Canvas (http://www.businessmodelgeneration.com) and is licensed under theCreative Commons Attribution-Share Alike 3.0 Un-ported License.
  • 34. 3 Select the right tactics that maximize for speed, learning, and focus
  • 35. SpeedLearning Focus
  • 36. Speed Chasing your tailLearning Focus
  • 37. Speed Chasing your tailLearning Focus Run out of resources
  • 38. Premature SpeedOptimization Chasing your tail Learning Focus Run out of resources
  • 39. The optimal learning loop Premature SpeedOptimization Chasing your tail Learning Focus Run out of resources
  • 40. Systematically test your model Time
  • 41. Systematically test your model Time
  • 42. Systematically test your model Time
  • 43. Systematically test your model Time
  • 44. Systematically test your model ... Time
  • 45. RISKS EXPERIMENT - PROBLEM INTERVIEWProblem 1Channels 2Revenue Streams 3
  • 46. RISKS EXPERIMENT - PROBLEM INTERVIEWProblem 1 How do customers rank your problems?Channels 2Revenue Streams 3
  • 47. RISKS EXPERIMENT - PROBLEM INTERVIEWProblem 1 How do customers rank your problems?Channels 2 Who has the pain? Can you reach them?Revenue Streams 3
  • 48. RISKS EXPERIMENT - PROBLEM INTERVIEWProblem 1 How do customers rank your problems?Channels 2 Who has the pain? Can you reach them?Revenue Streams 3 How do they solve these problems today?
  • 49. RISKS EXPERIMENT - SOLUTION INTERVIEWSolution 1Channels 2Revenue Streams 3
  • 50. RISKS EXPERIMENT - SOLUTION INTERVIEWSolution 1 Will your solution solve their problem?Channels 2Revenue Streams 3
  • 51. RISKS EXPERIMENT - SOLUTION INTERVIEWSolution 1 Will your solution solve their problem?Channels 2 How will they find you?Revenue Streams 3
  • 52. RISKS EXPERIMENT - SOLUTION INTERVIEWSolution 1 Will your solution solve their problem?Channels 2 How will they find you?Revenue Streams 3 Will they pay for the solution? If not, who will?
  • 53. RISKS EXPERIMENT - MVPKey Metrics 1Channels 2Revenue Streams 3
  • 54. RISKS EXPERIMENT - MVPKey Metrics 1 Have you built something people want?Channels 2Revenue Streams 3
  • 55. RISKS EXPERIMENT - MVPKey Metrics 1 Have you built something people want?Channels 2 How will they find you at scale?Revenue Streams 3
  • 56. RISKS EXPERIMENT - MVPKey Metrics 1 Have you built something people want?Channels 2 How will they find you at scale?Revenue Streams 3 Are you getting paid?
  • 57. Running Lean Illustrated
  • 58. IteratedHow I Wrote My Book Time
  • 59. Iterated How I Wrote My BookBlog Time
  • 60. Iterated How I Wrote My Book Teaser PageBlog Time
  • 61. Iterated How I Wrote My Book Teaser PageBlog Time
  • 62. Iterated How I Wrote My Book Free Workshop Teaser PageBlog Time
  • 63. Iterated How I Wrote My Book Paid Workshop Free Workshop Teaser PageBlog Time
  • 64. Iterated How I Wrote My Book Preview Chapter + Pre-order option Paid Workshop Free Workshop Teaser PageBlog Time
  • 65. Iterated How I Wrote My Book Preview Chapter + Pre-order option Paid Workshop Free Workshop Teaser PageBlog Time
  • 66. Iterated How I Wrote My Book 2-week releases Preview Chapter + Pre-order option Paid Workshop Free Workshop Teaser PageBlog Time
  • 67. Iterated How I Wrote My Book Publisher Interest 2-week releases Preview Chapter + Pre-order option Paid Workshop Free Workshop Teaser PageBlog Time
  • 68. Iterated How I Wrote My Book Publisher Interest 2-week releases Preview Chapter + Pre-order option Paid Workshop Free Workshop Teaser PageBlog Time
  • 69. Iterated How I Wrote My Book Book Finished? Publisher Interest 2-week releases Preview Chapter + Pre-order option Paid Workshop Free Workshop Teaser PageBlog Time
  • 70. Iterated How I Wrote My Book Book Finished? Publisher Interest 2-week releases Preview Chapter + Pre-order option Paid Workshop Free Workshop Teaser PageBlog TimeBlog
  • 71. Iterated How I Wrote My Book Book Finished? Publisher Interest 2-week releases Preview Chapter + Pre-order option Paid Workshop Free Workshop Teaser PageBlog TimeBlog Workshops
  • 72. Iterated How I Wrote My Book Book Finished? Publisher Interest 2-week releases Preview Chapter + Pre-order option Paid Workshop Free Workshop Teaser PageBlog TimeBlog Workshops Lean Canvas + USERcycle
  • 73. Questions?1 Document your Plan A2 Identify the riskiest parts of the model by stage and type3 Select the right tactics that maximize for speed, learning, and focus