Innovate Like A Startup

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Presentation given to the i3 meeting of the Filene Research Institute, Montreal, QC 17 April 2014
http://filene.org/community/i3

www.startupacademie.com
www.coachdavender.com


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Innovate Like A Startup

  1. 1. Innovate Like A Startup! Using the Lean Startup Methodology to ignite innovative projects Coach Davender Gupta @coachdavender Startup-Académie www.startupacademie.com www.coachdavender.com 514-448-1894 / 418-948-1553 coach@davender.com
  2. 2. Business is evolving © 2014 Davender Gupta - www.startupacademie.com – All Rights Reserved The economy is evolving… The rules of the market are evolving… Consumers are evolving… Options are evolving… Expectations are evolving… Business also needs to evolve 2
  3. 3. Look at business from a new angle © 2014 Davender Gupta - www.startupacademie.com – All Rights Reserved Today’s successful businesses are -  personal -  plugged-in -  distinctive -  agile 3
  4. 4. People don’t care about what you do. They care about what you can do for them. © 2014 Davender Gupta - www.startupacademie.com – All Rights Reserved 4
  5. 5. MY Ideas Passions Needs Dreams Interests Desires Resources Ideas Passions Needs Dreams Interests Desires OF OTHERS © 2014 Davender Gupta - www.startupacademie.com – All Rights Reserved PROFIT ZONE NO MEANS NO DEMAND NO ENERGY 5
  6. 6. The Business Model A business model describes how you: •  create, •  deliver, and •  harvest value. © 2014 Davender Gupta - www.startupacademie.com – All Rights Reserved 6
  7. 7. What’s a startup? A startup is a human institution designed to create a new product or service under conditions of extreme uncertainty. - Eric Ries © 2014 Davender Gupta - www.startupacademie.com – All Rights Reserved 7
  8. 8. What’s a startup? © 2014 Davender Gupta - www.startupacademie.com – All Rights Reserved A startup is a project which has as goal the search for a duplicatable and scalable business model. - Steve Blank 8
  9. 9. GROWTH Is your solution the new standard for the market? Market Leader EFFICIENCY Can you deliver the solution efficiently and effectively? Capability Maturity Index VALIDATION How much does the market want this solution? Product-Market Fit DEFINITION This idea solves what important problem for the client? Problem- Solution Fit IDEA Idea or concept Startup Stages Of Growth © 2014 Davender Gupta - www.startupacademie.com – All Rights Reserved
  10. 10. The Startup Mindset © 2014 Davender Gupta - www.startupacademie.com – All Rights Reserved Aims to solve an important problem for the user by creating an offer which generates a huge added value for all stakeholders, and with the goal to become the new standard for the market. 10
  11. 11. The Huge Added Value How does solving the problem change or improve the user’s quality of life? Return On Use Does your solution offer enough added value to motivate the user to take out their wallet? © 2014 Davender Gupta - www.startupacademie.com – All Rights Reserved 11
  12. 12. Is it worth it? Is it a problem or opportunity which justifies the investment of millions of dollars and thousands of hours of effort? © 2014 Davender Gupta - www.startupacademie.com – All Rights Reserved 12
  13. 13. The Big, Hairy, Audacious Game © 2014 Davender Gupta - www.startupacademie.com – All Rights Reserved What you are passionate about What you can be the best in the world at What generates exponential economic value Your BIG, HAIRY AUDACIOUS GAME Mission, Vision, Values Live Your Full Potential Game-Changing Results 13
  14. 14. Find the WOW! Does it make a difference ? l  Find the emotion Does it go to the root of the problem ? l  Find the transformation Does it communicate what’s important to you? l  Find the message Does it evolve with people’s needs and wants? l  Find the learning Does it spark a community ? l  Find a tribe - Inspired by Tom Peters © 2014 Davender Gupta - www.startupacademie.com – All Rights Reserved 14
  15. 15. Game-changing results The primary strategy of the startup is to provoke a disrupt which interrupts the status-quo to create a quantum change in added value •  The Innovator’s Dilemma •  Blue Ocean Strategy © 2014 Davender Gupta - www.startupacademie.com – All Rights Reserved 15
  16. 16. Discover the DISRUPT © 2013 Davender Gupta - www.startupacademie.com All Rights Reserved v20130429 16 How do you change the rules of the competitive game? The gold is in the DISRUPT.
  17. 17. The Four Disrupts © 2013 Davender Gupta - www.startupacademie.com All Rights Reserved v20130429 17 Offer (What): l  New offers (products or services) that did not exist up to now (invention) Process (How): l  New products or methods that allow the offer to be produced faster, cheaper, more durable, better quality (production) Market (Who): l  Opening a new market segment poorly served until now, by making minor modifications to one’s product or service (marketing) Value (Why): l  Meeting a need that is valued by an existing market, but not satisfactorily met by competing offers, and doing it better than the competition (positioning)
  18. 18. HYPOTHESIS build DELIVER measure METRICS learn Find the disrupt © 2014 Davender Gupta - www.startupacademie.com – All Rights Reserved 18
  19. 19. Hypothesis Should we build this? Can we build a profitable business model around this? Value Hypothesis: l  Test if the solution really solves the client’s problem Growth Hypothesis: l  Test how the client finds your solution and how much they are committed to it © 2014 Davender Gupta - www.startupacademie.com – All Rights Reserved 19
  20. 20. The Pivot © 2014 Davender Gupta - www.startupacademie.com – All Rights Reserved Changing the strategy, the business model, the solution or even the problem, to improve the value-added which is recognised and rewarded by the target customer. 20
  21. 21. What Startups Do The fundamental activity of startups: •  transform ideas into tests, •  measure how users respond, •  decide to continue or to pivot until you can clearly identify who recognizes the value of what you offer and who are ready to commit. © 2014 Davender Gupta - www.startupacademie.com – All Rights Reserved 21
  22. 22. Validating the Idea © 2013 Davender Gupta - www.startupacademie.com All Rights Reserved v20130429 22 « The problem is that startups fall in love with the solution too early. They don't focus enough on the foundation of vision and strategy to make sure it connects to what people want and use. » -- Ash Mauriya
  23. 23. Validating The Idea © 2013 Davender Gupta - www.startupacademie.com All Rights Reserved v20130429 23 Everything which comes out of your brain is a HYPOTHESIS. You must VALIDATE every element through - •  Discovery (your own data) •  Research (other people’s data) •  Testing (simulation, MVP) to discover the DISRUPT.
  24. 24. Discovering the Disrupt © 2013 Davender Gupta - www.startupacademie.com All Rights Reserved v20130429 24 Discover What you know That you know (belief) That you don’t know (hypothesis) What you don’t know That you know (intuition) That you don’t know (discovery)
  25. 25. Startup Success Strategy Ø  Capture ideas Ø  Define hypothesis Ø  Validate hypothesis Ø  Select and refine the idea Ø  Execute strategically and tactically © 2014 Davender Gupta - www.startupacademie.com – All Rights Reserved 25
  26. 26. It’s all about speed Accelerate the learning cycle …to reduce the time between pivots …to increase the impact of the offer and its chances of success …until you run out of resources. © 2014 Davender Gupta - www.startupacademie.com – All Rights Reserved 26
  27. 27. « Search versus execution » If your business model is unknown - that is, just a set of untested hypotheses – you are a startup searching for a repeatable business model. Once your business model is known, you will be executing it. Search versus execution is what differentiates a new venture from an existing business startup. - Steve Blank © 2014 Davender Gupta - www.startupacademie.com – All Rights Reserved 27
  28. 28. Time to make a dent in the world! Unreasonable passion l  You can’t sleep because you’re so excited Irresistable l  Attracts people and resources Audacious l  Disciplined execution to deliver a positive disrupt to the status quo © 2014 Davender Gupta - www.startupacademie.com – All Rights Reserved 28
  29. 29. Suggested reading © 2014 Davender Gupta - www.startupacademie.com – All Rights Reserved 29
  30. 30. Keep in touch! www.startupacademie.com www.coachdavender.com (Québec) 418 948-1553 (Montréal) 514 448-1894 coach@davender.com © 2014 Davender Gupta - www.startupacademie.com – All Rights Reserved Coach Davender Gupta, MSc Venture Catalyst Accélérateur d’entrepreneuriat Startup-Académie 30

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