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Introduction to Lean Startup - Dec 2013
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Introduction to Lean Startup - Dec 2013


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A short introduction to the concepts of Lean Startup, presented as an introduction during the Asheville Lean Startup Conference Livestream.

A short introduction to the concepts of Lean Startup, presented as an introduction during the Asheville Lean Startup Conference Livestream.

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  • Transcript

    • 1. Introduction to Lean Startup by Trevor Lohrbeer @FastFedora @LeanDecisions
    • 2. What is Lean Startup? A scientific approach to creating a new product or service in conditions of high uncertainty
    • 3. Why Use Lean Startup? 1. Lower Your Market Risk 2. Use Less Capital 3. Increase Your Agility
    • 4. Traditional Product Development Generate Idea Create Download Form Build Product Learn What Customers Want
    • 5. Getting Lean Run a Smoke Test Generate Learn What Idea Customers Want Create Download Form    Build a Minimum Viable Product Create Generate Download Form Idea Learn What Build Product Customers Want Reduces time to feedback Enables faster course corrections Minimizes capital spent developing unwanted features / products
    • 6. Customer Development 1. Customer Discovery Achieve Problem/Solution Fit 2. Customer Validation Achieve Product/Market Fit 3. Customer Creation Drive Demand 4. Company Building Scale the Company
    • 7. Minimum Viable Product (MVP) The simplest product or service that provides value to a customer Old Way     Research the market Build the entire product or service Launch Find out if you can sell it New Way    Build a minimum product or service Attempt to sell it Iterate based on what you learned
    • 8. Example: MVP
    • 9. Validated Learning Old Way     Do something Debrief Invent reasons for results “Lesson Learned” (but not really) New Way       Make a hypothesis Create experiment Run experiment Analyze results Hypothesis either validated or not Lesson only learned once validated
    • 10. The Build-Measure-Learn Loop Ideas Learn Build Data Product Measure
    • 11. Split Tests Do you want more readers?
    • 12. Metrics Vanity Actionable Sound awesome, but usually meaningless. Often up and to the right. Ties specific and repeatable actions to observed results. # Conversion Customers Revenue # Page Views Rate Cost of Acquisition Churn Rate
    • 13. Cohorts Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Joined Month 1 100% 10% 8% 5% 3% 2% Joined Month 2 100% 13% 10% 8% 7% ? Joined Month 3 100% 18% 14% 12% ? Joined Month 4 100% 19% 17% ? Joined Month 5 100% 25% ? Joined Month 6 100% ?
    • 14. Product/Market Fit When you have a product that you can consistently and repeatedly sell to a specific market. Signs of Product/Market Fit When you have a block of customers with: Similar Usage & Results Repeatable Buying Patterns Few Customization Needs
    • 15. The Pivot A structured course correction designed to test a new fundamental hypothesis about the product, strategy, and engine of growth. * Requires validated learning
    • 16. Other Terminology      Iterative Releases Continuous Deployment Business Model Canvas Get Out of the Building (GOOTB) Innovation Accounting
    • 17. Questions? Trevor Lohrbeer @FastFedora @LeanDecisions