• Save
Foundation Day - dotForge - April 2013
Upcoming SlideShare
Loading in...5
×
 

Foundation Day - dotForge - April 2013

on

  • 718 views

 

Statistics

Views

Total Views
718
Views on SlideShare
662
Embed Views
56

Actions

Likes
1
Downloads
0
Comments
0

2 Embeds 56

http://www.scoop.it 38
https://twitter.com 18

Accessibility

Categories

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

Foundation Day - dotForge - April 2013 Foundation Day - dotForge - April 2013 Presentation Transcript

  • F-Day!
  • Do not open the kit until I say GO!Build the tallest freestanding structure.The entire marshmallow must be on the verytop.You’ll have 18 minutes.Use as much or as little of the kit contents asyou want, but nothing else!
  • CoderDigital agency5 startupsLeancamp
  • “I wish I knew that sooner.”
  • LearningGoals
  • Not livingyour dream?
  • We will fail.
  • Our job is to bringourselves the badnews sooner.
  • BuildLearnMeasure
  • Principles,not process.
  • IterationDo LessImprove the big pictureLearn, then confirmTangible next stepsPrinciples
  • Today10:30 Lean Flow11:30 Doing Less1:30 Lunch2:30 Prioritisation3:30 Stakeholder Analysis4:30 Learning Goals5:30 Pub
  • Feedback!
  • Do less.
  • Don’t work hard tomask your inefficiency.
  • Not enough time?Not enough money?
  • Grow with efficiency.
  • 3 ways toDo Less.Limiting work-in-progress.Letting go.Being picky about yourfirst customers.
  • Limit yourwork in progress.
  • Good for vision,inventing and improving.Bad for getting stuck onspecifics that don’t work.Tenacity
  • WIP yourself.
  • Early traction.
  • EarlyvangelistsHave the problemKnow they have the problem!Have budget to solve it.Have looked for a solution.Have tried to build a solution.
  • Is this conversation useful?
  • Choose yourcustomer.
  • Vague customer definitions.Multiple customerdefinitions.
  • Lack of direction.
  • Specific definitionsallow for validation or invalidation.And that speeds progress.
  • Take a look at thecustomers’ worldLooking at different aspects oftheir lives, we’ll examine ourown beliefs about them, whothey are – and if they reallyexist, how to frame our value intheir context.
  • Find early adopters.Find specific customers.Specific value propositions aremore compelling and help youget early traction.Specific customer definitionshelp find them quickly, andpoint out scalable channels toreach them.Zoom in!
  • Product Market
  • Action Customer
  • How deep do you go?They are real people (not attributes!)It’s clear where to find them.You’ll walk away if they aren’t a good fit.
  • Customer SlicingJobs Obstacles GainsCurrentSolution
  • Balancing focus &opportunity
  • What Ican doWhat I’vegotSmall partnerships.Affordable Loss.
  • Are you a frog?Or a fish?
  • Startups arelearningorganisations.
  • 2 stages of learningDiscovery Validation
  • A man wakes up,turns on the radio,goes upstairs, turnson the light, and killshimself.
  • Image by wstryderImage by wstryder
  • Image by wstryderImage by wstryder
  • 2 stages of learningDiscovery Validation
  • 2 stages of learningLearn Confirm
  • 2 stages of learningAsk Sell
  • 2 stages of learningObserve Experiment
  • Does anyonecare at all?Do we understandthe industry?
  • Does anyonecare at all?Do we understandthe industry?Will anypay for it?Are we buildingthe right product?
  • Anyone will tell you that youridea is great if you annoythem long enough.
  • Dear Mom,Don’t you thinkI’m great?Love,Your son
  • Actually, not just your mom lies.Your customers are full of shit too.www.foundercentric.com
  • Past, not futureFact, not opinionSpecifics, not general(Talk about their life, not your idea.)The Mom Test
  • Good or bad questions?
  • ❝❞Do you think it’sa good idea?
  • ❝❞Do you think it’sa good idea?
  • ❝❞Would you buy aproduct which solvedthis problem?
  • ❝❞Would you buy aproduct which solvedthis problem?
  • ❝❞How do you currentlydeal with this problem?
  • ❝❞How do you currentlydeal with this problem?
  • ❝❞How have you dealtwith this problem?
  • ❝❞When does thisproblem pop up?
  • ❝❞When does thisproblem pop up?
  • ❝❞When’s the last timethat happened?
  • ❝❞What makes this time-consuming or go off-track?
  • ❝❞What makes this time-consuming or go off-track?
  • ❝❞Has this ever been moretime-consuming thannormal or gone off-track?
  • Their words - not yours!One phrase per card.Pair. One interviewer, one notetaker.Recording theright stuff.
  • ❝❞Please show mehow you...
  • ❝❞Please show mehow you...
  • ❝❞Please tell me how...I’m trying to learn howyou...
  • ❝❞Please tell me how...I’m trying to learn howyou...
  • ❝❞Talk me through the lasttime you had thisproblem.
  • ❝❞Talk me through the lasttime you had thisproblem.
  • ❝❞What did you tryto do about it?
  • ❝❞What did you tryto do about it?
  • Person Job Problem Measure Solution Excited Guilty UpsetImportant signals
  • ❝❞Please help meunderstand...
  • ❝❞Please help meunderstand...
  • ❝❞How much wouldyou pay for this?
  • ❝❞How much wouldyou pay for this?
  • ❝❞Can I ask why?
  • ❝❞Can I ask why?
  • ❝❞Talk me throughhow you decide.
  • ❝❞Talk me throughhow you decide.
  • ❝❞Talk me throughhow you decided.
  • ❝❞How much money doesthis problem cost you?
  • ❝❞How much money doesthis problem cost you?
  • ❝❞How much money hasthis problem cost you?
  • ❝❞How much shouldwe charge?
  • ❝❞How much shouldwe charge?
  • ❝❞What’s yourbudget?
  • ❝❞What’s yourbudget?
  • ❝❞How soon canyou start?
  • ❝❞How soon canyou start?
  • ❝❞What would need tohappen before you couldreally start using it?
  • ❝❞What would need tohappen before you couldreally start using it?
  • ❝❞Ever had any problems ordelays getting somethinglike this going/bought?
  • ❝❞Who elseshould I talk to?
  • ❝❞Who elseshould I talk to?
  • Opinions are worthless.
  • 2 stages of learningDiscovery Validation
  • 2 stages of learningLearn Confirm
  • So, we had a meeting!
  • ❝❞ClaudiaSounds great. Ilove it!
  • ❝❞ClaudiaSounds great. Ilove it!
  • ❝❞JeremyBrilliant -- let me knowwhen it launches!
  • ❝❞JeremyBrilliant -- let me knowwhen it launches!
  • Compliment?Stalling tactic?They don’t care. :(
  • ❝❞JeremyThere are a couplepeople I can intro youto, when you’re ready.
  • ❝❞JeremyThere are a couplepeople I can intro youto, when you’re ready.
  • Partial commitment?
  • Validate by going forfull commitment.
  • ❝❞ClaudiaI would definitelybuy that!
  • ❝❞ClaudiaI would definitelybuy that!ANGER!
  • Meetings succeed when theyadvance to the next step.
  • Examples ofadvancement> Permission to contact again> Clear next meeting> Introduction to decision-maker> Commitment to run a trial> Pre-purchase
  • Real learning comes fromFacts Commitment
  • Always know yourbig 3 questions.
  • Tweetable TextHow do authors pre-build their customer list?How do authors test copy and learn about their readers?How do authors prioritise their time when writing?
  • LeancampWhat awareness channels can we partner with?What do people learn at Leancamp that they apply?What do famous thought-leaders get out of conferences?
  • What are your Big 3 right now?Does it do what it says on the tin?Can we make it usable enough?Do people really, truly want it?Take 3 minutes to write them down.Are they to learn or confirm?
  • BusinessModelDesign
  • What’s the most preciousresource for a startup?
  • You’ve got a ton of options
  • Early stage strategy isfinding the few that matter.
  • Where isthe love?
  • We obsess overthe details.
  • And miss the big picture.
  • 4% conversion rate = win!
  • 4% conversion rate = win?
  • Marketing Success!
  • Business fail.
  • We had abig pictureproblem!
  • Alex Osterwalder’sBusiness Model Canvasis the big picture.
  • Your business model has holes
  • We wanted more users, sowe marketed...
  • ...which was renderedworthless by our retention.
  • Stuff’s going wrong...Let’s embrace it!
  • Test thescary bits first.(not the fun bits)
  • Navigating through options, hypotheses& environmental changes.Understanding dynamics betweenparts & articulating a clear story.PartsWholeProgressChecklists & dashboards123
  • Changing somethingchanges everything.
  • A “simple”change.
  • You can’t thinkabout any one partwithout thinkingabout the rest.
  • Clothinglabels &distributorsFaster tomarketFaster productionProductionProduction fees
  • DesignersConsumersFan BaseSelling ClothesFacebookFacebookYou design -we do the rest.Faster productionProductionPersonalsupportOnlinetoolsPool of talent
  • Use the Canvas asX-Ray goggles.
  • What on earth areyou on about?
  • Pick my brain.
  • Good for vision,inventing and improving.Bad for getting stuck onspecifics that don’t work.Tenacity
  • Platform Platform
  • Platform PlatformMass customisationValue-basedpricingApp sale +in-app purchaseSubscriptionTransactionalMulti-sidedmarketLicensingCrowdsourceAd-supportedEvent-supportedSaaSBundlingViralDirect-over-viralPurchase-timing
  • Know your options.
  • What’s thebig opportunity?
  • Business model prototypingNo writing on the canvas - use post-itsUse the post-its as you discuss. Move them around.3 minutes max per model - quantity over quality
  • Business model prototypingNo writing on the canvas - use post-itsUse the post-its as you discuss. Move them around.3 minutes max per model - quantity over qualityTip - aim for around 4-7 post-its per model
  • Nail down your business model,one bit at a time.Option cards
  • Mentor MentalFiltering
  • Halo Effect
  • One dynamic per card.1 -3 dots per card.How doauthorsprebuildcustomer lists?Sell to y2ksoftware housesthrough InitrodeEvan can introme to Joe atInitrode.Will ppl buy petfood onFacebook?
  • Lock-inthrough re-installationcosts.Will this offerdifferentiateagainst GMail?Big funding,scale userbasethrough paidchannels.Greater cloudadoptionopening amarket?
  • BusinessModelHacker!
  • Understanding our options.
  • Who will our first 10 customers be?Where are they looking? And for what?
  • What needs do your customers have?How do they solve them now?
  • After I have 100 customers, I will acquire the next1,000 through _____________ .
  • I will make money by ___________ .
  • How would our business change if we could onlycharge 5% of we’re planning to?
  • How would our business change if we didn’t havea web site?
  • When customers have this problem, or aretackling this task, where do they seek help andadvice?
  • Which customers have different expectationsabout service levels or relationship?
  • What are our possible revenue streams? Whatcustomers pay for that, in that way, and why?
  • Are there customers at the low-end who wouldpay less for lower performance? What if theywere our ONLY customer?
  • How could we increase switching costs?
  • Who are the people in our network that can fast-track our business? How?
  • Metrics
  • StickyPaid AcquisitionViralUnderstanding growthGrowth Engines,from The Lean Startupby Eric Ries
  • AcquisitionActivationRetentionReferralRevenuePirate Metrics, by Dave McClureWhich number matters most?B2C Free - retention, referral, activation, acquisition, revenueFreemium - retention, revenue, referal, activation, acquisitionEnterprise - revenue, referral, activation, acquisition, retention
  • Acquisition cost, capacity, rateActivation cost, rate, %Retention rate, %Referral rate, k-factor, %Revenue per customer, per userYour naked numbers.
  • Write down the big numbers andgrowth engines you’reconsidering, one per card.Option cards
  • Cohort analysisSimple rates
  • Cohorta group of people who share a commoncharacteristic within a defined period.
  • 1.Pick a metric you want to improve.2.Group users into cohorts based on date,or experiment, or characteristic.3.Track, looking for improvement.In 3 steps.
  • forentrepreneurs.com
  • only tells you one thing.Split Testing
  • works in low volume if you’re testingfor big enough changes.Split Testing
  • Your DashboardDraw it on a page.Keep it simple.Keep it actionable.(What is your goal?)
  • Grow like weeds!Spring up in unexpected places.Grow quickly, or die and move on.
  • Being clear onyour next step.
  • “I wish I knew that sooner.”
  • Building witha heartbeat.
  • BuildLearnMeasure
  • Minimum ViableWhat is the minimum thing I need to buildto prove or disprove this?
  • Pick alearning goalWhat big make-or-break risksor idea is the one you want tonail down this week?(Hint: use the Canvas ormetrics to make sure it’srelevant.)
  • Have a conversationwith your idea.
  • How can I isolate the part I want to test?
  • Starting low fidelity.
  • One pieceat a time.
  • Signal.ly
  • Understandinganalogs
  • Making sureyou’re in theright place.
  • 48-hourMarshmallow
  • Start with yourlearning goal.Pick a learning goal.Pick a measurement.Draw your MVP on a blank sheet.BuildLearnMeasure
  • Meeting every week with fellow founders to share ourweekly progress, and get advice to stay on track.Braintrust
  • Braintrust3 minutes each to presentyour learning & goals. 5minutes each for feedback.Feedback is focused on risks,learning methods &environment - not your ideas!
  • Take 3 minutes to prepare at:foundercentric.com/learningprogress
  • What you learned.ProgressObstacles in reaching your learning goal.ProblemsWhat will you learn by next week?Learning Goal
  • Investor relationsTransparency & clarity onwhere they can help.
  • Make the accelerator accelerate you!Lead time
  • IterationImprove the big pictureLearn, then confirmTangible next stepsDo LessPrinciples
  • BuildLearnMeasure
  • 2 stages of learningLearn Confirm
  • Make it your own.
  • Salim Virani@SaintSalsalim@saintsal.comwww.foundercentric.comThanks!