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Foundation principles   Emerge Education
 

Foundation principles Emerge Education

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Startup Principles from Lean Startup, Effectuation and 7 Domains, kicking off the Emerge Education Accelerator.

Startup Principles from Lean Startup, Effectuation and 7 Domains, kicking off the Emerge Education Accelerator.

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    Foundation principles   Emerge Education Foundation principles Emerge Education Presentation Transcript

    • Lean Startup Principles aka. what old, rich founders say about Lean Startup. a Founder-Centric module.
    • CI ER EX SE Do not open the kit until I say GO! Build the tallest freestanding structure.The entire marshmallow must be on the very top. You’ll have 18 minutes. Use as much or as little of the kit contents as you want, but nothing else!
    • “I wish I knew that sooner.”
    • Our job is to bring ourselves the bad news sooner.
    • 1st timers Care too much about their ideas, and look for certainty in process. Experienced founders Care more about opportunity cost, and look for certainty in evidence.
    • Build Learn Measure
    • Principles, not process.
    • Principles Iteration Do Less Improve the big picture Learn, then confirm Course-correction
    • Salim Virani @saintsal www.saintsal.com Agency 5 startups Leancamp Founder-Centric
    • ST PO UP Our learning goals today.
    • Do less.
    • Don’t work hard to mask your inefficiency.
    • Not enough time? Not enough money?
    • Grow with efficiency.
    • How to Do Less. Multiplying deliberately. Letting go. Limiting work-in-progress. Time limits. Being picky about customers.
    • Add a zero 0 10 100 1,000 10,000 100,000 1,000,000 10,000,000
    • Tenacity Good for vision, inventing and improving. Bad for getting stuck on specifics that don’t work.
    • WIP Yourself!
    • SI S CU S DI ON Inside the building Use a timer.
    • Choose your customer.
    • Lack of direction. Vague customer definitions. Multiple customer definitions.
    • Is this conversation useful?
    • Specific customer definitions help find them quickly, and point out scalable channels to reach them. Specific value propositions are more compelling and help you get early traction. Zoom in!
    • CI ER EX SE Earlyvangelists Have the problem Know they have the problem! Have budget to solve it. Have looked for a solution. Have tried to build a solution.
    • Customer Slicing ? Jobs Obstacles Goals Current Solution Decision Trigger Interest Trigger
    • Seeing the big picture.
    • Big Picture Lenses Growth Engines Business Model Design 7 Domains
    • 7 ways to die. Choose none.
    • Market Industry Trends Establishment Macro Alignment Skills Connections Micro Customer Need & Behaviour Lock-in & copyability Modified from 7 Domains, From The New Business Road Test, by John Mullins
    • Team - Alignment Will we stay aligned?
    • Decision Hack: Map the overlap between your goals.
    • Goal Fit Narrow down the options to find matches. Fit comes from elimination, not selection.
    • SE Individually, write possible 3-year goals for your company. CI ER EX Goal Fit
    • SE Hand off the goals to your partners. CI ER EX Goal Fit
    • SE If any of the goals don’t work for you, explain the trade-off for you on the back of the card. CI ER EX Goal Fit
    • Risk Tolerance Size Length Role Control Affordable Loss
    • CI ER EX Individually, what are the company milestones for the next year? Goals? Walkaway conditions? One per card. Include dates. SE Risk Tolerance
    • CI ER EX As a group, create a single timeline out of all the cards. Star any that don’t feel right or don’t fit for discussion at the pub tonight. SE Risk Tolerance
    • Team - Skills Do we have the connections?
    • Team Connections Industry Market Domain expertise Channel
    • CI ER EX SE Who do you need? Industry Market Domain expertise Channel
    • CI ER EX SE Are there any you can’t get on the phone in 48 hours? Email Emerge now.
    • Decision Hack: Plant a flag.
    • Decision Hack: Go there and help.
    • CI ER EX SE Core Skills
    • CI ER EX SE Core Skills What skills, if weak, can kill your business? What skills, if strong, can give you disproportionate advanges?
    • Team - Skills Are we capable?
    • Decision Hack: Choose goals based on what you have.
    • Affordable Loss. What I’ve got What I can do Small partnerships.
    • Growth Engines
    • ON Growth Engines, from The Lean Startup by Eric Ries SI Sticky Paid Acquisition Viral S CU S DI Understanding growth
    • Business Model Design
    • Tenacity Good for vision, inventing and improving. Bad for getting stuck on specifics that don’t work.
    • Mass customisation Crowdsource Ad-supported Viral Transactional Multi-sided market Value-based pricing Direct-over-viral Event-supported SaaS Licensing Bundling App sale + Subscription in-app purchase Purchase-timing
    • 2 stages of learning Learn Confirm
    • 2 stages of learning Ask Sell
    • 2 stages of learning Observe Experiment
    • Do we understand the industry? Does anyone care at all?
    • Do we understand the industry? Does anyone care at all? Are we building the right product? Will any pay for it?
    • 2 stages of learning Learn Confirm
    • What can spies teach us about Customer Development?
    • 2 stages of learning Collect Analyse
    • 2 stages of learning Learn Confirm
    • Where is the love?
    • Course-correction
    • “I wish I knew that sooner.”
    • Building with a heartbeat.
    • Build Learn Measure
    • Minimum Viable What is the minimum thing I need to build to prove or disprove this?
    • SE (Hint: use the Canvas or metrics to make sure it’s relevant.) CI ER What big make-or-break risks or idea is the one you want to nail down this week? EX Pick a learning goal
    • Start with your learning goal. Build Learn Pick a learning goal. Pick a measurement. Draw your MVP on a blank sheet. Measure
    • Principles Iteration Do Less Improve the big picture Learn, then confirm Course-correction
    • Build Learn Measure
    • Make it your own.
    • Thanks!
    • CI ER EX SE Slicing off segments They are real people (not attributes!) It’s clear where to find them. You’ll walk away if they aren’t a good fit.
    • Specific definitions allow for validation or invalidation. And that speeds progress.
    • Take a look at the customers’ world Looking at different aspects of their lives, we’ll examine our own beliefs about them, who they are – and if they really exist, how to frame our value in their context.
    • Product Market
    • Behaviour Customer
    • EX CI ER Customer Slicing SE ? Jobs Obstacles Goals Current Solution 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. Decision Trigger Interest Trigger