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Teaching lean startup capital enterprise

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  • 1. Welcome toFounder Centric
  • 2. 3 TypicalAssignments
  • 3. Market feedbackEasyGrading Speed
  • 4. DoingThenLearning
  • 5. Rob Fitzpatrick@robfitzrob@foundercentric.com
  • 6. Salim Virani@SaintSalsalim@foundercentric.com
  • 7. 10:00 Hello & intro10:30 Coffee11:00 Iterative teaching11:15 Workshops & assignments12:30 Lunch1:30 Workshops & assignments2:00 Design Process & Goals2:30 Extra Curricular Fit3:00 Coffee3:30 Gotchas & Questions4:30 Closing discussion
  • 8. Startup iterationsare much fasterthan a semester.
  • 9. Can we gradeiterations?
  • 10. Death Spiral
  • 11. Controlling vs. Enabling
  • 12. Course-correction
  • 13. How do we measureteaching success?
  • 14. Quality Controlcreates barriers.
  • 15. BuildLearn Measure
  • 16. Don’t change their mind.Change their approach.
  • 17. Remove barriers.Just give them the tools.Leave the directions to them.
  • 18. Post Up!
  • 19. Caffeine
  • 20. Entrepreneurship is a craft.It’s learned through practice.
  • 21. Are our assignmentsgrading applicationor knowledge?
  • 22. PsychologyEffectuationSeeking PullHabits & processResponsible riskCamaraderie, humilityOh, making loads of money!
  • 23. InterchangeableModules
  • 24. Ideas
  • 25. Personal inventoryStudents make two lists on a single page: What I’ve Got What I Can Do (startup ideas)They’re graded on the length of the list andthe relevance of the ideas to their resources.
  • 26. ActionableAnalyticsGrowth Engines & Pirate Metrics
  • 27. Your KPI Dashboard Actionable analytics for your current goals No clutter metrics Understanding the trade-offs
  • 28. Hustle
  • 29. Build an audience Quantity of content published Daily analytics screenshots & action log Post-mortem of what worked & didn’t Variety of channels and content tried
  • 30. Lunch
  • 31. 1 Parts 3 Progress 2 Whole Articulating a clear story
  • 32. Platform Platformesday, 14 June 2011 Tuesday, 14 June 2011
  • 33. Isolate thedynamicGiven a short case study (andpossible online research): A canvas with only 3 post-its A paragraph on why this is thekey dynamic
  • 34. Business model pitches Explains the overall business in first 90 seconds Focused on the right bits Used fewest post-its Good, energetic story Connects trends, customer problems & current behavior to proposed
  • 35. Business model options Pure quantity Breadth of variation Legibility Understandable when they review them in 3 months?
  • 36. The Mom Test
  • 37. Dear Mom,Don’t youthink I’mgreat?Love,Your son
  • 38. But, everybody will lie to you (not just mom)
  • 39. The mom testTalk about their life, Future-tensenot your idea opinions are liesAsk about specifics You gain nothingin the past by convincing them
  • 40. ❝ Do think it’s a good idea? ❞ Us
  • 41. ❝ Do think it’s a good idea? ❞ Us
  • 42. ❝ Would you buy a product which solved this problem? ❞ Us
  • 43. ❝ Would you buy a product which solved this problem? ❞ Us
  • 44. ❝ How do you currently deal with this problem? ❞ Us
  • 45. ❝ How do you currently deal with this problem? ❞ Us
  • 46. ❝ Talk me through the last time you had this problem. ❞ Us
  • 47. ❝ Talk me through the last time you had this problem. ❞ Us
  • 48. ❝ How much would you pay for this? ❞ Us
  • 49. ❝ How much would you pay for this? ❞ Us
  • 50. ❝ How much money does this problem cost you? ❞ Us
  • 51. ❝ How much money does this problem cost you? ❞ Us
  • 52. ❝ Is there a budget for it? ❞ Us
  • 53. ❝ Is there a budget for it? ❞ Us
  • 54. ❝ Who else should I talk to? ❞ Us
  • 55. ❝ Who else should I talk to? ❞ Us
  • 56. Opinions are worthless!
  • 57. Real stories.
  • 58. Problem Solution Excited Feature Goal Remiss UpsetPerson Obstacle Alternative request Pair. One interviewer, one notetaker. One phrase per card.Interviews! Use the icons as your record notes. The order doesn t matter, but bring up each topic during the interview.
  • 59. Building a supportnetwork (that you trust!)
  • 60. BraintrustProblem, Learning Goal, Plan,turned in weekly. Selection & analysis of big problem and learning goal Efficiency of plan to answer it Concise Feedback from peers collected
  • 61. Growth Hackers
  • 62. Add a zero1.Pick a startup, ideally local.2.Think of 3 ways to add a zero (an order of magnitude)3.Email them to the founder, asking to discuss.4.Write up lessons learned from the conversation.5.Automatic 100% if the startup tried it and learned something!
  • 63. Big idea! Too bad about the execution.
  • 64. SegmentationReduce an idea with a broadmarket to 10 possible segments,each with a TAM lower than1,000.Include at least one likelyawareness channel for each.Pick one. Turn in a contact list ofprospects in that segment.
  • 65. Pivot or persevere?Given a short case study: Analysis of the commitments and signals from customers Exploration of the possible learning goals Description of a reasonable way to achieve this learning.
  • 66. Signal vs. NoiseLog into an analytics account (or look at print-outs) andisolate the growth engine from the TechCrunch traffic.Turn in the relevant numbers only, with a paragraphexplaining why this is the growth engine.
  • 67. How do we gradeCustomer Development? Got conversations Note-taking Asked good questions Analysis of multiple conversations
  • 68. Option CardsStudents are taught how to use optioncards in their startup. At the end of thesemester, they submit their decks. Quantity of cards 2 subsets, based on differentfictitious problems(low conversion rate, Google becomesyour competition, failed to build, etc.)
  • 69. Lean UsabilityOptimise a university web app.Groups of 4 run 4-5 30-minuteusability tests, submitting: Whiteboard snapshot #1 problem discovered List of other problems & why theyweren’t chosen.
  • 70. Hacking timeHack a personal habit this week. Write a paragraph on whatyou tried, and why. Write another on how it went.
  • 71. MVP designGiven a short case study, and a specific learning goal: Good balance of speed, cost and certainty of learning Clear steps Clear success metric
  • 72. Assumptions ExerciseThank @GiffConstable!
  • 73. I believe my customers have a need to _____________ .
  • 74. This need can be solvedwith _________________. My initial customers will be _________________.
  • 75. I will acquire the majority of my users/customers through _______________________ and________________________.
  • 76. I will make money by ___________________.
  • 77. Get the FULL version at giffconstable.com
  • 78. Our design process
  • 79. Flexible curriculumLay out the big principlesyou want to impart.Come up with a set ofswappable options.Assemble them asneeded. Don’t convergeuntil you need to.
  • 80. F-Day PrinciplesIterateDo LessUnderstand The Big PictureLearn, then ConfirmFocus On Your Next Steps
  • 81. Flexible curriculumMake sure they fit well by, looking at theoverall output: Each principle was conveyed andapplied in practice. The energy levels stayed high all day. The overall tone conveyed the rightmessage. (We walked the talk.) It adapted to student needs.
  • 82. Project framing1. Just build a company2. Build your best idea3. Lots of small projects
  • 83. Rules of thumbStrip away irrelevancies mercilessly.Make them apply it in the next 5 minutes.Make it accessible. Use plain speak.
  • 84. Keep your shirt!What I’ve got What I can doMake friends!
  • 85. Personal inventoryStudents make two lists on a single page: What I’ve Got What I Can Do (startup ideas)They’re graded on the length of the list andthe relevance of the ideas to their resources.
  • 86. Constrained launchesWith enough harnesses, these are 1-2 weekpractical assignments:Launch a consumer/SME SaaS MVP.Launch a drop shipper.Concierge a market place (find liquidity)Build an audience. (blog, Twitter, Google+, etc.)Launch an enterprise service.Growth hack a startup.
  • 87. The bigger picture
  • 88. Peer SupportSafety net, saves the weakestSocialBroader exposureBubbles up unknown student skills
  • 89. Linear?Order, length anddepth of eachlesson are stilladaptable.
  • 90. Advisors.Make the students responsiblefor filtering bad advice & pushingback on expectations.Reduce the business plan torelevant parts.
  • 91. Other demands.
  • 92. Open Space
  • 93. Gotchas Assignment overload Mentor overload Single-iteration projects Clear on what to grade
  • 94. Gotchas Mismatched goals & skills Lack of practical design /tech skills No help-seeking attitude Using speakers/mentorswho don’t get startups “We just need to raisefunding.”
  • 95. Gotchas Students not knowingeach other Expecting students to stayin sync Hung up inconsequentialdetails. In love with their first idea
  • 96. BuildLearn Measure
  • 97. TeachLearn Measure
  • 98. Remove friction. Catch them when they fall.
  • 99. Thank You! We are Founder-Centric.Salim Virani Rob Fitzpatrick@SaintSal @robfitzsalim@foundercentric.com rob@foundercentric.com
  • 100. Work with us. Content: Use our accelerator stuff! Plug in polished workshops, videos and materials.Programme design: Let’s sit Fast & easily-gradeabledown and work out options to assignment packshelp you hit ambitious, Slide decksmeasurable goals. Case studies Card gamesWorkshops: Fly us in to givestudents a practical boost (or Full facilitation guideskick), and to help keep them on Training videostrack. Teacher community

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