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The Minimum and The Viable

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Talk at Founders Hive, December 2012

Talk at Founders Hive, December 2012

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  • 1. The Minimum and The Viable Dr Tendayi Viki University of Kent Website: www.tendayiviki.com Follow Me: @tendayiviki The Founder’s Hive
  • 2. About Me: Academic: @unikent 4 failed startups, e.g. Tasksauce Currently: Valideation Organizer: Lean Startup Circle Kent
  • 3. It’s a New Day
  • 4. The costs and difficulty of setting up a new startup have plummeted…
  • 5. The question is no longer can it be built, but rather should it be built…. Eric Ries (2011) The Lean Startup http://lean.st
  • 6. The Challenge
  • 7. Most New Business Ideas Are Terrible
  • 8. People are terrible at predicting what other people will pay money for.
  • 9. There is very little value in the initial idea itself. It is just a seed that forms the basis for learning.
  • 10. Great entrepreneurs are comfortable with “killing their babies”… And pivoting to new ideas….
  • 11. The Curse of the “O’s” CEO, CFO, CMO, CTO, COO
  • 12. Startups are not smaller versions of big companies! Steve Blank & Bob Dorf (2012) The Startup Owner’s Manual http://ow.ly/fcJEU
  • 13. Startups are more like frogs than fish. Rob Fitzpatrick and Salim Virani (2012) http://www.foundercentric.com
  • 14. The Curse of Early Success
  • 15. You can’t argue with success… Yes you can. Seth Godin http://ow.ly/fcIUG
  • 16. No two startup situations are the same… (Even in the same market as another company)
  • 17. Rob Fitzpatrick and Salim Virani (2012) http://www.foundercentric.com/
  • 18. Each startup situation has its own topography…. And it’s a great challenge to business plan for that…
  • 19. A Startup is A Thesis
  • 20. Not Executing a Plan but; A Path for Searching: For a sustainable and profitable business model…
  • 21. Eric Ries (2011) The Lean Startup http://lean.st
  • 22. Get out of the building and start talking to customers As early as possible…
  • 23. Ash Maurya (2012) Running Lean http://www.runningleanhq.com/
  • 24. The Minimum Viable Product  In a Lean Startup, we don’t build products with the goal of selling: ◦ It is always with the goal of learning.  That is why we build minimum viable products (MVP). ◦ The minimal product we need to build to maximise learning. /
  • 25. A Great MVP  The hypothesis/objective you are trying to learn.  from the target market segment you are trying to learn about.  and the form it takes to achieve that learning. Patrick Vlaskovitz (2012) http://vlaskovits.com/2012/09/apple-maps-debacle-and-minimum-viable-
  • 26. Running Successful Experiments  Specify who you are going to be talking to from the beginning. ◦ Be specific about your target sample.  If you talk to anyone who will talk to you: ◦ It becomes hard to distinguish signal from noise.
  • 27. Running Successful Experiments  Specify exactly what you would expect to find if your assumptions are correct. ◦ Hypotheses MUST be falsifiable. ◦ Set minimum success criteria.  Otherwise, there is no way to know if you have learned anything.
  • 28. A Great MVP  In science, the process is called operationalization: ◦ Taking an abstract notion and concretising it!  The products you build as an MVP must be a concretised test of your hypotheses about customers.
  • 29. Get out of the building and start talking to customers.
  • 30. No one is going to steal your idea…
  • 31. Remember, there is very little value in the initial idea itself. It is just a seed that forms the basis for learning.
  • 32. Eric Ries (2011) The Lean Startup http://lean.st
  • 33. THANK YOU

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