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Lean Startup - Daily Trading Report
 

Lean Startup - Daily Trading Report

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Lean Startup(ish) process undertaken to start www.dailytradingreport.com

Lean Startup(ish) process undertaken to start www.dailytradingreport.com

Lean Startup as I interpreted it.

Seems to have worked!

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    Lean Startup - Daily Trading Report Lean Startup - Daily Trading Report Presentation Transcript

    • Daily Trading Report
      • Lean Startup(..ish) In Action => Matt Stone
    • Aim
      • DailyTradingReport.com
      • Lean Startup(..ish)
      • It is not difficult
      • It is unbelievably difficult
    • Agenda
      • Lean Startup => Am I doing it right?
      • Test idea
      • Build Something
      • How did it go?
      • Refactor & ..
      • Resources
    • Matt Stone
      • Matt Stone - IT Background (10 years)
      • Entrepreneur & CTO (10 years)
      • DailyTradingReport.com
    • Lean Startup?
      • Eric Ries / Steve Blank
      • Fail early (conserve resources)
      • Customer Development
      • Minimal Viable Product => MVP
      • Excellent resources - Blogs & YouTube
      • No one has mortgage on knowledge
    • Am I Doing it Right?
    • Lean Startup
      • Start with a vision & possible MVP
      • Test => Talk to potential customers
      • Refactor => Improve from learning
      • Just do it! (stop procrastinating)
      • Focus
        • Customer Development
        • MVP
      • Pivot if / when necessary
    • I Can Haz Idea?
      • Ideas are everywhere
      • Yours most likely tried before
      • Can you make a business?
      • Can you execute?
        • Customer Development => Find some
        • MVP
      • Rightyo.. lets find out!
    • Test Idea - how?
      • Validate => Interviews & surveys
      • Simple landing page
        • Explain proposition & Call to Action
        • Survey => Confirm / Disprove Assumptions
        • Collect email address
      • Find target market & drive traffic
      • Are people interested?
      • Starting to get difficult
    • Test Idea - How?
      • Interviews & Landing page
        • Wordpress / HTML / Blog / Facebook
        • Survey - Google Docs / Survey Monkey
      • Drive Traffic
        • Google Adwords / Adbrite
        • Facebook / Twitter / Quora
        • Blogs / Newsgroups / Popular sites
        • Our network
      • Mostly free
    • Measure
      • Dave McClure - Pirate Metrics
      • A cquisition
      • A ctivation
      • R etention
      • R eferral
      • R evenue
    • DTR Test
      • Landing Page => Outline of MVP
        • Wordpress blog & daily posts
        • Simple form to collect emails
      • Drive Traffic
        • Syndicated blog
          • RSS pings
          • Twitter / StockTwits => Yahoo Finance & CNN Money
          • Commented on popular industry blogs
        • Built profile on SeekingAlpha.com
        • $5 per day - Google Adwords
      • Drive Traffic => Difficult
    • Results
      • Not spectacular
      • But enough to prove MVP for US
      • Survey + feedback => Iterate on product
    • Build Something
      • www.DailyTradingReport.com
      • Analysis => Investment view
      • Strategy => Applying Investment view
      • Not finished nor polished
      • Offered to small subset (< 300)
      • Ruby on Rails => my skill set
    • Build Something
    • Build Something
    • Build Something
    • Results
      • Almost 100% take up of offer
      • Small user base (< 300)
      • 50% Daily user engagement
    • Learn => Pivot
      • Get out of the building
      • Competitive market
        • Shouting to empty room?
      • Consistent feedback
        • Where do I start
        • Am I doing the right thing?
        • Lonely
        • Plus others
    • Pivot
      • Analysis => Investment View
      • Strategy => Applying Investment View
      • Squawkbox
        • Analyst & trader thoughts
        • Interesting => not necessarily actioning
      • Tradeflow
        • Trade discussions
      • Social
    • User Engagement
    • User Engagement
    • User Engagement
    • User Engagement
    • Results
      • Small user base (< 300)
      • 85%+ Typical daily user engagement
      • Revenues => Validated model
    • Refactor & Repeat
      • And again..
      • Minimum Viable Product
      • Customer Development
    • Measure
      • Dave McClure - Pirate Metrics
      • A cquisition
      • A ctivation
      • R etention
      • R eferral
      • R evenue
    • Bonus Slide
      • Startup Teams
      • You can do a lot yourself => Yes you can!
      • Agreements now => not later
      • Equity => Vesting
      • What if.. (leaves, wants out, stops caring)
      • What if.. (goes well / ok / bad)
      • What if.. change agreement
      • Keep momentum
    • Resources
      • Eric Ries / Steve Blank => Lean Startup Blogs
      • Lean Startup Circle Google group
      • Pollenizer Boot Camp
      • Silicon Beach / Open Coffee
      • Book - 4 Steps to Epiphany => Steve Blanks
      • Dave McClure - Pirate Metrics
      • Techcrunch / ThisWeekInStartups
      • Seriously => do you need any more?
    • There is no End