Lean Startup - Part 1

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  • 1. “IdLFE OmPAS”L 1
  • 2. WHaT wE (Ow) KW AUt ArTS75% fails*They are not a small version of a large company66% drastically change their plansThe business plan rarely survive first contact with customersLong-term plans is a waste of timeMost founders want to develop their product not the marketThey embrace a new way of working - “the lean startup” methodology* Harvard Business Review 2012
  • 3. MålSTiNRFå introduksjon til Lean Startup metodikkenKomme i gang med Lean Startup for egen bedriftKomme i gang med utvikling av forretningsmodell for egen bedrift
  • 4. GeN G 1Velkommen og introduksjonPresentasjonsrundeLean Startup RevolutionIntroduksjon til forretningsmodellering vha Lean CanvasLean Canvas Workshop med lunsjHjemmeoppgaveAvslutning - kl 1300
  • 5. ElKMEVert: Per Arve Frøyen, Innovasjon NorgeKursholder: Helge Hannisdal, gründer og mentor
  • 6. Gründerfasen1999IdéVekstfaseDriftsfaseInternasjonaliseringKonsolidering2012200 ansatte - 8 landomsetter 190MNOK - verdsatt 600MNOKCEOCTOCMO
  • 7. INTERESSERGRÜNDERVIRKSOMHETNYSKAPNINGSPARKENCONNECT VESTMENTORBUSINESS ANGELTEKNOLOGIINNOVASJONSALGMARKEDSFØRING STRATEGIRADIKAL ENDRINGKREMMERSTYREARBEIDINNOVASJON NORGE STARTUP WEEKEND
  • 8. Li ENAlle presenter på 3 minutter:Hvem er du/dere?Hva er ideen?Nevn 3 ting du har lært fra å lese Running LeanHva er dine forventinger til workshopene/kurset
  • 9. lE sTTuP EtH - 3 CPoNTsbusiness model design - canvas with testable hypothesescustomer development - get out of the building and test thehypothesesagile development - building a minimum viable product (mvp)
  • 10. N SRtU Is  tEOrA oRNiZINdEGnE To sECh fO A rEAtAE NsCAL bUNeS MEl.- Steve Blank
  • 11. UsISs DL EGnHe SiNS MEl NSlE yO LoO At LbUDiN BlO oF ORbUNeS On E PE.AcH OmPEnT OnTNSa RiE Of PtHSiS HTyO NeE To St.Lean Canvas is adapted from The Business Model Canvas (BusinessModelGeneration.com) and is licensed under the Creative Commons Attribution-Share Alike 3.0 Un-ported License.ProblemTop 3 problemsExistingAlternativesSolutionTop 3 featuresUnique ValuePropositionSingle, clearcompellingmessage thatstates why youare different andworth buyingHigh-LevelConceptUnique ValuePropositionSingle, clearcompellingmessage thatstates why youare different andworth buyingHigh-LevelConceptUnfair AdvantageCan’t be easilycopied or boughtCustomerSegmentsTarget customersEarly AdoptersProblemTop 3 problemsExistingAlternativesKey MetricsActivity thatdrives retention/revenueUnique ValuePropositionSingle, clearcompellingmessage thatstates why youare different andworth buyingHigh-LevelConceptUnique ValuePropositionSingle, clearcompellingmessage thatstates why youare different andworth buyingHigh-LevelConceptChannelsPath to customersCustomerSegmentsTarget customersEarly AdoptersCost StructureCustomer Acquisition CostsDistribution CostsHostingStaff etc.Cost StructureCustomer Acquisition CostsDistribution CostsHostingStaff etc.Cost StructureCustomer Acquisition CostsDistribution CostsHostingStaff etc.Revenue StreamsRevenue ModelLife Time ValueRevenueGross MarginRevenue StreamsRevenue ModelLife Time ValueRevenueGross MarginRevenue StreamsRevenue ModelLife Time ValueRevenueGross Margin1
  • 12. UsTER EvEPNtg o o t Budi!- Steve Blank2Search ExecuteProblem/SolutionFitProduct/MarketFitScalePivots OptimizationsValidated Learning GrowthMethodHow to changeObjective
  • 13. Requirements Development QA ReleaseReASt Sk  nO DeVOpMT O NeW RoDTs,bU DeVOpMT O CuSMeR AnD ArKS.- Steve BlankMt EaRNg PpE ReTritIAl OdU dELoPNt
  • 14. V2 weeks - 2.000$ 9 months - 82.000.000$
  • 15. GE EvEPNtTaRPs wAt CcE aR ThO tH mAGe  iTATeNGh MeS EfO rUInG Ut  rEUEs.- Eric Ries3Steve Blank, Harvard Business Review 2012
  • 16. IDEASCODEDATAlE aGE DElOENBUILDMEASURELEARNOE AErUnit TestsUsability TestsContinuous IntegrationIncremental DeploymentFree & Open-Source ComponentsCloud ComputingCluster Immune SystemJust-in-time ScalabiltyRefactoringDeveloper SandboxlEN AErSplit TestsCustomer InterviewsCustomer DevelopmentFive Whys Root Cause AnalysisCustomer Advisory BoardFalsifiable HypothesesProduct Owner AccountabilityCustomer ArchetypesCross-functional TeamsSmoke TestMeur AErSplit TestsClear Product OwnerContinuous DeploymentUsability TestsReal-time MonitoringCustom LiasonFunnel AnalysisCohort AnalysisNet Promoter ScoreSearch Engine MarketingReal-time AltertingPredictive Monitoring Eric Ries / KissMetrics
  • 17. Ln RaDIAlsrAGysrAGyBusiness ModelHypothesis-drivenBusiness PlanImplementation-drivenEW RoDT RoCSEW RoDT RoCSCustomer DevelopmentGet out of the office and test hypothesisProduct ManagementPrepare offering for market following a linear, step-by-step planNgIENgNgIENgAgile DevelopmentBuild the product iteratively and incrementallyAgile or Waterfall DevelopmentBuild the product iteratively, or fully specify the product before building itOrnIzioOrnIzioCustomer and Agile Development TeamsHire for learning, nimbleness and speedDepartments by FunctionHire for experience and ability to executeFinCl RerTgFinCl RerTgMetrics that MatterCustomer acquisition cost, lifetime customer value, churn, viralnessAccountingIncome statement, balance sheet, cash flow statementFaurFaurExpectedFix by iterating on ideas and pivoting away from ones that don’t workExpectionFix by firing executivesSpdSpdRapidOperates on good-enough dataMeasuredOperates on complete dataSteve Blank, Harvard Business Review 2012
  • 18. Exci 1 - RoBMStart sketching a canvas for your idea/companyList top 3 problems you are solving for your potentialcustomersList “Jobs to be done”Document how early adopters solve these problemstodayProblemTop 3 problemsExisting Alternatives
  • 19. lE sTTuP EtH - MRybusiness model design - canvas with testable hypothesescustomer development - get out of the building and test thehypothesesagile development - building a minimum viable product (mvp)
  • 20. cUOmE DeVOpMT
  • 21. AlITE RoBM/OlUOn TProblem/SolutionFitProduct/MarketFitScaleActivities:Problem and solution interviews, viability testingTest all your hypotheses in Problem/Solution/Customer SegmentsPivoting! - substantial change to one or more blocks in the business modelDone when validated that problems is must-haves, minimum features for“must have” (MVP) , customer is willing to pay x
  • 22. ProblemTop 3 problemsExisting AlternativesSolutionTop 3 featuresUnique ValuePropositionSingle, clearcompelling messagethat states why youare different andworth buyingHigh-Level ConceptUnique ValuePropositionSingle, clearcompelling messagethat states why youare different andworth buyingHigh-Level ConceptUnfair AdvantageCan’t be easilycopied or boughtCustomer SegmentsTarget customersEarly AdoptersProblemTop 3 problemsExisting AlternativesKey MetricsActivity that drivesretention/revenueUnique ValuePropositionSingle, clearcompelling messagethat states why youare different andworth buyingHigh-Level ConceptUnique ValuePropositionSingle, clearcompelling messagethat states why youare different andworth buyingHigh-Level ConceptChannelsPath to customersCustomer SegmentsTarget customersEarly AdoptersCost StructureCustomer Acquisition CostsDistribution CostsHostingStaff etc.Cost StructureCustomer Acquisition CostsDistribution CostsHostingStaff etc.Cost StructureCustomer Acquisition CostsDistribution CostsHostingStaff etc.Revenue StreamsRevenue ModelLife Time ValueRevenueGross MarginRevenue StreamsRevenue ModelLife Time ValueRevenueGross MarginRevenue StreamsRevenue ModelLife Time ValueRevenueGross Margin
  • 23. IaBItY EsTGLanding pageConciergeWizard of OzPrototypesWireframe/Mockups, similarproductsTest appsCrowd-Funding testHe Al AsU oF UcCS I ThE UmB OeXRiMTs At N B CrOwEd TO 2 HRs.”-Thomas Alva Edison
  • 24. cOIGe cRwD FDN
  • 25. g raD TO Pit - a Let OeCrowd Fundraising to GrouponBurbn comparable to foursquare to InstagramRoleplaying game to FlickrHotOrNot.com to FacebookPersonal podcasting to TwitterCellular Phone for kids to simcard to Bipper (iphone app)Mobile restaurant menu to PAM (shopping centre promotion/map)
  • 26. ChIE RoDT/ArK ItProblem/SolutionFitProduct/MarketFitScaleActivities:Building your MVP, sell it to early adoptersTest all your hypotheses in Solution/Key Metrics/UniqueValue PropPivoting!Done when validated key metrics show high retention, customersatisfaction and customer acquisition
  • 27. ProblemTop 3 problemsExisting AlternativesSolutionTop 3 featuresUnique ValuePropositionSingle, clearcompelling messagethat states why youare different andworth buyingHigh-Level ConceptUnique ValuePropositionSingle, clearcompelling messagethat states why youare different andworth buyingHigh-Level ConceptUnfair AdvantageCan’t be easilycopied or boughtCustomer SegmentsTarget customersEarly AdoptersProblemTop 3 problemsExisting AlternativesKey MetricsActivity that drivesretention/revenueUnique ValuePropositionSingle, clearcompelling messagethat states why youare different andworth buyingHigh-Level ConceptUnique ValuePropositionSingle, clearcompelling messagethat states why youare different andworth buyingHigh-Level ConceptChannelsPath to customersCustomer SegmentsTarget customersEarly AdoptersCost StructureCustomer Acquisition CostsDistribution CostsHostingStaff etc.Cost StructureCustomer Acquisition CostsDistribution CostsHostingStaff etc.Cost StructureCustomer Acquisition CostsDistribution CostsHostingStaff etc.Revenue StreamsRevenue ModelLife Time ValueRevenueGross MarginRevenue StreamsRevenue ModelLife Time ValueRevenueGross MarginRevenue StreamsRevenue ModelLife Time ValueRevenueGross Margin
  • 28. PtIZe R CLProblem/SolutionFitProduct/MarketFitScaleHow to accelerate growth?How do we scale internationally?
  • 29. ProblemTop 3 problemsExisting AlternativesSolutionTop 3 featuresUnique ValuePropositionSingle, clearcompelling messagethat states why youare different andworth buyingHigh-Level ConceptUnique ValuePropositionSingle, clearcompelling messagethat states why youare different andworth buyingHigh-Level ConceptUnfair AdvantageCan’t be easilycopied or boughtCustomer SegmentsTarget customersEarly AdoptersProblemTop 3 problemsExisting AlternativesKey MetricsActivity that drivesretention/revenueUnique ValuePropositionSingle, clearcompelling messagethat states why youare different andworth buyingHigh-Level ConceptUnique ValuePropositionSingle, clearcompelling messagethat states why youare different andworth buyingHigh-Level ConceptChannelsPath to customersCustomer SegmentsTarget customersEarly AdoptersCost StructureCustomer Acquisition CostsDistribution CostsHostingStaff etc.Cost StructureCustomer Acquisition CostsDistribution CostsHostingStaff etc.Cost StructureCustomer Acquisition CostsDistribution CostsHostingStaff etc.Revenue StreamsRevenue ModelLife Time ValueRevenueGross MarginRevenue StreamsRevenue ModelLife Time ValueRevenueGross MarginRevenue StreamsRevenue ModelLife Time ValueRevenueGross Margin
  • 30. UsTER EvEPmE sUARSearch ExecuteProblem/SolutionFitProduct/MarketFitScalePivots OptimizationsValidated Learning GrowthMethodHow to changeObjective
  • 31. bUNeS MoDInG wIH EN AAs
  • 32. EN AAsProblemTop 3 problemsExisting AlternativesSolutionTop 3 featuresUnique ValuePropositionSingle, clearcompelling messagethat states why youare different andworth buyingHigh-Level ConceptUnique ValuePropositionSingle, clearcompelling messagethat states why youare different andworth buyingHigh-Level ConceptUnfair AdvantageCan’t be easilycopied or boughtCustomer SegmentsTarget customersEarly AdoptersProblemTop 3 problemsExisting AlternativesKey MetricsActivity that drivesretention/revenueUnique ValuePropositionSingle, clearcompelling messagethat states why youare different andworth buyingHigh-Level ConceptUnique ValuePropositionSingle, clearcompelling messagethat states why youare different andworth buyingHigh-Level ConceptChannelsPath to customersCustomer SegmentsTarget customersEarly AdoptersCost StructureCustomer Acquisition CostsDistribution CostsHostingStaff etc.Cost StructureCustomer Acquisition CostsDistribution CostsHostingStaff etc.Cost StructureCustomer Acquisition CostsDistribution CostsHostingStaff etc.Revenue StreamsRevenue ModelLife Time ValueRevenueGross MarginRevenue StreamsRevenue ModelLife Time ValueRevenueGross MarginRevenue StreamsRevenue ModelLife Time ValueRevenueGross MarginRoDT AEt
  • 33. 2. UsTER EgMTsWho are your customers segments?Who are your users?Identify early adopters - NOT mainstream customers.Example segments:Small companies in NorwayMothers with children between 2-5 years oldCustomer SegmentsTarget customersEarly Adopters
  • 34. Exci 2Fill out problem and customer segment blocks
  • 35. 3. NiQ AE RoPIOnWhy are you different and worth getting attention?Target Early AdoptersHigh-level concept pitchUnique ValuePropositionSingle, clear compellingmessage that stateswhy you are differentand worth buyingHigh-Level Concept
  • 36. Exci 3Define your unique value proposition(s) and high level pitch
  • 37. 4. OlUOnFor each problem, define your simplest solution.The solution should NOT be more than your MVP(MinimumViable Product)SolutionTop 3 features
  • 38. Exci 4Try to define your solution / MVP.
  • 39. 5. HaNLHow/Where can you meet potential customers?How/Where can you sell to customers?How/Where can you distribute your product tocustomers?No partners or referrals (yet) - focus on directChannelsPath to customers
  • 40. Exci 5What are your channels/path to customers?
  • 41. Luj
  • 42. 6. EvEE TrESHow will you charge you customers?What will you charge?Revenue StreamsRevenue ModelLife Time ValueRevenueGross Margin
  • 43. 7. OsT TrUURWhat are the most important costs you will have?Examples:Costs to interviewCosts to build MVP/prototypesMonthly fixed costs (staff/office etc)Sales / Distribution costsCost StructureCustomer AcquisitionCostsDistribution CostsHostingStaff etc.
  • 44. 8. EY EtRSWhat key numbers/activities define our success andprogress?Focus on and run experiments for ONE metric at thetimeExamples:Key feature usageNew customersChurnKey MetricsActivity that drivesretention/revenue
  • 45. 9. NfA DvAAGUnfair AdvantageCan’t be easily copiedor bought What is you unfair advantage?A real unfair advantage cannot easily be copied/bought.Examples:Large network effectPersonal AuthorityThe right “expert” endorsements
  • 46. Exci 6 - OmPTe E CVANå skal dere:5 min på å ferdigstille canvasenPresentere Lean Canvas for de andre - 3 minutterOppsummering / diskusjon i plenum
  • 47. ProblemTop 3 problemsExisting AlternativesSolutionTop 3 featuresUnique ValuePropositionSingle, clearcompelling messagethat states why youare different andworth buyingHigh-Level ConceptUnique ValuePropositionSingle, clearcompelling messagethat states why youare different andworth buyingHigh-Level ConceptUnfair AdvantageCan’t be easilycopied or boughtCustomer SegmentsTarget customersEarly AdoptersProblemTop 3 problemsExisting AlternativesKey MetricsActivity that drivesretention/revenueUnique ValuePropositionSingle, clearcompelling messagethat states why youare different andworth buyingHigh-Level ConceptUnique ValuePropositionSingle, clearcompelling messagethat states why youare different andworth buyingHigh-Level ConceptChannelsPath to customersCustomer SegmentsTarget customersEarly AdoptersCost StructureCustomer Acquisition CostsDistribution CostsHostingStaff etc.Cost StructureCustomer Acquisition CostsDistribution CostsHostingStaff etc.Cost StructureCustomer Acquisition CostsDistribution CostsHostingStaff etc.Revenue StreamsRevenue ModelLife Time ValueRevenueGross MarginRevenue StreamsRevenue ModelLife Time ValueRevenueGross MarginRevenue StreamsRevenue ModelLife Time ValueRevenueGross Margin
  • 48. “hmEwRk”For each company, to do until next week:Complete and revise your canvasComplete at least 3 problem interviewsFinish reading Running Lean (at least chapter 1-3 and 5-7)Prepare to present canvas and interview summary next week
  • 49. RoBM NtEIEwValidate your hypothesesKey questions:Who has the problem/pain - Isthis a viable customer segment?What are you solving? How docustomers rank the problems?Who is the competition - Howdo you customers solve theseproblems today?
  • 50. OcUNt STsBe objectiveDocument immediately after interviewNotice their “keywords”
  • 51. WHaT S A HyPHIsFalsifiable hypothesis = (Specific action) will (expected measurableaction).Examples:Leap of faith: Begin know as an “expert” will drive early adopters.Hypothesis: Blog post will drive > 100 early adopter sign-ups.
  • 52.  & A
  • 53. Kontaktinfo: helgeh@gmail.comNeste samling: onsdag 15. mai kl 0900-1300AkK Or  DA!
  • 54. WOrDStMVPHypothesisLeanPivotCanvas
  • 55. mO cAAs AmPS