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Intro to Lean

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  • Sorry for the oversight, US-centric American - guilty as charged. :-) Will add it in to my next version/talk - where are you located and what is the Lean Startup group near you?
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  • I really like the presentation, but slide 10 is a little too US centric for my liking. We do have lean start-ups in Europe as well :-)
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  • Title slide – some graphical element
  • Transcript

    • 1. INTRO LEAN to Lean Startup Methodology and what it means
    • 2. Meet Joe…
      • 4 time founder / CEO
      • Raised $20 Million +
      • Lean Startup user
      • Lean Startup Teacher (40+ companies)
      • Opinionated Guy…
    • 3. What is Lean Startup… … and why should we care?
    • 4. We Fail! 95% 5%
    • 5. Mostly because the Product / Business Model misses
    • 6. Help is on the Way ! 60% in 8
    • 7. Help is on the Way ! 60% in 8 the next phase …
    • 8. Part 2 Lean Startup in 19 Minutes “ The Lean Startup” is a trademark and service mark owned by Eric Ries
    • 9. History
      • Young but growing quickly
      • Customer development – Steve Blank
      • “ 4 Steps to the Epiphany ”
      • Integrated with Lean Startup (2009)
      • Rapid adoption
    • 10.
      • Popular on the West Coast
      • Hot and growing on the East Coast
      • Enclaves in all major cities (Boston, Chicago, South Fla, Raleigh-Durham, etc.)
      • Seeing Mainstream Press (New York Times, WSJ)
      • Popular – NYC Lean Startup sells out in hours
      Spreading
    • 11.
      • Not necessarily something new
      • Experienced serial entrepreneurs “know but had to learn the hard way”
      • Methodology and framework everyone can follow
      Perspective
    • 12.
      •  Hypotheses
      •  Validate – Customer Development / testing / MVP
      •  Pivot
      •  Product-Market fit
      •  Scale
      Process
    • 13.
      • Key assumptions needed for your business to succeed
      • Every facet: customer, product, market, financials
      Hypotheses
    • 14.
      • People love to play the game Scene it
      • People will play a similar game on Facebook but using advertising clips instead of movie scenes (with prizes)
      • People will share game content on Facebook (walls), leading to more players.
      • Advertisers will pay a high CPM for a “guaranteed engaged” audience
      Example: Hypotheses (from SourcePad client Talamu)
    • 15.
      • People love to play the game Scene it
      • People will play a similar game on Facebook but using advertising clips instead of movie scenes (with prizes)
      • People will share game content on Facebook (walls), leading to more players.
      • Advertisers will pay a high CPM for a “guaranteed engaged” audience
      Example: Hypotheses (from SourcePad client Talamu) ✔ Yes ✔ 75% sure  ??? not sure ??? 50% sure 
    • 16. Validate
      • “ Get out of the building” – Steve Blank
      • Customer interviews
      • Walkthroughs of wireframes
      • Landing page tests
    • 17. Example: Validation
      • Process
      • Find people through networking, Craigslist, Starbucks (if needed, pay them with gift cards)
      • Ask them about their life/work/problems
      • Tell them or Show them your solution (or 2 solutions, one of them yours)
      • Keep count
    • 18.
      • Minimum Viable Product
      • Minimum you need to test validity
      • Some include Wireframes, Landing Pages, Simulations along with working products
      • Iterate (Agile) from there
      MVP
    • 19. OR Example: MVP
    • 20.
      • Changing your direction
      • Classic: changing your business model
      • Significant changes
      • New hypotheses
      Pivot
    • 21. Example: Pivots Company First try Pivot Success Paypal Palm Pilot payments All payments $1.5 billion (ebay) YouTube Dating Site (Tune In Hook Up) YouTube $1.6 billion (Google) Starbucks Coffee beans / espresso makers Cafes $24 billion (Nasdaq)
    • 22. Example 2 : SourcePad - before
    • 23. Example 2 : SourcePad - after
    • 24.
      • When
      • Metrics (Viral Co-efficient, Revenue, Conversion, CPM/CPC)
      • Ready to scale
      Product Market Fit
    • 25.
      • Morning Stats Test:
      • More people today than yesterday (significant %)
      • Sean Ellis test:
      • 40% of users “very disappointed” w/o your product
      • Financial Test:
      • Revs up & made a profit  can fund growth indefinitely
      • You just know it (and others start to as well)
      Example: Product-Market Fit
    • 26.
      •  Hypotheses
      •  Validate – Customer Development / testing / MVP
      •  Pivot
      •  Product-Market fit
      •  Scale
      Process (review)
    • 27. Summary
    • 28. We have the tool-kit
    • 29. Let’s use it … 95% 5%
    • 30. to change the odds. 95% 5%
    • 31. Questions & Contact
      • Joe Chin
      • Founder & CEO, SourcePad web + facebook + iPhone + RoR + php + .net
      • [email_address]
      • Skype: jchin_SP

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