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Intro to Lean
 

Intro to Lean

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12 of 2 previous next

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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

Intro to Lean Intro to Lean Presentation Transcript

  • INTRO LEAN to Lean Startup Methodology and what it means
  • Meet Joe…
    • 4 time founder / CEO
    • Raised $20 Million +
    • Lean Startup user
    • Lean Startup Teacher (40+ companies)
    • Opinionated Guy…
  • What is Lean Startup… … and why should we care?
  • We Fail! 95% 5%
  • Mostly because the Product / Business Model misses
  • Help is on the Way ! 60% in 8
  • Help is on the Way ! 60% in 8 the next phase …
  • Part 2 Lean Startup in 19 Minutes “ The Lean Startup” is a trademark and service mark owned by Eric Ries
  • History
    • Young but growing quickly
    • Customer development – Steve Blank
    • “ 4 Steps to the Epiphany ”
    • Integrated with Lean Startup (2009)
    • Rapid adoption
    • 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
    • Not necessarily something new
    • Experienced serial entrepreneurs “know but had to learn the hard way”
    • Methodology and framework everyone can follow
    Perspective
    •  Hypotheses
    •  Validate – Customer Development / testing / MVP
    •  Pivot
    •  Product-Market fit
    •  Scale
    Process
    • Key assumptions needed for your business to succeed
    • Every facet: customer, product, market, financials
    Hypotheses
    • 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)
    • 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 
  • Validate
    • “ Get out of the building” – Steve Blank
    • Customer interviews
    • Walkthroughs of wireframes
    • Landing page tests
  • 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
    • Minimum Viable Product
    • Minimum you need to test validity
    • Some include Wireframes, Landing Pages, Simulations along with working products
    • Iterate (Agile) from there
    MVP
  • OR Example: MVP
    • Changing your direction
    • Classic: changing your business model
    • Significant changes
    • New hypotheses
    Pivot
  • 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)
  • Example 2 : SourcePad - before
  • Example 2 : SourcePad - after
    • When
    • Metrics (Viral Co-efficient, Revenue, Conversion, CPM/CPC)
    • Ready to scale
    Product Market Fit
    • 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
    •  Hypotheses
    •  Validate – Customer Development / testing / MVP
    •  Pivot
    •  Product-Market fit
    •  Scale
    Process (review)
  • Summary
  • We have the tool-kit
  • Let’s use it … 95% 5%
  • to change the odds. 95% 5%
  • Questions & Contact
    • Joe Chin
    • Founder & CEO, SourcePad web + facebook + iPhone + RoR + php + .net
    • [email_address]
    • Skype: jchin_SP