Bootstrapping your startup & building it lean: stop wasting time

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Bootstrapping your startup & building it lean: stop wasting time

  1. bootstrapping your startup & building it lean:stop wasting time as endured by Joel Gascoigne
  2. How I ended up here• Developer for 10 years• Graduate of Computing Systems• Running 2 startups, some success• Bootstrapped, no outside investment• Actively involved with other startups• Organiser of StartupMill events
  3. myonepage.com/joel
  4. Coming up• Startups: methodologies & techniques• Applying what we’ve learned• Roundup and how to start
  5. Startups• Some key people• Learnings• Specific techniques
  6. People who defined my thinking• Eric Ries• Steve Blank• Sean Ellis• Dave McClure• Look these guys up!
  7. Eric Ries The Lean Startup• Use of platforms enabled by open source and free software• Application of agile development methodologies• Customer-centric rapid iteration
  8. Minimum Viable Product • Version of a new product which allows you to collect the maximum amount of validated learning about customers with the least effort • Avoid building products nobody wants • Probably much more minimum than you think
  9. Eric Ries The Lean Startup• The “pivot”• Looking back at the beginnings of successful companies shows they often started as a different idea• Many examples: PayPal, Flickr, ...
  10. Eric RiesThe Lean Startup
  11. Eric RiesThe Lean Startup
  12. Eric RiesThe Lean Startup
  13. Eric RiesThe Lean Startup
  14. Eric RiesThe Lean Startup
  15. Eric Ries The Lean Startup• http://leanpub.com/startuplessonslearned/• http://startuplessonslearned.com
  16. Steve BlankCustomer Development
  17. Steve Blank Customer Development• http://bit.ly/FourSteps• http://custdev.com
  18. Sean Ellis Product/Market Fit• Comparing results across over 100 startups, those that struggle have not reached “Product/Market Fit”• Sean’s metric: ask existing users how they would feel if they could no longer use the product. 40% very disappointed = P/M Fit• Engage existing and target users to learn how to make your product a “must have”
  19. Sean EllisProduct/Market Fit
  20. Sean Ellis Product/Market Fit• For more, check out http://startup-marketing.com
  21. Dave McClure Pirate Metrics• Acquisition• Activation• Retention• Referral• Revenue
  22. Dave McClurePirate Metrics
  23. Dave McClure Pirate Metrics• More from Dave McClure:• http://500hats.typepad.com/
  24. Learning• Embrace change, avoid assumptions• “Pivot” & iterate through feedback loop (Eric Ries)• “Get out of the building” (Steve Blank)• Strive for Product/Market Fit first (Sean Ellis)• Use metrics, not opinions (Dave McClure)
  25. Techniques
  26. Techniques• Testing• Cloud computing• Split tests• Continuous deployment
  27. Testing• Unit testing• Acceptance testing• Automated test suite
  28. Cloud computing• Cloud storage (Amazon S3, Rackspace CloudFiles)• Cloud computing (Amazon EC2, Rackspace CloudServers)• Other services (email, selenium testing)
  29. Split tests• Test a change against an existing feature• For example, a new landing page versus the old one• Show 50% of people the old one and 50% of people the new one, and test the metrics to decide which is better
  30. Continuous deployment• The time taken for code to be committed to the repository to it being live on the production server is less than 20 minutes• Code is passed through tests in order to determine whether it should go live
  31. How I see lean, and ways to bootstrap• Stop wasting time• Activities aren’t always wrong, just often timed wrong• Just do it, there are too many reasons not to start
  32. Lean & bootstrapping: my experiences• 2 things which worked for me• 2 things I will now always question• 3 examples of keeping things lean
  33. Worked for me: Open source• Use a framework, careful with a CMS• Use a familiar language • Save learning a new one for a side project which isn’t a business• Use other people’s code
  34. Worked for me: 3rd party services• It makes no sense to do non-core activities • Email - sendgrid, mailchimp, ... • Deployment - beanstalk, github, ... • Metrics - mixpanel, KISSmetrics, ... • Feedback - uservoice, GetSatisfaction, ... • Hosting - AWS, Rackspace, Heroku, ...
  35. I will always question: delaying a launch• I didn’t think I was ready to launch OnePage or Buffer when I did • OnePage - 4 months • Buffer - 7 weeks• “be notified when we’re ready” works well• Users are very forgiving• Question every feature
  36. I’ll always question: “closed beta”• “closed beta” for far too long with OnePage• No closed beta for Buffer• Use it only when it makes sense • You have people desperate to see what you built next • You have a very clever social hook
  37. Keeping things lean: Launching incrementally• Start small, measure throughout• Example: Buffer • Started with “coming soon” page • Added full landing page, no other pages • Then added pricing page, still no app • Finally added the app
  38. Keeping things lean: No fancy signup process• Buffer has no signup process yet• Launching it without was scary• Pleasantly surprised with outcome• Better to launch, measure conversions and then build a better signup process
  39. Keeping things lean: Integrating PayPal• PayPal has a feature to allow you to automatically switch a user’s account level in your app when they make a payment• Maybe considered necessary, I launched without implementing it• Better to spend the time getting the first customer
  40. Act tomorrow: Starting from scratch• Keep your MVP minimal• Don’t get carried away with code• Measure before you build more• Focus on qualitative feedback
  41. Act tomorrow: Already launched?• Add in actionable metrics (Dave McClure)• Lots of traffic? Start split testing • Check out Optimizely.com
  42. Avoid assumptionsQuestion everything Test everything Thanks! Get in touch: myonepage.com/joel

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