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How Pirates build Products

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A glimpse at the Lean Startup methodology or how pirates build products.

A glimpse at the Lean Startup methodology or how pirates build products.

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How Pirates build Products How Pirates build Products Presentation Transcript

  • How Piratesbuild Products Manuel Koelman Balkan Venture Forum February 2012
  • manuel koelman | dutch entrepreneur | living incologne | currently working on getcontext.de |co-funder of talential.com | practicalphilosopher | piratesummit.com | interested inagile, lean and productivity | father | caotinalover | traveler
  • PIRATES WHY I DO WHAT I DO?
  • "Entrepreneurship isthrowing yourself off a cliffand building a plane on theway down."Reid Hoffman, Founder of LinkedIn
  • Are you a pirate?That thrill of your first hire, when you’ve convinced someother crazy soul to join you in your almost certainlydoomed project. The high from raising venture capital andstarting to see your name mentioned in the press. Theexcitement of launch and…gulp…customers! and thefeeling of truly learning something useful, you’re just notsure what it is, when the company almost inevitablycrashes and burns.- Mike Arrington, Techcrunch
  • PIVOTBUZZWORD ALERT
  • Lean Startup GurusSteve Blank Eric Ries“The Four Steps to the “The Lean Startup” Epiphany” This talk has been inspired by these guys. Go read their books.
  • Startup =ExperimentStartups act in an environment of extreme uncertainty.
  • That’s whymost startups fail.
  • Why do startups fail?Rarely because the product doesn’t work.Usually because there are no customers.
  • Problem is unknown. Solution is unknown.
  • Learn Fast. Fail Fast. Adapt.
  • Resources € Time The time you have to find a business model / product market fit
  • Possible Experiment Possible viable problemsolution 1 area A Experiment Possible viable solution 2
  • Possible viable solution 3 Experiment Possible Possible problem viable area B Experiment solution 4 Possible Experiment Possible viable problemsolution 1 area A Experiment Possible viable solution 2
  • Speed wins.Reduce the time between pivots. Increase the odds of success.Before you run out of money.
  • Are you advancing aplan or are you making progress? Progress ≠ # of features
  • Don’t build something nobody wants.
  • PRODUCT
  • Build a product for your customer. Is often easier than finding a customer for your product.Remember: Most of the time your best friend isn’t your best customer.
  • Most important advice!!! Get out of the house.Before you start coding. This is the only slide with red text, that’s how important this is.
  • Customer Development “Validating the Problem” Customer Customer Customer ScaleDevelopment Validation Creation Company
  • Agile Development “Building the solution” Release in small iterations. Continuous deployment.Continuously analyze (gather data and insights).
  • Redefine problem / business, „Pivot“ Problemstatement Build Test Viable? Iterations, Adjust solution Launch / Scale
  • Build what the customer needs. Beware: What they need is not necessarily what they want. Therefore, the most important skills are: Build, Measure, Learn!
  • Step 1:Build a Minimum Viable Product What are the minimum features? Probably much more minimum than you think.
  • Step 2:Tune the engineSmoke testing with landing pages SEA (five dollars a day) In-product split testing Paper prototypes Removing features
  • Step 3:Adjust, pivot or persevere …and repeat
  • One remark about measurement:Test the small, butmeasure the large.
  • 80% tweaking features. 20% building new features.Consider taking an existing feature out when implementing a new one.
  • One remark about technology: Use commodity (e.g. opensource) technology wherever possible.Remember, (initially) it is not about the beauty of the code or the solution, but whether you solve a real problem.
  • Lean Startup is primarily about speed, not about costs. However, focusing on fast customerdevelopment should keep your burn rate low.
  • Not only for technology companies. Lean Startup is for all companies that faceuncertainty about what customers will want.
  • Lean Startup is not about the method of funding.They can be bootstrapped as well as be largely VC funded.
  • ?Any questions
  • Find me around the net Websites @manuelkoelman www.getcontext.de www.talential.com fb.com/koelman www.leanentrepreneur.com de.linkedin.com/in/koelman www.23moments.com