Most       Startups Fail from a Lack of customers         not Product Development FailureCustomer Development in theHigh-T...
My Lean Story     @LSChallenge
My Awesome IdeaThe idea was simply to build a platform to letpeople trade their physical assets like theirfinancial assets...
Exhibit A                                   User PortfolioProduct Wiki                                                    ...
What I did first…Of course… I went ahead and built it. It wasgroundbreaking.• I found two co-founders• Hired programmers• ...
After 12 months• Product was live!• No CUSTOMERS….• Found a competitor doing the exact same  thing
What I learned…• 14 Months In Development
What I learned…• 14 months in development• Lots of money invested
What I learned…• 14 months in development• Lots of money invested• No Customers
What I learned…• 14 months in development• Lots of money invested• No Customers• Identical Competitor  – that just Raised ...
What I learned…• 14 months in development• Lots of money invested   DISASTER!!!• No Customers• Identical Competitor  – tha...
How Did This Happen?!        @LSChallenge
We didn’t iterate. We built.
We didn’t iterate. We built.We didn’t do CustDev. We Assumed
We didn’t iterate. We built.We didn’t do CustDev. We AssumedWe didn’t have a strategy whenassumptions changed
We didn’t iterate. We built.We didn’t do CustDev. We AssumedWe didn’t have a strategy whenassumptions changedWe did it all...
Launch                    Awards             1   2   3   4   Weekend                   CeremonyLearn to build something pe...
Launch                              Awards                   1     2     3    4       Weekend                             ...
Upcoming SlideShare
Loading in...5
×

Why a Lean Startup Challenge?

5,897

Published on

Why a Lean Startup Challenge? We want to help more startups succeed and avoid wasting time.

Published in: Business, Technology
0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total Views
5,897
On Slideshare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
5
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide
  • I’ll call this is my lean storyMy first two startups were small side projects. My third one was one with a big vision.It starts the way they always do… boy meets Idea, boy falls in love with idea. Boy meets co-founders, and they start building a website.
  • I’m a big nerd. As evidenced by this photo of me on what was probably the happiest moment of my life, getting my picture taken with the MIT mascot. I went to grad school at MIT, where I had a great time. Since Grad School,
  • So where were we after a year and a half?
  • Not only that, I found out that they had just gotten funded for $5m
  • And all I could think to myself was, how did this happen?Everything seemed like it was going so well. We had a great idea, and we thought we were executing it well. But the truth is, we made almost every non-lean, classic mistake that you can.We didn’t iterate. We bullt. We didn’t do CustDev. We AssumedWe didn’t have a strategy for how to react when those assumptions changedWe did it all in secretAnd I decided to put everything on hold and learn a few things about startups, before I got myself into any more trouble.
  • And all I could think to myself was, how did this happen?Everything seemed like it was going so well. We had a great idea, and we thought we were executing it well. But the truth is, we made almost every non-lean, classic mistake that you can.We didn’t iterate. We bullt. We didn’t do CustDev. We AssumedWe didn’t have a strategy for how to react when those assumptions changedWe did it all in secretAnd I decided to put everything on hold and learn a few things about startups, before I got myself into any more trouble.
  • And all I could think to myself was, how did this happen?Everything seemed like it was going so well. We had a great idea, and we thought we were executing it well. But the truth is, we made almost every non-lean, classic mistake that you can.We didn’t iterate. We bullt. We didn’t do CustDev. We AssumedWe didn’t have a strategy for how to react when those assumptions changedWe did it all in secretAnd I decided to put everything on hold and learn a few things about startups, before I got myself into any more trouble.
  • And all I could think to myself was, how did this happen?Everything seemed like it was going so well. We had a great idea, and we thought we were executing it well. But the truth is, we made almost every non-lean, classic mistake that you can.We didn’t iterate. We bullt. We didn’t do CustDev. We AssumedWe didn’t have a strategy for how to react when those assumptions changedWe did it all in secretAnd I decided to put everything on hold and learn a few things about startups, before I got myself into any more trouble.
  • And all I could think to myself was, how did this happen?Everything seemed like it was going so well. We had a great idea, and we thought we were executing it well. But the truth is, we made almost every non-lean, classic mistake that you can.We didn’t iterate. We bullt. We didn’t do CustDev. We AssumedWe didn’t have a strategy for how to react when those assumptions changedWe did it all in secretAnd I decided to put everything on hold and learn a few things about startups, before I got myself into any more trouble.
  • Why a Lean Startup Challenge?

    1. 1. Most Startups Fail from a Lack of customers not Product Development FailureCustomer Development in theHigh-Tech Enterprise 1September 2008
    2. 2. My Lean Story @LSChallenge
    3. 3. My Awesome IdeaThe idea was simply to build a platform to letpeople trade their physical assets like theirfinancial assets.It involved building a large catalog, and lettingpeople buy and sell their stuff like stocks
    4. 4. Exhibit A User PortfolioProduct Wiki Automated Shipping Scanned Item Works like Netflix – seal and ship
    5. 5. What I did first…Of course… I went ahead and built it. It wasgroundbreaking.• I found two co-founders• Hired programmers• Built it quietly
    6. 6. After 12 months• Product was live!• No CUSTOMERS….• Found a competitor doing the exact same thing
    7. 7. What I learned…• 14 Months In Development
    8. 8. What I learned…• 14 months in development• Lots of money invested
    9. 9. What I learned…• 14 months in development• Lots of money invested• No Customers
    10. 10. What I learned…• 14 months in development• Lots of money invested• No Customers• Identical Competitor – that just Raised $5.3m from DFJ
    11. 11. What I learned…• 14 months in development• Lots of money invested DISASTER!!!• No Customers• Identical Competitor – that just Raised $5.3m from DFJ
    12. 12. How Did This Happen?! @LSChallenge
    13. 13. We didn’t iterate. We built.
    14. 14. We didn’t iterate. We built.We didn’t do CustDev. We Assumed
    15. 15. We didn’t iterate. We built.We didn’t do CustDev. We AssumedWe didn’t have a strategy whenassumptions changed
    16. 16. We didn’t iterate. We built.We didn’t do CustDev. We AssumedWe didn’t have a strategy whenassumptions changedWe did it all in secret
    17. 17. Launch Awards 1 2 3 4 Weekend CeremonyLearn to build something people want
    18. 18. Launch Awards 1 2 3 4 Weekend Ceremony• 4 week Lean Startup Competition• Experiment and iterate on your model each week• Receive feedback from mentors• Learn from awesome speakers• Get a chance to win up to $20,000 in cash and prizes
    1. A particular slide catching your eye?

      Clipping is a handy way to collect important slides you want to go back to later.

    ×