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Why a Lean Startup Challenge?
Why a Lean Startup Challenge?
Why a Lean Startup Challenge?
Why a Lean Startup Challenge?
Why a Lean Startup Challenge?
Why a Lean Startup Challenge?
Why a Lean Startup Challenge?
Why a Lean Startup Challenge?
Why a Lean Startup Challenge?
Why a Lean Startup Challenge?
Why a Lean Startup Challenge?
Why a Lean Startup Challenge?
Why a Lean Startup Challenge?
Why a Lean Startup Challenge?
Why a Lean Startup Challenge?
Why a Lean Startup Challenge?
Why a Lean Startup Challenge?
Why a Lean Startup Challenge?
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Why a Lean Startup Challenge?

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

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

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  • 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.
  • Transcript

    • 1. Most Startups Fail from a Lack of customers not Product Development FailureCustomer Development in theHigh-Tech Enterprise 1September 2008
    • 2. My Lean Story @LSChallenge
    • 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. Exhibit A User PortfolioProduct Wiki Automated Shipping Scanned Item Works like Netflix – seal and ship
    • 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. After 12 months• Product was live!• No CUSTOMERS….• Found a competitor doing the exact same thing
    • 7. What I learned…• 14 Months In Development
    • 8. What I learned…• 14 months in development• Lots of money invested
    • 9. What I learned…• 14 months in development• Lots of money invested• No Customers
    • 10. What I learned…• 14 months in development• Lots of money invested• No Customers• Identical Competitor – that just Raised $5.3m from DFJ
    • 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. How Did This Happen?! @LSChallenge
    • 13. We didn’t iterate. We built.
    • 14. We didn’t iterate. We built.We didn’t do CustDev. We Assumed
    • 15. We didn’t iterate. We built.We didn’t do CustDev. We AssumedWe didn’t have a strategy whenassumptions changed
    • 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. Launch Awards 1 2 3 4 Weekend CeremonyLearn to build something people want
    • 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

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