qrKinetixdoes the Chicago Lean Startup Challenge Rick Lamb email@example.com 317-694-9488 7/18/2012
About qrKinetixMissionqrKinetix provides technology to seamlessly link real- world people to virtual world content, in the moment. We provide the tools to facilitate connection, deliver relevant content, and promote engagement and sharing.In other words, we make stuff happen when you scan qr codes (other than just serving up lame ads). It’s a SaaS Platform that can be applied to a lot of markets.
About the Challenge14 week intensive learning experience for the Lean Startup MethodologyA contest, against your peers, to learn and applyA way to develop a startup from scratch, or rethink an existing startupA chance to Win fame and fortune, or decide when to pivot or quit. ($75,000 cash/prizes)
The ChallengeBootCamp (6/30) – one day workshop, overview of Lean PracticesWeekly Lessons (Tues/noon) – Syllabus covers specific topics, lecture/presentation by leaders, presentations by teams w/critique and advice, QA session, homework for next class.Weed out (week 5) – purge teams who are not doing anything Final Presentation (Aug 30) - 10minute video presentationJudging, Final Four, Intense Acceleration (Sept) – one on one mentorship/coachingFinals (Oct 3) – Present at event (500 people), final judging, $75,000 cash/prizes
Purpose of the ChallengeTeach people the lean startup methodology, in hopes that it helps to create startups, economic benefits, and eventually employment in the Chicagoland areaProvide a structured and competitive environment in which to learn, practice, implement the skillsGet some new businesses started, or prevents people from wasting their time and savings on ideas which are not that feasibleDrive awareness and business to all the consultants and sponsors, supporting the program.
Why is qrKinetix doing it?More in-depth, structured, and longer term approach to learn the lean methodology than doing a “weekend” event.Detailed curriculum, structure, format, schedule- “Walk us through it”.Peers/Cohorts doing the same thing, at the same time, for review/comparisonPressure/Focus – judge review, peer review, advisor review forces us to stay on track, and focus on what’s important.Access to the tools, for $100?Slim chance we could win something !
Participants (our cohorts)All applicants were screened, startups only (minimal investment, minimal revenue)270+ people showed up for bootcamp in Chicago130 teams roughly (lots of 2-person teams)Mostly from Chicago area, but a few teams like us from the midwest WI and at least one team drove from Houston TX.Ideas across the board (clothing lines, real estate services, food/diet/health, travel services, green initiatives, healthcare…..)Cocktail hour – networking, chance to meet people, being held every few weeks.
Challenge ToolsThe Startup Owners Manual – textbook for the classes and methodology.Posterous.com – Blogging space , repository, message board for Leaders and for teams to post general announcements, questions, ideas (public or private)Posterous Challenge Space (private) – Schedule, Syllabus, Resource Links, downloads of class slides.LeanLaunchLab.com – Official space for documenting lean canvas, hypotheses, interview results, and the weekly journal of your progress and lessons learned. Common site for your team, the Challenge Leaders, and your Advisor/Mentors to observe and comment on your progress.Anymeeting – web conferencing to present and record weekly classes and team presentation sessions. http://www.anymeeting.com/ChicagoLean/EB53D7898147Vimeo – recordings of bootcamp, and other Lean videos at sponsor’s page https://vimeo.com/pathfindersoftware/videosKissmetrics - http://www.kissmetrics.com/ for tracking interaction of people with the startupAlcohol – facilitates periodic meetups to schmooze with your cohorts (a whole floor in a club, downtown Chicago)
Weekly Class (Sample of 10)• Class 3: 7/17 Customers/Users/Payers• Team Presentations: 10 minutes each (4 teams)• Slide 1: Cover slide• Slide 2: Current business model canvas with any changes marked• Slide 3 --> n: What did you learn about your value proposition from talking to your first customers? – Hypothesis: Here’s What we Thought – Experiments: So Here’s What we Did – Results: So Here’s What we Found – Iterate: So Here’s What we Are Going to Do Next• Class Lecture: Customers/Users/Payers• Who’s the customer? User? Payer?• How are they different?• Why do they buy?• How can you reach them?• How is a business customer different from a consumer?• What’s a multi-sided market?• What’s segmentation?• What’s an archetype?• Problem Interviews revisited•
Weekly Class (cont’d)• Deliverable for the next class• Read:• • Business Model Generation, pages 127-133• • Startup Owners Manual, pages 98 – 111, and 189-255, 406-412• Team Presentation for the next class• Get out of the building and talk to 10-15 customers face-to-face (NO SURVEYS!)• What were your hypotheses about who your users and customers were? Did you learn anything different?• Did anything change about Value Proposition?• What do customers say their problems/needs are? How do they solve this problem(s) today? Does your value proposition solve it? How?• What was it about your product that made customers interested? excited?• If your customer is part of a company, who is the decision maker, how large is their budget, what are they spending it on today, and how are they individually evaluated within that organization, and how will this buying decision be made?• Update your blog and canvas
What We’re DoingSo Far (3 weeks)Build lean canvas, fill out the whole thingRecruit Advisors for your teamDo weekly lessons, do weekly assignments, DO CUSTOMER INTERVIEWS. Do MORE CUSTOMER INTERVIEWS.Post progress and updates to your canvas (LLL tracks changes)Weekly blog post/journal on progress and lessons learned.Get Advisors to comment
Final Presentation/Video• “Lessons Learned” Presentation Video Format• 2 minute product video• A slide deck with the following format: – Slide 1: Team Name, your product, what business you ended up in and number of customers you talked to. – Slide 2: Team members – name, background, expertise and your role for the team – Slide 3: The size of the opportunity – Slide 4: Business Model Canvas Version 1 - So here’s what we did (explain how you got out of the building, experiments you performed, etc) – Slide 5: So here’s what we found (what was reality) so then, … – Slide 6: Business Model Canvas Version 2 - We iterated or pivoted… Explain why and what you found. – Slide 7: So here’s what we did (explain how you got out of the building) – Slide 8: So here’s what we found (what was reality) so then, – Slide 9: Business Model Canvas Version 3 - We iterated or pivoted… Explain why and what you found. – Slide 10: So here’s what we did (explain how you got out of the building) – Slide 11: So here’s what we found (what was reality) so then, – Etc…. – Every presentation requires at least three Business Model Canvas slides. – Every presentation requires a channel diagram, distribution diagram and customer archetype or customer flow diagram. – Every presentation requires hypotheses you tested, experiments you ran and results. – Slide N: “So here’s where we ended up.” Talk about: • What did you learn? • Whether you think this a viable business and why, • Whether you want to pursue it after the challenge, etc. – Final Slides – Click through each one of your business model canvas slides.
JudgingDid you follow the process religiously? Interview Customers, Formulate Hypotheses, test the hypotheses, Learn something, validate, pivot?Did You Update your lean canvas and journal weekly with the required assignments, documenting what you’d learned?Did you get advisors and others to review, comment, or coach you along the way?Were you able to use the Lean Process to launch a viable business?Success can also be that you didn’t waste your life savings on an idea that wasn’t really viable.
My Thoughts• Low cost, worthwhile training exercise, spread over time• Excuse to get some good exposure for your idea• Access to the tools for a few months, for free• Great networking opportunity w/ peers• Access to advisors/resources outside of Indy• Somewhat “by the book” methodology is a little irritating• Incredibly hard to “go back” and reassess assumptions already made, hypothesis tested, if you’ve already started.• Interesting to see how things are different in the “big city” (who rode the EL to this meetup? Who got their book signed when Steve Blank dropped by yesterday? Free beer at the Speakeasy, vs a whole floor in a downtown club? Who can meet 50 clients for their startup, in their own building?)
…and since I have the stage Help Wanted• Seed Capital / Angel Investment• Co-Founders (Marketing, Tech)• Marketing Partners – Social Media – Print/Promotion Fulfillment• Software Developers• Web UI• Backend Database / Reporting• EarlyVangelist Clients firstname.lastname@example.org