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Steve Barsh on De-Risking and Key Assumptions for Wharton Biz Plan Competition Community Feb 2013
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Steve Barsh on De-Risking and Key Assumptions for Wharton Biz Plan Competition Community Feb 2013

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This is part 1 of the presentation given Feb 2013 to Wharton undergrad and MBA students participating in the Wharton Business Plan Competition (BPC). Previous BPC winners have included companies like …

This is part 1 of the presentation given Feb 2013 to Wharton undergrad and MBA students participating in the Wharton Business Plan Competition (BPC). Previous BPC winners have included companies like Warby Parker (eyewear).

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  • 1. Lean Startups From Idea to Traction: Tricks & Traps for Maximizing Success Steve Barsh steve@barsh.com * +1.215.888.2101 @sbarsh Jeff Deville jeffdeville@gmail.com * +1.484.278.1852 @jeffdeville 1 Copyright © 2009-2013 by Steve Barsh. All Rights Reserved.Monday, February 18, 13
  • 2. Observations • Don’t understand key assumptions • Don’t de-risk before • Building the product • Pitching • Don’t use out-of-box techniques • Ask for money too early • Look for validation from investors 2 Copyright © 2009-2013 by Steve Barsh & Jeff Deville. All Rights Reserved.Monday, February 18, 13
  • 3. 3 – 7 Key Assumptions 3 Copyright © 2009-2013 by Steve Barsh & Jeff Deville. All Rights Reserved.Monday, February 18, 13
  • 4. De-Risking Goals • Convert assumptions into knowledge • At lowest cost • As quickly as possible • Decrease assumptions to increase value • Consume intellectual capital before outside capital • Succeed or fail quickly 4 Copyright © 2009-2013 by Steve Barsh & Jeff Deville. All Rights Reserved.Monday, February 18, 13
  • 5. Stop Waving, Start Pointing! 5 Copyright © 2009-2013 by Steve Barsh & Jeff Deville. All Rights Reserved.Monday, February 18, 13
  • 6. Experiment • Hypotheses • Prove or Disprove • Build -- Release, measure, learn, iterate • Research • Valid proxies 6 Copyright © 2009-2013 by Steve Barsh & Jeff Deville. All Rights Reserved.Monday, February 18, 13
  • 7. Example of Experimentation to De-risk Key Assumptions ✓ Used when full guest details don’t flow through the supply chain ✓ Like “checking in” for a flight or cruise ✓ Collects all guest arrival and contact details ✓ Coordinates a smooth arrival 7 Copyright © 2009-2013 by Steve Barsh & Jeff Deville. All Rights Reserved.Monday, February 18, 13
  • 8. Things to think about 1. Dont debate, A/B test. (applies to software, messaging / positioning (e.g., Adwords)) 2. Innovate in real time 3. Get an unfair advantage (mentors, advisors, Board, LinkedIn, University, wherever you can) 4. Ask for advice, not money. (1 mouth, 2 ears) 5. What are you learning? 6. What are your key assumptions? 7. What can you prove with $0? 8. Minimum viable product (MVP) -- get things to users. 8 Copyright © 2009-2013 by Steve Barsh & Jeff Deville. All Rights Reserved.Monday, February 18, 13