0
Customer Development Update<br />
I Write a Blog  <br />www.steveblank.com<br />
This Talk is Based On<br />Business Model Generation<br />Four Steps to the Epiphany<br />The Lean Startup<br />
This Talk<br />What’s a Startup?<br />Search versus Execution<br />Entrepreneurship As a Mgmt Science<br />B-Schools = Lar...
First -What’s A Startup?<br />Six Types of Startups<br />
Startup<br />Lifestyle Startups Work to Live their Passion<br /><ul><li>Serve known customer with known product
Pay for their passion</li></li></ul><li>Small Business<br />Startup<br />Small Business StartupsWork to Feed the Family<br...
Feed the family</li></li></ul><li>Small Business<br />Startup<br />Exit Criteria<br /><ul><li> Business Model found</li></...
Feed the family</li></li></ul><li>Small Business<br />Startup<br />- Business Model found<br />- Profitable business<br />...
99.7% of all companies
~ 50% of total U.S. workers</li></ul>http://www.sba.gov/advo/stats/sbfaq.pdf<br />
Scalable<br />Startup<br />Large Company<br />Scalable Startup<br />Search<br />Goal is to solve for:<br />  unknown custo...
Execute<br />Search<br />Scalable<br />Startup<br />Large Company<br />Exit Criteria<br /><ul><li> Business model found
 Total Available Market > €300m
 Can grow to €50/year</li></ul>Scalable StartupBorn to Be Big<br />
Scalable<br />Startup<br />Large Company<br /><ul><li> Total Available Market > $500m
 Company can grow to $100m/year
 Business model found
 Focused on execution and process
 Typically requires “risk capital”</li></ul>Scalable Startup<br />Execute<br />Search<br /><ul><li> In contrast a scalable...
 Typically needs risk capital
 What Silicon Valley means when they say “Startup”</li></li></ul><li>The Transition – Founders Leave<br />Scalable<br />St...
 Professional Mgmt
 Process
 Beginning of scale</li></li></ul><li>Buyable StartupBorn to Be Big<br />Search<br />Sell<br />Scalable<br />Startup<br />...
Buyable Startup<br />Search<br />Sell<br />Scalable<br />Startup<br />€3 to e0M Acquisition<br />Goal is to solve for:<br ...
Scalable<br />Startup<br />Large Company<br /><ul><li>Business Model found
 i.e. Product/Market fit</li></ul>- Repeatable sales model<br />- Managers hired<br />What’s A Startup?<br />Search <br />...
Large Company Sustaining InnovationInnovate or Evaporate<br />Sustaining Innovation<br />Transition<br />Scalable<br />Sta...
Known product feature needs</li></li></ul><li>Large Company Disruptive Innovation<br />New Division<br />Transition<br />L...
New tech, customers, channels</li></li></ul><li>Large Company Disruptive Innovation<br />New Division<br />Transition<br /...
Acquire</li></ul>      - IP- Talent<br />      - Product<br />      - Customers<br />      - Business<br />
Large Non-Profit<br />Social Startup<br />Social Entrepreneurship Startups<br /><ul><li>Solve pressing social problems
Social Enterprise: Profitable
Social Innovation: New Strategies</li></li></ul><li>Each of these startups require different skills<br />They Can Not Be T...
Search Versus ExecutionWhy Accountants Don’t Run Startups<br />
Startups Search and Pivot<br />The Search for the Business Model<br />Scalable<br />Startup<br />Transition<br />Large Com...
 Repeatable sales model</li></ul>- Managers hired<br />
Startups Search, Companies Execute<br />The Execution of the Business Model<br />The Search for the Business Model<br />Sc...
 Product/Market fit</li></ul>- Repeatable sales model<br />- Managers hired<br />
Metrics Versus Accounting<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large<b...
 Cash Flow Statement
 Income Statement</li></li></ul><li>Metrics Versus Accounting<br />The Search for the Business Model<br />The Execution of...
 Viral coefficient
 Customer Lifetime Value
 Average Selling Price/Order Size
 Monthly burn rate
 etc.  </li></ul> Traditional Accounting<br /><ul><li> Balance Sheet
 Cash Flow Statement
 Income Statement</li></li></ul><li>Customer Validation Versus Sales<br />The Execution of the Business Model<br />Scalabl...
 Scalable
 Price List/Data Sheets
 Revenue Plan</li></li></ul><li>Customer Validation Versus Sales<br />The Search for the Business Model<br />The Execution...
 Pricing/Feature unstable
 Not yet repeatable
“One-off’s”
 Done by founders</li></ul>Sales<br /><ul><li> Sales Organization
 Scalable
 Price List/Data Sheets
 Revenue Plan</li></li></ul><li>Customer Development VersusProduct Management<br />The Execution of the Business Model<br ...
 Feature Spec’s
 Competitive Analysis
 Prod Mgmt driven</li></li></ul><li>Customer Development Versus Product Management<br />The Search for the Business Model<...
 Feature Spec’s
 Competitive Analysis</li></ul>Customer Development<br /><ul><li> Hypothesis Testing
 Minimum Feature Set
 Pivots
 Founder-driven</li></li></ul><li>Engineering Versus Agile Development<br />The Execution of the Business Model<br />Scala...
 Waterfall Development
 QA
 Tech Pubs</li></li></ul><li>Engineering Versus Agile Development<br />The Search for the Business Model<br />The Executio...
 Waterfall Development
 QA
 Tech Pubs</li></ul>Agile Development<br /><ul><li> Continuous Deployment
 Continuous Learning
 Self Organizing Teams
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  1. 1. Customer Development Update<br />
  2. 2. I Write a Blog <br />www.steveblank.com<br />
  3. 3. This Talk is Based On<br />Business Model Generation<br />Four Steps to the Epiphany<br />The Lean Startup<br />
  4. 4. This Talk<br />What’s a Startup?<br />Search versus Execution<br />Entrepreneurship As a Mgmt Science<br />B-Schools = Large company mgmt<br />Incubators = the transition<br />E-School = the conclusion<br />
  5. 5. First -What’s A Startup?<br />Six Types of Startups<br />
  6. 6. Startup<br />Lifestyle Startups Work to Live their Passion<br /><ul><li>Serve known customer with known product
  7. 7. Pay for their passion</li></li></ul><li>Small Business<br />Startup<br />Small Business StartupsWork to Feed the Family<br /><ul><li>Serve known customer with known product
  8. 8. Feed the family</li></li></ul><li>Small Business<br />Startup<br />Exit Criteria<br /><ul><li> Business Model found</li></ul>- Profitable business<br /><ul><li> Existing team</li></ul>< €100K in revenue<br />Small Business StartupsWork to Feed the Family<br /><ul><li>known customer known product
  9. 9. Feed the family</li></li></ul><li>Small Business<br />Startup<br />- Business Model found<br />- Profitable business<br /><ul><li> Existing team</li></ul>< $10M in revenue<br />Small Business Startups<br /><ul><li>5.7 million small businesses in the U.S. <500 employees
  10. 10. 99.7% of all companies
  11. 11. ~ 50% of total U.S. workers</li></ul>http://www.sba.gov/advo/stats/sbfaq.pdf<br />
  12. 12. Scalable<br />Startup<br />Large Company<br />Scalable Startup<br />Search<br />Goal is to solve for:<br /> unknown customer and unknown features <br />
  13. 13. Execute<br />Search<br />Scalable<br />Startup<br />Large Company<br />Exit Criteria<br /><ul><li> Business model found
  14. 14. Total Available Market > €300m
  15. 15. Can grow to €50/year</li></ul>Scalable StartupBorn to Be Big<br />
  16. 16. Scalable<br />Startup<br />Large Company<br /><ul><li> Total Available Market > $500m
  17. 17. Company can grow to $100m/year
  18. 18. Business model found
  19. 19. Focused on execution and process
  20. 20. Typically requires “risk capital”</li></ul>Scalable Startup<br />Execute<br />Search<br /><ul><li> In contrast a scalable startup is designed to grow big
  21. 21. Typically needs risk capital
  22. 22. What Silicon Valley means when they say “Startup”</li></li></ul><li>The Transition – Founders Leave<br />Scalable<br />Startup<br />Transition<br />Large Company<br />Build<br />Execute<br />Search<br />Founders depart<br /><ul><li> Operating executives
  23. 23. Professional Mgmt
  24. 24. Process
  25. 25. Beginning of scale</li></li></ul><li>Buyable StartupBorn to Be Big<br />Search<br />Sell<br />Scalable<br />Startup<br />€3 to 30M Acquisition<br />Goal is to solve for:<br /> Internet, Mobile, Gaming Apps<br />
  26. 26. Buyable Startup<br />Search<br />Sell<br />Scalable<br />Startup<br />€3 to e0M Acquisition<br />Goal is to solve for:<br /> Internet and Mobile Apps<br />Sell to larger company<br />
  27. 27. Scalable<br />Startup<br />Large Company<br /><ul><li>Business Model found
  28. 28. i.e. Product/Market fit</li></ul>- Repeatable sales model<br />- Managers hired<br />What’s A Startup?<br />Search <br />Execute<br />A Startup is a temporary organization used to search for a repeatable and scalable business model <br />
  29. 29. Large Company Sustaining InnovationInnovate or Evaporate<br />Sustaining Innovation<br />Transition<br />Scalable<br />Startup<br />Large Company<br /><ul><li> Existing Market / Known customer
  30. 30. Known product feature needs</li></li></ul><li>Large Company Disruptive Innovation<br />New Division<br />Transition<br />Large Company<br />Disruptive Innovation<br /><ul><li>New Market
  31. 31. New tech, customers, channels</li></li></ul><li>Large Company Disruptive Innovation<br />New Division<br />Transition<br />Large Company<br />Disruptive Innovation<br /><ul><li>Build
  32. 32. Acquire</li></ul> - IP- Talent<br /> - Product<br /> - Customers<br /> - Business<br />
  33. 33. Large Non-Profit<br />Social Startup<br />Social Entrepreneurship Startups<br /><ul><li>Solve pressing social problems
  34. 34. Social Enterprise: Profitable
  35. 35. Social Innovation: New Strategies</li></li></ul><li>Each of these startups require different skills<br />They Can Not Be Taught the Same Way<br />
  36. 36. Search Versus ExecutionWhy Accountants Don’t Run Startups<br />
  37. 37. Startups Search and Pivot<br />The Search for the Business Model<br />Scalable<br />Startup<br />Transition<br />Large Company<br /> Business Model found<br /><ul><li> customer needs/product features found</li></ul> i.e. Product/Market fit<br /><ul><li>Found by founders, not employees
  38. 38. Repeatable sales model</li></ul>- Managers hired<br />
  39. 39. Startups Search, Companies Execute<br />The Execution of the Business Model<br />The Search for the Business Model<br />Scalable<br />Startup<br />Transition<br />Large Company<br />- Cash-flow breakeven<br />- Profitable<br />- Rapid scale<br />- New Senior Mgmt<br />~ 150 people<br /><ul><li>Business Model found
  40. 40. Product/Market fit</li></ul>- Repeatable sales model<br />- Managers hired<br />
  41. 41. Metrics Versus Accounting<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large<br />Company<br />Traditional Accounting<br /><ul><li>Balance Sheet
  42. 42. Cash Flow Statement
  43. 43. Income Statement</li></li></ul><li>Metrics Versus Accounting<br />The Search for the Business Model<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large<br />Company<br />Startup Metrics<br /><ul><li> Customer Acquisition Cost
  44. 44. Viral coefficient
  45. 45. Customer Lifetime Value
  46. 46. Average Selling Price/Order Size
  47. 47. Monthly burn rate
  48. 48. etc. </li></ul> Traditional Accounting<br /><ul><li> Balance Sheet
  49. 49. Cash Flow Statement
  50. 50. Income Statement</li></li></ul><li>Customer Validation Versus Sales<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large<br />Company<br />Sales<br /><ul><li>Sales Organization
  51. 51. Scalable
  52. 52. Price List/Data Sheets
  53. 53. Revenue Plan</li></li></ul><li>Customer Validation Versus Sales<br />The Search for the Business Model<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large<br />Company<br />Customer Validation<br /><ul><li> Early Adopters
  54. 54. Pricing/Feature unstable
  55. 55. Not yet repeatable
  56. 56. “One-off’s”
  57. 57. Done by founders</li></ul>Sales<br /><ul><li> Sales Organization
  58. 58. Scalable
  59. 59. Price List/Data Sheets
  60. 60. Revenue Plan</li></li></ul><li>Customer Development VersusProduct Management<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large Company<br /> Product Management<br /><ul><li> Delivers MRD’s
  61. 61. Feature Spec’s
  62. 62. Competitive Analysis
  63. 63. Prod Mgmt driven</li></li></ul><li>Customer Development Versus Product Management<br />The Search for the Business Model<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large Company<br /> Product Management<br /><ul><li> Delivers MRD’s
  64. 64. Feature Spec’s
  65. 65. Competitive Analysis</li></ul>Customer Development<br /><ul><li> Hypothesis Testing
  66. 66. Minimum Feature Set
  67. 67. Pivots
  68. 68. Founder-driven</li></li></ul><li>Engineering Versus Agile Development<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large Company<br />Engineering<br /><ul><li> Requirements Docs.
  69. 69. Waterfall Development
  70. 70. QA
  71. 71. Tech Pubs</li></li></ul><li>Engineering Versus Agile Development<br />The Search for the Business Model<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large Company<br />Engineering<br /><ul><li> Requirements Docs.
  72. 72. Waterfall Development
  73. 73. QA
  74. 74. Tech Pubs</li></ul>Agile Development<br /><ul><li> Continuous Deployment
  75. 75. Continuous Learning
  76. 76. Self Organizing Teams
  77. 77. Minimum Feature Set
  78. 78. Pivots</li></li></ul><li>Startups Model, Companies Plan<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large Company<br />Business Plan<br /><ul><li>Plan describes “knowns”
  79. 79. Known features for line extensions
  80. 80. Known customers/markets
  81. 81. Known business model</li></li></ul><li>Startups Model, Companies Plan<br />The Search for the Business Model<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large Company<br />Business Model<br /><ul><li> Unknown customer needs
  82. 82. Unknown feature set
  83. 83. Unknown business model
  84. 84. Model found by iteration
  85. 85. Plan describes “knowns”
  86. 86. Known features for line extensions
  87. 87. Known customers/markets
  88. 88. Known business model</li></li></ul><li>Startups Are Not Small Versions of Large Companies<br />Scalable<br />Startup<br />Transition<br />Large Company<br />Build<br />Execute<br />Search<br />Yet our curriculums assume they are – we teach that the knowledge is interchangeable<br />
  89. 89. The Business Model:<br />Any company can be described in 9 building blocks<br />
  90. 90. CUSTOMER SEGMENTS<br />which customers and users are you serving? <br />which jobs do they really want to get done?<br />
  91. 91. VALUE PROPOSITIONS<br />what are you offering them? what is that <br />getting done for them? do they care?<br />
  92. 92. CHANNELS<br />how does each customer segment want to be reached? through which interaction points?<br />
  93. 93. CUSTOMER RELATIONSHIPS<br />what relationships are you establishing with each segment? personal? automated? acquisitive? retentive?<br />
  94. 94. REVENUE STREAMS<br />what are customers really willing to pay for? how? <br />are you generating transactional or recurring revenues?<br />
  95. 95. KEY RESOURCES<br />which resources underpin your business model? which assets are essential?<br />
  96. 96. KEY ACTIVITIES<br />which activities do you need to perform well in your business model? what is crucial?<br />43<br />
  97. 97. KEY PARTNERS<br />which partners and suppliers leverage your model? <br />who do you need to rely on?<br />
  98. 98. COST STRUCTURE<br />what is the resulting cost structure? <br />which key elements drive your costs?<br />
  99. 99. value proposition<br />customer relationships<br />key activities<br />customer segments<br />key partners<br />cost structure<br />revenue streams<br />key <br />resources<br />channels<br />46<br />images by JAM<br />
  100. 100. sketch out your business model<br />
  101. 101. sketch out your business models<br />
  102. 102. But,Realize They’re Hypotheses<br />
  103. 103. 9 Guesses<br />Guess<br />Guess<br />Guess<br />Guess<br />Guess<br />Guess<br />Guess<br />Guess<br />Guess<br />
  104. 104. Customer Development<br />The founders<br />^<br />Get Out of the Building and Search for the Business Model<br />
  105. 105. The Customer Development Process<br />Customer Discovery<br />Customer Validation<br />Customer Creation<br />Company Building<br />Pivot<br />
  106. 106. The Customer Development ProcessCustomer Discovery<br />Customer Discovery<br />Customer Validation<br />Customer Creation<br />Company Building<br />Bus Model Canvas<br />Extract Hypotheses<br />Test Problem<br />Test Solution<br />Pivot or Proceed<br />
  107. 107. Customer Discovery: Physical/Web<br />Bus Model Canvas<br />Extract Hypotheses<br />Test Problem<br />Test Solution<br />Pivot or Proceed<br />
  108. 108. Customer Discovery<br />Bus Model Canvas<br />Extract Hypotheses<br />Test Problem<br />Test Solution<br />Pivot or Proceed<br />
  109. 109. Customer Discovery - Physical<br />Bus Model Canvas<br />Extract Hypotheses<br />Test Problem<br />Test Solution<br />Pivot or Proceed<br /><ul><li> TAM/SAM
  110. 110. Product MVP
  111. 111. Customers
  112. 112. Channel
  113. 113. Market Type
  114. 114. Customer Relationships: Get/Keep/Grow
  115. 115. Key Resources
  116. 116. Partners
  117. 117. Pricing</li></li></ul><li>Customer Discovery - Web<br />Bus Model Canvas<br />Extract Hypotheses<br />Test Problem<br />Test Solution<br />Pivot or Proceed<br /><ul><li> TAM/SAM
  118. 118. Low Fidelity MVP
  119. 119. Customers/Source
  120. 120. Channel
  121. 121. Market Type
  122. 122. Customer Relationships: Acquire/Activate
  123. 123. Traffic Partners
  124. 124. Pricing</li></li></ul><li>Customer Discovery - Physical<br />Bus Model Canvas<br />Extract Hypotheses<br />Test Problem<br />Test Solution<br />Pivot or Proceed<br /><ul><li>TAM/SAM
  125. 125. Low Fidelity MVP
  126. 126. Customers
  127. 127. Channel
  128. 128. Market Type
  129. 129. Cust Relationships
  130. 130. Traffic Partners
  131. 131. Pricing
  132. 132. Customer Contacts
  133. 133. Problem Understanding
  134. 134. Customer Understanding
  135. 135. Market Knowledge</li></li></ul><li>Customer Discovery - Web<br />Bus Model Canvas<br />Extract Hypotheses<br />Test Problem<br />Test Solution<br />Pivot or Proceed<br /><ul><li>TAM/SAM
  136. 136. Low Fidelity MVP
  137. 137. Customers
  138. 138. Channel
  139. 139. Market Type
  140. 140. Cust Relationships
  141. 141. Traffic Partners
  142. 142. Pricing
  143. 143. Customer Engagement
  144. 144. Test Low Fidelity MVP
  145. 145. Customer Understanding
  146. 146. Traffic & Competitive Analysis</li></li></ul><li>Customer Discovery - Physical<br />Bus Model Canvas<br />Extract Hypotheses<br />Test Problem<br />Test Solution<br />Pivot or Proceed<br /><ul><li> TAM/SAM
  147. 147. Low Fidelity MVP
  148. 148. Customers
  149. 149. Channel
  150. 150. Market Type
  151. 151. Cust Relationships
  152. 152. Traffic Partners
  153. 153. Pricing
  154. 154. Update Bus Model
  155. 155. Create Prototype/Prod Presentation
  156. 156. Test Solution with Customer
  157. 157. Update Business Model
  158. 158. 1st Advisory Board Members</li></li></ul><li>Customer Discovery - Web<br />Bus Model Canvas<br />Extract Hypotheses<br />Test Problem<br />Test Solution<br />Pivot or Proceed<br /><ul><li> TAM/SAM
  159. 159. Low Fidelity MVP
  160. 160. Customers
  161. 161. Channel
  162. 162. Market Type
  163. 163. Cust Relationships
  164. 164. Traffic Partners
  165. 165. Pricing
  166. 166. Customer Engagement
  167. 167. Test Low Fidelity MVP
  168. 168. Customer Understanding
  169. 169. Traffic & Competitive Analysis
  170. 170. Update Bus Model
  171. 171. Test High Fidelity MVP
  172. 172. Measure Customer Behavior
  173. 173. Update Business Model
  174. 174. 1st Advisory Board Members</li></li></ul><li>Customer Discovery – Web/Physical<br />Bus Model Canvas<br />Extract Hypotheses<br />Test Problem<br />Test Solution<br />Pivot or Proceed<br /> Verify the:<br /><ul><li>Value Prop
  175. 175. Cust Segment
  176. 176. Cust Relationships
  177. 177. Channel
  178. 178. Revenue Model
  179. 179. Pivot or Proceed
  180. 180. TAM/SAM
  181. 181. Low Fidelity MVP
  182. 182. Customers
  183. 183. Channel
  184. 184. Market Type
  185. 185. Cust Relationships
  186. 186. Traffic Partners
  187. 187. Pricing
  188. 188. Customer Engagement
  189. 189. Test Low Fidelity MVP
  190. 190. Customer Understanding
  191. 191. Traffic & Competitive Analysis</li></li></ul><li>The Customer Development ProcessCustomer Validation<br />Customer Discovery<br />Customer Validation<br />Customer Creation<br />Company Building<br />Get Ready to Sell<br />Sell, Sell, Sell<br />Positioning<br />Pivot or Proceed<br />
  192. 192. Customer Validation - Web<br />Get Ready to Sell<br />Sell, Sell, Sell<br />Positioning<br />Pivot or Proceed<br />Pivot<br />
  193. 193. Customer Validation - Physical<br />Get Ready to Sell<br />Sell, Sell, Sell<br />Positioning<br />Pivot or Proceed<br /><ul><li>Craft Positioning
  194. 194. Develop Sales Materials
  195. 195. Hire “Sales Closer”
  196. 196. Sales Channel Action Plan
  197. 197. Refine the Sales Roadmap
  198. 198. Formalize advisory board</li></li></ul><li>Customer Validation - Web<br />Get Ready to Sell<br />Sell, Sell, Sell<br />Positioning<br />Pivot or Proceed<br /><ul><li>Craft Positioning
  199. 199. Acquire/Activate Plans and Tools
  200. 200. Build High Fidelity MVP
  201. 201. Build Metrics Toolset
  202. 202. Hire data analytics chief
  203. 203. Formalize advisory board</li></li></ul><li>Customer Validation - Physical<br />Get Ready to Sell<br />Sell, Sell, Sell<br />Positioning<br />Pivot or Proceed<br /><ul><li>Craft Positioning
  204. 204. Acquire/Activate Plans
  205. 205. Build High Fidelity MVP
  206. 206. Build Metrics Toolset
  207. 207. Hire data analytics chief
  208. 208. Formalize advisory board
  209. 209. Find Earlyvangelists
  210. 210. Test Sell – Out of the Building
  211. 211. Refine Sales Roadmap
  212. 212. Test Sell Channel Partners</li></li></ul><li>Customer Validation - Web<br />Get Ready to Sell<br />Sell, Sell, Sell<br />Positioning<br />Pivot or Proceed<br /><ul><li>Craft Positioning
  213. 213. Acquire/Activate Plans
  214. 214. Build High Fidelity MVP
  215. 215. Build Metrics Toolset
  216. 216. Hire data analytics chief
  217. 217. Formalize advisory board
  218. 218. Prepare Optimization Plans & Tools
  219. 219. Out of the building Activation Test
  220. 220. Measure and Optimize Results
  221. 221. Test Sell Traffic Partners</li></li></ul><li>Customer Validation - Physical/Web<br />Get Ready to Sell<br />Sell, Sell, Sell<br />Positioning<br />Pivot or Proceed<br /><ul><li>Craft Positioning
  222. 222. Acquire/Activate Plans
  223. 223. Build High Fidelity MVP
  224. 224. Build Metrics Toolset
  225. 225. Hire data analytics chief
  226. 226. Formalize advisory board
  227. 227. Company Positioning
  228. 228. Product Positioning
  229. 229. Validate Positioning
  230. 230. Prepare Optimization Plans
  231. 231. Out of the building Activation Test
  232. 232. Measure and Optimize Results
  233. 233. Test Sell Traffic Partners</li></li></ul><li>Customer Validation - Physical/Web<br />Get Ready to Sell<br />Sell, Sell, Sell<br />Positioning<br />Pivot or Proceed<br /><ul><li> Assemble Data
  234. 234. Validate Business Model
  235. 235. Validate Financial Model
  236. 236. Pivot or Proceed
  237. 237. Craft Positioning
  238. 238. Acquire/Activate Plans
  239. 239. Build High Fidelity MVP
  240. 240. Build Metrics Toolset
  241. 241. Hire data analytics chief
  242. 242. Formalize advisory board
  243. 243. Prepare Optimization Plans
  244. 244. Out of the building Activation Test
  245. 245. Measure and Optimize Results
  246. 246. Test Sell Traffic Partners</li></li></ul><li>The Minimum Viable Product (MVP)<br /><ul><li> Smallest feature set that gets you the most …</li></ul> - orders, learning, feedback, failure…<br />
  247. 247. The Pivot<br /><ul><li>The heart of Customer Development
  248. 248. Iteration without crisis
  249. 249. Fast, agile and opportunistic</li></li></ul><li>Pivot Cycle Time Matters<br /><ul><li>Speed of cycle minimizes cash needs
  250. 250. Minimum feature set speeds up cycle time
  251. 251. Near instantaneous customer feedback drives feature set</li></li></ul><li>The Pivot<br />A Pivot is the change of one or more Business Model Canvas Components <br />
  252. 252. The Pivot<br />Strong clinical data<br />Training<br />Maintenance<br />Conferences<br />CME courses<br />Product Development<br />IP<br />Clinical trials<br />FDA<br />Publishing<br />Doctors:<br />Earlier detection<br />Price<br />Accuracy<br />Patients:<br />Radiation Free<br />Non-Invasive<br />A Pivot is the change of one or more Business Model Canvas Components <br />Leading doctors<br />Key Opinion Leaders<br />3rd party manufacturers<br />Distributors<br />Breast Cancer Foundations<br />ACOGACS<br />OB/GYNs<br />PCPs<br />Direct Sales to hospitals<br />Distributor<br />IP <br />Leading doctors<br />Technical Expertise<br />Product Development<br />Clinical trials<br />Operating Costs<br />Marketing Costs<br />Capital Equipment Sales and disposable item<br />Per use fees<br />
  253. 253. Thanks<br />www.steveblank.com<br />
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