The document discusses making board meetings for startups more effective by moving them online and making them continuous rather than periodic in-person meetings. It proposes creating an online platform where founders can blog their progress, including business model testing results and canvases. Advisors and investors could then continuously and remotely view progress, provide real-time feedback, and have their questions answered without long lag times between traditional board meetings. This would help startups get more experienced advice, improve the guidance they receive, and eliminate geography as a barrier to investment. It could also increase investors' visibility into portfolio companies and allow them to scale their involvement. The document provides an example demo of how such a platform may work.

1. When The Boardroom is BitsSteve Blankwww.steveblank.comTwitter: sgblank

2. This Talk10 Things We Learned in the Last Year ………………………

3. Experienced Advice Matters

4. Solving the Early Stage-Experience Gap

5. The Boardroom is BitsFirst10 Things We Learned in the Last Year

6. #1Business Schools turned 300 years of business experience into an MBA

7. #1Business Schools turned 300 years of business experience into an MBAMBA = Masters of Business Administration

8. #2Tech Entrepreneurship + Venture Capital is ~50 Years OldStartups are Smaller Versions of Large Companies

9. #2Tech Entrepreneurship + Venture Capital is ~ 50 Years OldStartups are Smaller Versions of Large Companies

10. #2×Tech Entrepreneurship + Venture Capital is ~ 50 Years OldStartups are Smaller Versions of Large Companiesoops

11. #3Companies execute business modelsStartups search for business models

12. #3Companies execute business modelsStartups search for business models

13. #3Companies execute business modelsStartups search for business models✓

14. #4A startup is a temporary organization designed to search for a scalable and repeatable business model

15. #5Startups need their own tools, different from those used in existing companies

16. #5Startups need their own tools, different from those used in existing companies

17. #6Customer Development = process to searchBusiness Model Canvas is the ScorecardAgile Engineering is How We Build Startups

18. #7Customer Development =process to searchBusiness Model Canvas =the ScorecardAgile Engineering is How We Build StartupsFarming conventions.

19. Demo, demo, and demo!!

20. Proximity is paramount

21. Technology Design

22. Marketing

23. Demo and customer feedback

24. Research Labs

25. Equipment Manufacturers

26. Distribution Network

27. Service Providers

28. Cost Reduction

29. Remove labor force pains

30. Eliminate bio-waste hazards

31. Organic Farmers

32. Weeding Service Providers

33. Conventional Farmers

34. IP – Patents

35. Video Classifier Files

36. Robust Technology

37. Dealers

38. Direct Service

39. Indirect Service

40. … then Dealers

41. Asset Sale

42. Direct Service with equipment rental

43. … then Asset SaleValue-Driven

44. #8Customer Development is the process used to searchBusiness Model Canvas is the ScorecardAgile Development is How We Build Startups

45. #9Startups that pivot 1 or 2 times: raise 2.5x more money

46. have 3.6x better user growth

47. 52% less likely to scale prematurely than startups that pivot more than 2 times or not at allStartup Genome Report

48. #9Startups that pivot 1 or 2 times: raise 2.5x more money

49. have 3.6x better user growth

50. 52% less likely to scale prematurely than startups that pivot more than 2 times or not at allStartups that have: helpful mentors

51. listen to customers,

52. learn from startup thought leadersRaise 7x more money and have 3.5x better user growthStartup Genome Report

53. #10We’ve cracked the code in teaching entrepreneurship

54. #10We’ve cracked the code in teaching entrepreneurshiphttp://steveblank.com/category/lean-launchpad/

55. What Have We Learned in the Last Year? Startups ≠ MBA toolset Startup ToolsetCustomer DevelopmentBusiness Model CanvasAgile DevelopmentWe have real data that this worksA Better Way to Teach Entrepreneurship

56. What’s Next?

57. Hypothesis:Experienced Advice Matters

58. Hypothesis:Experienced Advice Matters

59. You1board at a time

60. You1board at a timeVC’s6 - 12 boards at a time

61. You1board at a timeVC’s6 - 12 boards at a time XAvg 4 years per board

62. You1board at a timeVC’s6 - 12 boards at a time XAvg 4 years per board X2 VC’s per board

63. You1board at a timeVC’s6 - 12 boards at a time XAvg 4 years per board X 2 VC’s per board=~50-100x Pattern Recognition

64. You1

65. You1VC’s50 - 100

66. You1VC’s50 - 100(Discount for 7 Deadly Sins)

67. 50 - 100 ≥ 1

68. 50 - 100 ≥ 1The Early Stage-Experience Gap

69. Solving the Early Stage-Experience Gap

70. Venture Funded companies have boardsAngel Funded companies often do notExperienced Advice is sparse outside of technology clusters

71. Venture Funded companies have boardsEarly Stage companies often do notExperienced Advice is sparse outside of technology clusters

72. Venture Funded companies have boardsAngel Funded companies often do notExperienced Advice is sparse outside of technology clusters

73. Why Have a Board Meeting?InvestorFiduciary ResponsibilityCompany has asymmetric informationBoard has legal responsibility to their Limited PartnersMaximize Investment PotentialBoard has asymmetric knowledge 50-100x experience Good board asks hard questions

74. Why Have a Board Meeting?FounderBoard Guidance50-100x more experience = Pattern recognitionMultiple opinions across VC’sBoard Network Customers, Partners, Recruiting, Financing ObligationIt came with the check

75. Board Meetings Are Heavyweight Processes Antithesis of Lean

76. Board Meetings Are Heavyweight Processes Antithesis of Lean

77. Board Meetings Haven’t Evolved

78. We Act Like It’s the 19th CenturyWhy do we need to get together in one room?Why do we need to wait a month to see progress?Why don’t we have standards for what you want?Why haven’t we adopted the tools we build/sell?

79. How to Run a Board MeetingLogisticsSend out board materials 2 days before, have board dinnerApprove minutes, stock grantsBusiness Highlights/Lowlightssummary of key events since last meetingFinancials versus Budgetwaterfall chartsManagement asks the board to helpstrategy, markets, key hires, introductions.Executive sessionMeet without management to discuss performance

80. How to Run a Board MeetingLogisticsApprove minutes, stock grantsBusiness Highlights/Lowlightssummary of key events since last meetingFinancials versus Budgetwaterfall chartsManagement asks the board to helpstrategy, markets, key hires, introductions.Executive sessionMeet without management to discuss performanceMiscSend out board materials 2 days before, have board dinnerWhy?

81. What’s Wrong With a Board Meeting?Time between meetings (every 4-6 weeks)Strategy-to-tactic-to implementation lagOften no follow-up on the outcomesDiffuse board member attention (sits on 6-12 boards)Punctuated Exec Staff Performance“The Get Ready for the Board Meeting” drillIt’s often a performance rather than a snapshotNo standards for what each side doesWhat is the entrepreneur supposed to be doing?What are the board members supposed to be contributing?

82. What’s Wrong With a Board Meeting?Time between meetings (every 4-6 weeks)Strategy-to-tactic-to implementation lagDiffuse board member attention (sits on 6-12 boardsPunctuated Exec Staff Performance“The Get Ready for the Board Meeting” drillIt’s often a performance rather than a snapshotNo standards for what each side doesWhat is the entrepreneur supposed to be doing?What are the board members supposed to be contributing?Why?

83. Solution:Make The Boardroom Bits

84. We Can Do This Via the Net

85. We Can Do This Via the Net24/7

86. We Can Do This Via the NetConnecting Advisors to/from Anywhere

87. Focus on What’s ImportantIt’s about the search for the business modelNot income statement, cash flow, balance sheetAdvice/Guidance about metrics around the searchWhat are the Business model hypotheses?What are the most important hypotheses to test now?Progress of validating each hypothesesWhat are the iterations and Pivots – and why?

88. Continuous Information AccessFounders / mgmt team invest 1 hour a weekStructured blogUnstructured dataFormal business model canvasReal-time advisor/board feedback

89. We Made Students Blog Their Progress

90. How?Customer DevelopmentThe ProcessNarrativeInterviewsSurveysVideosPrototypesBusiness Model CanvasScorekeepingReal-time FeedbackPhysical Reality ChecksSkypeFace-to-face

91. We Made Students Blog Their ProgressIt Changed Everything

92. Interview

93. PhotosVideos

94. Surveys

95. Interview& Photos

96. Competitive Analysis

97. Key Findings

98. A/B Test Results

99. Key Question

100. Strategy

101. Business Model Canvas as the Scorecard

103. Business Canvas Change Progress 1

104. Business Canvas Change Progress 2

105. Business Canvas Change Progress 3

106. Business Canvas Change Progress 4

107. Business Canvas Change Progress 5

108. Business Canvas Change Progress 6

109. Business Canvas Change Progress 7

110. DemoBen MappenLean LaunchLab

111. Product Demo

113. CANVAS diagram is interactive and “stateful”

114. CANVAS diagram is interactive and “stateful”Enter your hypotheses here

115. CANVAS diagram is interactive and “stateful”Test your hypotheses andrecord learnings in blog format

116. CANVAS diagram is interactive and “stateful”Test your hypotheses andrecord learnings in blog formatInterviewsSurveysVideosPhotosetc

117. CANVAS diagram is interactive and “stateful”Test your hypotheses andrecord learnings in blog formatInvite your advisors and investors to your project

118. CANVAS diagram is interactive and “stateful”Test your hypotheses andrecord learnings in blog formatInvite your advisors and investors to your projectThey can view progressby flipping thru your CANVAS diagrams

119. CANVAS diagram is interactive and “stateful”Test your hypotheses andrecord learnings in blog formatInvite your advisors and investors to your projectThey can view progressby flipping thru your CANVAS diagramsThey can post feedback and leave comments inline

120. CANVAS diagram is interactive and “stateful”Test your hypotheses andrecord learnings in blog formatInvite your advisors and investors to your projectThey can view progressby flipping thru your CANAVAS diagramsThey can post feedback and leave comments inlineGet email alert when newfeedback comes in

121. CANVAS diagram is interactive and “stateful”Test your hypotheses andrecord learnings in blog formatInvite your advisors and investors to your projectThey can view progressby flipping thru your CANAVAS diagramsThey can post feedback and leave comments inlineGet email alert when newfeedback comes inThe LeanBoard Meeting

122. Sign up for private beta (FREE)http://www.leanlaunchlab.com@leanlaunchlabBen Mappenbenmappen@gmail.com

123. What Does this Change?For Angel-Funded StartupsAngel funded startups can now get experienced adviceNo longer requires board commitment for involvementEncourages investors who need visibilityEnds repetition at each investor coffeeTurns adhoc startups into strategy-driven startupsInvites investor participation in the processProfessionalize the “throw it against the wall and see if it sticks”Highly time-efficient for investor and foundersEliminates Geography as a barrier to investment!

124. What Does this Change?For VC’s and AngelsFor the first time a structure for “search”Real-time monitoring of startup progressZero-lag for coaching and course-correctionImmediate follow-up on board meeting outcomesAllows a single VC to multiply their reach and/or depthEliminates Geography as a barrier to investment!

125. Show Me the Money

126. It’s about time!Email me jdf@mdv.com

127. Great ExperimentEmail me ann@floodgate.com

128. This Solves A Real Problem

129. This Solves A Real ProblemI thought it was such a good idea I Just funded the Lean LaunchLabEmail me:shawn@menloventures.com

130. Lets experiment with the ideaNow at Gould InvestmentsEmail me:Kathryn@gouldinvestments.com

131. Wouldn’t miss trying this!Email me:eric@ingroup.com

132. Thanks