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When the Boardroom is Bits
 

When the Boardroom is Bits

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  • Really interesting presentation! thanks a lot.
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  • Great stuff. Looking forward to see it broken down further in possible steps.

    If I state an idea/hypothesis, can you give me the possibility (in the LeanLab) to select

    - with whom or what I want to validate this (what kind/type of person or object)
    - with what (interview, survey, prototype etc.)
    - how (interview questions, materials test etc.)
    - with what kind of measurement ('units', statistical validity etc.).

    It would help me to get the structure even more actionable.
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  • Great insights. Thanks Steve!
    tomk
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  • Great presentation. Something really has changed last year. Thanks for sharing!
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    When the Boardroom is Bits When the Boardroom is Bits Presentation Transcript

    • When The Boardroom is Bits
      Steve Blank
      www.steveblank.com
      Twitter: sgblank
    • This Talk
      • 10 Things We Learned in the Last Year ………………………
      • Experienced Advice Matters
      • Solving the Early Stage-Experience Gap
      • The Boardroom is Bits
    • First
      10 Things We Learned in the Last Year
    • #1
      Business Schools turned 300 years of business experience into an MBA
    • #1
      Business Schools turned 300 years of business experience into an MBAMBA = Masters of Business Administration
    • #2
      Tech Entrepreneurship + Venture Capital is ~50 Years OldStartups are Smaller Versions of Large Companies
    • #2
      Tech Entrepreneurship + Venture Capital is ~ 50 Years OldStartups are Smaller Versions of Large Companies
    • #2
      ×
      Tech Entrepreneurship + Venture Capital is ~ 50 Years OldStartups are Smaller Versions of Large Companies
      oops
    • #3
      Companies execute business modelsStartups search for business models
    • #3
      Companies execute business modelsStartups search for business models
    • #3
      Companies execute business modelsStartups search for business models

    • #4
      A startup is a temporary organization designed to search for a scalable and repeatable business model
    • #5
      Startups need their own tools, different from those used in existing companies
    • #5
      Startups need their own tools, different from those used in existing companies
    • #6
      Customer Development = process to searchBusiness Model Canvas is the ScorecardAgile Engineering is How We Build Startups
    • #7
      Customer Development =process to searchBusiness Model Canvas =the ScorecardAgile Engineering is How We Build Startups
      • Farming conventions.
      • Demo, demo, and demo!!
      • Proximity is paramount
      • Technology Design
      • Marketing
      • Demo and customer feedback
      • Research Labs
      • Equipment Manufacturers
      • Distribution Network
      • Service Providers
      • Cost Reduction
      • Remove labor force pains
      • Eliminate bio-waste hazards
      • Organic Farmers
      • Weeding Service Providers
      • Conventional Farmers
      • IP – Patents
      • Video Classifier Files
      • Robust Technology
      • Dealers
      • Direct Service
      • Indirect Service
      • … then Dealers
      • Asset Sale
      • Direct Service with equipment rental
      • … then Asset Sale
      Value-Driven
    • #8
      Customer Development is the process used to searchBusiness Model Canvas is the ScorecardAgile Development is How We Build Startups
    • #9
      Startups that pivot 1 or 2 times:
      • raise 2.5x more money
      • have 3.6x better user growth
      • 52% less likely to scale prematurely
      than startups that pivot more than 2 times or not at all
      Startup Genome Report
    • #9
      Startups that pivot 1 or 2 times:
      • raise 2.5x more money
      • have 3.6x better user growth
      • 52% less likely to scale prematurely
      than startups that pivot more than 2 times or not at all
      Startups that have:
      • helpful mentors
      • listen to customers,
      • learn from startup thought leaders
      Raise 7x more money and have 3.5x better user growth
      Startup Genome Report
    • #10
      We’ve cracked the code in teaching entrepreneurship
    • #10
      We’ve cracked the code in teaching entrepreneurship
      http://steveblank.com/category/lean-launchpad/
    • What Have We Learned in the Last Year?
      Startups ≠ MBA toolset
      Startup Toolset
      Customer Development
      Business Model Canvas
      Agile Development
      We have real data that this works
      A Better Way to Teach Entrepreneurship
    • What’s Next?
    • Hypothesis:Experienced Advice Matters
    • Hypothesis:Experienced Advice Matters
    • You1board at a time
    • You1board at a time
      VC’s6 - 12 boards at a time
    • You1board at a time
      VC’s6 - 12 boards at a time
      X
      Avg 4 years per board
    • You1board at a time
      VC’s6 - 12 boards at a time
      X
      Avg 4 years per board
      X
      2 VC’s per board
    • You1board at a time
      VC’s6 - 12 boards at a time
      X
      Avg 4 years per board
      X
      2 VC’s per board
      =
      ~50-100x Pattern Recognition
    • You1
    • You1
      VC’s50 - 100
    • You1
      VC’s50 - 100
      (Discount for 7 Deadly Sins)
    • 50 - 100 ≥ 1
    • 50 - 100 ≥ 1
      The Early Stage-Experience Gap
    • Solving the Early Stage-Experience Gap
    • Venture Funded companies have boards
      Angel Funded companies often do not
      Experienced Advice is sparse outside of technology clusters
    • Venture Funded companies have boards
      Early Stage companies often do not
      Experienced Advice is sparse outside of technology clusters
    • Venture Funded companies have boards
      Angel Funded companies often do not
      Experienced Advice is sparse outside of technology clusters
    • Why Have a Board Meeting?Investor
      Fiduciary Responsibility
      Company has asymmetric information
      Board has legal responsibility to their Limited Partners
      Maximize Investment Potential
      Board has asymmetric knowledge 50-100x experience
      Good board asks hard questions
    • Why Have a Board Meeting?Founder
      Board Guidance
      50-100x more experience = Pattern recognition
      Multiple opinions across VC’s
      Board Network
      Customers, Partners, Recruiting, Financing
      Obligation
      It came with the check
    • Board Meetings Are Heavyweight Processes Antithesis of Lean
    • Board Meetings Are Heavyweight Processes Antithesis of Lean
    • Board Meetings Haven’t Evolved
    • We Act Like It’s the 19th Century
      Why 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?
    • How to Run a Board Meeting
      Logistics
      Send out board materials 2 days before, have board dinner
      Approve minutes, stock grants
      Business Highlights/Lowlights
      summary of key events since last meeting
      Financials versus Budget
      waterfall charts
      Management asks the board to help
      strategy, markets, key hires, introductions.
      Executive session
      Meet without management to discuss performance
    • How to Run a Board Meeting
      Logistics
      Approve minutes, stock grants
      Business Highlights/Lowlights
      summary of key events since last meeting
      Financials versus Budget
      waterfall charts
      Management asks the board to help
      strategy, markets, key hires, introductions.
      Executive session
      Meet without management to discuss performance
      Misc
      Send out board materials 2 days before, have board dinner
      Why?
    • What’s Wrong With a Board Meeting?
      Time between meetings (every 4-6 weeks)
      Strategy-to-tactic-to implementation lag
      Often no follow-up on the outcomes
      Diffuse board member attention (sits on 6-12 boards)
      Punctuated Exec Staff Performance
      “The Get Ready for the Board Meeting” drill
      It’s often a performance rather than a snapshot
      No standards for what each side does
      What is the entrepreneur supposed to be doing?
      What are the board members supposed to be contributing?
    • What’s Wrong With a Board Meeting?
      Time between meetings (every 4-6 weeks)
      Strategy-to-tactic-to implementation lag
      Diffuse board member attention (sits on 6-12 boards
      Punctuated Exec Staff Performance
      “The Get Ready for the Board Meeting” drill
      It’s often a performance rather than a snapshot
      No standards for what each side does
      What is the entrepreneur supposed to be doing?
      What are the board members supposed to be contributing?
      Why?
    • Solution:Make The Boardroom Bits
    • We Can Do This Via the Net
    • We Can Do This Via the Net
      24/7
    • We Can Do This Via the Net
      Connecting Advisors to/from Anywhere
    • Focus on What’s Important
      It’s about the search for the business model
      Not income statement, cash flow, balance sheet
      Advice/Guidance about metrics around the search
      What are the Business model hypotheses?
      What are the most important hypotheses to test now?
      Progress of validating each hypotheses
      What are the iterations and Pivots – and why?
    • Continuous Information Access
      Founders / mgmt team invest 1 hour a week
      Structured blog
      Unstructured data
      Formal business model canvas
      Real-time advisor/board feedback
    • We Made Students Blog Their Progress
    • How?
      Customer Development
      The Process
      Narrative
      Interviews
      Surveys
      Videos
      Prototypes
      Business Model Canvas
      Scorekeeping
      Real-time Feedback
      Physical Reality Checks
      Skype
      Face-to-face
    • We Made Students Blog Their Progress
      It Changed Everything
    • Interview
    • Photos
      Videos
    • Surveys
    • Interview
      & Photos
    • Competitive Analysis
    • Key Findings
    • A/B Test Results
    • Key Question
    • Strategy
    • Business Model Canvas as the Scorecard
    • Business Canvas Change Progress
      1
    • Business Canvas Change Progress
      2
    • Business Canvas Change Progress
      3
    • Business Canvas Change Progress
      4
    • Business Canvas Change Progress
      5
    • Business Canvas Change Progress
      6
    • Business Canvas Change Progress
      7
    • Demo
      Ben Mappen
      Lean LaunchLab
    • Product Demo
    • CANVAS diagram is interactive and “stateful”
    • CANVAS diagram is interactive and “stateful”
      Enter your hypotheses here
    • CANVAS diagram is interactive and “stateful”
      Test your hypotheses and
      record learnings in blog format
    • CANVAS diagram is interactive and “stateful”
      Test your hypotheses and
      record learnings in blog format
      Interviews
      Surveys
      Videos
      Photos
      etc
    • CANVAS diagram is interactive and “stateful”
      Test your hypotheses and
      record learnings in blog format
      Invite your advisors and investors to your project
    • CANVAS diagram is interactive and “stateful”
      Test your hypotheses and
      record learnings in blog format
      Invite your advisors and investors to your project
      They can view progress
      by flipping thru your CANVAS diagrams
    • CANVAS diagram is interactive and “stateful”
      Test your hypotheses and
      record learnings in blog format
      Invite your advisors and investors to your project
      They can view progress
      by flipping thru your CANVAS diagrams
      They can post feedback and leave comments inline
    • CANVAS diagram is interactive and “stateful”
      Test your hypotheses and
      record learnings in blog format
      Invite your advisors and investors to your project
      They can view progress
      by flipping thru your CANAVAS diagrams
      They can post feedback and leave comments inline
      Get email alert when new
      feedback comes in
    • CANVAS diagram is interactive and “stateful”
      Test your hypotheses and
      record learnings in blog format
      Invite your advisors and investors to your project
      They can view progress
      by flipping thru your CANAVAS diagrams
      They can post feedback and leave comments inline
      Get email alert when new
      feedback comes in
      The Lean
      Board Meeting
    • Sign up for private beta (FREE)
      http://www.leanlaunchlab.com
      @leanlaunchlab
      Ben Mappen
      benmappen@gmail.com
    • What Does this Change?For Angel-Funded Startups
      Angel funded startups can now get experienced advice
      No longer requires board commitment for involvement
      Encourages investors who need visibility
      Ends repetition at each investor coffee
      Turns adhoc startups into strategy-driven startups
      Invites investor participation in the process
      Professionalize the “throw it against the wall and see if it sticks”
      Highly time-efficient for investor and founders
      Eliminates Geography as a barrier to investment!
    • What Does this Change?For VC’s and Angels
      For the first time a structure for “search”
      Real-time monitoring of startup progress
      Zero-lag for coaching and course-correction
      Immediate follow-up on board meeting outcomes
      Allows a single VC to multiply their reach and/or depth
      Eliminates Geography as a barrier to investment!
    • Show Me the Money
    • It’s about time!
      Email me
      jdf@mdv.com
    • Great Experiment
      Email me
      ann@floodgate.com
    • This Solves A Real Problem
    • This Solves A Real Problem
      I thought it was such a good idea I Just funded the Lean LaunchLab
      Email me:
      shawn@menloventures.com
    • Lets experiment with the idea
      Now at Gould Investments
      Email me:
      Kathryn@gouldinvestments.com
    • Wouldn’t miss trying this!
      Email me:
      eric@ingroup.com
    • Thanks