(July 23-25, 2010)
*An Intro by San Kim (EaselLearning.com/iPad)
What is Lean Startup? (Hint: lean != cheap)
How Lean Startup makes founders' lives
Why you should start a company
You are not interested solely on money
You are intrigued by the idea of creating
something from nothing
You want to create something BIG
What Is a Startup
Not small version of big company
Startups operate in extreme uncertainty.
Need to throw away some rules that apply to
Why Do Startups Fail?
NOT because of tech
#1 Reason: No one wants the product
Old Venture Model
Raise money > Build in secret > Huge launch
What if no one wants it?
You the founder do not know exactly what
kind of product the customer wants/needs.
Your job is to use customer feedback to
rapidly pivot to reach product/market ﬁt
before running out of money.
Not just numbers (Google Analytics)
“Get out of the building”
Steve Blank quote: “If you’ve never personally
sold your product to customers, you’ll never
be a great entrepreneur”
Going from one iteration to the next based
on customer feedback
Keeping what works, changing what doesn’t.
Not a leap!
Only the core features necessary to put in
front of customers
Ex: Buggy alpha, landing page, screenshots,
Product is validated by the market
Marketing & sales proven to be effective and
Minimize burn until you get to P/M ﬁt
After P/M Fit
SPEND LIKE CRAZY! (and optimize)
Don’t Sweat the Big Stuff
NO ONE will fund you without a product
NO ONE will fund you without traction
“$50K is the new $5MM”
Easel iPad app ﬁrst ship: <$2K, 1.5 months
DO Worry About
Participating in community
“Startup Karma”: Give back to the community,
and the community WILL reward you
Learning like crazy from others
Change the world, create something out of
Live with a purpose
What If I Fail?
Will have gained:
• Enormous experience
• AWESOME resume item
Better & cheaper than biz school
• Engage customers early and often - "Get out
of the building"
• Start building today.
• Join the NYC startup community today.
• Eric Ries http://www.startuplessonslearned.com/2010/04/ﬁve-
• Steve Blank http://ecorner.stanford.edu/authorMaterialInfo.html?
mid=2056 (Click podcast > download mp3)
• Eric Ries http://www.vimeo.com/7345172 (slides: http://
• Sean Ellis http://startup-marketing.com/the-startup-pyramid/
• Steve Blank http://venturehacks.com/articles/cheap-startups
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