Lean Startup Machine 2010

LeanStartupMachine NYC (July 23-25, 2010) *An Intro by San Kim (EaselLearning.com/iPad)

Agenda What is Lean Startup? (Hint: lean != cheap) How Lean Startup makes founders' lives easier Why you should start a company

Pre-assumptions 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 big companies http://www.startuplessonslearned.com/2010/06/what-is-startup.html

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?

Lean Startup 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.

Customer Feedback 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”

The Pivot Going from one iteration to the next based on customer feedback Keeping what works, changing what doesn’t. Not a leap! http://www.startuplessonslearned.com/2009/06/pivot-dont-jump-to-new-vision.html

Lean Feedback Loop http://www.slideshare.net/startuplessonslearned/eric-ries-lean-startup-fundamental- feedback-loop-and-workshop-info-from-web-20-expo-leanstartup

Minimum Viable Product Only the core features necessary to put in front of customers Ex: Buggy alpha, landing page, screenshots, video http://venturehacks.com/articles/minimum-viable-product

Product/Market Fit Product is validated by the market Marketing & sales proven to be effective and repeatable Minimize burn until you get to P/M ﬁt http://startup-marketing.com/the-startup-pyramid/

After P/M Fit SPEND LIKE CRAZY! (and optimize)

Don’t Sweat the Big Stuff Sales/PR/Marketing Management Infrastructure Crazy features Raising Money

Raising Money 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

Startup Pros: Change the world, create something out of nothing REALLY fun Live with a purpose

What If I Fail? Will have gained: • Enormous experience • AWESOME resume item Better & cheaper than biz school

Key Takeaways • Engage customers early and often - "Get out of the building" • Start building today. • Join the NYC startup community today.

Links • Eric Ries http://www.startuplessonslearned.com/2010/04/ﬁve- myths-about-lean-startup.html • Steve Blank http://ecorner.stanford.edu/authorMaterialInfo.html? mid=2056 (Click podcast > download mp3) • Eric Ries http://www.vimeo.com/7345172 (slides: http:// www.slideshare.net/startuplessonslearned/2009-09-21-the-lean- startup-seedcamp-edition) • Sean Ellis http://startup-marketing.com/the-startup-pyramid/ • Steve Blank http://venturehacks.com/articles/cheap-startups • venturehacks.com

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Lean Startup Machine 2010

by San Kim on Jul 17, 2010

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