Eric Ries' presentation on lean startups. From Steve Blank's Customer Development course at Berkeley. Learn more and hear the audio at http://bit.ly/3qsvJ.
This is an internal “brown bag” presentation I did at PlayHaven, introducing the fundamentals of Lean Startup methodology. Unfortunately, the Cookie Monster GIF doesn’t animate in the Slideshare presentation but you enjoy it 24/7 by clicking this link: http://gifsoup.com/view/1836944/cookie-monster.html :)
Also note that you may notice a few jumps in the included audio recording - I had to remove some sensitive material.
Ryan
@rrhoover
http://ryanhoover.me
This document provides an overview and syllabus for the course "Customer Development in the High-Tech Enterprise" taught by Steve Blank. The course is divided into two parts over 12 weeks and will cover key concepts in customer development, applying the customer development methodology to case studies of companies, and having student teams conduct a research project analyzing a company using customer development. The syllabus outlines the weekly classes, assigned readings, cases to be discussed, application exercises for students, and the team research project which accounts for 50% of the grade. The course aims to teach students how to reduce product/market risk and bring new products to market through customer development and validation.
The document contrasts the differences between startups and small businesses, and between the roles of founders and later-stage management. It discusses how startups focus on searching for a scalable business model through customer development and hypothesis testing, rather than on accounting or execution. As companies transition from startups to established businesses, founders typically leave to be replaced by professional managers, and the focus shifts from searching to executing the found business model.
Lean startup, customer development, and the business model canvasgistinitiative
The document discusses key concepts in lean startup methodology, including building business models focused on customer development rather than business plans, developing minimum viable products to test hypotheses, and using an iterative build-measure-learn process. It provides examples of how startups should focus on building products that solve customer pains and create gains rather than features, and emphasizes conducting customer interviews to gather evidence and test hypotheses about the business model.
The document discusses lean startup methodology and innovation accounting. It emphasizes three key points:
1. Entrepreneurs should view their business model as a system and build models to represent it, just as scientists build models. This includes documenting assumptions and risks.
2. Startups should focus on achieving problem/solution fit, product/market fit, and then scaling, with clear metrics to measure success at each stage.
3. The lean stack approach of using a lean canvas, lean dashboard, and experiment reports can help entrepreneurs apply a scientific approach to validating assumptions and improving their business model.
This is an internal “brown bag” presentation I did at PlayHaven, introducing the fundamentals of Lean Startup methodology. Unfortunately, the Cookie Monster GIF doesn’t animate in the Slideshare presentation but you enjoy it 24/7 by clicking this link: http://gifsoup.com/view/1836944/cookie-monster.html :)
Also note that you may notice a few jumps in the included audio recording - I had to remove some sensitive material.
Ryan
@rrhoover
http://ryanhoover.me
This document provides an overview and syllabus for the course "Customer Development in the High-Tech Enterprise" taught by Steve Blank. The course is divided into two parts over 12 weeks and will cover key concepts in customer development, applying the customer development methodology to case studies of companies, and having student teams conduct a research project analyzing a company using customer development. The syllabus outlines the weekly classes, assigned readings, cases to be discussed, application exercises for students, and the team research project which accounts for 50% of the grade. The course aims to teach students how to reduce product/market risk and bring new products to market through customer development and validation.
The document contrasts the differences between startups and small businesses, and between the roles of founders and later-stage management. It discusses how startups focus on searching for a scalable business model through customer development and hypothesis testing, rather than on accounting or execution. As companies transition from startups to established businesses, founders typically leave to be replaced by professional managers, and the focus shifts from searching to executing the found business model.
Lean startup, customer development, and the business model canvasgistinitiative
The document discusses key concepts in lean startup methodology, including building business models focused on customer development rather than business plans, developing minimum viable products to test hypotheses, and using an iterative build-measure-learn process. It provides examples of how startups should focus on building products that solve customer pains and create gains rather than features, and emphasizes conducting customer interviews to gather evidence and test hypotheses about the business model.
The document discusses lean startup methodology and innovation accounting. It emphasizes three key points:
1. Entrepreneurs should view their business model as a system and build models to represent it, just as scientists build models. This includes documenting assumptions and risks.
2. Startups should focus on achieving problem/solution fit, product/market fit, and then scaling, with clear metrics to measure success at each stage.
3. The lean stack approach of using a lean canvas, lean dashboard, and experiment reports can help entrepreneurs apply a scientific approach to validating assumptions and improving their business model.
Lean startup workshop: practical ways to turn your idea into a successful pro...Made by Many
This document summarizes a Lean Startup workshop about turning ideas into successful products through a scientific and customer-centric approach. The workshop teaches rapid prototyping and testing hypotheses with minimum viable products to gain validated learning. It provides examples from Skype's classroom initiative, where initial assumptions were tested and pivoted based on customer interviews. Different types of pivots are also outlined to respond to validated learning from experiments.
The minimum viable product (MVP) is the minimum set of features needed to learn from early adopters and avoid building products that nobody wants. It maximizes learning per dollar spent and is probably much more minimum than you think. An MVP allows achieving a big vision in small increments through iteration without going in circles chasing what customers think they want. The unit of progress is validated learning about customers through techniques like smoke testing landing pages, in-product split testing, and customer discovery to minimize the total time in the build-measure-learn loop.
Aubrey Smith, Sparked Advisory
In this training, we will build on the foundation established in Lean Startup 101 and 201 by delving into examples and cases of the Lean Startup concepts in action. Attendees of Lean Startup 301 will be exposed to cutting edge work from thought leaders and experts using Lean Startup in practice today — at startups and within the enterprise. Participation in this session is essential: You will be asked to help design an MVP and experiment to test critical Leap of Faith Assumption(s) in groups and will be encourage to share experiences. The session is designed to allow attendees to stretch their skills and to push one-another to ‘learn by doing’. The session will also include:
Sample cases and live interviews with practitioners highlighting the application of core concepts;
Exercises designed to bring the concepts to life and challenge participants to deepen their skills;
Discussion of advanced topics such organizational culture and governance as well as industry-specific concepts such as using Lean Startup in heavily regulated markets.
Thanks to Lean Startup Co.’s law firm, Orrick, for being the sponsor for this track.
The document discusses the Customer Development methodology for startups as an alternative to the traditional Product Development model. It argues that Customer Development should be treated as equally important as Product Development from the beginning. The Customer Development process involves four steps: Customer Discovery, Customer Validation, Customer Creation, and Company Building. The goal at each step is to learn about customers through experiments and feedback rather than assume the business model is correct from the start.
The document discusses the Lean Startup methodology, which involves building a minimum viable product, measuring customer behavior, and using validated learning to improve the product through an iterative process. Some key principles are minimizing time in the build-measure-learn loop, pivoting based on learnings before running out of resources, and using metrics that are actionable, accessible, and auditable. Pioneers of Lean Startup include Eric Ries and Steve Blank. The methodology aims to reduce risk and failure rates for startups facing uncertainty.
The document summarizes key principles from Eric Ries' book on building successful startups using a "Lean" approach. It discusses 5 principles: (1) entrepreneurs are everywhere, (2) entrepreneurship is management, (3) startups exist to learn how to build a sustainable business through validated learning, (4) the build-measure-learn cycle allows for rapid iteration, and (5) innovation accounting helps prioritize work. It emphasizes the importance of rapid prototyping to validate assumptions and learn quickly from customers through metrics. Pivoting the business model based on learnings, rather than stubbornly sticking to initial ideas, is also highlighted as critical to the Lean approach for building enduring businesses.
Eric Ries, Author/Speaker/Consultant, The Lean Startup500 Startups
Presentation by Eric Ries (Author/Speaker/Consultant, The Lean Startup) at the 'Lean Startup, Lean Investor' event on November 3, 2010 (Produced by 500 Startups & Nokia/Nokia Growth Partners)
The document discusses different types of startups: Lifestyle startups focus on passion projects with small revenues. Small business startups aim to support a family with a known product. Scalable startups search for a business model to grow big with unknown customers/features. Buyable startups seek an exit through acquisition. The document also discusses sustaining/disruptive innovation at large companies and social entrepreneurship. It defines a startup as searching for a repeatable, scalable business model under uncertainty. The lean startup process is presented as a solution to validate learning through frequent experiments and customer feedback over rigid plans.
The document discusses the importance of defining an analytics strategy for startups. It explains that analytics can help startups learn faster through feedback loops, provide more clarity on customer behavior, and build consensus on future actions. The document then outlines keys to a great analytics strategy, including tightly integrating analytics with business strategy, using an iterative process, and defining measurable hypotheses. It recommends focusing analytics on segmentation/cohort analysis, retention, funnels, revenue tracking, and marketing effectiveness. Case studies on Airbnb, Khan Academy, and Jawbone demonstrate how analytics provided insights to optimize processes and better understand customer needs.
Summary of the strategy of building low-burn-rate startups, i.e. capital efficient and generally frugal. By taking advantage of open source, agile software, and iterative development, lean startups can operate with much less waste.
Phil Dillard, Black Ant, @PhilD0210
The objective of the Lean Startup 101 training is to introduce the concepts, terminology and approaches — and, to help organizations overcome resistance accepting the new approach so that exploration and learning can begin. This practical, interactive session will provide a solid foundation for advanced sessions, including the Lean Startup 201 & 301. This training is designed for practitioners in both the enterprise and in startups who are relatively new to the Lean Startup approach or who are seeking a quick refresher. Lean Startup 101 is a perfect way to kick off your week of Lean Startup!
Thanks to Lean Startup Co.’s law firm, Orrick, for being the sponsor for this track.
1. The document discusses the concepts of product/market fit and how to achieve it through building minimum viable products and getting user feedback.
2. It emphasizes the importance of developing something with real customers in mind from the beginning and continuously learning through iteration.
3. Key steps discussed are defining the market, creating an initial product idea, conducting user interviews, building a minimum viable product, measuring user retention and flow, and being willing to pivot the product or business model as needed based on what is learned.
This document discusses different types of startups and businesses. It begins by distinguishing between small businesses, which serve known customers with known products to generate revenue under $1 million, and scalable startups, which aim to solve unknown customer problems and build large companies generating over $100 million annually.
It then describes the three types of markets that startups can enter: existing markets with known customers and products, new or emerging markets with unknown customer needs, and disruptive markets that require new technologies or business models. Depending on the market type, startups must approach customer development, sales, marketing, and business development differently.
The document emphasizes that startups are temporary organizations that search for a scalable and repeatable business
Eric Ries - The Lean Startup - Google Tech TalkEric Ries
This document discusses Lean Startup principles including validated learning, building-measuring-learning quickly through iterations, and innovation accounting. It emphasizes that entrepreneurship is management, startups are experiments, and most successful startups pivot their vision based on customer feedback. The Lean Startup methodology advocates for developing minimum viable products and continuously deploying, measuring and improving through techniques like A/B testing to rapidly learn what customers want.
This document discusses the Lean Startup methodology. It notes that the vast majority of new products and startups fail. The Lean Startup approach was developed by Eric Ries to help startups search for a scalable and profitable business model through experimentation and customer feedback. It advocates developing a minimum viable product and using the build-measure-learn process to continually pivot based on learning. The Lean Startup principles of validating learning and innovation accounting are also summarized.
A lean investor tells you why to love the problem and not the solution - Fred...pragmatic solutions gmbh
In my presentation I let you know how I became a lean investor and lean innovation trainer and why I do not invest anymore in start-ups working the traditional way.
However, this approach is not a cure-all. This means that an overwhelming majority of ideas for startups or corporates will fail regardless of how you approach it. My goal is to show you how to find this out as fast as possible and with the least effort. I point out the many pitfalls when working with Lean Startup/Lean Innovation and how to avoid them.
The focus is on how to find out whether you have targeted the right customer segment and if not, how to iterate with problem & solution interviews between the Problem, Solution and the Customer Segment Fields of the Lean Canvas until you have reached the Problem/Solution Fit.
The document outlines a customer development template for a sales meeting. It includes sections to understand the customer's needs, provide an overview of the company and product, demonstrate features, discuss limitations, get feedback on a potential roadmap, address objections, and next steps. The purpose is to determine if the customer is a fit and what it will take to do business with them. Key aspects covered include understanding the customer's goals and needs, showcasing key features, getting input on priority of future capabilities, addressing budget and decision process, and scheduling follow up meetings.
This document contains tips from various startup founders on topics related to starting a business. Some of the key points made include: understanding the market problems that can be solved with technology is important for successful companies; focusing on telling a genuine and interesting story about an idea can help it spread; listening to customers, such as by having company leaders answer support calls, is a useful technique; and getting early user feedback is important to improve a product before widely launching it.
Summary of the book Lean Startup by Eric Ries, plus comments from User Centered Design.
Resumen del libro Lean Startup de Eric Ries, mas comentarios de User Centered Design como contrapunto.
The document discusses the principles of the Lean Startup methodology. It defines a startup as an experiment to deliver a new product or service under conditions of uncertainty. Rather than following a traditional product development process, the Lean Startup approach advocates for building a minimum viable product and using continuous deployment and A/B testing to rapidly validate hypotheses and learn from customers. Key principles include minimizing the time to validate learning through the build-measure-learn loop and using metrics that are actionable, accessible and auditable.
The document provides an overview of the Lean Startup methodology. It discusses that the goal of a startup is to quickly figure out what customers want and will pay for through systematic experiments. The Lean Startup process involves having a clear vision and testing hypotheses about customer value and growth through a build-measure-learn feedback loop using minimum viable products. It emphasizes validated learning to determine whether to pivot the strategy or persevere based on empirical results.
Lean startup workshop: practical ways to turn your idea into a successful pro...Made by Many
This document summarizes a Lean Startup workshop about turning ideas into successful products through a scientific and customer-centric approach. The workshop teaches rapid prototyping and testing hypotheses with minimum viable products to gain validated learning. It provides examples from Skype's classroom initiative, where initial assumptions were tested and pivoted based on customer interviews. Different types of pivots are also outlined to respond to validated learning from experiments.
The minimum viable product (MVP) is the minimum set of features needed to learn from early adopters and avoid building products that nobody wants. It maximizes learning per dollar spent and is probably much more minimum than you think. An MVP allows achieving a big vision in small increments through iteration without going in circles chasing what customers think they want. The unit of progress is validated learning about customers through techniques like smoke testing landing pages, in-product split testing, and customer discovery to minimize the total time in the build-measure-learn loop.
Aubrey Smith, Sparked Advisory
In this training, we will build on the foundation established in Lean Startup 101 and 201 by delving into examples and cases of the Lean Startup concepts in action. Attendees of Lean Startup 301 will be exposed to cutting edge work from thought leaders and experts using Lean Startup in practice today — at startups and within the enterprise. Participation in this session is essential: You will be asked to help design an MVP and experiment to test critical Leap of Faith Assumption(s) in groups and will be encourage to share experiences. The session is designed to allow attendees to stretch their skills and to push one-another to ‘learn by doing’. The session will also include:
Sample cases and live interviews with practitioners highlighting the application of core concepts;
Exercises designed to bring the concepts to life and challenge participants to deepen their skills;
Discussion of advanced topics such organizational culture and governance as well as industry-specific concepts such as using Lean Startup in heavily regulated markets.
Thanks to Lean Startup Co.’s law firm, Orrick, for being the sponsor for this track.
The document discusses the Customer Development methodology for startups as an alternative to the traditional Product Development model. It argues that Customer Development should be treated as equally important as Product Development from the beginning. The Customer Development process involves four steps: Customer Discovery, Customer Validation, Customer Creation, and Company Building. The goal at each step is to learn about customers through experiments and feedback rather than assume the business model is correct from the start.
The document discusses the Lean Startup methodology, which involves building a minimum viable product, measuring customer behavior, and using validated learning to improve the product through an iterative process. Some key principles are minimizing time in the build-measure-learn loop, pivoting based on learnings before running out of resources, and using metrics that are actionable, accessible, and auditable. Pioneers of Lean Startup include Eric Ries and Steve Blank. The methodology aims to reduce risk and failure rates for startups facing uncertainty.
The document summarizes key principles from Eric Ries' book on building successful startups using a "Lean" approach. It discusses 5 principles: (1) entrepreneurs are everywhere, (2) entrepreneurship is management, (3) startups exist to learn how to build a sustainable business through validated learning, (4) the build-measure-learn cycle allows for rapid iteration, and (5) innovation accounting helps prioritize work. It emphasizes the importance of rapid prototyping to validate assumptions and learn quickly from customers through metrics. Pivoting the business model based on learnings, rather than stubbornly sticking to initial ideas, is also highlighted as critical to the Lean approach for building enduring businesses.
Eric Ries, Author/Speaker/Consultant, The Lean Startup500 Startups
Presentation by Eric Ries (Author/Speaker/Consultant, The Lean Startup) at the 'Lean Startup, Lean Investor' event on November 3, 2010 (Produced by 500 Startups & Nokia/Nokia Growth Partners)
The document discusses different types of startups: Lifestyle startups focus on passion projects with small revenues. Small business startups aim to support a family with a known product. Scalable startups search for a business model to grow big with unknown customers/features. Buyable startups seek an exit through acquisition. The document also discusses sustaining/disruptive innovation at large companies and social entrepreneurship. It defines a startup as searching for a repeatable, scalable business model under uncertainty. The lean startup process is presented as a solution to validate learning through frequent experiments and customer feedback over rigid plans.
The document discusses the importance of defining an analytics strategy for startups. It explains that analytics can help startups learn faster through feedback loops, provide more clarity on customer behavior, and build consensus on future actions. The document then outlines keys to a great analytics strategy, including tightly integrating analytics with business strategy, using an iterative process, and defining measurable hypotheses. It recommends focusing analytics on segmentation/cohort analysis, retention, funnels, revenue tracking, and marketing effectiveness. Case studies on Airbnb, Khan Academy, and Jawbone demonstrate how analytics provided insights to optimize processes and better understand customer needs.
Summary of the strategy of building low-burn-rate startups, i.e. capital efficient and generally frugal. By taking advantage of open source, agile software, and iterative development, lean startups can operate with much less waste.
Phil Dillard, Black Ant, @PhilD0210
The objective of the Lean Startup 101 training is to introduce the concepts, terminology and approaches — and, to help organizations overcome resistance accepting the new approach so that exploration and learning can begin. This practical, interactive session will provide a solid foundation for advanced sessions, including the Lean Startup 201 & 301. This training is designed for practitioners in both the enterprise and in startups who are relatively new to the Lean Startup approach or who are seeking a quick refresher. Lean Startup 101 is a perfect way to kick off your week of Lean Startup!
Thanks to Lean Startup Co.’s law firm, Orrick, for being the sponsor for this track.
1. The document discusses the concepts of product/market fit and how to achieve it through building minimum viable products and getting user feedback.
2. It emphasizes the importance of developing something with real customers in mind from the beginning and continuously learning through iteration.
3. Key steps discussed are defining the market, creating an initial product idea, conducting user interviews, building a minimum viable product, measuring user retention and flow, and being willing to pivot the product or business model as needed based on what is learned.
This document discusses different types of startups and businesses. It begins by distinguishing between small businesses, which serve known customers with known products to generate revenue under $1 million, and scalable startups, which aim to solve unknown customer problems and build large companies generating over $100 million annually.
It then describes the three types of markets that startups can enter: existing markets with known customers and products, new or emerging markets with unknown customer needs, and disruptive markets that require new technologies or business models. Depending on the market type, startups must approach customer development, sales, marketing, and business development differently.
The document emphasizes that startups are temporary organizations that search for a scalable and repeatable business
Eric Ries - The Lean Startup - Google Tech TalkEric Ries
This document discusses Lean Startup principles including validated learning, building-measuring-learning quickly through iterations, and innovation accounting. It emphasizes that entrepreneurship is management, startups are experiments, and most successful startups pivot their vision based on customer feedback. The Lean Startup methodology advocates for developing minimum viable products and continuously deploying, measuring and improving through techniques like A/B testing to rapidly learn what customers want.
This document discusses the Lean Startup methodology. It notes that the vast majority of new products and startups fail. The Lean Startup approach was developed by Eric Ries to help startups search for a scalable and profitable business model through experimentation and customer feedback. It advocates developing a minimum viable product and using the build-measure-learn process to continually pivot based on learning. The Lean Startup principles of validating learning and innovation accounting are also summarized.
A lean investor tells you why to love the problem and not the solution - Fred...pragmatic solutions gmbh
In my presentation I let you know how I became a lean investor and lean innovation trainer and why I do not invest anymore in start-ups working the traditional way.
However, this approach is not a cure-all. This means that an overwhelming majority of ideas for startups or corporates will fail regardless of how you approach it. My goal is to show you how to find this out as fast as possible and with the least effort. I point out the many pitfalls when working with Lean Startup/Lean Innovation and how to avoid them.
The focus is on how to find out whether you have targeted the right customer segment and if not, how to iterate with problem & solution interviews between the Problem, Solution and the Customer Segment Fields of the Lean Canvas until you have reached the Problem/Solution Fit.
The document outlines a customer development template for a sales meeting. It includes sections to understand the customer's needs, provide an overview of the company and product, demonstrate features, discuss limitations, get feedback on a potential roadmap, address objections, and next steps. The purpose is to determine if the customer is a fit and what it will take to do business with them. Key aspects covered include understanding the customer's goals and needs, showcasing key features, getting input on priority of future capabilities, addressing budget and decision process, and scheduling follow up meetings.
This document contains tips from various startup founders on topics related to starting a business. Some of the key points made include: understanding the market problems that can be solved with technology is important for successful companies; focusing on telling a genuine and interesting story about an idea can help it spread; listening to customers, such as by having company leaders answer support calls, is a useful technique; and getting early user feedback is important to improve a product before widely launching it.
Summary of the book Lean Startup by Eric Ries, plus comments from User Centered Design.
Resumen del libro Lean Startup de Eric Ries, mas comentarios de User Centered Design como contrapunto.
The document discusses the principles of the Lean Startup methodology. It defines a startup as an experiment to deliver a new product or service under conditions of uncertainty. Rather than following a traditional product development process, the Lean Startup approach advocates for building a minimum viable product and using continuous deployment and A/B testing to rapidly validate hypotheses and learn from customers. Key principles include minimizing the time to validate learning through the build-measure-learn loop and using metrics that are actionable, accessible and auditable.
The document provides an overview of the Lean Startup methodology. It discusses that the goal of a startup is to quickly figure out what customers want and will pay for through systematic experiments. The Lean Startup process involves having a clear vision and testing hypotheses about customer value and growth through a build-measure-learn feedback loop using minimum viable products. It emphasizes validated learning to determine whether to pivot the strategy or persevere based on empirical results.
Steve Jobs' LEAN STARTUP PROJECT MANAGEMENT: How Steve Jobs Planned, Organize...Rod King, Ph.D.
Steve Jobs' approach to creating extraordinarily successful products is shrouded in mystery. This presentation introduces a new framework, "Lean Startup Project Management", which can be used to explain Steve Jobs' innovation methodology which was largely intuitive. As the name implies, Lean Startup Project Management focuses on translating into reality ideas and principles from Eric Ries's bestselling book, "The Lean Startup." The core tool of Lean Startup Project Management is the One-Page Lean Startup which is a multilevel dashboard. Whereas existing approaches focus on using a tactical dashboard for Lean Startup Project Management, the One-Page Lean Startup uses 3 integrated dashboards: visionary, strategic, and tactical One-Page Lean Startup. Users end up saving time, money, energy, and lots of other resources. Experiment with the One-Page Lean Startup and provide us with your feedback.
This document provides an outline for a startup pitch deck. It includes sections for describing the problem being addressed, the proposed solution, business model, core technology, marketing strategy, competition, team, financial projections, and current status. The presenter is encouraged to customize each section with details about their specific company and solution. Examples are provided for a company creating a hotel booking website and one enabling individuals and small businesses to accept credit card payments without a merchant account.
- Product managers at startups need to wear sneakers because they must actively search for customers outside the building, unlike at large companies where customers are known.
- Startups go through phases of customer discovery, validation, and creation where hypotheses about customers and products are tested iteratively through contact with potential users.
- There are three types of markets that determine how startups should approach sales, marketing, and business development - existing, resegmented, and new markets.
- Engineering approaches also differ between startups searching for problems/solutions and large companies executing known requirements. Founders must lead the search while product management can help or hinder it.
This document outlines a road map for customer discovery, validation, creation, and company building. It provides guidance on formulating hypotheses about customers, problems, competitors and markets. It then guides the user to test hypotheses by gathering customer insights and feedback. Based on learnings, the user iterates or exits. Next, it focuses on validating the business model by preparing sales materials, hiring salespeople, and selling to early adopters. It then covers customer creation through demand generation and positioning. Finally, it addresses scaling the company through mainstream customers, managing growth, and developing functional departments and culture.
Presentation examples for class 2 mkt size and hypotheses testingStanford University
The Lean LaunchPad presentation provides examples of hypotheses testing for determining market size and opportunity. It discusses conducting interviews with potential customers, partners, and analysts to size the total available market, served available market, and target market in terms of number of customers and potential revenue. Market examples are also presented for various industries to illustrate calculating market size based on total population and incidence rates.
Este documento ofrece una introducción al enfoque Lean Startup para el desarrollo de nuevas empresas. Explica que Lean Startup se centra en la iteración rápida y el aprendizaje validado para descubrir un modelo de negocio viable. Detalla las fases del desarrollo del cliente y cómo usar un MVP para validar hipótesis con clientes potenciales de manera barata. También cubre conceptos como pivotar y los mitos comunes sobre Lean Startup.
Strategic Management: Organizational DesignTriune Global
There are a number of factors that differentiate small-business operations from large-business operations, one of which is the implementation of a formal organizational structure. Organizational structure is important for any growing company to provide guidance and clarity on specific human resources issues, such as managerial authority. Small-business owners should begin thinking about a formal structure early in the growth stage of their business.
Different types of startups, markets and whysBlaz Kos
This presentation is about various types of startup companies, markets and core competencies.
In the presentation you will learn why market trends are important, why markets always win, how to calculate market size and why you have to start with the strong why.
You will also learn the fundamental difference between established companies and startups. Startups are designed to search and established companies to execute.
Reliable market sizing doesn't have to be as complicated or painstakingly slow as you think. This presentation offers a quick overview of the art and science of market sizing, and offers a step-by-step guide on how to conduct seven fast market sizing approaches.
The document discusses the rise of the sharing economy. It argues that economic challenges like unemployment, debt, and scarce resources are driving the growth of collaborative consumption models enabled by new networking technologies. These models allow underutilized assets and skills to be monetized, creating new opportunities for both individuals and businesses. The sharing economy empowers people in developing economies and removes physical boundaries to access global markets. While concerns exist around regulation and data privacy, the networking effects of these new platforms are opening up new peer-to-peer models that are disrupting traditional industries and hierarchies.
Destination marketing plays a key role in tourism by promoting the image and branding of a destination to attract visitors. The core product being marketed is the destination itself, including its attractions, amenities, accessibility, and perceived image. National tourism organizations in most countries are responsible for destination marketing through promotional campaigns and product development. Their goals are to raise awareness of the country as a visitor destination and maximize long-term tourism benefits. In New Zealand, Tourism New Zealand undertakes destination marketing with the mission of marketing the country as a visitor destination.
Disruptive Innovation And The Bankruptcy Of PolaroidChris Sandström
Polaroid declared bankruptcy in 2001 due to the disruptive shift from analog to digital photography. While Polaroid invested in digital technology starting in the 1980s, developing sensors with megapixels, it failed to develop a new business model for digital imaging and continued relying on selling film. As digital cameras provided instant photography more cheaply, Polaroid's competitive advantage was destroyed within years. Management became more focused on short-term profits and marketing of existing products rather than developing the new business model needed for digital photography.
Startup marketing requires wearing a lot of hats. This startup marketing strategy case study explores building and launching a corporate brand from the ground up for a digital media startup serving financial services.
With increased connectivity, networks at both a global and local level are growing rapidly whilst new communities can develop and flourish through digital channels. These allow for resources to be shared, swapped, borrowed and traded; bearing a new economy that favours access over ownership.
This is a dramatically different user experience context that demands a transformation of our approach to service design. In this session we will share findings from our global research that explored the experiences and opportunities involved in moving from an ownership economy to one built on access and sharing. In this presentation we present guidelines for creating value exchange networks and share some tools we’ve developed for creating networked services and business models in the sharing economy.
See also video of the presentation being delivered: http://youtu.be/b22vSxLXMsY
The document discusses best practices for startup team management and development based on the teachings of Steve Blank. It addresses that a startup team should be minimal, including only roles necessary to validate a repeatable and scalable business model. The CEO is responsible for all other functions until a business model is proven. An ideal tech startup team includes a designer, engineer, and developer, with the CEO handling additional responsibilities. The document also outlines the four stages of team development and provides tools and methods for customer development, validation, and pivoting as needed based on customer feedback.
The document summarizes a Lean Startup meetup focused on discussing when companies should pivot versus persevere. The meetup agenda included introductions, an overview of pivoting versus persevering, examples of company pivots, planning for the next meetup, and opportunities for discussion. The overview explained that a pivot is a structured course correction to test a new hypothesis about the product, business model, or growth strategy, while persevering means determining if progress is being made or a change is needed. Real case studies of company pivots were presented and discussed.
Lean Startup presentation for Maples Investments by Steve Blank and Eric RiesEric Ries
The document discusses the lean startup approach which focuses on continuous customer interaction, revenue goals from day one, low burn rates by design rather than crisis, and assuming that customer needs and desired features are unknowns. It provides the example of IMVU, a company that applied lean startup principles by shipping quickly, charging from day one without press releases, and iterating continuously based on customer feedback to achieve $10 million in revenue by 2007 while maintaining a low burn rate.
Speaker: Kerri Golden, CA and VC
Part of the CIBC Presents Entrepreneurship 101 lecture series.
More information including video: http://www.marsdd.com/Events/Event-Calendar/Ent101/2009/budgeting-02042009.html
CDW was founded in 1984 and went public in 1993 before being acquired privately in 2007. It generates $8.1 billion in annual sales and services over 450,000 active customers. CDW provides a full range of IT products and services through their account managers, field representatives, and over 800 technical experts. Their large distribution centers allow them to maintain a broad physical inventory and fulfill orders with high accuracy and efficiency.
The compensation plan document summarizes the compensation structure for SkyAllianz, a multi-level marketing company. There are 4 leadership positions that can be obtained - District Manager, Regional Manager, National Manager, and Vice President. Partners earn money through customer acquisition bonuses, bounty commissions from sales, residual commissions, and position bonuses. The plan emphasizes building a team by sponsoring new partners each month to leverage growth over time through duplication.
CDW is a large technology solutions provider founded in 1984 that generates $8.1 billion in annual sales. It has over 450,000 active customers and 2,500 account managers. CDW provides comprehensive technology solutions through its large inventory, technical expertise across various technologies, and strong partnerships with leading vendors such as HP.
Lightyear Wireless Pays You For Your Cellphone Billskcmgvbs
http://www.LightyearWirelessPaysU.com Lightyear Wireless has partnered with 'The Largest And Most Reliable Network" in the US. Get paid residual commissions on wireless phones and wireless internet.
Lightyear Wireless Business Opportunity enables you to create a Massive Residual Income from Wireless Products and Services 255 Million People Use Everyday.
This document summarizes the key dates and information for the Miller New Venture Challenge (NVC) competition. It outlines the stages of the competition, including the Big Idea Competition in October, Business Model Competition in January, and NVC Final in April. It provides details on prize amounts that have increased to $135,000 total in 2013. Participants are encouraged to apply by the February 23rd deadline and attend an informational workshop on February 6th. Mentoring and judging opportunities are also described.
This document outlines ground rules for a business presentation by MVT Eagles, stating that the material is their intellectual property and is meant to develop business partners globally in line with their ethics and guidelines. Presenters must use the material as intended and the company reserves the right to update the presentation over time based on business needs.
This document outlines the agenda and topics for an MBA course on sustainable customer relationships taking place in December/January 2009. The topics include reviewing major concepts, customer segmentation, perceptual mapping, forecasting, a case study on Classic Airlines, benchmarking customer relationships, and utilizing customer feedback. Students will analyze Classic Airlines and propose initiatives to improve customer acquisition and retention.
These are the worksheets discussed in my RETSO presentation from Atlanta 2011. These are free to use with your agents (or yourself) please share any thoughts, successes or changes you have made with me.
Using The Numbers To Communicate, Analyze And Run PptSteve_Rosvold
The document provides an overview of key financial statements and metrics that business owners can use to understand, communicate about, and improve their business, including the cash flow statement, balance sheet, and income statement. It discusses how these tools can be used to analyze trends in cash flow, financial position, and profitability over time. Examples and case studies are provided to illustrate how different stakeholders might interpret and apply the information in the statements.
MakeYourMark - UK Gatton MKT600 Presentation (10.11.2011) MakeYourMark
The document describes a greeting card and mailing service called Make Your Mark that offers the following:
- Greeting cards for various occasions and automated mailing services for businesses.
- The ability to upload customer contacts, select and personalize cards, schedule deliveries, and automate mailing and fulfillment.
- Their target customer demographics include various professional service businesses like realtors, doctors, and attorneys.
- The document then outlines the services and features in more detail and provides industry statistics on the greeting card market.
This document provides an agenda and overview for a MySpace devJam event. The agenda includes a workshop on building a virtual economy, a panel discussion on virtual currency monetization, an app review session, and updates on the MySpace platform. Offerpal is introduced as a social advertising platform that has powered virtual economies for 800+ publishers. Steps are outlined for publishers to build their own virtual economies, including defining currency and ways for users to earn and spend it. Optimization of the virtual economy and use of Offerpal's platform to maximize monetization are also discussed.
This document summarizes a business opportunity meeting for VMobile Technologies Inc. It outlines how becoming a VMobile dealer provides various ways to earn income, including through sales of access cards, endorsements of other dealers, and commissions from prepaid loads. It profiles three top earning VMobile dealers to exemplify the potential incomes attainable. The meeting promotes VMobile's services that offer discounts on prepaid loads through a centralized e-wallet system.
Optify Best Practices - Lead Generation CampaignsOptify
In this presentation:
- Optify’s framework for lead generation campaigns
- Available lead generation channels
- Planning and setting up lead generation campaigns
- Executing lead generation campaigns
- Measure and report on campaigns
Understanding and Making the Most of Business Angels (Alan Barell) connectestonia
The document discusses business angels and early stage financing. It provides an overview of different sources of financing including banks, venture capitalists, business angels, seed funds, and government grants. It describes the stages of investment from seed to expansion. The rest of the document focuses on engaging business angels, including how to impress them, find them, structure deals, and conduct due diligence. It emphasizes the importance of having a clear business model and plan to "show the money" to potential investors.
Lennar Corporation's 2000 annual report summarizes their strong financial and operational performance for the year. Key points include record revenues of $4.7 billion, net earnings of $229 million, and continued focus on increasing shareholder value. Lennar completed a major acquisition of U.S. Home that expanded their geographic reach and product offerings. The report emphasizes Lennar's culture of caring for customers, associates, communities and shareholders.
AngelList is the world's largest marketplace for startup investing and jobs. It has raised $205 million online for startups in the last two years through syndicates, which are pop-up online venture funds. AngelList also facilitates over 52,000 job matching connections per month between candidates and startups. It announced a $400 million seed fund to invest in top syndicates and the launch of a new jobs app for iOS.
The document discusses the rise of angel investors and how the venture capital industry is changing. It notes that startups are gaining leverage through cheaper access to capital from incubators, accelerators, and angel investors. Standardized documents and terms are becoming more common in angel investments. Predictions are made that more angel investors will enter the market, some startups may exploit investors, and some companies may skip venture capital funding altogether.
This document introduces the team behind Venture Hacks, including Babak Nivi and Naval Ravikant. It provides brief bios for each team member highlighting their experience in venture capital and startups. Short quotes are also included praising Venture Hacks from figures in venture capital and entrepreneurship.
Venture capital investors often signal valuable information to other investors through their investment decisions and level of participation in funding rounds. This signaling can influence whether other investors choose to participate. Seed investors typically make faster decisions with less paperwork than later stage investors. The level of participation from existing investors can signal whether a startup is worth further investment. Social proof from other investors is a rational factor in investment decisions.
1. Use mass syndication to close an angel round by dropping names and not needing a lead investor.
2. Set terms and valuation below market, including price, liquidation preference, and majority control of amendments.
3. Describe how the terms are investor-friendly, such as no minimum raise and vesting as a pre-nuptial agreement.
1. To close an angel round, use "mass syndication" by dropping names of interested investors without a lead and writing your own term sheet with low valuations and investor-friendly terms.
2. Approach financing as if you won't find a lead and raise money before you need it with deadlines and social proof from interested investors.
3. Get introductions to seed stage investors through AngelList and StartupList and have traction in the form of a product in the marketplace before raising a seed round.
This document provides tips and strategies for effective presentations and pitches. It emphasizes keeping presentations concise with a clear high-level concept pitch. The ideal elevator pitch summarizes the business on the back of a business card and follows the 10/20/30 rule of 10 slides, 20 minutes, and 30 point font. Traction, product, team, and social proof should be highlighted over lengthy descriptions. Preparation, storytelling, confidence and addressing investor interests are also important factors for a successful presentation.
The document discusses how to optimize web apps using KISSmetrics. It outlines that KISSmetrics helps optimize the user funnel by tracking user actions and metrics. It also allows calculating customer lifetime value. The document recommends using KISSmetrics for optimization after achieving product-market fit.
The document outlines Sean Ellis' advice for bringing a product to market. It discusses the importance of achieving product-market fit before focusing on growth. It recommends optimizing metrics, the customer funnel, and messaging when preparing for growth after achieving fit. It also advises growing quickly by using business models, channels, and nailing the initial user experience while leaving no room for competition.
The document outlines how to use the survey tool survey.io to measure product/market fit. It recommends asking customers questions about how they discovered the product, how they would feel without it, what alternative they would use, the primary benefit, if they have recommended it, what type of person could benefit most, how to improve it, and if follow up is okay. It also discusses getting qualitative feedback before fit is achieved and identifying must-have features by industry by asking the must-have question.
The document outlines how to bring a product to market, with the first half focused on achieving product-market fit and the second half focused on preparing for growth after fit is achieved. It discusses how building a "must-have" product makes marketing easier, and provides tips for understanding customers, determining fit, communicating with investors, and pivoting based on customer feedback. The document recommends metrics for gauging fit and advises preparing systems and processes for scaling once the right product is validated.
The document provides advice on obtaining introductions to investors by leveraging middlemen - people who investors respect and listen to. It emphasizes getting introductions from entrepreneurs and investors the target investor has backed, and avoiding introductions from investors who declined to back your company. The best way to get introductions is to craft a compelling high-level elevator pitch and deck that middlemen can forward with their recommendation.
The document outlines 16 topics for consideration when selecting a co-founder for a startup business, including how many co-founders are optimal, how to develop trust and shared history, how to divide ownership and responsibilities, leadership roles, necessary skills, and finding potential co-founders from personal or professional networks. It encourages aligning motivations and assessing a potential partner's skills in building and selling a product or service. The full interview on these topics is available for purchase.
This document provides tips for pitching startups to investors. It recommends focusing on telling a compelling story with traction through an introduction, high-concept pitch, and 10-slide deck rather than long-winded business plans or NDAs. Investors are more interested in the team, problem being solved, solution, and market fit than detailed plans or proprietary information.
The document discusses the Lean Startup methodology. It contrasts two approaches to starting a company: a traditional plan versus a Lean Startup approach. The traditional plan focuses on raising capital, hiring experienced teams, building advanced technology, and promoting the vision. However, this often results in failure due to incorrect assumptions about customer needs. The Lean Startup approach emphasizes rapid iteration by building minimal viable products, getting customer feedback early, and continuously improving based on validated learning from real customers through metrics.
The document discusses key considerations for high-tech startups. It outlines various vertical markets one could be in, such as web 2.0, enterprise software, or life sciences. It notes that startups must consider whether they face more market risk or invention risk. Finally, it lists numerous factors a startup must address during execution, including understanding the customer and competition, developing a business model and sales strategy, managing product development, and planning financial needs over time in order to successfully bring a new technology to market.
This document discusses customer development as an important parallel process to product development for startups. It argues that startups often fail because they focus on product development without adequately engaging customers. The document introduces customer development as a process involving customer discovery, customer validation, and customer creation that should be synchronized with and guide product development. It emphasizes the importance of learning from customers over linear execution and achieving customer-centric milestones rather than focusing on the first customer ship date.
Customer Development 4: Customer Discovery Part 1Venture Hacks
This document discusses customer development and outlines its key steps and methodology. It begins with an agenda that includes discussing the WebVan case study, testing problems and product concepts with customers, and establishing a customer development team. The rest of the document provides details on the customer development process, which involves testing hypotheses with customers through iterative phases of discovery and validation over several months or years. It emphasizes the importance of listening to customers, testing problems and products, and modifying the process for each individual company's needs.
Opening board meetings to the entire companyVenture Hacks
The document discusses opening up board meetings to all company employees and sharing both good and bad news more openly. It suggests running experiments under a different brand name to acquire customers on a small budget and test pricing in public. Employees providing critical feedback in board meetings could help everyone in the company better understand each other.
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
Understanding User Needs and Satisfying ThemAggregage
https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
In this webinar, we won't focus on the research methods for discovering user-needs. We will focus on synthesis of the needs we discover, communication and alignment tools, and how we operationalize addressing those needs.
Industry expert Scott Sehlhorst will:
• Introduce a taxonomy for user goals with real world examples
• Present the Onion Diagram, a tool for contextualizing task-level goals
• Illustrate how customer journey maps capture activity-level and task-level goals
• Demonstrate the best approach to selection and prioritization of user-goals to address
• Highlight the crucial benchmarks, observable changes, in ensuring fulfillment of customer needs
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
Event Report - SAP Sapphire 2024 Orlando - lots of innovation and old challengesHolger Mueller
Holger Mueller of Constellation Research shares his key takeaways from SAP's Sapphire confernece, held in Orlando, June 3rd till 5th 2024, in the Orange Convention Center.
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...my Pandit
Explore the fascinating world of the Gemini Zodiac Sign. Discover the unique personality traits, key dates, and horoscope insights of Gemini individuals. Learn how their sociable, communicative nature and boundless curiosity make them the dynamic explorers of the zodiac. Dive into the duality of the Gemini sign and understand their intellectual and adventurous spirit.
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.AnnySerafinaLove
This letter, written by Kellen Harkins, Course Director at Full Sail University, commends Anny Love's exemplary performance in the Video Sharing Platforms class. It highlights her dedication, willingness to challenge herself, and exceptional skills in production, editing, and marketing across various video platforms like YouTube, TikTok, and Instagram.
Building Your Employer Brand with Social MediaLuanWise
Presented at The Global HR Summit, 6th June 2024
In this keynote, Luan Wise will provide invaluable insights to elevate your employer brand on social media platforms including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok. You'll learn how compelling content can authentically showcase your company culture, values, and employee experiences to support your talent acquisition and retention objectives. Additionally, you'll understand the power of employee advocacy to amplify reach and engagement – helping to position your organization as an employer of choice in today's competitive talent landscape.
Navigating the world of forex trading can be challenging, especially for beginners. To help you make an informed decision, we have comprehensively compared the best forex brokers in India for 2024. This article, reviewed by Top Forex Brokers Review, will cover featured award winners, the best forex brokers, featured offers, the best copy trading platforms, the best forex brokers for beginners, the best MetaTrader brokers, and recently updated reviews. We will focus on FP Markets, Black Bull, EightCap, IC Markets, and Octa.
How are Lilac French Bulldogs Beauty Charming the World and Capturing Hearts....Lacey Max
“After being the most listed dog breed in the United States for 31
years in a row, the Labrador Retriever has dropped to second place
in the American Kennel Club's annual survey of the country's most
popular canines. The French Bulldog is the new top dog in the
United States as of 2022. The stylish puppy has ascended the
rankings in rapid time despite having health concerns and limited
color choices.”
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2. Founding IMVU
Customer Discovery and Validation
!
– Founded company in April 2004
– Sat in Steve Blank’s B-school class Fall of
2004
quot; Shipped in 6 months
quot; Charged from Day 1
quot; No press releases
3. The Economy
Before
• Cash was readily available
• Follow on financing was readily available
After
• Debt markets are tight
• IPO & M&A window closed
• VC!s deep pessimism
Venture fund returns have been on decline for a decade - no end in
sight
4. State of Startups
• High burn rate
• Swing for the fences
• Full management teams
• Assume customer is known
• Assume features are known
• Assumes growth is by execution
Traditional startups are fighting yesterday’s war
7. Boyd: Winning is about Agility
The OODA Loop
• Observe
• Orient
• Decide
• Act
8. Boyd Redefines the Rules to Win
• Agility requires a continuous
cycle of interactions with the
environment
• But you can’t do it from a desk
9. Winners are Those Who Can Move
Faster Than Their Competitors
• Winning requires constant
assessment of change and
ways to mitigate risk
• Iterating faster than
competitors yields
substantial advantage
10. Facing Reality at Today’s Startup
There is no 2nd Place
• Uncertain environment
• Rapid, unanticipated changes
that lead to disorientation
• Constant threats to any initiative
• Burn rate (time, fuel, bullets,
dollars) limits window of
opportunity
11. Using OODA to Create “Lean Startups”
And Changing the Startup Rules
Customer
Development
Agile
Product
Development
12. Lean Startups
Building a New Wave of Companies in Silicon Valley
• Continuous customer
Customer
interaction
Development
• Revenue goals from day one
• No scaling until revenue
• Assumes customer and
features are unknowns
Agile
• Low Burn by Design - Not
Product
Crisis
Development
14. Founding IMVU
• History:
- Company founded in April 2004
- Founders audit Steve Blank's B-school class Fall of 2004
• Tactics:
- Shipped in 6 months
- Charged from Day 1
- No press releases
- Ship 20 times a day
• Results:
- Continuous iteration with customers
- 2007 revenues of $10MM
• Here's what it looked like to their first venture investors
15. Customer Discovery & Validation
Q4 2004
Product:
• 9,000 $8,000
– 3D IM add-on for hanging out 8,000 $7,000
online with friends 7,000
$6,000
• Piggy back on existing buddy
6,000
lists and IM programs $5,000
Our customers told us:
• 5,000
$4,000
– Avatar customization is the key 4,000
$3,000
appeal. 3,000
– “Add-on” concept is confusing. $2,000
2,000
They actually want a separate $1,000
1,000
buddy list.
0 $0
So we:
•
Feb-05
Dec-04
Mar-05
Jan-05
Nov-04
May-05
Aug-05
Apr-05
Jul-05
Jun-05
– Ditched the IM add-on idea
16. Customer Discovery & Validation
Q1 and Q2 2005
Product:
• 9,000 $8,000
3D IM service for hanging out with
– 8,000 $7,000
friends and meeting people
7,000
Introduced Chat Now feature (instant
• $6,000
matching)!
6,000
Our customers told us:
• $5,000
5,000
Meeting new friends is as important
– $4,000
as talking with existing friends 4,000
(50/50)! $3,000
3,000
Not enough people on IMVU
–
$2,000
Retention is a problem
– 2,000
So we:
• $1,000
1,000
Scaled up our advertising budget (to
–
0 $0
$40/day)!
Feb-05
Dec-04
Mar-05
Jan-05
Nov-04
May-05
Aug-05
Apr-05
Jul-05
Jun-05
Learned about retention from market
–
leaders (Cyworld, Myspace)!
17. Customer Discovery & Validation
Q3 2005
Product:
•
9,000 $8,000
3D IM service plus avatar home pages
–
Introduced avatar home pages, plus
• 8,000 $7,000
messages, gifts, picture galleries blogs
7,000
Our customers are telling us:
• $6,000
6,000
Avatar home pages are highly addictive
– $5,000
2D and 3D complement each other
– 5,000
$4,000
Messages in home pages and realtime
– 4,000
interaction complement each other $3,000
3,000
Want more than two avatars per
– $2,000
window: parties and chat rooms 2,000
Fix the bugs; polish
– $1,000
1,000
0 $0
Feb-05
Dec-04
Mar-05
Jan-05
Nov-04
May-05
Aug-05
Apr-05
Jul-05
Jun-05
18. Lean Startup Principles
Extraordinary Value at Low cost in Little Time
• Leverages:
Customer - Technology commoditization
Development - Agile management practices
- Customer Development
• Designed to test hypothesis
and answer the unknowns
Agile
Product
Development
19. The Lean Startup
Agile Product Development
• Continuous cycle of
Product Development
- Product release cycle in
hours not years
- Tightly coupled with customer
development
- Minimum feature sets,
Agile maximum customer coverage
Product
Development
20. What has changed? Technology
Lean Startups Leverage Commoditized Technology
Licensed Software/ Open Source/
Proprietary Hardware Commodity Technology
21. Product Development a la Microsoft
Unit of progress: Advance to Next Stage
Waterfall
Problem: known Solution: known
22. Product Development at Typical Venture Startup
Assumes Customers and Markets are Understood
Agile (XP)!
“Product Owner” or
in-house customer
Solution: unknown
Problem: known
23. Product Development at Lean Startup
Assumes Customers and Markets are Unknown
Customer Development Engineering
Customer Scale
Customer Customer
Discovery Company
Validation Creation
Data, feedback, insights
Problem: unknown Solution: unknown
Hypotheses, experiments, insights
24. The Lean Startup
Customer Development
• Continuous cycle of
customer interaction
Customer
- Rapid hypothesis testing about
Development
market, pricing, customers, …
- Extreme low cost, low burn,
tight focus
- Measurable gates for investors
25. The Lean Startup
Customer Development Parallels Agile Development
Agile Development
Concept / Continuous
Agile Continuous
Business Plan Test
Development Ship
Customer Development
Customer Company
Customer Customer
Discovery Building
Validation Creation
26. Customer Development
Turns Market Risk/Product Fit Hypothesis into Facts
Customer Company
Customer Customer
Discovery Building
Validation Creation
• Discovery
- Test hypotheses I.e. problem and product concept
• Validation
- Build a repeatable and scalable sales process
• Creation
- Create end-user demand and fill the sales pipeline
• Building
- Scale via relentless execution
27. Lean Startup Advantages
Customer
Development
• Builds low-burn companies by design
- Low cost market risk testing
Agile
• Organized around learning and Product
Development
discovery
• Right model for current conditions
The next wave of capital efficient startups