• Strong passion in entrepreneurship and
• Solid belief that entrepreneurship can be taught
and passion can be inspired
• Strong desire to make HCMC the next Silicon
• Facebook: @qtheboss
• Slideshare: @qtheboss
• Twitter: @nvquangvn
• Blog: http://nhakhoinghiep.wordpress.com/
• I am here to learn, not to teach
• I do not like good words. I love hear you says
“No, you’re wrong.”
• I have no credit for Lean Startup
• I have no credit for any intelligent work on this
images, terminologies, processes, philosophie
• The context is web startup
So who got the credit for
• Co-founder and CTO of IMVU
• Entrepreneur-in-Residence at
Harvard Business school, 2010
• Best Young Entrepreneur of Tech,
• Startup advisory
• Retired serial entrepreneur
• Built 8 startups in 21 years
including MIPS Computers
• Now teaching Entrepreneurship at
Berkeley, Stanford, and Columbia
So what is lean startup
• Product/market fit means being in a good
market with a product that can satisfy that
• Lean Startup is a method of testing the
assumptions and hypothesis of a business idea
in an iterative manner while validating your
product/market fit before you ship a complete
• The key is to eliminate waste.
• An online grocery business that
promised to deliver products to
customers’ homes within 30
• Backed up by Benchmark
Capital, Sequoia Capital, Softbank
Capital, Goldman Sachs, and
• The largest dotcom failure in
• Why failed?
– Untested plan
– Grew too fast
Who actually used Lean Startup?
• Dropbox (www.dropbox.com)
• Peernuts (www.peernuts.com)
– Peernuts is a sharing platform for cultural goods. You
just have to log in, list your library, connect with your
friends and get access to the hundreds of
films, books, video games, comics they want to share
– Right now, Peernuts is in beta mode, available in
French and just for DVDs.
• And a lot more:
IMVU, Votizen, KISSMetric, Aarkvard, Hearsay, Epi
c Scale, Food on the Table, Pbworks, …
Dropbox - Key Lessons
• Public launch in Sep 2008
• Ignored mainstream PR
• Did not focus on building lots of features
• Invested heavily in analytics, such as
survey, split tests, landing page, signup flow
optimization, sharing encouragement …
Peernuts – Blogging before Coding
• Step #1:
– A short blog post
– 10-question poll
– No code AT ALL
Peernuts – Market shrinking
• Step #2:
– Is your market really big and totally bullish? If yes,
you’re missing the point. If it’s big that’s too big.
Start shrinking your market!
– Started with DVD
Peernuts – Feature Burner
• Test #3:
– Ask yourself if you have more than 3 features. If
yes, you’re too fat.
– 3 features:
• a movie listing powered by an external movie database
• a loan dashboard
• a friend system coupled with Facebook connect and a basic
– No rating system, no wish list, no recommendation, no
notification, no privacy setting … NOOOOO!!!
Peernuts – No designer
• Step #4:
– First product ship objective is to learn, learn, and
– Don’t depress if you don’t have a wonderful logo.
It looks weird but if you don’t care, it will just be
– Remember: you don’t need the perfect product
but a working prototype.
Peernuts – Procrastination
• Did you postpone
product ship for the
3rd time? If yes, stop
• Learn with your
customers > Refine
useless aspects of
Peernuts - Conclusion
• Right now: Peernuts doesn’t work.
• But: we have a great feedback on the service we are
• Will we add features? NO
– Increase customer performance
• Will we start massive communication? NO
– Wait until the virality rate > 1
• Will we work on our market? YES
– We don’t have the correct positioning yet.
• Is it okay to not consider any business model for the
Minimum Viable Product (MVP)
• MVP is the product with just the necessary
features to get money and/or feedback from
• Do MVPs seem abstract to you?
1. “If Apple can launch a smartphone without Find or Cut-and-Paste, what can you
cut out of your product requirements?” – Sramana Mitra
2. USV-backed foursquare uses Google Docs to collect customer feedback. No
code, no maintenance.
3. Fliggo sells it before they build it.
4. Grockit puts up a notify-me-when-you-release form on steroids.
5. Auto e-commerce site uses manualation and flintstoning for their backend.
6. Semiconductor company uses 5 people and FPGAs to build a $100M
semiconductor product line.
7. Consumer company uses fake screenshots to sell their product.
8. Allicator uses Facebook ads: “Ditch Digger? Feeling spread thin? Click here to
complete a survey and tell us about it.”
9. ManyWheels uses Microsoft Visio to build clickable web demos for prospective
10. Cloudfire uses a classic customer development problem presentation.