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What Problem Is Your Startup Solving?
 

What Problem Is Your Startup Solving?

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This presentation covers the Lean Startup approach to starting a company....

This presentation covers the Lean Startup approach to starting a company.
Discover and validate customer segments and what pain they are experiencing – figure out the problem before the solution.
Propose a solution to the problem and validate it with potential customers.
Get feedback from potential customers on a demo or prototype.

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    What Problem Is Your Startup Solving? What Problem Is Your Startup Solving? Presentation Transcript

    • What Problem Are You Solving?
    • Zach Nies
    • @zachnies
    • Entrepreneurs have achance to create the world they want
    • There is proven science that canimprove your odds of success
    • What world do you want to create?
    • What does that feel like?
    • Success allows you tocreate the world you want and live your dreams
    • Why am I here tonight?
    • Success, but theyweren’t living any dream
    • Discover & promotethe tools that enable success while living the dream
    • How I got here
    • Font Samplerhttp://media.kelbymediagroup.com/layersmagazine/images/columns/artoftype/may06/glyph-set.jpg http://en.wikipedia.org/wiki/File:Caslon-schriftmusterblatt.jpeg
    • 2,500,000customers
    • Vision: Civil rights and equality for all
    • Vision: Reinvent collaboration
    • Amazing team,exactly the culture Idreamed of creating
    • Great product
    • One problem: Failed theMilkshake Test
    • Why am I doing this?
    • Live inside the Internet
    • Vision: Solve the world’s hardest problems as citizen engineers
    • Some contextand some math
    • Gaussian distributions!"#$%%&()*+,-%&./%0,1234&5%6789667:
    • Power laws and Pareto distributions!"#$%%&()*+,-%&./%0,1234&5%6789667:
    • Other Pareto distributions!"#$%%&()*+,-%&./%0,1234&5%6789667:
    • High impact, lowprobability events
    • An example
    • 8’1’’ 2’5’’ 3.3 x!"#$%%;;;+5<=<-&#!+0,+>?%1<;/%#)05><-&==<)</%!,;&.,>"!&5%@ABBCAB%D!<3;,=2/35&==</534&13E>=5&13F,/<13&1235!<3/!,5</534&13)135!<3;,=23G<3H)1-#)1-34<<5+!54=:
    • !"#$%%;;;+I)0?+0,4%#!,5,/%J>*<5/,1%7C@B7A7C6B:
    • Bill Gates TheEntire 150,000 xRoom
    • Business involves Pareto distributions
    • But wait, there’s more…
    • 4 Dots
    • 6 Connections
    • 64 Patterns
    • 10 Dots
    • 45 Connections
    • ? Patterns
    • Patterns35,184,372,088,832
    • In business a fewpatterns are more valuable than all the rest
    • but which ones?
    • “The only valid model of a complex system is the system itself. Murray Gell-Mann
    • Steve Blank“Get out of the building!”
    • !"#$%%;;;+I)0?+0,4%#!,5,/%*)5>&=<K</<<%@86L6@9@MM:
    • Figure outthe problem
    • !"#$%%;;;+I)0?+0,4%#!,5,/%?=<&0!,/%7M786L9L6L:
    • !"#$%%;;;+I)0?+0,4%#!,5,/%@B887LB8NO67%@9B@7BBLBL:
    • Anthropologist
    • !"#$%%;;;+I)0?+0,4%#!,5,/%0!>0?/)44)1/%9B8A6B@C6C:
    • No focus groups
    • Talk to people in person
    • !"#$%%;;;+0,//P5+0,4%453&0!)*<9%Q>-<1<6L6MRSTO+J#-:
    • Introduce yourself to 3 other people!"#$%%;;;+0,//P5+0,4%453&0!)*<9%Q>-<1<6L6MRSTO+J#-:
    • Development Marketing Sales
    • Problem TeamSolution Team
    • Problem TeamSolution Team
    • For whom, whatproblem are you solving?
    • Finding prospects
    • “Customers don’t care about your solution. They care about their problems. Dave McClure
    • !"#$%%;;;+0,//P5+0,4%453&0!)*<9%Q>-<1<6L6MRSTO+J#-:
    • Make a list of 10 people you could contact directly or ask for an introduction!"#$%%;;;+0,//P5+0,4%453&0!)*<9%Q>-<1<6L6MRSTO+J#-:
    • Sketch out the email or script you will use!"#$%%;;;+0,//P5+0,4%453&0!)*<9%Q>-<1<6L6MRSTO+J#-:
    • Problem Interview
    • Who isfeeling the pain?
    • What painare they feeling?
    • How do they makethe pain go away today?
    • !"#$%%;;;+I)0?+0,4%#!,5,/%2<0,4%7C7CA9C7CB:
    • Testablehypothesis
    • !"#$%%;;;+0,//P5+0,4%453&0!)*<9%Q>-<1<6L6MRSTO+J#-:
    • List the problem hypotheses you want to test!"#$%%;;;+0,//P5+0,4%453&0!)*<9%Q>-<1<6L6MRSTO+J#-:
    • Problem Interview OverviewRunning Lean by Ash Maurya, page 118.
    • !"#$%%;;;+I)0?+0,4%#!,5,/%*)5>&=<K</<<%@86L6@9@MM:
    • Solution Interview
    • Problem TeamSolution Team
    • Who:Early adopters
    • How:Make money
    • What:Primary problem
    • The [feature name] will solve the[problem name]
    • Testing your solution
    • Solution Interview OverviewRunning Lean by Ash Maurya, page 142.
    • !"#$%%;;;+0,//P5+0,4%453&0!)*<9%Q>-<1<6L6MRSTO+J#-:
    • Build the boilerplate for your solution interview!"#$%%;;;+0,//P5+0,4%453&0!)*<9%Q>-<1<6L6MRSTO+J#-:
    • Innovation
    • !"#$%%;;;+I)0?+0,4%#!,5,/%&2&0U,%9MCMM6978@:
    • Typicalmarket research: Customer attributes
    • !"#$%%;;;+I)0?+0,4%#!,5,/%/<#)0,=>-1>5%8L9@8@A9A:
    • Innovationmarket research:Addressing what problem
    • !"#$%%;;;+I)0?+0,4%#!,5,/%/<#)0,=>-1>5%8L9@8@A9A:
    • What is yourcompetition?
    • !"#$%%;;;+I)0?+0,4%#!,5,/%1?&)4%@L@8BA6A9A: !"#$%%;;;+I)0?+0,4%#!,5,/%8@CCA@B7NO66%97AB9L68@6:
    • !"#$%%;;;+I)0?+0,4%#!,5,/%=)?<R5!<R-&12R0&1K,1%M@@8B@C768: !"#$%%;;;+I)0?+0,4%#!,5,/%J,-<.&V)=%9798@A@898:
    • Milkshake Test What job is your solution beinghired to perform?
    • Types ofInnovation
    • SustainingDisruptive
    • SustainingDisruptive
    • SustainingDisruptive
    • Is there a large population ofpeople who historically have not had the money, equipment, or skill to do this thing forthemselves, and as a result have gone without it altogether or have needed to pay someone with more expertise to do it for them? To use the product or service, do customers need to go to an inconvenient, centralized location?
    • Are there customers at the lowend of the market who would be happy to purchase a product with less (but good enough)performance if they could get itat a lower price? Can we create a business model that enables us to earn attractive profits at the discount prices required to win the business of theseoverserved customers at the low end?
    • Is the innovation disruptive to all of the significant incumbent firms in the industry? If it appears to be sustaining to one or more significant players in the industry, then the odds will be stacked in that firm’sfavor, and the entrant is unlikely to win.
    • Disruptive
    • Building the MVP
    • Validated LearningEric Ries
    • Design Thinking
    • Pirate MetricsRunning Lean by Ash Maurya, page 154.
    • !"#$%%;;;+I)0?+0,4%#!,5,/%*)5>&=<K</<<%@86L6@9@MM:
    • !"#$%%;;;+I)0?+0,4%#!,5,/%I&",#C78%997MALBCB:
    • Primary book that informed this talk
    • Other books that informed this talk
    • People who informed this talk David Max Ash ClaytonSnowden Boisot Maurya ChristensenFrank H. Mark Eric Knight Newman Ries Steve Blank