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Lean Startup Model & Methodology
- 1. / turtleventure www.turtleventure.com Lean Startup Model & Methodology By- Anowar Sayef Anik, Chief Strategy Officer, Turtle Venture Young Turtles Workhop, 2022
- 2. What is a Startup A Startup has 4 must have Characteristics- ➔ Solving a Problem for Large Population ➔ Changing Customer Behaviour/ Purchase Pattern ➔ Changing Market Infrastructure/ Supply Chain ➔ Having the Ability to Scale Faster A Startup is a Startup No Matter How Big it Becomes Which One is a Startup? VS. VS. Starting New Business is not Startup
- 3. Lean Startup Model A Scientific Approach that ➔ Collects Customer Data for guidance ➔ Speed Up Product Development through Iterative Process Why: ➔ Customer Discovery & Validation ➔ Solution Validation ➔ Business Model Validation ➔ Pricing Validation Fail Fast, Succeed Faster
- 4. Build-Measure-Learn Your Idea is based on Assumptions, Validate Them! How: ➔ Build the minimum viable version of the product and get it to the customers. ➔ Customers test the product and report back to the entrepreneur ➔ Entrepreneur measures this data and translates it into insights ➔ Based on that, they learn about the customers’ needs and see whether a feature is great or whether it needs to be upgraded or scrapped altogether. Don’t Fall in Love with Your Solution, Fall in Love with the Problem
- 5. Build Your MVP S/N Low Fidelity MVP High Fidelity MVP 01. Customer Interview Single feature 02. User story Physical product prototype 03. Digital prototype Concierge 04. Paper prototype Wizard of Oz 05. Blogs & Forums Piecemeal 06. Explainer videos Crowdfunding 07. Landing page & A/B testing 08. Audience building 09. Ad campaigns Example
- 6. Collect & Measure the Currency The Customer Data is Your Currency, Collect Them! Types of Currencies: ➔ Physical ◆ Payment ◆ Letter of Intent ◆ Live Interview ◆ Personal Information ➔ Virtual ◆ Video Interview ◆ Phone Interview ◆ Chat through App ◆ Inquiries through Chat/ Phone Call ◆ Micro Online Survey ◆ Posted Comments Methods of Collecting Currencies
- 7. Learn Your Customer’s Needs Document Your Learning in a Learning Grid! Customer Jamal Kamal Sokhina Morjina Result (Currency) +1 Gave a Card/ Contact +1 Gave a Card/ Contact Didn’t Care +1 Gave a Card/ Contact Learning XXX 567 XXX 123 123 XXX ABC XXX ABC EFG ABC 567 123 Find the Patterns/ Commonality in your Learnings Learning 1: XXX = 4 Learning 2: ABC = 3 Learning 3: 123 = 3
- 8. It’s Time to Start the Experiment with Javelin Board!
- 10. Extras: Minimal Viable Team (MVT) Marketing Design PR Engineering Product Management Operations Sales Business Development HR Finance CMO CTO CEO
- 11. Extras: Measuring Tractions & Early Valuation ➔ Total Revenues ➔ Monthly Recurring Revenue ➔ Month on month Revenue ➔ Growth ➔ Last year in Revenue ➔ Customer Lifetime Value ➔ Revenue per Customer ➔ Customer Acquisition Cost ➔ No. of Total Users ➔ Active Users ➔ Registered Users ➔ Month on Month User Growth ➔ No. of Paying Users ➔ No. of Non-Paying Users ➔ No. of Products/Units Sold ➔ Amount of traffic generated
- 12. Extras: Tips of Taking Interviews 1. Tip 1: They Can Feel Your Nervousness, Don’t Be 2. Tip 2:Don’t Smile Too Big or Shake their Hands 3. Tip 3:Dress Down 4. Tip 4:Opposite Gender 5. Tip 6:Find the Queues or Waiting Points (i.e. Bus Stop) 6. Tip 7:Talk About Them, Not their Loved Ones 7. Tip 8:Be Careful of the Yes
- 13. Thank You For Your Appreciation www.turtleventure.com Get in Touch with Us: Level-01, House-62, Road-03, Block-B, Niketan, Gulshan-01, Dhaka-1212 Email: connect@turtleventure.com Phone: +88 0167 3834 977, +88 0168 2154 204 Web: www.turtleventure.com