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Lean Startup: A Founder's Guide


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My guest lecture for MIT's The Founder's Journey - a course for graduate level CS end engineering students interested in founding their own startups.

Published in: Technology, Business
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Lean Startup: A Founder's Guide

  1. 1. The Founder’s Journey Lean Startup A Founder’s Guide Abby Fichtner Hacker Chick Founding Executive Director, hack/reduce |
  2. 2. What makes entrepreneurs entrepreneurial? Saras D. SarasvathyThe Founder’s Journey - @HackerChick Paper:
  3. 3. The Founder’s Journey - @HackerChick
  4. 4. “Considering the incredible amount of human energy, passion, and creativity that we invest in creating new products & services…The Founder’s Journey - @HackerChick @EricRies
  5. 5. … it’s a terrible waste that so many of them fail.”The Founder’s Journey - @HackerChick @EricRies
  6. 6. Promise of the Lean Startup Instead of building our startups according to myths We can guide them with facts and knowledgeThe Founder’s Journey - @HackerChick @EricRies
  7. 7. The Founder’s Journey - @HackerChick
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  9. 9. The Founder’s Journey - @HackerChick
  10. 10. The Founder’s Journey - @HackerChick Andrew Mason, CEO of Groupon (NY Tech Meetup)
  11. 11. “You’re way too dumb to figure out whether your idea is good”The Founder’s Journey - @HackerChick Andrew Mason, CEO of Groupon (NY Tech Meetup)
  12. 12. Startups are NOT small versions of large organizationsThe Founder’s Journey - @HackerChick
  13. 13. The Founder’s Journey - @HackerChick
  14. 14. Founder Lesson #1 The unit of progress for entrepreneurs is learning, not executionThe Founder’s Journey - @HackerChick
  15. 15. The Founder’s Journey - @HackerChick
  16. 16. What fun is spending months building something that nobody wants?The Founder’s Journey - @HackerChick
  17. 17. muda any activity that is wasteful and doesn’t add value or is unproductiveThe Founder’s Journey - @HackerChick wikipedia
  18. 18. Founder Lesson #2 Eliminate muda (building things nobody wants is the worst kind of muda)The Founder’s Journey - @HackerChick
  19. 19. $5 BILLION ENGINEERING TRIUMPH MILLIONS of CUSTOMERS FAIL One of the Largest Bankruptcies in US HistoryThe Founder’s Journey - @HackerChick
  20. 20. “We’re a classic MBA case study in how NOT to introduce a product. First, we created a marvelous tech. achievement Then, we asked how to make money on it.”The Founder’s Journey - @HackerChick Iridium Interim CEO John A. Richardson
  21. 21. “Most technology start-ups fail not because the technology doesn’t work, but because they’re making something that there is not a real market for”The Founder’s Journey - @HackerChick @EricRies
  22. 22. What should startups do differently?The Founder’s Journey - @HackerChick
  23. 23. The Founder’s Journey - @HackerChick
  24. 24. The Founder’s Journey - @HackerChick
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  26. 26. The Founder’s Journey - @HackerChick
  27. 27. Minimum Viable Product (MVP) strategy for fast & quantitative market testing of a product or featureThe Founder’s Journey - @HackerChick wikipedia
  28. 28. “Papa built our last tree house in a day!” “Yeah, but that tree house was a couple pallets and a ladder”The Founder’s Journey - @HackerChick The Minimum Viable Tree House by Christian Wyglendowski
  29. 29. The Founder’s Journey - @HackerChick
  30. 30. The Founder’s Journey - @HackerChick
  31. 31. Founder Lesson #3 Don’t build mansions in the sky Start with a couple of pallets & a ladderThe Founder’s Journey - @HackerChick
  32. 32. The Founder’s Journey - @HackerChick
  33. 33. Founder Lesson #4 It’s just as important to develop your customers as it is to develop your productThe Founder’s Journey - @HackerChick wikipedia
  34. 34. Customer DevelopmentThe Founder’s Journey - @HackerChick @SGBlank
  35. 35. Lean StartupThe Founder’s Journey - @HackerChick @SGBlank
  36. 36. Product/Market Fit When a product shows strong demand by passionate users representing a sizeable marketThe Founder’s Journey - @HackerChick The Entrepreneur’s Guide to Customer Development
  37. 37. The Founder’s Journey - @HackerChick
  38. 38. Customer DiscoveryWhat is the problem?Who has the problem?The Founder’s Journey - @HackerChick @SGBlank
  39. 39. Customer DiscoveryHow important is the problem’s solution to the customer?How valuable is the problem’s solution to the customer?The Founder’s Journey - @HackerChick @SGBlank
  40. 40. The Founder’s Journey - @HackerChick
  41. 41. The Founder’s Journey - @HackerChick
  42. 42. The Founder’s Journey - @HackerChick
  43. 43. Founder Lesson #5 To be successful, you need to make money. Until people are giving you money, your idea isn’t validated.The Founder’s Journey - @HackerChick
  44. 44. The Founder’s Journey - @HackerChick
  45. 45. Single Biggest Predictor of Failure?Sticking to Initial Business PlanThe Founder’s Journey - @HackerChick 300 startups surveyed (src: Don Sull, "The Upside of Turbulence”)
  46. 46. How do we measure progress?LearningThe Founder’s Journey - @HackerChick
  47. 47. Fastest way to learn if our product is working?Get out of the building!(customer validation)The Founder’s Journey - @HackerChick
  48. 48. Founder Lessons so far…1. Unit of progress: learning2. Eliminate muda (waste)3. No mansions, a couple of pallets & a ladder4. Develop your customers not just your product5. Your idea isn’t validated until: show me the $$$!The Founder’s Journey - @HackerChick
  49. 49. We had an idea for a new product. We went off & built it, put it on our website. Not a single person clicked thru to it What did we learn from that?The Founder’s Journey - @HackerChick
  50. 50. We had an idea for a new product. We went off & built it, put it on our website. Not a single person clicked thru to it Was there a faster way to get through that learning loop?The Founder’s Journey - @HackerChick
  51. 51. The Founder’s Journey - @HackerChick
  52. 52. The Founder’s Journey - @HackerChick
  53. 53. The Founder’s Journey - @HackerChick
  54. 54. The Founder’s Journey - @HackerChick
  55. 55. The Founder’s Journey - @HackerChick
  56. 56. Founder Lesson #6 If you’re not embarrassed by your 1st version, you waited to long to releaseThe Founder’s Journey - @HackerChick
  57. 57. The Founder’s Journey - @HackerChickBoston Startup School - @HackerChick
  58. 58. The Founder’s Journey - @HackerChick
  59. 59. The Founder’s Journey - @HackerChick
  60. 60. The Founder’s Journey - @HackerChick
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  62. 62. The Founder’s Journey - @HackerChick
  63. 63. What are some equivalents for hardware products?The Founder’s Journey - @HackerChick
  64. 64. Your Turn 1. What is your Big Idea? 2. What are your Top 3 Assumptions (guesses)? • Who cares? • Who pays? • How you’ll reach customers 3. Pick 1 assumption: • How would you validate it (what data do you need)? • What’s the MVP to validate it?The Founder’s Journey - @HackerChick
  65. 65. Learn More Eric Ries @EricRies Steve Blank @sgblank Ash Maurya @ashmaurya Abby Fichtner @HackerChick http://HackerChick.comThe Founder’s Journey - @HackerChick