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Lean Startup: Getting out there & Changing the World

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The Lean Startup Workshop I

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Lean Startup: Getting out there & Changing the World

  1. 1. Lean StartupGetting out there & Changing the World Abby Fichtner Hacker Chick / Startup Guardian Angel @HackerChick http://HackerChick.com
  2. 2. What makes entrepreneurs entrepreneurial? Saras D. SarasvathyBoston Startup School - @HackerChick Paper: http://bit.ly/bss-wmee
  3. 3. Boston Startup School - @HackerChick
  4. 4. “Considering the incredible amount of human energy, passion, and creativity that we invest in creating new products & services…Boston Startup School - @HackerChick @EricRies
  5. 5. … it’s a terrible waste that so many of them fail.”Boston Startup School - @HackerChick @EricRies
  6. 6. Promise of the Lean Startup Instead of building our startups according to myths We can guide them with facts and knowledgeBoston Startup School - @HackerChick @EricRies
  7. 7. Boston Startup School - @HackerChick
  8. 8. Boston Startup School - @HackerChick
  9. 9. Boston Startup School - @HackerChick
  10. 10. Boston Startup School - @HackerChick Andrew Mason, CEO of Groupon (NY Tech Meetup)
  11. 11. “You’re way too dumb to figure out whether your idea is good”Boston Startup School - @HackerChick Andrew Mason, CEO of Groupon (NY Tech Meetup)
  12. 12. Startups are NOT small versions of large organizationsBoston Startup School - @HackerChick
  13. 13. Boston Startup School - @HackerChick
  14. 14. Startup Lesson #1 The unit of progress for entrepreneurs is learning, not executionBoston Startup School - @HackerChick @EricRies
  15. 15. What fun is spending months building something that nobody wants?
  16. 16. mudaany activity that is wasteful anddoesn’t add value or is unproductive wikipedia
  17. 17. Startup Lesson #2 Eliminate muda (building things nobody wants is the worst kind of muda)Boston Startup School - @HackerChick wikipedia
  18. 18. $5 BILLION ENGINEERING TRIUMPH MILLIONS of CUSTOMERS FAIL One of the Largest Bankruptcies in US HistoryBoston Startup School - @HackerChick
  19. 19. “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.”Boston Startup School - @HackerChick Iridium Interim CEO John A. Richardson
  20. 20. “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”Boston Startup School - @HackerChick @EricRies
  21. 21. What should startups do differently?Boston Startup School - @HackerChick
  22. 22. Boston Startup School - @HackerChick
  23. 23. Minimum Viable Product (MVP) strategy for fast & quantitative market testing of a product or featureBoston Startup School - @HackerChick wikipedia
  24. 24. “Papa built our last tree house in a day!” “Yeah, but that tree house was a couple pallets and a ladder”Boston Startup School - @HackerChick The Minimum Viable Tree House by Christian Wyglendowski
  25. 25. Boston Startup School - @HackerChick
  26. 26. Boston Startup School - @HackerChick
  27. 27. Startup Lesson #3 Don’t build mansions in the sky Start with a couple of pallets & a ladderBoston Startup School - @HackerChick wikipedia
  28. 28. Boston Startup School - @HackerChick
  29. 29. Startup Lesson #4 It’s just as important to develop your customers as it is to develop your productBoston Startup School - @HackerChick wikipedia
  30. 30. Customer DevelopmentBoston Startup School - @HackerChick @SGBlank
  31. 31. Lean StartupBoston Startup School - @HackerChick @SGBlank
  32. 32. Product/Market Fit When a product shows strong demand by passionate users representing a sizeable market The Entrepreneur’s Guide to Customer Development (@BrantCooper, @Vlaskovits)Boston Startup School - @HackerChick
  33. 33. Get outside the building!
  34. 34. Customer DiscoveryWhat is the problem?Who has the problem? @SGBlank
  35. 35. Customer DiscoveryHow important is the problem’s solution to the customer?How valuable is the problem’s solution to the customer?@SGBlank
  36. 36. Boston Startup School - @HackerChick
  37. 37. Boston Startup School - @HackerChick
  38. 38. Customer ValidationBoston Startup School - @HackerChick
  39. 39. Startup Lesson #5 To be successful, you need to make money. Until people are giving you money, your idea isn’t validated.Boston Startup School - @HackerChick wikipedia
  40. 40. Boston Startup School - @HackerChick
  41. 41. What Startup Behavior is the Single Biggest Predictor of Failure? Sticking to Initial Business PlanBoston Startup School - @HackerChick 300 startups surveyed (src: Don Sull, "The Upside of Turbulence”)
  42. 42. How do we measure progress? LearningBoston Startup School - @HackerChick
  43. 43. Fastest way to learn if our startup is working? Get out of the building! (customer validation)Boston Startup School - @HackerChick
  44. 44. Startup Lessons so far… 1. Unit of progress: learning 2. Eliminate muda (waste) 3. No mansions, a couple of pallets & a ladder 4. Develop your customers not just your product 5. Your idea isn’t validated until: show me the $$$!Boston Startup School - @HackerChick wikipedia
  45. 45. 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?Boston Startup School - @HackerChick
  46. 46. 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?Boston Startup School - @HackerChick
  47. 47. Boston Startup School - @HackerChick
  48. 48. Boston Startup School - @HackerChick
  49. 49. Boston Startup School - @HackerChick
  50. 50. Boston Startup School - @HackerChick
  51. 51. Boston Startup School - @HackerChick
  52. 52. Startup Lesson #6 If you’re not embarrassed by your 1st version, you waited to long to releaseBoston Startup School - @HackerChick
  53. 53. Boston Startup School - @HackerChick
  54. 54. Boston Startup School - @HackerChick
  55. 55. Boston Startup School - @HackerChick
  56. 56. Boston Startup School - @HackerChick
  57. 57. Product/Market Fit AssumptionsBoston Startup School - @HackerChick
  58. 58. Your Turn 1. What is your Big Idea? 2. What are your Top 3 Assumptions ? • Customer • Problem • Solution 3. Pick 1 assumption: • How would you validate it (what data do you need)? • What the MVP to validate it?Boston Startup School - @HackerChick wikipedia
  59. 59. Learn More Eric Ries @EricRies http://startuplessonslearned.com/ Steve Blank @sgblank http://steveblank.com/ Ash Maurya @ashmaurya http://ashmaurya.com/ Abby Fichtner @HackerChick http://HackerChick.comBoston Startup School - @HackerChick

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