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Lean Startup: Getting out there & changing the world

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The workshop I gave at Startup Institute

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Lean Startup: Getting out there & changing the world

  1. 1. Lean StartupGetting out there & Changing the World Abby Fichtner Harvard Innovation Lab @HackerChick http://HackerChick.com
  2. 2. What makes entrepreneurs entrepreneurial ?@HackerChick Saras D. Sarasvathy
  3. 3. @HackerChick
  4. 4. “Considering the incredible amount of human energy, passion, and creativity that we invest in creating new products & services…@HackerChick @EricRies
  5. 5. … it’s a terrible waste that so many of them fail.”@HackerChick @EricRies
  6. 6. 9 out of 10 new products fail@HackerChick
  7. 7. Single Biggest Predictor of Failure?@HackerChick 300 startups surveyed (src: Don Sull, "The Upside of Turbulence”)
  8. 8. Single Biggest Predictor of Failure? Sticking to Initial Business Plan@HackerChick 300 startups surveyed (src: Don Sull, "The Upside of Turbulence”)
  9. 9. @HackerChick
  10. 10. @HackerChick
  11. 11. @HackerChick
  12. 12. Promise of Lean Startup Instead of building our startups according to myths We can guide them with facts and knowledge@HackerChick @EricRies
  13. 13. Goal VISION@HackerChick
  14. 14. Goal VISION REALITY@HackerChick
  15. 15. @HackerChick
  16. 16. @HackerChick
  17. 17. @HackerChick Andrew Mason, CEO of Groupon (NY Tech Meetup)
  18. 18. you‘re way too dumb to figure out whether your idea good is@HackerChick Andrew Mason, CEO of Groupon (NY Tech Meetup)
  19. 19. startups are NOT small versions LARGE of organizations@HackerChick
  20. 20. @HackerChick
  21. 21. Startup Lesson #1@HackerChick
  22. 22. The unit of progress for entrepreneurs… learning not execution@HackerChick
  23. 23. validate before building@HackerChick
  24. 24. @HackerChick
  25. 25. nobody wants@HackerChick
  26. 26. muda@HackerChick
  27. 27. Startup Lesson #2@HackerChick
  28. 28. eliminate muda@HackerChick
  29. 29. eliminate muda (building things nobody wants is the worst kind of muda)@HackerChick
  30. 30. $5 BILLION ENGINEERING TRIUMPH MILLIONS of CUSTOMERS@HackerChick
  31. 31. $5 BILLION ENGINEERING TRIUMPH MILLIONS of CUSTOMERS@HackerChick
  32. 32. $5 BILLION ENGINEERING TRIUMPH MILLIONS of CUSTOMERS One of the Largest Bankruptcies@HackerChick in US History
  33. 33. “We’re a classic MBA case study in how NOT to introduce a product.@HackerChick Iridium Interim CEO John A. Richardson
  34. 34. “We’re a classic MBA case study in how NOT to introduce a product. First, we created a marvelous tech. achievement@HackerChick Iridium Interim CEO John A. Richardson
  35. 35. “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.”@HackerChick Iridium Interim CEO John A. Richardson
  36. 36. “Most start-ups fail not because the technologydoesn’t work, but because they’re making something that there is not a real market for”@HackerChick @EricRies
  37. 37. What should startups do differently?@HackerChick
  38. 38. @HackerChick
  39. 39. @HackerChick
  40. 40. @HackerChick
  41. 41. @HackerChick
  42. 42. @HackerChick
  43. 43. (MVP) Minimum Viable Product@HackerChick
  44. 44. MVPWhat’s the smallest thing I can build…@HackerChick
  45. 45. MVPWhat’s the smallest thing I can build… to take me to the next step ?@HackerChick
  46. 46. “Papa built our last tree house in a day!” “Yeah, but that tree house was a couple pallets and a ladder”@HackerChick The Minimum Viable Tree House by Christian Wyglendowski
  47. 47. @HackerChick
  48. 48. @HackerChick
  49. 49. Startup Lesson #3@HackerChick
  50. 50. Don’t build mansions in the sky Start with a couple of pallets & a ladder@HackerChick
  51. 51. @HackerChick
  52. 52. Startup Lesson #4@HackerChick
  53. 53. It’s just as important to develop your customers as it is… to develop your product@HackerChick
  54. 54. @HackerChick
  55. 55. @HackerChick
  56. 56. Step #1a Find a problem worth solving@HackerChick
  57. 57. We had an idea for a new product. We went off & built it, put it on our website.@HackerChick
  58. 58. 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@HackerChick
  59. 59. 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?@HackerChick
  60. 60. 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@HackerChick that learning loop?
  61. 61. @HackerChick
  62. 62. @HackerChick
  63. 63. @HackerChick
  64. 64. @HackerChick
  65. 65. @HackerChick
  66. 66. @HackerChick
  67. 67. Step #1b Know your customer@HackerChick
  68. 68. VC: “There are a million cloud storage startups!” Drew: “Do you use any of them?” VC: “No” Drew: “…”@HackerChick
  69. 69. Know where your target audience hangs out & speak to them in an authentic way@HackerChick @drewhouston, Dropbox
  70. 70. Brainstorm Customer Problem anyone who cooks can’t find recipes@HackerChick
  71. 71. Brainstorm Customer Problem anyone who cooks can’t find recipes@HackerChick
  72. 72. Brainstorm Customer Problem anyone who cooks can’t find recipes amateur gourmet want to make fabulous chefs food for friends & family@HackerChick
  73. 73. Brainstorm Customer Problem anyone who cooks can’t find recipes amateur gourmet want to make fabulous chefs food for friends & family dieters need to lose weight@HackerChick
  74. 74. Brainstorm Customer Problem anyone who cooks can’t find recipes amateur gourmet want to make fabulous chefs food for friends & in college family dieters ^ need to lose weight@HackerChick
  75. 75. @HackerChick
  76. 76. @HackerChick
  77. 77. @HackerChick
  78. 78. Startup Lesson #5@HackerChick
  79. 79. NO FACTS live inside the building@HackerChick @SGBlank
  80. 80. Customer DiscoveryWhat is the problem?Who has the problem?@HackerChick @SGBlank
  81. 81. Customer DiscoveryHow important is the problem’s solution to the customer?How valuable is the problem’s solution to the customer?@SGBlank@HackerChick
  82. 82. Step #2 Find a solution that resonates@HackerChick
  83. 83. Concierge Service (AKA Wizard of Oz)Xcelerate - @HackerChick Boston Startup School - @HackerChick @HackerChick
  84. 84. Xcelerate - @HackerChick
  85. 85. Xcelerate - @HackerChick @HackerChick
  86. 86. Step #3…n-1@HackerChick
  87. 87. Customer Validation@HackerChick
  88. 88. Step #n launch! when you have a quantum of utility@HackerChick @paulg, Y Combinator
  89. 89. Startup Lessons 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. No facts live inside the building@HackerChick
  90. 90. Your Turn@HackerChick
  91. 91. What’s your BIG idea?@HackerChick
  92. 92. What’s your WORST idea?@HackerChick
  93. 93. Who is your customer? What problem are you solving?@HackerChick
  94. 94. What are your riskiest assumptions? What can you do to learn if true? (MVP)@HackerChick
  95. 95. PITCH! 1. Your Name & Track 2. Bad Idea 3. Customer/Problem 4. Riskiest assumption 5. How you’ll learn if correct (MVP)@HackerChick
  96. 96. 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.com@HackerChick

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