Lean Launchpad introduction

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Lean Launchpad introduction

  1. 1. LEAN LAUNCHPAD INTRODUCTION A SCIENTIFIC APPROACH TO ENTREPRENEURSHIP THAT WORKS Jolien Coenraets
  2. 2. HOW WOULD YOU START YOUR COMPANY?
  3. 3. Inside the building Outside the building
  4. 4. TRADITIONAL APPROACH
  5. 5. TRADITIONAL APPROACH
  6. 6. WHAT IF …
  7. 7. WHAT IF … start-ups are not just smaller versions of companies?
  8. 8. WHAT IF …
  9. 9. OUR HYPOTHESES Startups are not smaller versions of large companies Startups are about search, not about execution Business plans are based on guesses Entrepreneurs and VCs execute on these guesses Facts are outside the building First test hypotheses, then create a fact-based plan
  10. 10. WHAT IS A STARTUP?
  11. 11. A STARTUP = A temporary organization designed to search for a repeatable and scalable business model
  12. 12. A STARTUP = A temporary organization designed to search for a repeatable and scalable business model
  13. 13. A STARTUP = A temporary organization designed to search for a repeatable and scalable business model
  14. 14. A STARTUP = A temporary organization designed to search for a repeatable and scalable business model
  15. 15. BIGGEST PITFALL Startups fail because they confuse search with execution
  16. 16. RESULT Startups need different tools & processes to measure their progress
  17. 17. DIFFERENCE BETWEEN SEARCH & EXECUTION
  18. 18. DIFFERENCE BETWEEN SEARCH & EXECUTION
  19. 19. SEARCH BEFORE YOU EXECUTE
  20. 20. WHERE TO BEGIN?
  21. 21. CUSTOMER DEVELOPMENT Pivot Customer Discovery Customer Validation Customer Creation Company Building Search Execution
  22. 22. CUSTOMER DEVELOPMENT Pivot Customer Discovery Customer Validation Customer Creation Company Building Search Execution
  23. 23. CUSTOMER DISCOVERY Test the solution Verify or pivot Draw BMC & state hypotheses Test the problem Customer validation
  24. 24. CUSTOMER DEVELOPMENT Pivot Customer Discovery Customer Validation Customer Creation Company Building Search Execution
  25. 25. CUSTOMER VALIDATION Develop positioning Verify / metrics that matter Get ready to sell Get out of the building & sell Customer discovery Customer creation
  26. 26. FOUR PERIODS OF DEVELOPMENT Cash flow Time Pure entrepreneurship
  27. 27. PURE ENTREPRENEURSHIP •Who are our customers? •What is our value proposition? •Do I have product-market fit? •Lots of pivoting
  28. 28. FOUR PERIODS OF DEVELOPMENT Cash flow Time Strategic focus
  29. 29. STRATEGIC FOCUS •What business are we in and what not? •Know better than anybody else: owhat people will pay ohow many they will buy ohow to distribute •Develop relationships with partners & suppliers •From prototype to truly scalable product •Raising money to build the company •Recruit a team
  30. 30. FOUR PERIODS OF DEVELOPMENT Cash flow Time Systems building
  31. 31. SYSTEMS BUILDING •Financial controls •Stable division of labor •Developing systems of internal control •Formalizing terms of sale •Operational systems: oProduction, outsourcing oDistribution, sales oService, warranties
  32. 32. FOUR PERIODS OF DEVELOPMENT Cash flow Time Corporate management
  33. 33. CORPORATE MANAGEMENT •Hiring “outsiders” •Going public •Adding the follow-on product(s) •Shedding those who can’t keep up •Formalizing the culture •Rationalizing the strategy
  34. 34. Cash flow Time FOUR PERIODS OF DEVELOPMENT Customer Discovery Customer Validation Customer Creation Company Building Search Execution
  35. 35. LEAN LAUNCHPAD APPROACH
  36. 36. EVIDENCE BASED ENTREPRENEURSHIP State your idea Create an initial business model Construct a hypothesis for each part of the business model Test your hypothesis by doing an experiment Analyze your data and draw a conclusion Communicate your results
  37. 37. LEAN LAUNCHPAD Part 1
  38. 38. LEAN LAUNCHPAD + Part 1 Part 2
  39. 39. LEAN LAUNCHPAD + Agile engineering + Part 3 Part 1 Part 2
  40. 40. DID YOU INVENT THIS?
  41. 41. NO, STEVE BLANK DID!
  42. 42. STEVE BLANK? Co-founded 8 startups in 21 years, mostly engineering products Educator at Stanford, Berkeley, Haas, CalTech & Columbia. Was the source of inspiration for Eric Ries to create Lean Startup. Created the customer development method (mid 90s) Created the Lean Launchpad class (2011) Published ‘Four steps to epiphany’ (2005) Published ‘The startup owner’s manual’ (2012) One of the 11 ‘Notable entrepreneurs teaching the next generation’ (CNBC)
  43. 43. COURSE MATERIALS
  44. 44. MATERIALS Free online theory in MOOC https://www.udacity.com/course/ep245
  45. 45. MATERIALS Book goes into more detail and is excellent reference work
  46. 46. MATERIALS Explains business model canvas
  47. 47. MATERIALS How to do your customer interviews? http://vimeo.com/groups/204136

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