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Lean Startup - Think Big, Act Small, Learn Fast

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Lean Startup - Think Big, Act Small, Learn Fast

  1. 1. LEAN STARTUP Think Big, Act Small, Learn Fast
  2. 2. Pushing Agile To The Next Level
  3. 3. Easy to understand, difficult to apply
  4. 4. 1) Introduction to lean startup  Link to agile developmen 2) Lean startup as business design methodology 3) What are the challenges in applying lean startup methods? 4) Benefits of applying lean startup methods 5) Final conclusion
  5. 5. How to successfully launch NEW products and services?
  6. 6. ”There is surely nothing quite so useless as doing with great efficiency what should not be done at all” - Peter Drucker -
  7. 7. ”By focusing on functional efficiency, we lose sight of the real goal of innovation: to learn that of which is currently unknown” - Eric Ries -
  8. 8. Research conducted on new product success and failure indicates that it takes 58 new product ideas to deliver a successful new product.
  9. 9. Building product according to specification, but failing to address customer need
  10. 10. Launch your idea before you build it
  11. 11. Stop Building, Start Learning
  12. 12. Pushing Agile to the Next Level Agile Lean Startup Recognise we don’t know solution …we don’t even know the problem
  13. 13. ”The big question of our time is not Can it be built? but Should it be built” - Eric Ries -
  14. 14. Your solution is NOT ”the product”
  15. 15. Your Business Model Is ”The Product” Customer - Ash Marya - Business Model Solution
  16. 16. Scorecard to help you systematically validate your business model before building the product
  17. 17. X X X X X X X X X
  18. 18. Building A Market For A New Product How do we go from no customers to a few customers and from a few customers to many customers?
  19. 19. ”A startup is a temporary organisation in search of repeatable, scalable and profitable business model” - Steve Blank -
  20. 20. ”Lean isn’t about being cheap [but is about] being less wasteful and still doing things that are big.” - Eric Ries -
  21. 21. Solving Think Solving Big Problems To A Few People
  22. 22. Building A Market For A New Product Finding and talking to customers
  23. 23. Product design Strategic Customer Operational value design Core Lean (function, Startup specs) Dropbox
  24. 24. Strategy is based on assumptions
  25. 25. Customer Value Design Build Measure Learn Launch tests
  26. 26. List your business model hypotheses
  27. 27. PRODUCT MARKET
  28. 28. Lean Startup Principles 1) Build-Measure-Learn Loop 2) Validated Learning 3) Minimum Viable Product 4) Pivot
  29. 29. Market type influences everything a startup does
  30. 30. What are you aiming to do with your product? 1. Bringing a product into an existing market with a known business model 2. bringing a new product into an existing market 3. bringing a new product into a new market 4. bringing a new product into an existing market and trying to: 4.1. re-segment that market as a low-cost entrant or 4.2. re-segment that market as a niche entrant 5. cloning a business model that’s successful in another country
  31. 31. Problem-Solution Fit Optimizing product PRODUCT/MARKET FIT
  32. 32. X X X XX XXX X XX XX X X X X X X X X X
  33. 33. Pivot or persevere ”A pivot is a structured course correction designed to test a new fundamental hypotheses about the product, strategy and engine of growth”
  34. 34. Minimum Viable Product 1) Not a product but a test to attract early customers 2) Get as much feedback as possible, as soon as possible 3) that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort. 4) The challenge is to understand what not to ship 5) requires judgment to figure out, for any given context, what MVP makes sense
  35. 35. PRODUCT MARKET
  36. 36. The Iteration Meta-Pattern Ash Maurya, Running Lean
  37. 37. MVP Dashboard
  38. 38. Validated Learning Data driven or data informed?
  39. 39. Metrics matter because they relate to your business model Use analytics to measure whether your customers are doing what your business model hopes they will
  40. 40. Startup Metrics
  41. 41. Lean Startup and Metrics Qualitative and quantitative metrics. • Qualitative metrics are unstructured, anecdotal, revealing, and hard to aggregate; • quantitative metrics involve numbers and statistics, and provide hard numbers but less insight. Vanity and actionable metrics • Vanity metrics make you and your investors) feel good, but don’t change how you’ll act. • Actionable metrics change your behavior by helping you pick a course of action. Exploratory metrics and reporting metrics • Exploratory metrics are speculative, and try to find unknown insights that can give you the upper hand, • focusing on the interesting and unexpected and on trying new things, • while reporting metrics keep you abreast of the!normal, managerial, day to day operations.
  42. 42. Challenges in applying lean startup methods
  43. 43. ”A startup is a human institution designed to create a new product or service under conditions of extreme uncertainty” - Eric Ries -
  44. 44. Attitude 1. Are you entrepreneurial enough? 2. Is there a visionary startup founder in you? 3. Is your # 1 goal to build a product or launch a business model for a vision? 4. Do you have a role in a startup team or are you just there to do a task?
  45. 45. Benefits of applying lean startup methods
  46. 46. 1. improves communication with tech and business managers 2. gives multiple shots at big goals 3. improving our understanding of where we go wrong
  47. 47. Final conclusion
  48. 48. Think big, act small, learn fast
  49. 49. All that matters is
  50. 50. 1) that you really understand what your customer wants, 2) have a discipline for finding it out, and 3) that you don’t start building a core product until you’ve tested your business model (hypothetical or real)
  51. 51. Accept business design as your biggest challenge
  52. 52. Talk to customers and launch ideas early and often!
  53. 53. Thank you!
  54. 54. Internet meetup.com/lean-startup-helsinki Email ola.sundell@mentor.fi Cell +358-40-549 47 55 Twitter @TheLeanStarter
  55. 55. In an early stage startup, success is not in a "to do" list, it's h in a "to learn" list. - Sean Ellis -

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