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LEAN STARTUPThink Big, Act Small, Learn Fast

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Pushing Agile To The Next Level

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Easy to understand, difficult to apply

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1) Introduction to lean startup  Link to agile developmen2) Lean startup as business design methodology3) What are the challenges in applying lean startup methods?4) Benefits of applying lean startup methods5) Final conclusion

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How to successfullylaunch NEW products and services?

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”There is surely nothing quite so uselessas doing with great efficiency what should not be done at all” - Peter Drucker -

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”By focusing on functional efficiency, we lose sight of thereal goal of innovation: to learn that of which is currently unknown” - Eric Ries -

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Research conducted on new product success and failure indicates that ittakes 58 new product ideas to deliver a successful new product.

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Building product according tospecification, but failing to address customer need

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Launch your idea before you build it

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Stop Building, Start Learning

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Pushing Agile to the Next LevelAgile Lean StartupRecognise we don’t know solution …we don’t even know the problem

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”The big question of our time is not Can it be built? but Should it be built” - Eric Ries -

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Your solution is NOT ”the product”

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Your Business Model Is ”TheProduct” Customer- Ash Marya -Business Model Solution

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Scorecard to help you systematically validate your business model before building the product

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X XX X X X X X X

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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?

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”A startup is a temporary organisation in search of repeatable, scalable and profitable business model” - Steve Blank -

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”Lean isn’t about being cheap[but is about] being less wasteful and still doing things that are big.” - Eric Ries -

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Solving Think Solving BigProblems To A Few People

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Building A Market For A New Product Finding and talking to customers

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Product design StrategicCustomer Operational value design Core Lean (function, Startup specs) Dropbox

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Strategy is based on assumptions

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Customer Value Design Build Measure Learn Launch tests

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List your business model hypotheses

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PRODUCT MARKET

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Lean Startup Principles1) Build-Measure-Learn Loop2) Validated Learning3) Minimum Viable Product4) Pivot

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Market type influenceseverything a startup does

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What are you aiming to do with your product?1. Bringing a product into an existing market with a known business model2. bringing a new product into an existing market3. bringing a new product into a new market4. 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 entrant5. cloning a business model that’s successful in another country

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Problem-Solution Fit Optimizing product PRODUCT/MARKET FIT

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X XX XX XXX X XX XX X X X X X X X X X

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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”

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Minimum Viable Product1) Not a product but a test to attract early customers2) Get as much feedback as possible, as soon as possible3) 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 ship5) requires judgment to figure out, for any given context, what MVP makes sense

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PRODUCT MARKET

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The Iteration Meta-Pattern Ash Maurya, Running Lean

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MVP Dashboard

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Validated LearningData driven or data informed?

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Metrics matter because theyrelate to your business model Use analytics to measure whether your customers are doing what your business model hopes they will

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Startup Metrics

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Lean Startup and MetricsQualitative 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.

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Challenges in applying lean startup methods

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”A startup is a human institutiondesigned to create a new product or service under conditions of extreme uncertainty” - Eric Ries -

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Attitude1. 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?

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Benefits of applying lean startup methods

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1. improves communication with tech and business managers2. gives multiple shots at big goals3. improving our understanding of where we go wrong

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Final conclusion

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Think big, act small, learn fast

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All that matters is

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1) that you really understand what your customer wants,2) have a discipline for finding it out, and3) that you don’t start building a core product until you’ve tested your business model (hypothetical or real)

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Accept business design as your biggest challenge

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Talk to customers and launch ideas early and often!

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Thank you!

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Internetmeetup.com/lean-startup-helsinki Email ola.sundell@mentor.fi Cell +358-40-549 47 55 Twitter @TheLeanStarter

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In an early stage startup,success is not in a "to do" list, its h in a "to learn" list. - Sean Ellis -