Lean StartUP Tactics for Inventors & Innovators


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Presentation delivered to Victorian Inventors Association by Andrew Birt, MD, StartUP Marketing.

Published in: Business, News & Politics

Lean StartUP Tactics for Inventors & Innovators

  1. 1. Lean StartUP Tactics for Inventors & Innovators.<br />Andrew Birt<br />
  2. 2. Quick Introduction<br />Founder of marketing, web and business development firm StartUP Marketing. <br />Helped launch over 20 startups in the past 12 months, including StartUP Marketing.<br />Member of Swinburne’s Australian Graduate School of Entrepreneurship.<br />Marketing and advertising teacher and tutor at Melbourne university. <br />Worked extensively, with Bed Bug Barrier (ABC New Inventor) raising $200,000 capital at present.<br />
  3. 3. Conditions for Inventors & Innovators have never been better in history.<br />Costs are falling in vast majority of industries.<br />Barriers to entry for marketing and promoting new products are lower than ever. <br />The Internet gives us all access to markets, customer insights and trends like never before.<br />Targeting and reaching niche audiences has never been easier. Google/Social Media etc.<br />
  4. 4. BUT Most Startups, New Products and Inventions FAIL!<br />
  5. 5. 10 Reasons Why <br />Let’s Put on a Show <br />Science runs amuck!<br />The Lemming Effect <br />Trend Hopping <br />The Market’s Too Small <br />The Unknown Buyer <br />Dartboard Design <br />Wishful Thinking <br />Build it and they will come. <br />Ready, Aim, Fire! <br />New Products & StartUPs Fail.<br />
  6. 6. Biggest Reason?<br />Trying to “Create Demand” rather than “Catering to Demand”<br />New Products & StartUPs Fail.<br />
  7. 7. Segway<br />Example 1<br />
  8. 8. TiVO<br />Example 2<br />
  9. 9. T-Hub<br />Local Example<br />
  10. 10. The Cause<br />Focus on Product Development rather than catering to demand!!<br />TOO LATE! $$$<br />
  11. 11. Lean StartUP is about Customer Development <br />
  12. 12. Melbourne Example: 321 Water<br />1. Customer Discovery.<br />4. Leverage = Scale & Grow.<br />2. Customer Validation.<br />3. Customer Creation & Feedback.<br />
  13. 13. Comparing Methods<br />Product Development<br />Customer Development<br />VS<br />Let’s create the brand, website and prototype.<br />Let’s see if 10,000 people are passionate enough about this product?<br />Let’s get them involved. What features would you like? Can you help bring this to market?<br />Let’s use this momentum to show investors this is a REAL opportunity driven by customer demand. <br />Let’s produce the first 10,000 and reinvest the cash-flow into our next run. OR, let’s abandon the project.<br />I’ve got this great idea!<br />I need funding to make 10,000 of them.<br />I’ll manufacture 10,000.<br />Then try to find a market for these 10,000 Water bottles. <br />I need help marketing and selling these 10,000 bottles.<br />Succeed or fail. Big win or Big Loss! RISK.<br />
  14. 14. Diffusion Curve<br />Focus Here<br />
  15. 15. 11 Other Ways <br />Google Keyword analysis.<br />Google Adwords.<br />Demo Site with Call to Action.<br />Create a Following. Twitter etc.<br />Trial close, with trial customers.<br />Use Kick Starter – or Aus equivalent.<br />Improve something people already like.<br />Find the right media channels.<br />Niche it right down.<br />Get customers involved FIRST.<br />Leverage the early-adopters to demonstrate momentum.<br />To “Discover” Customers<br />
  16. 16. In Closing…<br />Customer Development Trumps Product Development. <br />Cater to demand, rather than try to create demand.<br />Get the customer involved UPFRONT <br />Get some commitment from the customers.<br />Leverage early-adopters and gather momentum. <br />That’s what StartUP Marketing’s all about…<br />
  17. 17. Australia + 61 3 9016 2609 – info@startupmarketing.com.au<br />