Uses case of "Rent the Runway" to explore dynamics of customer discovery process in Lean Startup methodology.

1. Using
the
Business
Model
Canvas
for
Interna6onal
Customer
Discovery
VentureOut
Moldova
#VOMoldova
October
28
–
November
1,
2013
Prof.
David
A.
Kirsch
Robert
H.
Smith
School
of
Business
University
of
Maryland,
College
Park
dkirsch@umd.edu
@darchivist

2. Business
Model
Canvas:
Points
of
Departure

What
are
your
hypotheses,
minimum
feature
set,
experiments?


DefiniTon
of
startup…
Why
is
it
important
to
“get
out
of
your
head
/
the
building”?



“Evidence
of
Ecstasy”…
The
goal
is
to
learn…
Propose
experiments
for
VP,
CS
&
R$


Kernel
of
value
creaTon…
Decide
in
advance:
How
will
you
interpret
experimental
results?

Prepare
to
pivot
and
repeat…
to
MVP

G-­‐localizaTon…

4. Mini-­‐Case:
Rent
the
Runway

5. Customer
Discovery
NarraTve

Customer
Discovery
NarraTve
(Blog?)



To
whom
did
you
talk?
Survey
sparingly…
What
did
you
learn?
Updated
BMC
becer
than
outdated
BP



Track
changes
resulTng
from
“Hypothesis
-­‐>
Test
-­‐>
Data
-­‐>
Learn”
process
Show
learning
cycle
(Here’s
what
we
thought,
so
here’s
what
we
did,
so
here’s
what
we
found,
so
here’s
what
we’re
going
to
do
next…)
Evidence:
Pictures,
video,
tesTmonials


Why
should
anyone
else
believe
you?


Why
do
you
believe
it?
Why
should
stakeholders
commit?
Minimum
Viable
Product

What
acributes
are
valued
and
why?

Ogen
the
app
is
the
MVP…

6. Common
Mistakes
in
Customer
Discovery

Not
enough
contacts

Vague
data
from
contacts

No
insight
from
data

Over-­‐opTmism
about
market
size

Poorly
arTculated
experiments

Poorly
arTculated
pass
/
fail
tests

7. AddiTonal
Thoughts

Customer
discovery
is
ongoing



RtR
case
Use
your
social
network:
Talk
to
users,
influencers,
recommenders,
decision
makers,
even
potenTal
saboteurs…
BMC
v.
Lean
Canvas



Ash
Maurya:
hcp://bit.ly/1api7H1
Problem-­‐SoluTon
and
Unfair
Advantage
are
both
necessary
EffectuaTon

Sarasvasthy:
www.effectuaTon.org

A
Theory
of
Entrepreneurial
ExperTse

Exploit
affordable
loss?

Use
strategic
partnerships?

Leverage
conTngency?