Introduction to Lean Startup - Dec 2013

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A short introduction to the concepts of Lean Startup, presented as an introduction during the Asheville Lean Startup Conference Livestream.

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  • Comic: How a Web Browser Works
    http://www.labnol.org/internet/comic-how-browser-works/18086/
  • Introduction to Lean Startup - Dec 2013

    1. 1. Introduction to Lean Startup by Trevor Lohrbeer @FastFedora trevor@FastFedora.com FastFedora.com @LeanDecisions trevor@LeanDecisions.com LeanDecisions.com
    2. 2. What is Lean Startup? A scientific approach to creating a new product or service in conditions of high uncertainty
    3. 3. Why Use Lean Startup? 1. Lower Your Market Risk 2. Use Less Capital 3. Increase Your Agility
    4. 4. Traditional Product Development Generate Idea Create Download Form Build Product Learn What Customers Want
    5. 5. Getting Lean Run a Smoke Test Generate Learn What Idea Customers Want Create Download Form    Build a Minimum Viable Product Create Generate Download Form Idea Learn What Build Product Customers Want Reduces time to feedback Enables faster course corrections Minimizes capital spent developing unwanted features / products
    6. 6. Customer Development 1. Customer Discovery Achieve Problem/Solution Fit 2. Customer Validation Achieve Product/Market Fit 3. Customer Creation Drive Demand 4. Company Building Scale the Company
    7. 7. Minimum Viable Product (MVP) The simplest product or service that provides value to a customer Old Way     Research the market Build the entire product or service Launch Find out if you can sell it New Way    Build a minimum product or service Attempt to sell it Iterate based on what you learned
    8. 8. Example: MVP
    9. 9. Validated Learning Old Way     Do something Debrief Invent reasons for results “Lesson Learned” (but not really) New Way       Make a hypothesis Create experiment Run experiment Analyze results Hypothesis either validated or not Lesson only learned once validated
    10. 10. The Build-Measure-Learn Loop Ideas Learn Build Data Product Measure
    11. 11. Split Tests Do you want more readers?
    12. 12. Metrics Vanity Actionable Sound awesome, but usually meaningless. Often up and to the right. Ties specific and repeatable actions to observed results. # Conversion Customers Revenue # Page Views Rate Cost of Acquisition Churn Rate
    13. 13. Cohorts Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Joined Month 1 100% 10% 8% 5% 3% 2% Joined Month 2 100% 13% 10% 8% 7% ? Joined Month 3 100% 18% 14% 12% ? Joined Month 4 100% 19% 17% ? Joined Month 5 100% 25% ? Joined Month 6 100% ?
    14. 14. Product/Market Fit When you have a product that you can consistently and repeatedly sell to a specific market. Signs of Product/Market Fit When you have a block of customers with: Similar Usage & Results Repeatable Buying Patterns Few Customization Needs
    15. 15. The Pivot A structured course correction designed to test a new fundamental hypothesis about the product, strategy, and engine of growth. * Requires validated learning
    16. 16. Other Terminology      Iterative Releases Continuous Deployment Business Model Canvas Get Out of the Building (GOOTB) Innovation Accounting
    17. 17. Questions? Trevor Lohrbeer @FastFedora trevor@FastFedora.com FastFedora.com @LeanDecisions trevor@LeanDecisions.com LeanDecisions.com

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