Foundation principles Emerge Education

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Startup Principles from Lean Startup, Effectuation and 7 Domains, kicking off the Emerge Education Accelerator.

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Foundation principles Emerge Education

  1. 1. Lean Startup Principles aka. what old, rich founders say about Lean Startup. a Founder-Centric module.
  2. 2. CI ER EX SE Do not open the kit until I say GO! Build the tallest freestanding structure.The entire marshmallow must be on the very top. You’ll have 18 minutes. Use as much or as little of the kit contents as you want, but nothing else!
  3. 3. “I wish I knew that sooner.”
  4. 4. Our job is to bring ourselves the bad news sooner.
  5. 5. 1st timers Care too much about their ideas, and look for certainty in process. Experienced founders Care more about opportunity cost, and look for certainty in evidence.
  6. 6. Build Learn Measure
  7. 7. Principles, not process.
  8. 8. Principles Iteration Do Less Improve the big picture Learn, then confirm Course-correction
  9. 9. Salim Virani @saintsal www.saintsal.com Agency 5 startups Leancamp Founder-Centric
  10. 10. ST PO UP Our learning goals today.
  11. 11. Do less.
  12. 12. Don’t work hard to mask your inefficiency.
  13. 13. Not enough time? Not enough money?
  14. 14. Grow with efficiency.
  15. 15. How to Do Less. Multiplying deliberately. Letting go. Limiting work-in-progress. Time limits. Being picky about customers.
  16. 16. Add a zero 0 10 100 1,000 10,000 100,000 1,000,000 10,000,000
  17. 17. Tenacity Good for vision, inventing and improving. Bad for getting stuck on specifics that don’t work.
  18. 18. WIP Yourself!
  19. 19. SI S CU S DI ON Inside the building Use a timer.
  20. 20. Choose your customer.
  21. 21. Lack of direction. Vague customer definitions. Multiple customer definitions.
  22. 22. Is this conversation useful?
  23. 23. Specific customer definitions help find them quickly, and point out scalable channels to reach them. Specific value propositions are more compelling and help you get early traction. Zoom in!
  24. 24. CI ER EX SE Earlyvangelists Have the problem Know they have the problem! Have budget to solve it. Have looked for a solution. Have tried to build a solution.
  25. 25. Customer Slicing ? Jobs Obstacles Goals Current Solution Decision Trigger Interest Trigger
  26. 26. Seeing the big picture.
  27. 27. Big Picture Lenses Growth Engines Business Model Design 7 Domains
  28. 28. 7 ways to die. Choose none.
  29. 29. Market Industry Trends Establishment Macro Alignment Skills Connections Micro Customer Need & Behaviour Lock-in & copyability Modified from 7 Domains, From The New Business Road Test, by John Mullins
  30. 30. Team - Alignment Will we stay aligned?
  31. 31. Decision Hack: Map the overlap between your goals.
  32. 32. Goal Fit Narrow down the options to find matches. Fit comes from elimination, not selection.
  33. 33. SE Individually, write possible 3-year goals for your company. CI ER EX Goal Fit
  34. 34. SE Hand off the goals to your partners. CI ER EX Goal Fit
  35. 35. SE If any of the goals don’t work for you, explain the trade-off for you on the back of the card. CI ER EX Goal Fit
  36. 36. Risk Tolerance Size Length Role Control Affordable Loss
  37. 37. CI ER EX Individually, what are the company milestones for the next year? Goals? Walkaway conditions? One per card. Include dates. SE Risk Tolerance
  38. 38. CI ER EX As a group, create a single timeline out of all the cards. Star any that don’t feel right or don’t fit for discussion at the pub tonight. SE Risk Tolerance
  39. 39. Team - Skills Do we have the connections?
  40. 40. Team Connections Industry Market Domain expertise Channel
  41. 41. CI ER EX SE Who do you need? Industry Market Domain expertise Channel
  42. 42. CI ER EX SE Are there any you can’t get on the phone in 48 hours? Email Emerge now.
  43. 43. Decision Hack: Plant a flag.
  44. 44. Decision Hack: Go there and help.
  45. 45. CI ER EX SE Core Skills
  46. 46. CI ER EX SE Core Skills What skills, if weak, can kill your business? What skills, if strong, can give you disproportionate advanges?
  47. 47. Team - Skills Are we capable?
  48. 48. Decision Hack: Choose goals based on what you have.
  49. 49. Affordable Loss. What I’ve got What I can do Small partnerships.
  50. 50. Growth Engines
  51. 51. ON Growth Engines, from The Lean Startup by Eric Ries SI Sticky Paid Acquisition Viral S CU S DI Understanding growth
  52. 52. Business Model Design
  53. 53. Tenacity Good for vision, inventing and improving. Bad for getting stuck on specifics that don’t work.
  54. 54. Mass customisation Crowdsource Ad-supported Viral Transactional Multi-sided market Value-based pricing Direct-over-viral Event-supported SaaS Licensing Bundling App sale + Subscription in-app purchase Purchase-timing
  55. 55. 2 stages of learning Learn Confirm
  56. 56. 2 stages of learning Ask Sell
  57. 57. 2 stages of learning Observe Experiment
  58. 58. Do we understand the industry? Does anyone care at all?
  59. 59. Do we understand the industry? Does anyone care at all? Are we building the right product? Will any pay for it?
  60. 60. 2 stages of learning Learn Confirm
  61. 61. What can spies teach us about Customer Development?
  62. 62. 2 stages of learning Collect Analyse
  63. 63. 2 stages of learning Learn Confirm
  64. 64. Where is the love?
  65. 65. Course-correction
  66. 66. “I wish I knew that sooner.”
  67. 67. Building with a heartbeat.
  68. 68. Build Learn Measure
  69. 69. Minimum Viable What is the minimum thing I need to build to prove or disprove this?
  70. 70. SE (Hint: use the Canvas or metrics to make sure it’s relevant.) CI ER What big make-or-break risks or idea is the one you want to nail down this week? EX Pick a learning goal
  71. 71. Start with your learning goal. Build Learn Pick a learning goal. Pick a measurement. Draw your MVP on a blank sheet. Measure
  72. 72. Principles Iteration Do Less Improve the big picture Learn, then confirm Course-correction
  73. 73. Build Learn Measure
  74. 74. Make it your own.
  75. 75. Thanks!
  76. 76. CI ER EX SE Slicing off segments They are real people (not attributes!) It’s clear where to find them. You’ll walk away if they aren’t a good fit.
  77. 77. Specific definitions allow for validation or invalidation. And that speeds progress.
  78. 78. Take a look at the customers’ world Looking at different aspects of their lives, we’ll examine our own beliefs about them, who they are – and if they really exist, how to frame our value in their context.
  79. 79. Product Market
  80. 80. Behaviour Customer
  81. 81. EX CI ER Customer Slicing SE ? Jobs Obstacles Goals Current Solution How deep do you go? They are real people (not attributes!) It’s clear where to find them. You’ll walk away if they aren’t a good fit. Decision Trigger Interest Trigger

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