Teaching lean startup capital enterprise


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Teaching lean startup capital enterprise

  1. 1. Welcome toFounder Centric
  2. 2. 3 TypicalAssignments
  3. 3. Market feedbackEasyGrading Speed
  4. 4. DoingThenLearning
  5. 5. Rob Fitzpatrick@robfitzrob@foundercentric.com
  6. 6. Salim Virani@SaintSalsalim@foundercentric.com
  7. 7. 10:00 Hello & intro10:30 Coffee11:00 Iterative teaching11:15 Workshops & assignments12:30 Lunch1:30 Workshops & assignments2:00 Design Process & Goals2:30 Extra Curricular Fit3:00 Coffee3:30 Gotchas & Questions4:30 Closing discussion
  8. 8. Startup iterationsare much fasterthan a semester.
  9. 9. Can we gradeiterations?
  10. 10. Death Spiral
  11. 11. Controlling vs. Enabling
  12. 12. Course-correction
  13. 13. How do we measureteaching success?
  14. 14. Quality Controlcreates barriers.
  15. 15. BuildLearn Measure
  16. 16. Don’t change their mind.Change their approach.
  17. 17. Remove barriers.Just give them the tools.Leave the directions to them.
  18. 18. Post Up!
  19. 19. Caffeine
  20. 20. Entrepreneurship is a craft.It’s learned through practice.
  21. 21. Are our assignmentsgrading applicationor knowledge?
  22. 22. PsychologyEffectuationSeeking PullHabits & processResponsible riskCamaraderie, humilityOh, making loads of money!
  23. 23. InterchangeableModules
  24. 24. Ideas
  25. 25. Personal inventoryStudents make two lists on a single page: What I’ve Got What I Can Do (startup ideas)They’re graded on the length of the list andthe relevance of the ideas to their resources.
  26. 26. ActionableAnalyticsGrowth Engines & Pirate Metrics
  27. 27. Your KPI Dashboard Actionable analytics for your current goals No clutter metrics Understanding the trade-offs
  28. 28. Hustle
  29. 29. Build an audience Quantity of content published Daily analytics screenshots & action log Post-mortem of what worked & didn’t Variety of channels and content tried
  30. 30. Lunch
  31. 31. 1 Parts 3 Progress 2 Whole Articulating a clear story
  32. 32. Platform Platformesday, 14 June 2011 Tuesday, 14 June 2011
  33. 33. Isolate thedynamicGiven a short case study (andpossible online research): A canvas with only 3 post-its A paragraph on why this is thekey dynamic
  34. 34. Business model pitches Explains the overall business in first 90 seconds Focused on the right bits Used fewest post-its Good, energetic story Connects trends, customer problems & current behavior to proposed
  35. 35. Business model options Pure quantity Breadth of variation Legibility Understandable when they review them in 3 months?
  36. 36. The Mom Test
  37. 37. Dear Mom,Don’t youthink I’mgreat?Love,Your son
  38. 38. But, everybody will lie to you (not just mom)
  39. 39. The mom testTalk about their life, Future-tensenot your idea opinions are liesAsk about specifics You gain nothingin the past by convincing them
  40. 40. ❝ Do think it’s a good idea? ❞ Us
  41. 41. ❝ Do think it’s a good idea? ❞ Us
  42. 42. ❝ Would you buy a product which solved this problem? ❞ Us
  43. 43. ❝ Would you buy a product which solved this problem? ❞ Us
  44. 44. ❝ How do you currently deal with this problem? ❞ Us
  45. 45. ❝ How do you currently deal with this problem? ❞ Us
  46. 46. ❝ Talk me through the last time you had this problem. ❞ Us
  47. 47. ❝ Talk me through the last time you had this problem. ❞ Us
  48. 48. ❝ How much would you pay for this? ❞ Us
  49. 49. ❝ How much would you pay for this? ❞ Us
  50. 50. ❝ How much money does this problem cost you? ❞ Us
  51. 51. ❝ How much money does this problem cost you? ❞ Us
  52. 52. ❝ Is there a budget for it? ❞ Us
  53. 53. ❝ Is there a budget for it? ❞ Us
  54. 54. ❝ Who else should I talk to? ❞ Us
  55. 55. ❝ Who else should I talk to? ❞ Us
  56. 56. Opinions are worthless!
  57. 57. Real stories.
  58. 58. Problem Solution Excited Feature Goal Remiss UpsetPerson Obstacle Alternative request Pair. One interviewer, one notetaker. One phrase per card.Interviews! Use the icons as your record notes. The order doesn t matter, but bring up each topic during the interview.
  59. 59. Building a supportnetwork (that you trust!)
  60. 60. BraintrustProblem, Learning Goal, Plan,turned in weekly. Selection & analysis of big problem and learning goal Efficiency of plan to answer it Concise Feedback from peers collected
  61. 61. Growth Hackers
  62. 62. Add a zero1.Pick a startup, ideally local.2.Think of 3 ways to add a zero (an order of magnitude)3.Email them to the founder, asking to discuss.4.Write up lessons learned from the conversation.5.Automatic 100% if the startup tried it and learned something!
  63. 63. Big idea! Too bad about the execution.
  64. 64. SegmentationReduce an idea with a broadmarket to 10 possible segments,each with a TAM lower than1,000.Include at least one likelyawareness channel for each.Pick one. Turn in a contact list ofprospects in that segment.
  65. 65. Pivot or persevere?Given a short case study: Analysis of the commitments and signals from customers Exploration of the possible learning goals Description of a reasonable way to achieve this learning.
  66. 66. Signal vs. NoiseLog into an analytics account (or look at print-outs) andisolate the growth engine from the TechCrunch traffic.Turn in the relevant numbers only, with a paragraphexplaining why this is the growth engine.
  67. 67. How do we gradeCustomer Development? Got conversations Note-taking Asked good questions Analysis of multiple conversations
  68. 68. Option CardsStudents are taught how to use optioncards in their startup. At the end of thesemester, they submit their decks. Quantity of cards 2 subsets, based on differentfictitious problems(low conversion rate, Google becomesyour competition, failed to build, etc.)
  69. 69. Lean UsabilityOptimise a university web app.Groups of 4 run 4-5 30-minuteusability tests, submitting: Whiteboard snapshot #1 problem discovered List of other problems & why theyweren’t chosen.
  70. 70. Hacking timeHack a personal habit this week. Write a paragraph on whatyou tried, and why. Write another on how it went.
  71. 71. MVP designGiven a short case study, and a specific learning goal: Good balance of speed, cost and certainty of learning Clear steps Clear success metric
  72. 72. Assumptions ExerciseThank @GiffConstable!
  73. 73. I believe my customers have a need to _____________ .
  74. 74. This need can be solvedwith _________________. My initial customers will be _________________.
  75. 75. I will acquire the majority of my users/customers through _______________________ and________________________.
  76. 76. I will make money by ___________________.
  77. 77. Get the FULL version at giffconstable.com
  78. 78. Our design process
  79. 79. Flexible curriculumLay out the big principlesyou want to impart.Come up with a set ofswappable options.Assemble them asneeded. Don’t convergeuntil you need to.
  80. 80. F-Day PrinciplesIterateDo LessUnderstand The Big PictureLearn, then ConfirmFocus On Your Next Steps
  81. 81. Flexible curriculumMake sure they fit well by, looking at theoverall output: Each principle was conveyed andapplied in practice. The energy levels stayed high all day. The overall tone conveyed the rightmessage. (We walked the talk.) It adapted to student needs.
  82. 82. Project framing1. Just build a company2. Build your best idea3. Lots of small projects
  83. 83. Rules of thumbStrip away irrelevancies mercilessly.Make them apply it in the next 5 minutes.Make it accessible. Use plain speak.
  84. 84. Keep your shirt!What I’ve got What I can doMake friends!
  85. 85. Personal inventoryStudents make two lists on a single page: What I’ve Got What I Can Do (startup ideas)They’re graded on the length of the list andthe relevance of the ideas to their resources.
  86. 86. Constrained launchesWith enough harnesses, these are 1-2 weekpractical assignments:Launch a consumer/SME SaaS MVP.Launch a drop shipper.Concierge a market place (find liquidity)Build an audience. (blog, Twitter, Google+, etc.)Launch an enterprise service.Growth hack a startup.
  87. 87. The bigger picture
  88. 88. Peer SupportSafety net, saves the weakestSocialBroader exposureBubbles up unknown student skills
  89. 89. Linear?Order, length anddepth of eachlesson are stilladaptable.
  90. 90. Advisors.Make the students responsiblefor filtering bad advice & pushingback on expectations.Reduce the business plan torelevant parts.
  91. 91. Other demands.
  92. 92. Open Space
  93. 93. Gotchas Assignment overload Mentor overload Single-iteration projects Clear on what to grade
  94. 94. Gotchas Mismatched goals & skills Lack of practical design /tech skills No help-seeking attitude Using speakers/mentorswho don’t get startups “We just need to raisefunding.”
  95. 95. Gotchas Students not knowingeach other Expecting students to stayin sync Hung up inconsequentialdetails. In love with their first idea
  96. 96. BuildLearn Measure
  97. 97. TeachLearn Measure
  98. 98. Remove friction. Catch them when they fall.
  99. 99. Thank You! We are Founder-Centric.Salim Virani Rob Fitzpatrick@SaintSal @robfitzsalim@foundercentric.com rob@foundercentric.com
  100. 100. Work with us. Content: Use our accelerator stuff! Plug in polished workshops, videos and materials.Programme design: Let’s sit Fast & easily-gradeabledown and work out options to assignment packshelp you hit ambitious, Slide decksmeasurable goals. Case studies Card gamesWorkshops: Fly us in to givestudents a practical boost (or Full facilitation guideskick), and to help keep them on Training videostrack. Teacher community