Lean Startup - Daily Trading Report

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Lean Startup(ish) process undertaken to start www.dailytradingreport.com

Lean Startup as I interpreted it.

Seems to have worked!

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Lean Startup - Daily Trading Report

  1. 1. Daily Trading Report <ul><li>Lean Startup(..ish) In Action => Matt Stone </li></ul>
  2. 2. Aim <ul><li>DailyTradingReport.com </li></ul><ul><li>Lean Startup(..ish) </li></ul><ul><li>It is not difficult </li></ul><ul><li>It is unbelievably difficult </li></ul>
  3. 3. Agenda <ul><li>Lean Startup => Am I doing it right? </li></ul><ul><li>Test idea </li></ul><ul><li>Build Something </li></ul><ul><li>How did it go? </li></ul><ul><li>Refactor & .. </li></ul><ul><li>Resources </li></ul>
  4. 4. Matt Stone <ul><li>Matt Stone - IT Background (10 years) </li></ul><ul><li>Entrepreneur & CTO (10 years) </li></ul><ul><li>DailyTradingReport.com </li></ul>
  5. 5. Lean Startup? <ul><li>Eric Ries / Steve Blank </li></ul><ul><li>Fail early (conserve resources) </li></ul><ul><li>Customer Development </li></ul><ul><li>Minimal Viable Product => MVP </li></ul><ul><li>Excellent resources - Blogs & YouTube </li></ul><ul><li>No one has mortgage on knowledge </li></ul>
  6. 6. Am I Doing it Right?
  7. 7. Lean Startup <ul><li>Start with a vision & possible MVP </li></ul><ul><li>Test => Talk to potential customers </li></ul><ul><li>Refactor => Improve from learning </li></ul><ul><li>Just do it! (stop procrastinating) </li></ul><ul><li>Focus </li></ul><ul><ul><li>Customer Development </li></ul></ul><ul><ul><li>MVP </li></ul></ul><ul><li>Pivot if / when necessary </li></ul>
  8. 8. I Can Haz Idea? <ul><li>Ideas are everywhere </li></ul><ul><li>Yours most likely tried before </li></ul><ul><li>Can you make a business? </li></ul><ul><li>Can you execute? </li></ul><ul><ul><li>Customer Development => Find some </li></ul></ul><ul><ul><li>MVP </li></ul></ul><ul><li>Rightyo.. lets find out! </li></ul>
  9. 9. Test Idea - how? <ul><li>Validate => Interviews & surveys </li></ul><ul><li>Simple landing page </li></ul><ul><ul><li>Explain proposition & Call to Action </li></ul></ul><ul><ul><li>Survey => Confirm / Disprove Assumptions </li></ul></ul><ul><ul><li>Collect email address </li></ul></ul><ul><li>Find target market & drive traffic </li></ul><ul><li>Are people interested? </li></ul><ul><li>Starting to get difficult </li></ul>
  10. 10. Test Idea - How? <ul><li>Interviews & Landing page </li></ul><ul><ul><li>Wordpress / HTML / Blog / Facebook </li></ul></ul><ul><ul><li>Survey - Google Docs / Survey Monkey </li></ul></ul><ul><li>Drive Traffic </li></ul><ul><ul><li>Google Adwords / Adbrite </li></ul></ul><ul><ul><li>Facebook / Twitter / Quora </li></ul></ul><ul><ul><li>Blogs / Newsgroups / Popular sites </li></ul></ul><ul><ul><li>Our network </li></ul></ul><ul><li>Mostly free </li></ul>
  11. 11. Measure <ul><li>Dave McClure - Pirate Metrics </li></ul><ul><li>A cquisition </li></ul><ul><li>A ctivation </li></ul><ul><li>R etention </li></ul><ul><li>R eferral </li></ul><ul><li>R evenue </li></ul>
  12. 12. DTR Test <ul><li>Landing Page => Outline of MVP </li></ul><ul><ul><li>Wordpress blog & daily posts </li></ul></ul><ul><ul><li>Simple form to collect emails </li></ul></ul><ul><li>Drive Traffic </li></ul><ul><ul><li>Syndicated blog </li></ul></ul><ul><ul><ul><li>RSS pings </li></ul></ul></ul><ul><ul><ul><li>Twitter / StockTwits => Yahoo Finance & CNN Money </li></ul></ul></ul><ul><ul><ul><li>Commented on popular industry blogs </li></ul></ul></ul><ul><ul><li>Built profile on SeekingAlpha.com </li></ul></ul><ul><ul><li>$5 per day - Google Adwords </li></ul></ul><ul><li>Drive Traffic => Difficult </li></ul>
  13. 13. Results <ul><li>Not spectacular </li></ul><ul><li>But enough to prove MVP for US </li></ul><ul><li>Survey + feedback => Iterate on product </li></ul>
  14. 14. Build Something <ul><li>www.DailyTradingReport.com </li></ul><ul><li>Analysis => Investment view </li></ul><ul><li>Strategy => Applying Investment view </li></ul><ul><li>Not finished nor polished </li></ul><ul><li>Offered to small subset (< 300) </li></ul><ul><li>Ruby on Rails => my skill set </li></ul>
  15. 15. Build Something
  16. 16. Build Something
  17. 17. Build Something
  18. 18. Results <ul><li>Almost 100% take up of offer </li></ul><ul><li>Small user base (< 300) </li></ul><ul><li>50% Daily user engagement </li></ul>
  19. 19. Learn => Pivot <ul><li>Get out of the building </li></ul><ul><li>Competitive market </li></ul><ul><ul><li>Shouting to empty room? </li></ul></ul><ul><li>Consistent feedback </li></ul><ul><ul><li>Where do I start </li></ul></ul><ul><ul><li>Am I doing the right thing? </li></ul></ul><ul><ul><li>Lonely </li></ul></ul><ul><ul><li>Plus others </li></ul></ul>
  20. 20. Pivot <ul><li>Analysis => Investment View </li></ul><ul><li>Strategy => Applying Investment View </li></ul><ul><li>Squawkbox </li></ul><ul><ul><li>Analyst & trader thoughts </li></ul></ul><ul><ul><li>Interesting => not necessarily actioning </li></ul></ul><ul><li>Tradeflow </li></ul><ul><ul><li>Trade discussions </li></ul></ul><ul><li>Social </li></ul>
  21. 21. User Engagement
  22. 22. User Engagement
  23. 23. User Engagement
  24. 24. User Engagement
  25. 25. Results <ul><li>Small user base (< 300) </li></ul><ul><li>85%+ Typical daily user engagement </li></ul><ul><li>Revenues => Validated model </li></ul>
  26. 26. Refactor & Repeat <ul><li>And again.. </li></ul><ul><li>Minimum Viable Product </li></ul><ul><li>Customer Development </li></ul>
  27. 27. Measure <ul><li>Dave McClure - Pirate Metrics </li></ul><ul><li>A cquisition </li></ul><ul><li>A ctivation </li></ul><ul><li>R etention </li></ul><ul><li>R eferral </li></ul><ul><li>R evenue </li></ul>
  28. 28. Bonus Slide <ul><li>Startup Teams </li></ul><ul><li>You can do a lot yourself => Yes you can! </li></ul><ul><li>Agreements now => not later </li></ul><ul><li>Equity => Vesting </li></ul><ul><li>What if.. (leaves, wants out, stops caring) </li></ul><ul><li>What if.. (goes well / ok / bad) </li></ul><ul><li>What if.. change agreement </li></ul><ul><li>Keep momentum </li></ul>
  29. 29. Resources <ul><li>Eric Ries / Steve Blank => Lean Startup Blogs </li></ul><ul><li>Lean Startup Circle Google group </li></ul><ul><li>Pollenizer Boot Camp </li></ul><ul><li>Silicon Beach / Open Coffee </li></ul><ul><li>Book - 4 Steps to Epiphany => Steve Blanks </li></ul><ul><li>Dave McClure - Pirate Metrics </li></ul><ul><li>Techcrunch / ThisWeekInStartups </li></ul><ul><li>Seriously => do you need any more? </li></ul>
  30. 30. There is no End

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