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Intro to Lean

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  • Sorry for the oversight, US-centric American - guilty as charged. :-) Will add it in to my next version/talk - where are you located and what is the Lean Startup group near you?
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  • I really like the presentation, but slide 10 is a little too US centric for my liking. We do have lean start-ups in Europe as well :-)
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Intro to Lean

  1. 1. INTRO LEAN to Lean Startup Methodology and what it means
  2. 2. Meet Joe… <ul><li>4 time founder / CEO </li></ul><ul><li>Raised $20 Million + </li></ul><ul><li>Lean Startup user </li></ul><ul><li>Lean Startup Teacher (40+ companies) </li></ul><ul><li>Opinionated Guy… </li></ul>
  3. 3. What is Lean Startup… … and why should we care?
  4. 4. We Fail! 95% 5%
  5. 5. Mostly because the Product / Business Model misses
  6. 6. Help is on the Way ! 60% in 8
  7. 7. Help is on the Way ! 60% in 8 the next phase …
  8. 8. Part 2 Lean Startup in 19 Minutes “ The Lean Startup” is a trademark and service mark owned by Eric Ries
  9. 9. History <ul><li>Young but growing quickly </li></ul><ul><li>Customer development – Steve Blank </li></ul><ul><li>“ 4 Steps to the Epiphany ” </li></ul><ul><li>Integrated with Lean Startup (2009) </li></ul><ul><li>Rapid adoption </li></ul>
  10. 10. <ul><li>Popular on the West Coast </li></ul><ul><li>Hot and growing on the East Coast </li></ul><ul><li>Enclaves in all major cities (Boston, Chicago, South Fla, Raleigh-Durham, etc.) </li></ul><ul><li>Seeing Mainstream Press (New York Times, WSJ) </li></ul><ul><li>Popular – NYC Lean Startup sells out in hours </li></ul>Spreading
  11. 11. <ul><li>Not necessarily something new </li></ul><ul><li>Experienced serial entrepreneurs “know but had to learn the hard way” </li></ul><ul><li>Methodology and framework everyone can follow </li></ul>Perspective
  12. 12. <ul><li> Hypotheses </li></ul><ul><li> Validate – Customer Development / testing / MVP </li></ul><ul><li> Pivot </li></ul><ul><li> Product-Market fit </li></ul><ul><li> Scale </li></ul>Process
  13. 13. <ul><li>Key assumptions needed for your business to succeed </li></ul><ul><li>Every facet: customer, product, market, financials </li></ul>Hypotheses
  14. 14. <ul><li>People love to play the game Scene it </li></ul><ul><li>People will play a similar game on Facebook but using advertising clips instead of movie scenes (with prizes) </li></ul><ul><li>People will share game content on Facebook (walls), leading to more players. </li></ul><ul><li>Advertisers will pay a high CPM for a “guaranteed engaged” audience </li></ul>Example: Hypotheses (from SourcePad client Talamu)
  15. 15. <ul><li>People love to play the game Scene it </li></ul><ul><li>People will play a similar game on Facebook but using advertising clips instead of movie scenes (with prizes) </li></ul><ul><li>People will share game content on Facebook (walls), leading to more players. </li></ul><ul><li>Advertisers will pay a high CPM for a “guaranteed engaged” audience </li></ul>Example: Hypotheses (from SourcePad client Talamu) ✔ Yes ✔ 75% sure  ??? not sure ??? 50% sure 
  16. 16. Validate <ul><li>“ Get out of the building” – Steve Blank </li></ul><ul><li>Customer interviews </li></ul><ul><li>Walkthroughs of wireframes </li></ul><ul><li>Landing page tests </li></ul>
  17. 17. Example: Validation <ul><li>Process </li></ul><ul><li>Find people through networking, Craigslist, Starbucks (if needed, pay them with gift cards) </li></ul><ul><li>Ask them about their life/work/problems </li></ul><ul><li>Tell them or Show them your solution (or 2 solutions, one of them yours) </li></ul><ul><li>Keep count </li></ul>
  18. 18. <ul><li>Minimum Viable Product </li></ul><ul><li>Minimum you need to test validity </li></ul><ul><li>Some include Wireframes, Landing Pages, Simulations along with working products </li></ul><ul><li>Iterate (Agile) from there </li></ul>MVP
  19. 19. OR Example: MVP
  20. 20. <ul><li>Changing your direction </li></ul><ul><li>Classic: changing your business model </li></ul><ul><li>Significant changes </li></ul><ul><li>New hypotheses </li></ul>Pivot
  21. 21. Example: Pivots Company First try Pivot Success Paypal Palm Pilot payments All payments $1.5 billion (ebay) YouTube Dating Site (Tune In Hook Up) YouTube $1.6 billion (Google) Starbucks Coffee beans / espresso makers Cafes $24 billion (Nasdaq)
  22. 22. Example 2 : SourcePad - before
  23. 23. Example 2 : SourcePad - after
  24. 24. <ul><li>When </li></ul><ul><li>Metrics (Viral Co-efficient, Revenue, Conversion, CPM/CPC) </li></ul><ul><li>Ready to scale </li></ul>Product Market Fit
  25. 25. <ul><li>Morning Stats Test: </li></ul><ul><li>More people today than yesterday (significant %) </li></ul><ul><li>Sean Ellis test: </li></ul><ul><li>40% of users “very disappointed” w/o your product </li></ul><ul><li>Financial Test: </li></ul><ul><li>Revs up & made a profit  can fund growth indefinitely </li></ul><ul><li>You just know it (and others start to as well) </li></ul>Example: Product-Market Fit
  26. 26. <ul><li> Hypotheses </li></ul><ul><li> Validate – Customer Development / testing / MVP </li></ul><ul><li> Pivot </li></ul><ul><li> Product-Market fit </li></ul><ul><li> Scale </li></ul>Process (review)
  27. 27. Summary
  28. 28. We have the tool-kit
  29. 29. Let’s use it … 95% 5%
  30. 30. to change the odds. 95% 5%
  31. 31. Questions & Contact <ul><li>Joe Chin </li></ul><ul><li>Founder & CEO, SourcePad web + facebook + iPhone + RoR + php + .net </li></ul><ul><li>[email_address] </li></ul><ul><li>Skype: jchin_SP </li></ul>

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