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The magic of loops, markets and moxie

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Most businesses fail within the first year or two. How do you improve your odds of success? We’ll review the magic in learning loops, how to understand your users and customer development, and what you need in team dynamics to drive your startup forward and point you in a more successful direction.

By Nick Barendt & Nicole Capuana

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The magic of loops, markets and moxie

  1. 1. The magic of loops, markets & moxie Creating an actionable framework based on Lean Startup and other methods to keep you focused
  2. 2. Nicole Capuana @ncapuana LeanDog @leandog Nick Barendt @nickbarendt
  3. 3. What we work on Product Design & Development ● web, mobile, cloud, embedded, IoT(H) ● software making an impact
  4. 4. Loops
  5. 5. If I only knew then what I know now
  6. 6. Why Lean? ● reduce waste ● continuous learning ● focus on customer value ● feedback ● retrospectives
  7. 7. Lean Startup ● Eric Ries & Steve Blank ● Apply Lean and Scientific Principle to Entrepreneurship
  8. 8. Build Measure Learn Loops, feedback, cadence, & retrospectives Hypothesis format We believe that [building this feature] [for these people] will achieve [this outcome]
  9. 9. Markets
  10. 10. “No business plan survives first contact with a customer.” -Steve Blank
  11. 11. Hypotheses ● Leap-of-Faith Assumptions/Hypotheses ● Focus on Learning Initially ● Sequence or Collection of Hypotheses ● Riskiest hypotheses first
  12. 12. Customer Development
  13. 13. Customer Development ● Core focus ● Solve a problem ● Product Market Fit ● Don’t build for everyone ● Talk to them to understand ● Observe what they do
  14. 14. Get out of the Building ● Uncomfortable for developers ● Friends and family don’t count ● Whole team participates ● Identify Personas ● Develop Empathy ● Interview and Observe ● Stay out of the “Woulds”
  15. 15. Safe Driving? What is “safe”?
  16. 16. Who are your customers ● Segments ● Personas ● Channels ● B2B or B2C? ● User vs. buyer ● You are not your customer
  17. 17. Understand how + why your customers buy ● Pricing ○ what are you selling against? ● Day-in-the-life ● Journey Map ● How big of a pain do they have? ● Do they want and need it?
  18. 18. Experiment & Validate
  19. 19. ...there is no try ● Prove or Disprove Hypotheses ● Experiment Design
  20. 20. Types of Experiments ● Landing page - test the water ● Customer interviews - create a script for consistency ● Paper prototypes to clickable prototypes ● Concierge service or Wizard of Oz ● Technical spikes to to prove feasibility and improve effort estimates ● Actual software prototype
  21. 21. Build Less - Prototype More! ● Learn before building ● Picture worth 1000s words ● Building feels like progress ● Validate with customer ● Tell a story ● It’s priceless
  22. 22. Testing & Metrics ● Can they use it? ● Do they want it? ● What did you observe? ● What did you learn? ● What does the data indicate?
  23. 23. Experiment Mapping ● David Bland ● Can we learn faster? ● Can we do less? Learning Time Days Weeks Months
  24. 24. Build
  25. 25. User Stories
  26. 26. Story Backlog
  27. 27. Story Mapping ● Jeff Patton ● Epics > Features > Icebox ● Prioritize across ● Play Devil’s Advocate ● Create an actionable plan There’s always more to it than you think & priorities will change
  28. 28. Story Map - Before
  29. 29. Story Map - After
  30. 30. MVP - Minimum Viable/Valuable Product “A minimum viable product has the exact (not least) amount of features to make it desirable and sellable, thus giving value.” -Martin Christensen
  31. 31. Feedback Cycle
  32. 32. Moxie
  33. 33. Path only looks straight in hindsight
  34. 34. Dont’ Do it Alone Hustler, tech, sales, fund raising ● a founder (the idea creator) ● someone who can see the big picture ● someone who hold all the details & will do whatever it takes to get the job done ● someone who is the hustler Be mentored
  35. 35. Be mindful of the toll ● Relationships ● Exhaustion ● You
  36. 36. Lots of “No”s to get to Yes
  37. 37. Kill Your Darlings
  38. 38. Pivot ● Based on what you learn ● Course corrective ● Build an app that solves only your problem or build a business?
  39. 39. Funding (really not your problem) ● Bootstrapping ● Friends and Family ● Angels ● Accelerators ● Venture Capital ● Rich vs. King
  40. 40. end of funnel is opening of another
  41. 41. feedback loops are reality check against vision better to learn sooner
  42. 42. Have the audacity to learn, fail fast + have fun changing the world http://www.leandog.com/what-we-do/studio/ http://www.leandog.com/dogtreats/

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