3. Paul Graham-Counterintuitive Facts About Startups
• Just pick people like you are picking friends. Don’t partner with people
because they are technically great.
• No expertise in startups, but expertise in your users needs. Make
something people want, forget about angel investors, pitches, VC’s,
startup buzz words.
• Starting a startup is where gaming the system stops working. There is
no boss to trick, only users.
• Startups are consuming. It never gets easy. Don’t start a startup in the
college.
• You can’t estimate whether you will be succesfull. The only way is to
start.
• The way to get startup ideas is not to try to think of startup ideas. Learn
about things that matter. Work on problems that are interesting.
New Venture Development, Bora Özkent
2014
3
9. Questions to Answer
• Do we understand our customers’ problems?
• Is there a market potential, do sufficient number
of people suffer from this problem?
• Do they like our idea so much, that they will tell
about it to their friends?
10. Preparing the Test
• What do I want to learn?
• What is the easiest go/iterate/pivot test?
• How can contact with MVP customers for further
learning?
• Which metrics should I measure and how I am going
to measure them.
11. Criteria for Selecting
• Does my product solve the customer’s problem without
this feature?
• Based on my customer discovery, which feature of the
product will help me to close a sale most?
• Which attribute so indispensible that, If we can’t make it
work we should give up the whole idea?
• Which one is the riskiest hypothesis in the lean canvas?
12. message that turns an unaware
visitor into an interested
landing page
Proposition Relationships Segments
ChannelsKey
Resources
Lean Startup Essentials #2: The Lean Canvas
Value Proposition
• Single, clear, compelling
Key Partners Key Activities Value Customer Customer
Cost Structure Revenue Streams
prospect
• Your elevator pitch
• What you put on your
14. User Stories
What are the Customers Trying to Accomplish
With Mint I feel confident that I make my payments
on time.
With Mint I can make a budget and keep mylife
under control.
With Mint I can make better investments and earn
more money.
I can track my financial position easily with my cell
phone.
15.
16. Samples
• “If Apple can launch a smartphone
without Find or Cut-and-Paste, what can
you cut out of your product
requirements?” – Sramana Mitra
• “The first version of Gmail was literally
written in a day.”
32. ProduCtFidelity
Coverage (Number of Customers)
few
low
high
many
Interview Ad-Words-Campaign
Paper SketCh
Paper MoCkup Raise Funds from Customers Video
34. ProduCtFidelity
Coverage (Number of Customers)
few
low
high
many
Interview Ad-Words-Campaign
Paper SketCh
Paper MoCkup Raise Funds from Customers Video
Landing Page
36. ProduCtFidelity
Coverage (Number of Customers)
few
low
high
many
Interview Ad-Words-Campaign
Paper SketCh
Paper MoCkup Raise Funds from Customers Video
Landing Page
ConCierge MVP
38. ProduCtFidelity
Coverage (Number of Customers)
few
low
high
many
Interview Ad-Words-Campaign
Paper SketCh
Paper MoCkup Raise Funds from Customers Video
Landing Page
ConCierge MVP
The ProduCt
39. Validate your idea with real users
without coding, design and risk.
Code Design Capital Risk
52. Homework for Next Session
• Read Running Lean
– Chapter 8: The Solution Interview
– Chapter 9: Get to Release 1.0
• Team Discussion
– How can you develop a minimum viable product for your idea?
– Prepare your initial idea for MVP (no presentation required)
• Solve the JIBO case and prepare a written group report (Not
longer than 1 page, 12 font). The report should be printed en
delivered in the class.
52
53. Jibo Case Study
• Jibo tested demand in Indiegogo through crowdfunding. What
are the potential advantages and disadvantages of this
approach? Would you pursue the same path for your venture?
Why, why not?
• Should Jibo pursue a platform strategy at launch, or should
the company build the initial applications themselves and
evolve into a platform strategy in time?
• When it comes time to develop a platform strategy, should
Jibo take top-down approach (with strategic partners), a
bottom-up (developler driven) approach, or a combination of
the two?
• If you were hired as head of strategy and in the room with
Breazeal, Chambers, and Smith, what execution plan would
you recommend to attract developer investment in a platform
that will not be shipping for over a year?
New Venture Development, Bora Özkent
2014
53
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