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How To get to problem / solution fit

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​With this presentation I share my experience as a lean investor and lean startup trainer, a subject that I thoroughly believe in.

However, this approach is not a cure-all. This means that an overwhelming majority of ideas for startups or corporates ​will​ fail regardless of how you approach it. ​​My goal is to show you how to find ​this out as fast as possible and with the least effort​.​ ​I ​point out the ​many ​pitfalls when working with Lean Startup/Lean Innovation​ and how to avoid them. ​

The​ focus​ is​ on how to find out whether you have targeted the right customer segment​ and if not, how to iterate with problem & solution interviews between the Problem, Solution and the Customer Segment Fields of the Lean Canvas until you have reached the Problem/Solution Fit.​

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How To get to problem / solution fit

  1. 1. Fredi  Schmidli Zürich,  15  August,  2016 Hear from Fredi Schmidli - lean investor - how to get to problem/solution fit Lean Startup Zürich Meetup 1fredi@pragmatic-­‐solutions.ch15.08.2016  
  2. 2. Fredi Schmidli • Economist  and  BA • Management  Teams  in  various  functions • Entrepreneur • Business  Angel  and  Boardmember:  www.startangels.ch • Partner  at  pragmatic  solutions • Community  Builder:  meetup.com/Lean-­‐startup-­‐Zurich/ 2fredi@pragmatic-­‐solutions.ch15.08.2016  
  3. 3. THE LEAN INVESTOR: MAKE LOTS OF LITTLE BETS. EXPECT MOST TO FAIL. Dave  Mc Clure @http://500.co 3fredi@pragmatic-­‐solutions.ch15.08.2016  
  4. 4. Goal:  To improve the success rate Source:  Ash  Maurya «Running Lean» • Develop  product  in  half  the  time  and  at  half  the  cost  (GE) • Reduce  failure:  “wrong”  product  and  “premature”  scaling 4fredi@pragmatic-­‐solutions.ch15.08.2016  
  5. 5. Lean Innovation Framework 5fredi@pragmatic-­‐solutions.ch15.08.2016  
  6. 6. Problem Solution Fit => Value Problem  Solution  Fit You  validated  with  MVP  and   prospects  that  a  specific  solution  will   solve  a  know  problem  to  such  a   degree  that  customer  will  buy  it.   Brant  Cooper Value  assumption  – test  whether  a   product  or  service  really  delivers   value  to  specific  customers  once   using  it.   Scale Product   Market   fit Problem   Solution   fit Customer   Discovery Customer   Validation Customer   Creation Is  the  identified  problem  real?   Will  the  target  customer  pay?   Can  the  problem  be  solved?   6fredi@pragmatic-­‐solutions.ch15.08.2016  
  7. 7. From Idea to Problem/Solution Fit 7 Source:  Ash  Maurya «Running Lean» fredi@pragmatic-­‐solutions.ch15.08.2016  
  8. 8. Key Principle Get  out  of  the   building and      1  2  3  4  5  6  7  8  9 8fredi@pragmatic-­‐solutions.ch15.08.2016  
  9. 9. Lean Canvas (by Ash Maurya / adapted from Osterwalder) 9fredi@pragmatic-­‐solutions.ch15.08.2016  
  10. 10. Why Lean Innovation? See:  http://practicetrumpstheory.com/2012/02/why-­‐lean-­‐canvas/ 10fredi@pragmatic-­‐solutions.ch15.08.2016  
  11. 11. The 3 Phases of Customer Development 11 Source: Ash Maurya, Scaling Lean What happens here? fredi@pragmatic-­‐solutions.ch15.08.2016  
  12. 12. Different  Stages,  10x  product launch 12 Source: Asy Maurya, Scaling Lean Ideation Validation Execution fredi@pragmatic-­‐solutions.ch15.08.2016  
  13. 13. Source:  Ash  Maurya «Running Lean»  Workshop,  2015 13fredi@pragmatic-­‐solutions.ch15.08.2016  
  14. 14. Lean Canvas (by Ash Maurya / adapted from Osterwalder) 14fredi@pragmatic-­‐solutions.ch15.08.2016  
  15. 15. Persona Development & Segmentation understand the “whys” by looking at the customers behaviors 15 Facts Factual  information   about  your  target   customer Pain State  the  problem  you   believe  your  target   customers  have,  that  your   solutions  solves Behavior Existing  behavior  they   exhibit  now,  because  they   don’t  have  your  solution Goals What  goals  are  they   trying  to  accomplish  with   their  behavior,  that  your   solution  will  do  better See  also:  http://de.slideshare.net/LeanStartupMachine fredi@pragmatic-­‐solutions.ch15.08.2016  
  16. 16. What and why Early Adopters? 16 2.5% 13.5% 34% 34% 16% fredi@pragmatic-­‐solutions.ch15.08.2016  
  17. 17. 17fredi@pragmatic-­‐solutions.ch15.08.2016   Source:  Ash  Maurya «Running Lean»  Workshop,  2015
  18. 18. Lean Canvas (by Ash Maurya / adapted from Osterwalder) 18fredi@pragmatic-­‐solutions.ch15.08.2016  
  19. 19. How to uncover problems 5  Why  root  cause  analysis à “Why  is  this  a  problem?” “Job  to  be  done”  concept,  Clayton  Christensen  (JTBD) • main  job  &  related  Job • Functional  &  emotional  aspects • Personal  &  social  dimension 19fredi@pragmatic-­‐solutions.ch15.08.2016  
  20. 20. BML Feedback loop Design   experiment Proposal,  Pretotype, ,  MVP  …Results   Analyse results: persevere,  pivot or  quit? weeks   not   years Assumption/ Hypothesis Run   experiment 20 Source:  Eric  Ries  «The  Lean  Startup» fredi@pragmatic-­‐solutions.ch15.08.2016  
  21. 21. Types of experiments 4)  Early  version  with  minimal  feature  set  that   can  be  “sold”  to  early  adopters   1)  Proposal:  a  document  describing  the  solution   3)  Fake  demo  of  any  kind 2)  Smoke  Test:  Landing  Page  to  test  interest   MVPPretotype 21fredi@pragmatic-­‐solutions.ch15.08.2016  
  22. 22. Validated Learning Experiment Template Metric:  We  will  know  we  have  succeeded   when  [quantitative/measurable  outcome]  or   [qualitative/observable  outcome] Janice  Fraser Hypothesis:  We  believe  that  [customer  type]   have  a  need  for  [need/action/behavior] Experiment:  The  smallest  thing  we  can  do  to   prove  that  need  is  [experiment] 22fredi@pragmatic-­‐solutions.ch15.08.2016  
  23. 23. • Welcome:  Set  the  scene  (2min) • Interviewees  demographics-­‐target  customer?  (2min) • Describe  problem  (your  hypothesis)  (2min) • Customers  must  rank  top  three  problems  (4min) • Listen  to  their  world  view  (15min) • Wrap  up.  Sum  up  feedback  to  confirm  understanding  (2min) • Get  permission  to  follow  up.  Get  referrals  (2min) Problem Interview Ash  Maurya • Document  results 23 Goal:  Have  I  identified  a  problem  worth  solving? fredi@pragmatic-­‐solutions.ch15.08.2016  
  24. 24. 24fredi@pragmatic-­‐solutions.ch15.08.2016   Source:  Ash  Maurya «Running Lean»  Workshop,  2015
  25. 25. Test your concept early Don’t be afraid to be “embarrassed” when customers see your “product” for the first time, you will be embarrassed anyway. Eric  Ries 25fredi@pragmatic-­‐solutions.ch15.08.2016  
  26. 26. 26 Learning is hard and often frustrating fredi@pragmatic-­‐solutions.ch15.08.2016   Source:  Ash  Maurya «Running Lean»  Workshop,  2015
  27. 27. Lean Canvas (by Ash Maurya / adapted from Osterwalder) 27fredi@pragmatic-­‐solutions.ch15.08.2016  
  28. 28. Lean Canvas (by Ash Maurya / adapted from Osterwalder) 28fredi@pragmatic-­‐solutions.ch15.08.2016  
  29. 29. 29fredi@pragmatic-­‐solutions.ch15.08.2016   Source:  Ash  Maurya «Running Lean»  Workshop,  2015
  30. 30. 30fredi@pragmatic-­‐solutions.ch15.08.2016   Source:  Ash  Maurya «Running Lean»  Workshop,  2015
  31. 31. Types of experiments 4)  Early  version  with  minimal  feature  set  that   can  be  “sold”  to  early  adopters   1)  Proposal:  a  document  describing  the  solution   3)  Fake  demo  of  any  kind 2)  Smoke  Test:  Landing  Page  to  test  interest   MVPPretotype 31fredi@pragmatic-­‐solutions.ch15.08.2016  
  32. 32. Pretotype Example (Explainer Video) Test  vision of cloud service offering – Dropbox 32 https://www.youtube.com/watch?v=7QmCUDHpNzE fredi@pragmatic-­‐solutions.ch15.08.2016  
  33. 33. Solution Interview Ash  Maurya • Tell  a  story  -­‐ frame  the  product  (2min) • Show  Concept/UVP,  Demo/Pretotype/MVP  (15min) • Wrap  up.  Sum  up  feedback  to  confirm  understanding  (2min) • Get  permission  to  follow  up.  Get  referrals  (2min)   • Document  results • Welcome:  Set  the  scene  (2min) • Collect  demographics  – right  customer  segment?  (2min) 33 • Test  the  pricing (15min) Goal:  Will  I  build  sth.  people  want  at  the  price  they  will  pay? fredi@pragmatic-­‐solutions.ch15.08.2016  
  34. 34. LEARN:  Persevere I am convinced that half of what separates the successful entrepreneurs from the non- successful ones is pure perseverance 34fredi@pragmatic-­‐solutions.ch15.08.2016  
  35. 35. 35 Four sequential experiments Experiment  1;  10% success Refine  target  segment Experiment  2;  20% success Refine  target  segment Experiment  3;  33% success Experiment  4;  33% success qual. quant. Positive Negative From Sébastien  Sacard #  interviews 10% 20% 33% 33% fredi@pragmatic-­‐solutions.ch15.08.2016  
  36. 36. LEARN:  Persevere I am convinced that half of what separates the successful entrepreneurs from the non- successful ones is pure perseverance 36fredi@pragmatic-­‐solutions.ch15.08.2016  
  37. 37. Experiment Report Why is it relevant? Quantify your goals set scope/timebox Plan  how to execute experiment Results =  Data Document the learning (validated, invalidated or inconclusive)   Test  value and growth hypothesis first Move  to next experiment 37fredi@pragmatic-­‐solutions.ch15.08.2016  
  38. 38. 38fredi@pragmatic-­‐solutions.ch15.08.2016  
  39. 39. Lean Dash Board (Lean Stack) Flow 39
  40. 40. Lean Dash Board: Example Customer  Example: Insurance  Company www.pragmatic-­‐solutions.ch 4015.08.2016  
  41. 41. Problem Solution Fit => Value Problem  Solution  Fit You  validated  with  MVP  and   prospects  that  a  specific  solution  will   solve  a  know  problem  to  such  a   degree  that  customer  will  buy  it.   Brant  Cooper Value  assumption  – test  whether  a   product  or  service  really  delivers   value  to  specific  customers  once   using  it.   Scale Product   Market   fit Problem   Solution   fit Customer   Discovery Customer   Validation Customer   Creation Is  the  identified  problem  real?   Will  the  target  customer  pay?   Can  the  problem  be  solved?   41fredi@pragmatic-­‐solutions.ch15.08.2016  
  42. 42. The  growth  assumption  – test  how  new  customers  will  discover   a  product  or  service.  Through  what  engine  will  you  acquire  new   customers  at  affordable  cost. Product Market Fit => Growth Product  Market  Fit Customer  is  willing  to  pay.   Cost  of  acquiring  new  customers  is   smaller  than  profit.   Evidence  that  market  is  large  enough   Brant  Cooper Scale Product   Market   fit Problem   Solution   fit Customer   Discovery Customer   Validation Customer   Creation 42fredi@pragmatic-­‐solutions.ch15.08.2016  
  43. 43. LEARN: … or pivot Pivot:  A  change  in  strategy   without  a  change  in  vision 43fredi@pragmatic-­‐solutions.ch15.08.2016  
  44. 44. Savings Potentials with Lean • Lean  Canvas instead of Business  Plan • Identification &  priorisation of risks instead of testing the whole Business  Model • Solution  interviews instead of Market  Research • Pretotype/MVP  instead of perfect Product • Speed  has biggest impact on  profit 44fredi@pragmatic-­‐solutions.ch15.08.2016  
  45. 45. Hands on books 45fredi@pragmatic-­‐solutions.ch15.08.2016  
  46. 46. agility  accelerates  ... FEEDBACK DOOR 46fredi@pragmatic-­‐solutions.ch15.08.2016  
  47. 47. 47 Feedback  Door 1.  How  likely  is  it  that  you  would  recommend  this         Presentation  to  a  friend  or  colleague? Source:  NetPromoter Score 2.  What  changes  would  we  have  to  make  for  you   to  give  us  one  point  more?   …………………………………………………………………………………………………………… fredi@pragmatic-­‐solutions.ch15.08.2016  

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