"Don't Start Big" at StartupWeekend Hong Kong
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Talk of Long Hoang and Jiho Park during StartupWeekend Hong Kong on incremental product development and pretotyping
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"Don't Start Big" at StartupWeekend Hong Kong
- 1. Don’t start big Actualize your idea step by step
- 2. Who are we
- 3. Who are we
- 4. Don’t start big Actualize your idea step by step
- 5. Misconceptions In Engineering In Business
- 6. What is a pretotype?
- 7. Product Evolution How we got funded with cheap pretotypes
- 14. It’s okay to not be perfect.
- 17. 30K$ transacted
- 18. After 6 months • Team grow from 2 to 7 people • Accepted to accelerator program • Accepted to startup boot camp at Stanford • Find big potatoes for Advisor Board • 100.000 CCMF Cyberport Grant to build our first Prototype
- 20. Time for Ji Ho
- 23. Build
- 28. Google Analytics
- 30. A/B Testing
- 31. A/B Testing
- 32. Mixpanel
- 33. Funnel Analysis
- 35. Takeaways • Be fast as possible (don’t try to do too much) • Be good enough (but don’t do too less) • Be aware whether you are building the right thing
Editor's Notes
- Peer to Peer Currency Exchange Startup, mainly of students from UST, we also have some HKU team involved in our team
- Angelhack -> World Biggest Hackathon Hackcelerator -> Pre-accelerator program in Silicon Valley Cyberport CUPP Awardee -> allow us to join a entrepreneurship boot camp and Stanford University
- We are just students Learned tremendous amount in such a short time Share our experience, want to develop hong kongs startup ecosystem
- In business, come with ideas, business plans and revenue projections, cannot deliver real data, there is no proof or hint that this can work out They need me to build it first, to test if it can work. -> Chicken and Egg In engineering, I can talk from my own experience. Love to build stuff. Just start, want to use the fanciest tech and will create the most beautiful software architecture. So a lot of time is invested before you actually know what you wanna build. Both cases -> want to start big, want to build their prototype to test their assumptions. Not a good way to do it. Waste time and resources, don’t even know if it can work out. Introduce to concept for pretotyping
- As fast as possible, as cheap as possible, but do just enough to proof your assumptions
- Come to Product evolution or “How we got funded, before actually building” How our product evolved in small steps
- Simplistic, cheap and fast, but do enough Cheap ways: Facebook, google forms -> used both Text -> how to present your product or service so people will get it. Service immitation -> Not a survey but try to immitate the service. Proofed that: People are interested The idea is easy to get Have a lot of matches -> first few trades
- Deliver idea, validation of the idea Cheap ways: Facebook, google forms -> used both Text -> how to present your product or service so people will get it. Service immitation -> Not a survey but try to immitate the service. Proofed that: People are interested The idea is easy to get Have a lot of matches -> first few trades
- Not only survey, but a full service already --> Able to transact our first money Cheap ways: Facebook, google forms -> used both Text -> how to present your product or service so people will get it. Service immitation -> Not a survey but try to immitate the service. Proofed that: People are interested The idea is easy to get Have a lot of matches -> first few trades
- Play around with the core values, what does the customer care about Proofed: People can do the matching by themselves The volumes are much bigger than expected
- Spend only 5h on the website. Don’t spend too much time, because it’s likely that you throw away the work anyway.
- TEST ASSUMPtion of going Mobile
- Learned a lot about UI design: Where do people get confused? You save got criticized. Learned that most of the people tend to be very near to market rate
- Thank you Long. My name is Jiho. I was taking part of the frontend mobile and ux design of our team.
- I would like to talk about how specific methods and tools for the process that Long just shared. This is called the lean startup cycle, which describes the process of developing an early pretotypes or prototypes. The main goal of this methodology is to minimize the total time and cost through the loop – build, measure, and learn.
- First part is building your idea into a real thing. In this material, it says code, but I want to emphasize that the world has got better – sometimes you don’t even need any coding to build your first thing.
- Like our example, we started with simple google docs, and then moved onto websites. There are tools like wordpress that can build you a simple website that can show your idea and get people to involve. Facebook page/ads are also becoming popular thsedays to validate an idea. Since facebook is now the place where everyone’s attention is, many people use an approach to present their stuff on facebook in the form of pages or ads to see who react to their ideas.
- Groupon is a good example. Now groupon became a very big global social marketplace, but the founders in the initial stage started off with a simple wordpress website and pizza coupons from their neighborhood.
- Now that we talked about build. Let’s move on to measure and learn. So what do we measure? It really depends on what your idea is. But the key thing to identify what is the number shows that your thing is working or not. It can be as simple as number of sign ups. Number of subscription, the time a user stays in your product, or the number of contents a user produce
- I want to introduce you some tools and methods to efficiently measure and learn.
- Google Analytics is one of the most widely used tools. It can be used on websites, blogs, mobile apps.
- If you are using Facebook page or ads to validate, you might want to check out its admin panel which provides intensive analytics about the people engaged to your page. It shows the demographic of the whole page, but also can see reaction to each individual post
- Another well known method is A/B testing. The idea is to show two different variations – it can be design, wording, feature, or even different target of users – and see which one performs better
- This is an example of A/B testing on facebook. By having three core values of the product, you can see which one draws most attention and find what value works well to what kind of people.
- Mixpanel is another good tool for mobile apps and website. We used this tool for PlainX, since it is relatively simpler than Google Analytics
- Funnel Analysis is a method to see where people are losing interest. Let say your goal is to make people play a song, but there are couple of pre-steps to perform this action. As you can see from this graph, only a portion of the whole user will make it to the end. By looking at this, you can see which part you need to work on or remove from the service.
- Individual user feedback is a qualitative method and the most easily available. What you do is you directly ask a user about how they are feeling about the service, whether the right value is being delivered, and whether there is any problem or not. This was very useful for us when we did not have a proper analytics tool established.