First Principles - Lean Entrepreneurship Course at Carnegie Mellon
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The introductory lecture to my Lean Entrepreneurship course at CMU.
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First Principles - Lean Entrepreneurship Course at Carnegie Mellon
- 1. First Principles ! Sean Ammirati Partner, BirchmereVentures Adjunct Professor, Carnegie Mellon University #CMULean
- 2. Most Startups FAIL The Reason #CMULean
- 3. NO ONE WANTS what they’ve built. IS BECAUSE... #CMULean
- 4. Why is this important? #CMULean
- 5. Dec 2006 Conviction to build FeedHub Aug 2007 Private Beta of FeedHub Sept 2007 Launch FeedHub @ Demo 2007 10 months of “Stealth Mode” #CMULean
- 7. #CMULean
- 9. Dec 2006 Conviction to build FeedHub Aug 2007 Private Beta of FeedHub Sept 2007 Launch FeedHub @ Demo 2007 10 months of “Stealth Mode” Wasted Time #CMULean
- 10. About me... • Research Fellow, CMU Software Industry Center • Director Business Development, Peak Strategy (sold to Morgan Stanley) • CEO & Co-Founder, mSpoke (sold to LinkedIn) • COO, ReadWriteWeb (sold to SAY Media) • Partner, BirchmereVentures #CMULean
- 11. “Launch early enough to be embarrassed by your product’s first version” ! Reid Hoffman, Co-Founder & Chairman LinkedIn Source: http://www.flickr.com/photos/joi/1431818434/sizes/l/in/photostream/
- 12. I should let you know, we're not done. It's early days and some things could change to the API before we release it. ! Timothy Jordan, Google http://www.engadget.com/2013/04/04/google-glass-developer-presentation-from-sxsw-finally-available/
- 13. #ifihadglass
- 15. Customer Discovery Customer Validation Customer Creation Company Building A product solves a problem for an identifiable group of users The market is saleable and large enough that a viable business might be built The business is scalable through a repeatable sales and marketing roadmap Company departments and operational processes are created to support scale The Customer Development Model #CMULean
- 16. #CMULean
- 17. Source: The Entrepreneur's Guide to Customer Development #CMULean
- 18. ~ $35k ~ $100k ~ $200k concepts scale spin out ~$100k - $150k target first investment! ! ~ $275k average total investment All Community Driven Commerce Focused & Shared Overhead STUDIO SEED + concepts ~ $1k #CMULean
- 20. Goals for Innovation Happens • Provide networking event connecting entrepreneurs & large corporations • Encourage entrepreneurs to focus more on getting customers • Create a culture of “buying local” in Pittsburgh #CMULean
- 21. #CMULean
- 22. #CMULean