Uploaded byManuel Koelman
How Pirates build Products
This document summarizes Manuel Koelman's talk on how pirates build products using lean startup principles. The key points are: 1) Startups face extreme uncertainty and most fail, usually because there are no customers rather than the product not working. Lean startup principles emphasize learning fast through experiments to reduce time to find a business model or product-market fit. 2) The lean startup process involves building a minimum viable product, testing it with customers, adjusting or pivoting based on feedback, and then repeating the process to make continuous progress. The goal is to validate problems and solutions as quickly as possible before running out of resources. 3) Customer development is key - get out of the house before coding to validate problems
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How Pirates build Products
- 1. How Pirates build Products Manuel Koelman Balkan Venture Forum February 2012
- 2. manuel koelman |dutch entrepreneur | living in cologne | currently working on getcontext.de | co-funder of talential.com | practical philosopher | piratesummit.com | interested in agile, lean and productivity | father | caotina lover | traveler
- 3. PIRATES WHY IDO WHAT I DO?
- 4. "Entrepreneurship is throwing yourselfoff a cliff and building a plane on the way down." Reid Hoffman, Founder of LinkedIn
- 5. Are you apirate? That thrill of your first hire, when you’ve convinced some other crazy soul to join you in your almost certainly doomed project. The high from raising venture capital and starting to see your name mentioned in the press. The excitement of launch and…gulp…customers! and the feeling of truly learning something useful, you’re just not sure what it is, when the company almost inevitably crashes and burns. - Mike Arrington, Techcrunch
- 6.
- 7. Lean Startup Gurus SteveBlank Eric Ries “The Four Steps to the “The Lean Startup” Epiphany” This talk has been inspired by these guys. Go read their books.
- 8. Startup = Experiment Startups act in an environment of extreme uncertainty.
- 9.
- 10. Why do startupsfail? Rarely because the product doesn’t work. Usually because there are no customers.
- 11. Problem is unknown. Solution is unknown.
- 12. Learn Fast. FailFast. Adapt.
- 13. Resources € Time The time you have to find a business model / product market fit
- 14. Possible Experiment Possible viable problem solution 1 area A Experiment Possible viable solution 2
- 15. Possible viable solution 3 Experiment Possible Possible problem viable area B Experiment solution 4 Possible Experiment Possible viable problem solution 1 area A Experiment Possible viable solution 2
- 16. Speed wins. Reduce thetime between pivots. Increase the odds of success. Before you run out of money.
- 17. Are you advancinga plan or are you making progress? Progress ≠ # of features
- 18. Don’t build something nobody wants.
- 19.
- 20. Build a productfor your customer. Is often easier than finding a customer for your product. Remember: Most of the time your best friend isn’t your best customer.
- 21. Most important advice!!! Get out of the house. Before you start coding. This is the only slide with red text, that’s how important this is.
- 22. Customer Development “Validating the Problem” Customer Customer Customer Scale Development Validation Creation Company
- 23. Agile Development “Building the solution” Release in small iterations. Continuous deployment. Continuously analyze (gather data and insights).
- 24. Redefine problem /business, „Pivot“ Problem statement Build Test Viable? Iterations, Adjust solution Launch / Scale
- 25. Build what thecustomer needs. Beware: What they need is not necessarily what they want. Therefore, the most important skills are: Build, Measure, Learn!
- 26. Step 1: Build aMinimum Viable Product What are the minimum features? Probably much more minimum than you think.
- 27. Step 2: Tune theengine Smoke testing with landing pages SEA (five dollars a day) In-product split testing Paper prototypes Removing features
- 28. Step 3: Adjust, pivotor persevere …and repeat
- 29. One remark aboutmeasurement: Test the small, but measure the large.
- 30. 80% tweaking features. 20% building new features. Consider taking an existing feature out when implementing a new one.
- 31. One remark abouttechnology: Use commodity (e.g. open source) technology wherever possible. Remember, (initially) it is not about the beauty of the code or the solution, but whether you solve a real problem.
- 32. Lean Startup isprimarily about speed, not about costs. However, focusing on fast customer development should keep your burn rate low.
- 33. Not only fortechnology companies. Lean Startup is for all companies that face uncertainty about what customers will want.
- 34. Lean Startup isnot about the method of funding. They can be bootstrapped as well as be largely VC funded.
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- 37. Find me aroundthe net Websites @manuelkoelman www.getcontext.de www.talential.com fb.com/koelman www.leanentrepreneur.com de.linkedin.com/in/koelman www.23moments.com