Michael Chik introduces the Lean Startup methodology, which advocates creating small, testable products to validate assumptions with customer feedback before fully developing products. The Lean Startup process involves listing assumptions, understanding customers, and getting a minimum viable product into the world to collect evidence and adjust the product direction as needed. Key concepts include hypotheses, pivoting, problem-solution fit, and product-market fit. Metrics like acquisition, activation, retention, referral, and revenue help determine if the product is solving customer problems.

1. @arsagilis
INTRODUCTION TO
MICHAEL CHIK
http://linkedin.com/in/michaelchik
LEAN
STARTUP
source: http://goo.gl/MFMNZo
Founder, Ars Agilis

2. @arsagilis
ABOUT GENERAL ASSEMBLY

3. @arsagilis> Introduction To Lean Startup
LEARNING OBJECTIVES
‣ Get an overview of the Lean Startup Methodology
‣ What problem does Lean Startup solve?
‣ Get acquainted with key concepts of Lean Startup
‣ Understand what a hypothesis is and how to evaluate one
‣ Understand what a vanity metric is
‣ Know what pirates measure

4. @arsagilis
SPEAKER
INTRO
INTRODUCTIONS

5. @arsagilis
SPEAKER INTRODUCTION
Michael Chik
Lean & Agile Coach for Startups & Enterprises
michael@arsagilis.com
@arsagilis
casmaron
linkedin.com/in/michaelchik
Moonpig
Photobox
Cathay Pacific
JP Morgan
Standard Chartered Bank
Ben & Jerry’s
Walt Disney Company
戚本錦 Previous:
I consult for startups, like:
Travolor
Work-space
Amnesty International
國際特赦組織

6. @arsagilis
YOU
INTRODUCTIONS
> Who you are…
> What you do…
> How you want to change the world!

7. @arsagilis> Introduction To Lean Startup
AGENDA
‣ Learning objectives & Introductions: Speaker & You
‣ What the problem are we solving?
‣ What is Lean Startup?
‣ Basic Lean Startup Concepts
‣ Business Model Canvas
‣ Empathy Map
‣ Prototyping
‣ Different kind of MVPs
‣ Metrics

8. @arsagilis> Introduction To Lean Startup
THE WHY BEFORE THE WHAT
MOST STARTUPS DON’T
FAIL BECAUSE THEY
CAN’T BUILD A GREAT
PRODUCT, BUT BECAUSE
NO ONE WANTED THE
PRODUCT.

9. @arsagilis> Introduction To Lean Startup
THE WHY BEFORE THE WHAT
LIFE IS TOO SHORT
TO BUILD SOMETHING
NOBODY WANTS - MICHAEL CHIK

10. @arsagilis> Introduction To Lean Startup
KNOW THESE?
source: https://goo.gl/h8SI4b
source: http://goo.gl/nxcQbv
source: https://goo.gl/cqDnFX

11. @arsagilis
A HUMAN INSTITUTION,
DESIGNED TO CREATE SOMETHING
NEW UNDER CONDITIONS OF
EXTREME UNCERTAINTY.
WHAT IS A STARTUP?
- ERIC RIES

12. @arsagilis
STARTUP
=
WHAT IS A STARTUP?
EXPERIMENT

13. @arsagilis
[AN] APPROACH [THAT] ADVOCATES
CREATING SMALL PRODUCTS THAT
TEST THE CREATOR’S ASSUMPTIONS,
AND USING CUSTOMER FEEDBACK TO
EVOLVE THE PRODUCT, THEREBY
REDUCING WASTE.
WHAT IS LEAN STARTUP?
- ERIC RIES

14. @arsagilis
We believe that people like
have a need for /
problem doing .
We will we have succeeded when
, or ,
which will contribute to
.
HYPOTHESIS TEMPLATE
(customer type)
(need / action / behaviour)
(measurable outcome) (observable outcome)
(KPI)
from Janice Fraser
(aka @clevergirl)

15. @arsagilis
DOWN THE RABBIT HOLE

16. @arsagilis
Reduced time between pivots
FAIL PRODUCTS FAST!
Increased probability of success
[Before you run out of money]
=

17. @arsagilis
WHAT IS LEAN STARTUP?
1. List your assumptions
2. Understand your
customers
3. Get a real product into
the world
4. Adjust direction based
on evidence

18. @arsagilis
WHAT IS LEAN STARTUP?

19. @arsagilis
STARTUP
MVP
HYPOTHESIS
PIVOT
PROBLEM-SOLUTION FIT
PRODUCT-MARKET FIT
LEAN STARTUP TERMINOLOGY

20. @arsagilis> Introduction To Lean Startup
ELEVATOR PITCH
For <target customer>
Who <statement of need>
The <product name>
Is a <product category>
That <product key benefit, compelling reason to buy>.
Unlike <primary competitive alternative>,
Our product <final statement of differentiation>

21. @arsagilis
WHO YOU HELP
HOW YOU
INTERACT
HOW YOU
HELP
HOW YOU
DO IT
HOW THEY
KNOW YOU
WHO YOU ARE
AND WHAT YOU
HAVE
WHO HELPS
YOU
WHAT WILL IT
COST
WHAT YOU GET
BACK
WHAT PROBLEM
YOU SOLVE

22. @arsagilis> Introduction To Lean Startup
WHERE TO START?

23. @arsagilis> Introduction To Lean Startup
START WITH A PROBLEM
PROBLEM/NEED
PEOPLE
SOLUTION

24. @arsagilis
FIND A GAP IN THE MARKET
source: http://goo.gl/lexe3b

25. @arsagilis> Introduction To Lean Startup
VALIDATE HYPOTHESIS ASAP
People, their
goals and needs
Pretotypes &
prototypes
New user
experiences
Tools: hypothesis,
empathy maps
personas
Tools: mockups,
wireframes
Tools: quantitative
& qualitative
evaluation

27. @arsagilis> Introduction To Lean Startup
FAKE IT –BEFORE YOU MAKE IT! (PRETOTYPING)
source: https://goo.gl/vTjTXH

28. @arsagilis> Introduction To Lean Startup
PROTOTYPING

29. @arsagilis> Introduction To Lean Startup
MINIMUM VIABLE PRODUCT
IF YOU ARE NOT EMBARRASSED
BY THE FIRST VERSION OF YOUR
PRODUCT, YOU’VE LAUNCHED
TOO LATE.
- REID HOFFMAN

30. @arsagilis> Introduction To Lean Startup
DIFFERENT KIND OF MVPS
MVPe: Smallest possible
experiment to validate an
assumption
MVP: Smallest possible
release to get feedback
from the market
MLP: Minimum
Loveable Product
MVP: Smallest thing you
can do/make to learn what
you need to learn

31. @arsagilis
Acquisition: users coming to the site
Activation: usersenjoy1st visit (UX)
Retention: users come back
Referral: existing users refer other users
Revenue: monetisation
source: https://goo.gl/BqEYve
METRICS FOR PIRATES

32. @arsagilis> Introduction To Lean Startup
GIVE IT A WHIRL!
Start Your Own Company:
‣ Flickr for cat videos
‣ Airbnb for pets
‣ Uber for doctors
‣ Tinder for pensioners
‣ Airbnb for staycations
‣ Facebook for chefs
‣ Or any other (whacky) idea!

33. @arsagilis
WHO YOU HELP
HOW YOU
INTERACT
HOW YOU
HELP
HOW YOU
DO IT
HOW THEY
KNOW YOU
WHO YOU ARE
AND WHAT YOU
HAVE
WHO HELPS
YOU
WHAT WILL IT
COST
WHAT YOU GET
BACK
WHAT PROBLEM
YOU SOLVE

35. @arsagilis> Introduction To Lean Startup
LEAN STARTUP IS NOT…
CHEAP STARTUP
FAST STARTUP
SHORTCUT STARTUP
A GUARANTEE FOR SUCCESS

36. @arsagilis> Introduction To Lean Startup
LEAN STARTUP IS NOT…
PUZZLED?
QUESTIONS?
COMMENTS?

37. GO AND BE A ROCK STAR!
michael@arsagilis.com
@arsagilis
casmaron
linkedin.com/in/michaelchik
STAY IN TOUCH!
Slidesavailable @http://goo.gl/wtRDs3