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Lean LaunchPad e@UBC Lessons Learned presented at iHub Nairobi 2014.08.12
- 1. Lessons Learned Lean LaunchPad(LLP) Accelerator Program @iainverigin August 2014
- 2. I’m in Kenyawith UBC Sauder Social Entrepreneurship @UBC_SSE established 2006 Kibera, Mathare, and Mathare
- 3. Who Are You? •iHub Startups • UBC SSE Kids • Local Entrepreneurs • Local University Students • Mentors • iHub Staff
- 4. LLP & CustomerDevelopment @ UBC • 2008 - 12 MBA Customer Development, Iain Verigin • 2012 Q2 LLP pilot, 5 Teams, Iain Verigin • 2012 Q3 LLP educator workshop 2012, Paul Cubbon • 2013 Q1 large scale LLP, 10 teams, Iain & Paul • 2013 Q2 LLP Genomics, 5 Teams, Iain • 2013 Q4 LLP, 10 teams, Paul + Blair Simonite • 2014 1Q LLP Genomics, 5 teams, Iain • 2014 1Q LLP, 10 Teams, Paul & Blair • 2014 2Q LLP Genomics, 5 Teams, Iain • 2014 2Q LLP, 10 Teams, Blair & Liz Newton 8 LLP Workshops
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- 7. “A Startup isa temporary organization in search of a scaleable, repeatable, and profitable business model” – Steve Blank Most Startups fail from lack of customers … not lack of product – Steve Blank
- 8. LLP is arigorous search for customers and business models (it requires the Primary Investigator(s) to be directly involved )http://vimeo.com/79755368
- 9. To Create aCustomer Drucker says … “There is only one valid definition of business purpose: …” Page 20 “The Essential Drucker”
- 10. How Does LLPFit With Traditional Business School Curriculum? It is “Complementary” which means “It’s totally different”
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- 14. LLP Life Sciences2013 (Steve Blank) • Introduction — Reinventing Life Science Startups – 2013/08/19 Therapeutics and Diagnostics – 2013/08/20 Medical Devices and Digital Health – 2013/08/21 Evidence-based Entrepreneurship • Lessons Learned - LLP for Life Science – 2013/10/11 This Will Save Us Years – 2013/11/04 Value Proposition and Customers • Insights Video - Customer Segments - differences between Therapeutics, Digital Health, Medical Devices, & Diagnositics. – 2013/11/13 Well They “Should” be Our Customers – 2013/11/11 Distribution Channels • Insights Video - Channels – 2013/11/18 Revenue Streams • Insights Video - Revenue Streams – 2013/12/02 When Customers Make You Smarter All links are from www.steveblank.com
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- 16. Execution Looks LikeThis Bill Buxton, “Sketching User Experience”
- 17. Search Looks LikeThis Bill Buxton, “Sketching User Experience”
- 18. What Are We “Really”Gonna Do?
- 19. What Are We“Really” Gonna Do? • In Class – 8 * “Iain” Presentations • Process, Theory, Personal Skills – 4 * “You” Project Update Presentations • TAM/SAM, Canvas, Experiments, #Calls How the Class Works - The “Real Work” is outside the class. - Class is ~25% of time required.
- 20. What is Under theHood?
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- 23. The Business ModelCanvas
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- 25. Customer Discovery Customer Validation Customer Creation Scale Company Customer Discovery • Stopselling, start listening – There are no facts inside your building, so get outside • Test your hypotheses – Two are fundamental: problem and product concept – Problem Hypothesis & Solution Hypothesis
- 26. Customer Discovery: Rules •Rule 1: Facts are outside the building, opinions are inside. • Rule 2: Solve a problem that customers say is important and valuable • Rule 3: Does the product concept solve that problem?
- 27. Customer Discovery: ExitCriteria • What are your customers top problems? – How much will they pay to solve them • Does your product concept solve them? – Do customers agree? – How much will they pay • Can you draw a day-in-the-life of a customer – before & after your product • Can you draw the org chart of users & buyers
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- 29. In a Nutshell •Sketch -- What You Know. • Determine What You Need to Learn About. • Design “People” Experiments to help you learn. • Test -- Do the Experiments. • Synthesize • Repeat…. Repeat … Repeat
- 30. TEAM NAME HERE Whoare our most important customers? What are their archetypes? What Job do they want us to get done for them? What Key Activities do we require? Manufacturing? Software? Supply chain? Which of our customer’s problems are we helping to solve? Which customer needs are we satisfying What are the Key Features of our product that match customers problem/need? Who are our Key Partners? Who are our key suppliers? What are we getting from them? Giving them? What are the most important costs inherent in our business model? Fixed? Variable? How do we make money? What’s the revenue model? Pricing tactics? Through which Channels do our Customer Segments want to be reached? What Key Resources we require? Financial, physical, IP, HR? Sketch out your hypotheses 1 3 4 2 How will we Get, Keep and Grow Customers? 5 6 7 8 9
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- 32. test :Score Card: (Hypothesis Summary) Guess Guess Guess Guess Guess GuessGuess Guess Guess
- 33. Test & Synthesize– Outside Class • Interview & Experiment on Customers & Prospects (10-15 / wk) • Blog Your Progress • Develop a Storyline (Narrative) • Synthesize Your Results • Revise Canvas & Plan – Repeat Steps
- 34. Keep Track Week n Week1 Week 2
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- 36. What’s In ItFor You? What you get • Guidance to tried and tested resources • Trained, experience instructors (coaches) • An industry mentor • Administrative support in the program • Opportunity to move towards being investor ready • Access to other e@ubc resources and support What you commit to give (or……consequences….!) • Your time and commitment as a team to the process for 2 months • To read and prepare as directed • To get out of the building and undertake primary customer research • Commitment to blog progress regularly • A willingness to be open-minded!
- 37. is an entrepreneurialconnected community
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- 39. Program Marketing • GenomicsUBC – Genomics Homepage – Genomics Media Room • Aspect (3D Bio Printing) – e@ubc - Aspect Biosystems • General – What is Lean LaunchPad? (From Experience of Past Participants)
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- 41. Lessons Learned Teams thatfinish are much better prepared for the startup journey
- 42. Lessons Learned It’s wayharder complicated, & different than you thought
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- 44. Lessons Learned Source AustinKleon YC’s Startup Curve is a Good Reminder, too
- 46. Lessons Learned A thirdof the teams do NOT finish. ( Let them die. )
- 47. Lessons Learned -Synthesis • We need Pre-LLP training – Most teams are not prepared for rigour and discipline of LLP (never mind becoming a company) • We need Post-LLP followup – startups take years not months. • Startup Skills are different than Big Company – Most teams do not have personal skills required to perform Customer Discovery – Most mentors can’t help here (they are big company)
- 48. Solutions Being Tested •Pre LLP – Office Hours Bi-Weekly ( industry Mentors ) – e101 available for all UBC students – “Startup Weekend” at UBC Fall and Winter Term • Post LLP – “Informal Board” led by Team ( e@UBC ) – Government Funding. – Office Hours Bi-Weekly
- 49. Solutions - PostLLP -- Informal Board & Mentoring • Brad Feld’s Startup Boards is a great resource • Focus on non-financial mentors in early days • The team needs to take charge and select it’s own mentors and informal board.
- 50. Solutions - PersonalSkills Required • Communicate • Listen • Help ( How to be of Service) • Don’t Be an Asshole! • Be Remarkable! -- I have a full presentation on this <smile> Dating Skills for Engineers
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