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Lean Startup 101


                Abby Fichtner
         Harvard Innovation Lab
                  http://HackerChick.com
“Considering the incredible amount of human energy, passion,
and creativity that we invest in creating new products & services…




@HackerChick                                               @EricRies
… it’s a terrible waste that so many of them fail.”




@HackerChick                                            @EricRies
9 out of 10
        new products

                     fail
@HackerChick
“Most start-ups fail not because the technology
doesn’t work, but because they’re making something
         that there is not a real market for”




@HackerChick                                 @EricRies
Single Biggest Predictor of Failure?




@HackerChick   300 startups surveyed (src: Don Sull, "The Upside of Turbulence”)
Single Biggest Predictor of Failure?
Sticking to Initial Business Plan




@HackerChick   300 startups surveyed (src: Don Sull, "The Upside of Turbulence”)
Promise of the Lean Startup
  Instead of building our startups according to myths

  We can guide them with facts and knowledge




@HackerChick                                    @EricRies
Startups are NOT small versions
         of large organizations




@HackerChick
@HackerChick
The unit of progress for entrepreneurs…



        learning
               not
                     execution
@HackerChick
validate
               before

                  building
@HackerChick
@HackerChick
@HackerChick
@HackerChick
@HackerChick   Andrew Mason, CEO of Groupon (NY Tech Meetup)
you‘re way too
                                dumb
   to figure out whether your
               idea   is
                            good
@HackerChick               Andrew Mason, CEO of Groupon (NY Tech Meetup)
@HackerChick
@HackerChick
@HackerChick
Minimum Viable Product (MVP)
  strategy for fast & quantitative
  market testing of a product or feature




@HackerChick                           wikipedia
@HackerChick
Step #1a
       Find a
               problem
                     worth solving


@HackerChick
We had an idea for a new product.
        We went off & built it, put it on our website.




@HackerChick
We had an idea for a new product.
        We went off & built it, put it on our website.
               Not a single person clicked thru to it




@HackerChick
We had an idea for a new product.
        We went off & built it, put it on our website.
               Not a single person clicked thru to it




     What did we learn from that?
@HackerChick
We had an idea for a new product.
        We went off & built it, put it on our website.
               Not a single person clicked thru to it




          Was there a faster way to get
           through that learning loop?
@HackerChick
@HackerChick
@HackerChick
@HackerChick
@HackerChick
@HackerChick
Step #1b
               Know your
                   customer

@HackerChick
@HackerChick
It’s just as important to develop your
  customers as it is to develop your product




@HackerChick                              wikipedia
Brainstorm
     Customer           Problem
     anyone who cooks   can’t find recipes




@HackerChick
Brainstorm
     Customer                Problem
     anyone who cooks        can’t find recipes

     amateur gourmet chefs   want to make fabulous food
                             for friends & family




@HackerChick
Brainstorm
     Customer                Problem
     anyone who cooks        can’t find recipes

     amateur gourmet chefs   want to make fabulous food
                             for friends & family

    dieters                  need to lose weight




@HackerChick
Brainstorm
     Customer                Problem
     anyone who cooks        can’t find recipes

     amateur gourmet chefs   want to make fabulous food
                             for friends & family
               in college
    dieters
               ^             need to lose weight




@HackerChick
@HackerChick
@HackerChick
@HackerChick
Xcelerate - @HackerChick
Customer Discovery




What is the problem?
Who has the problem?
@HackerChick           @SGBlank
Customer Discovery




How important is the problem’s solution to the customer?
How valuable is the problem’s solution to the customer?
@HackerChick                                           @SGBlank
Step #2
       Find a
               solution
                      that resonates



@HackerChick
Concierge Service
                (AKA Wizard of Oz)




@HackerChick
@HackerChick
@HackerChick
@HackerChick
Step #3…n-1



@HackerChick
Customer Validation




@HackerChick
Step #n
               launch!
               when you have a

     quantum of utility
@HackerChick                     @paulg, Y Combinator
Learn More
               Eric Ries
               @EricRies
               http://startuplessonslearned.com/


               Steve Blank
               @sgblank
               http://steveblank.com/


               Ash Maurya
               @ashmaurya
               http://ashmaurya.com/

                                          Abby Fichtner

@HackerChick

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