This document outlines Ryan D. Hatch's approach to lean startup. It discusses discovering customer problems through interviews, developing minimum viable products to test solutions, and iterating based on customer feedback to build scalable business models. The goal is to fail fast by continuously validating hypotheses and pivoting or persevering based on learning. Metrics like customer acquisition cost and revenue per customer are used to determine if the business model is viable. The overall message is that startups should sell early, involve customers, and treat the process as discovery to build sustainable businesses.
2016.08.THAT Conference - GROWING NEW PRODUCTS - VALIDATING YOUR NEW PRODUCT ...Ryan D. Hatch
You know how to build great software. The real question is - // What software do customers actually want to buy? // Do you have a new product / business idea? Learn how to validate new product concepts.
Join our Precon 3 Hour Master Class:
* You will learn the latest best practices for taking new products to market
* Live B2C Customer Interview
* Hands-on Collaboration with other attendees
Learn how to transform product ideas into a successful business. Learn how to interview customers. Learn how to create business models using a test-driven approach. Learn how to avoid the top reasons for startup failure. Learn how to run experiments to validate your assumptions and navigate the uncertainty of new products. Meet some awesome people & expand your new product chops. WARNING: New products are hard, exciting, and may become highly addictive. Only come if you want to make a dent in the world.
2016.08.THAT Conference - GROWING NEW PRODUCTS - VALIDATING YOUR NEW PRODUCT ...Ryan D. Hatch
You know how to build great software. The real question is - // What software do customers actually want to buy? // Do you have a new product / business idea? Learn how to validate new product concepts.
Join our Precon 3 Hour Master Class:
* You will learn the latest best practices for taking new products to market
* Live B2C Customer Interview
* Hands-on Collaboration with other attendees
Learn how to transform product ideas into a successful business. Learn how to interview customers. Learn how to create business models using a test-driven approach. Learn how to avoid the top reasons for startup failure. Learn how to run experiments to validate your assumptions and navigate the uncertainty of new products. Meet some awesome people & expand your new product chops. WARNING: New products are hard, exciting, and may become highly addictive. Only come if you want to make a dent in the world.
Intro to Lean Sales Training talk for Startups and EngineersWalter Roth
Creator of LeanSalesTraining.com and InwardInc.com, Walter Roth, gives a 90 minute presentation on building the dream sales team for startups and engineers. This is the presentation he references. The talk was powered by http://officience.com/ in Ho Chi Minh City.
How To Sell To Businesses - Sales Advice for StartupsNicolas Deville
How To Sell To Businesses: actionable insights from years in the trenches.
Sales Advice for Startups.
B2C vs. B2B
SME vs. Enterprise
How to differentiate yourself
How to get the first 10 clients
Presentation on 30th July 2015 in London to early stage startups, part of @WayraUK, Telefonica's startup accelerator.
Lean Innovation Principles to Drive Nonprofit ImpactVirtuous Software
Learn how other nonprofit organizations around the country are reviving their entrepreneurial spirit to move faster, act bolder, and drive deeper impact for their organizations. Find out how you can use the Lean Innovation principles of Empathy, Experiments, and Evidence in your work to help your organization vet opportunities, stay relevant, and increase impact.
In this webinar, participants will learn the following:
The importance and benefits of applying Lean Innovation in nonprofit and social impact organizations
What the three E’s of Lean Innovation look like in practice: Empathy, Experimentation, and Evidence
Some simple ways you can start to awaken the entrepreneurial spirit inside your organization
My Slides from the "Implementing Lean Startup" workshop held at the inaugural Ideas to Profit conference at North Central College.
Original sources (Eric Ries & Steve Blank) for the lean startup are in the last slide.
At every job fair, there's a company missing: yours. Here's a quick look at the types of companies you might start (pursuing scale, reliability, or freedom) and how to get started.
Book coming soon at http://startupcareerguide.com
Good agile / Bad agile: Proving the value of Agile to a skeptical organizationAlan Albert
Is Agile worth it?
What value can being Agile bring to your organization?
Done right, Agile software development methodologies can help your organization deliver greater value to customers and other stakeholders more efficiently and with reduced risk.
Done wrong, Agile methodologies become an endlessly iterating feature factory, facing an ever-growing backlog.
In this interactive session, attendees discussed:
- How to identify what’s most valuable to build next
- How to ensure that the features you build are not just functional, but used and valued
- How to measure and effectively communicate the value that you create
Led by Alan Albert of MarketFit, this session at Agile Vancouver explored theory, examples, and exercises showing how to unlock the power of discovering, creating, and communicating value.
Gaining a Sustainable Advantage - Customer Perception of Value PCV19Alan Albert
Alan Albert led a session at ProductCamp Vancouver 2019 called "Gaining a Sustainable Advantage." Focusing on Customer Perception of Value, the session includes tips on conducting your own value discovery interviews, and how this insight can be used to guide more effective innovation, marketing, and pricing.
„You can´t run a mule in the Kentucky Derby.“
(Jim Leyland, baseball legend)
Renaissance Time with Martin Schweiger on
05 April 2022
Given at Nanyang Technological University (NTU) of Singapore
- “Renaissance time” and how to get there
- A clear definition of “Innovation”, following from “growth”
- Innovation needs innovative people
- How to identify innovative people
- Serial Innovators are entrepreneurs, but risk-avoiding and therefore without the ambition to have their own company
- Pareto principle applied: 20% of the R&D staff does 80% of the innovation
- Price`s Law and Serial Innovators’ law. There are only one or two serial innovators in each company
This is the presentation I made at the Lean Startup Machine Hyderabad on 6th June 2014, held at Progress Software.
The presentation intends to briefly introduce the audience to "Lean Startup" methodology and then illustrate to them the use of the "Experimentation Board".
Both Sides of the Product - Product-Led Summit 2018Evan Lewis
Perspectives from a sales leader turned product manager. My presentation from the Product-Led Summit co-hosted by OpenView Ventures and the Product-Led Institute.
Intro to Lean Sales Training talk for Startups and EngineersWalter Roth
Creator of LeanSalesTraining.com and InwardInc.com, Walter Roth, gives a 90 minute presentation on building the dream sales team for startups and engineers. This is the presentation he references. The talk was powered by http://officience.com/ in Ho Chi Minh City.
How To Sell To Businesses - Sales Advice for StartupsNicolas Deville
How To Sell To Businesses: actionable insights from years in the trenches.
Sales Advice for Startups.
B2C vs. B2B
SME vs. Enterprise
How to differentiate yourself
How to get the first 10 clients
Presentation on 30th July 2015 in London to early stage startups, part of @WayraUK, Telefonica's startup accelerator.
Lean Innovation Principles to Drive Nonprofit ImpactVirtuous Software
Learn how other nonprofit organizations around the country are reviving their entrepreneurial spirit to move faster, act bolder, and drive deeper impact for their organizations. Find out how you can use the Lean Innovation principles of Empathy, Experiments, and Evidence in your work to help your organization vet opportunities, stay relevant, and increase impact.
In this webinar, participants will learn the following:
The importance and benefits of applying Lean Innovation in nonprofit and social impact organizations
What the three E’s of Lean Innovation look like in practice: Empathy, Experimentation, and Evidence
Some simple ways you can start to awaken the entrepreneurial spirit inside your organization
My Slides from the "Implementing Lean Startup" workshop held at the inaugural Ideas to Profit conference at North Central College.
Original sources (Eric Ries & Steve Blank) for the lean startup are in the last slide.
At every job fair, there's a company missing: yours. Here's a quick look at the types of companies you might start (pursuing scale, reliability, or freedom) and how to get started.
Book coming soon at http://startupcareerguide.com
Good agile / Bad agile: Proving the value of Agile to a skeptical organizationAlan Albert
Is Agile worth it?
What value can being Agile bring to your organization?
Done right, Agile software development methodologies can help your organization deliver greater value to customers and other stakeholders more efficiently and with reduced risk.
Done wrong, Agile methodologies become an endlessly iterating feature factory, facing an ever-growing backlog.
In this interactive session, attendees discussed:
- How to identify what’s most valuable to build next
- How to ensure that the features you build are not just functional, but used and valued
- How to measure and effectively communicate the value that you create
Led by Alan Albert of MarketFit, this session at Agile Vancouver explored theory, examples, and exercises showing how to unlock the power of discovering, creating, and communicating value.
Gaining a Sustainable Advantage - Customer Perception of Value PCV19Alan Albert
Alan Albert led a session at ProductCamp Vancouver 2019 called "Gaining a Sustainable Advantage." Focusing on Customer Perception of Value, the session includes tips on conducting your own value discovery interviews, and how this insight can be used to guide more effective innovation, marketing, and pricing.
„You can´t run a mule in the Kentucky Derby.“
(Jim Leyland, baseball legend)
Renaissance Time with Martin Schweiger on
05 April 2022
Given at Nanyang Technological University (NTU) of Singapore
- “Renaissance time” and how to get there
- A clear definition of “Innovation”, following from “growth”
- Innovation needs innovative people
- How to identify innovative people
- Serial Innovators are entrepreneurs, but risk-avoiding and therefore without the ambition to have their own company
- Pareto principle applied: 20% of the R&D staff does 80% of the innovation
- Price`s Law and Serial Innovators’ law. There are only one or two serial innovators in each company
This is the presentation I made at the Lean Startup Machine Hyderabad on 6th June 2014, held at Progress Software.
The presentation intends to briefly introduce the audience to "Lean Startup" methodology and then illustrate to them the use of the "Experimentation Board".
Both Sides of the Product - Product-Led Summit 2018Evan Lewis
Perspectives from a sales leader turned product manager. My presentation from the Product-Led Summit co-hosted by OpenView Ventures and the Product-Led Institute.
Validating Your B2B Business Idea - For Entrepreneurs & FoundersAdam Moalla
My experience and take on validating a new b2b idea.
Summary:
Understand what would make an idea successful.
Understand yourself and capabilities.
Pick the right team to help you execute.
Think about your business KPIs.
Understand your competitors performance on these KPIs.
Prepare the right set of questions that you would need input on.
Talk to your potential customers in person and ask them questions that are related to your KPIs.
Modify & repeat.
Start growing sales with tools and partnerships.
Keep pushing.
Have questions or need advice on your startup? Get in touch with me to plan a call or meeting if you are in Berlin!
Customer, market and business validation for early-stage startupsJeff McClelland
A collection of tips on how to go about validating your offer to customers, choose a market, and scope a business. Touches on JTBD, lean startup, business model canvas. Also a brief case study on TransferWise and the keys to it's success.
9 Steps to Repeatable, Scalable, & Profitable GrowthDavid Skok
In this slide deck, David Skok talks through his 9 step process for B2B startups to get through product/market fit, and to then find a repeatable, scalable, and profitable growth process.
In David's experience some of the most fatal and expensive mistakes founders make is trying to skip steps. Understanding this roadmap will save you countless hours and potentially millions of wasted dollars.
In this slide deck, David Skok talks through his 9 step process for B2B startups to get through product/market fit, and to then find a repeatable, scalable, and profitable growth process.
In David's experience some of the most fatal and expensive mistakes founders make is trying to skip steps. Understanding this roadmap will save you countless hours and potentially millions of wasted dollars.
LTK - FC - Supply Chain - Startup Challenge v3.pdfjeroen_tjepkema
Slides from our session at the FC Supply Chain event. It contains a short introduction into Lean Startup and innovation within FrieslandCampina, as well as 3 exercises for quickly deconstructing a complex challenges into experiments
Getting to Product Market Fit - An Overview of Customer Discovery & ValidationJason Evanish
An overview of the first two stages of Steve Blank's Four Steps to the Epiphany: Customer Discovery and Customer Validation. Includes in depth advice on the customer development interview as well.
I'm writing a book on How to Build Customer Driven Products based on tactics like the ones in this presentation. You can sign up to learn more here: http://eepurl.com/RZoO9
Lead Gen Best Practices by Andy CrestodinaAnton Shulke
Lead Generation Best Practices (learned from 500+ website redesigns)
Click! You have a new visitor. What happens next? Do they barf and bounce or smile and stay?
The answer depends on a lot of little things, some obvious, some not.
This session is a breakdown of the best practices for B2B lead generation websites, based on hundreds of website projects. You will learn:
What are the key elements of high-performing service pages?
What features are common to blog templates but probably shouldn’t be?
What three elements determine if visitors sign up for emails?
From social proof to CTAs, videos to contact forms, we will break down the options for UX elements and how they work with (or against) the psychology of your visitors.
Journey to product / market fit explained. What do the start-up's first stages look like and what you should keep in mind when identifying a problem worth solving, creating a product and getting your first customers
In the first of three presentations, Ali talks about leveraging existing sales and marketing resources and amassing them into a viable Web2Print selling machine. He covers the operational changes necessary to facilitate this pivot and talks about how to manage objections all the way up the hierarchy.
Also included are some top tips on identifying and converting Web2Print sales enquiries and how to address customer objections (because they are always valid!). Lastly, Ali talks about why some Web2Print strategies fail, despite good preparation efforts.
R&D today: Addressing and enhancing Research & Development’s effectivenessKenny Ong
ABF Research & Development 2009, Singapore
*Applying theory to practice
*Matching R&D to Business Strategy and Organization’s Goals
*Enhancing R&D efficiency by selecting a key component criteria
*Keeping R&D close to where strategic decisions are made
It is my pleasure to invite you to the Pointe Angels angel development workshop taking place virtually on Tuesday, August 18. Please join us for our program titled “Due Diligence for Early Stage Ventures.” During your time with Pointe Angels, you may have encountered companies that caught your interest as a potential investor. As a service to our members, we offer this workshop as an opportunity to learn how to take the next step and improve their skills as angel investors.
In this interactive educational seminar, David Bloom will outline the due diligence process, provide a framework for assessing and mitigating risk, and present cases from Pointe Angels’ membership. David is an entrepreneur, investor, and advisor. He taught Financing Technology Commercialization and Innovation Leadership at the University of Michigan, and is the principal of Factotem Inc. where he has assisted Pointe Angels members with due diligence on several companies that have presented to our group.
David is also a Pointe Angels member. We are pleased to draw on his experience, like that of all of our members, for the benefit of our group.
Whether you are an experienced angel or have yet to close your first deal, our program will help you improve your skills as an investor in this exciting asset class.
Similar to Ryan's Lean Startup 3-Hour Workshop (20)
What You're Going to Learn
- How These 4 Leaks Force You To Work Longer And Harder in order to grow your income… improve just one of these and the impact could be life changing.
- How to SHUT DOWN the revolving door of Income Stagnation… you know, where new sales come into your magazine while at the same time existing sponsors exit.
- How to transform your magazine business by fixing the 4 “DON’Ts”...
#1 LEADS Don’t Book
#2 PROSPECTS Don’t Show
#3 PROSPECTS Don’t Buy
#4 CLIENTS Don’t Stay
- How to identify which leak to fix first so you get the biggest bang for your income.
- Get actionable strategies you can use right away to improve your bookings, sales and retention.
Best Crypto Marketing Ideas to Lead Your Project to SuccessIntelisync
In this comprehensive slideshow presentation, we delve into the intricacies of crypto marketing, offering invaluable insights and strategies to propel your project to success in the dynamic cryptocurrency landscape. From understanding market trends to building a robust brand identity, engaging with influencers, and analyzing performance metrics, we cover all aspects essential for effective marketing in the crypto space.
Also Intelisync, our cutting-edge service designed to streamline and optimize your marketing efforts, leveraging data-driven insights and innovative strategies to drive growth and visibility for your project.
With a data-driven approach, transparent communication, and a commitment to excellence, InteliSync is your trusted partner for driving meaningful impact in the fast-paced world of Web3. Contact us today to learn more and embark on a journey to crypto marketing mastery!
Ready to elevate your Web3 project to new heights? Contact InteliSync now and unleash the full potential of your crypto venture!
Explore Sarasota Collection's exquisite and long-lasting dining table sets and chairs in Sarasota. Elevate your dining experience with our high-quality collection!
14. My Startup Experience
After several startup failures, 4 co-founders
Started in 2009 - Help Employers Optimize Health Insurance Benefits
Early Success & Struggles. Had 5 early adopter customers.
Funded by Golden Angels, Spring 2012. CEO, CTO duo.
Product Owner – v2 Replatform – MVP for new customers
Customer Problem & Solution Interviews. Lost Sales Interviews.
Small, High-Impact Team
Focused on Return on Investment
Cash Burn Rate & Sales Transparency
Customer Success kicking into gear
“This will double my business in 1 year.”
“Closed 9/10 Deals”
“Please don’t tell my competitors”
Customer success being featured at tradeshows
23. Myth: Build it. And they will come.
Truth
No business survives first contact with customers.
You build it, and no one cares.
Customers are often biggest risk. Not Technology.
Product development is a discovery process.
Sell before you Build.
24. Myth: It’s all about Execution
Truth
Achieving Failure =
Successfully executing a flawed plan.
Startups don’t know enough to just execute.
25. No Proxies for Paying Customers
Successful people who believe in & mentor you
Networking with other Entrepreneurs
Board of Director at National Realtor Association
Board of Advisors at Wyndham Hotels
Partnering with 2x PhD’s
Building Talented Teams & Working Together
Creating New Products
Free Trials
Beautiful marketing & UI
College Interns
Exceptional New Technology
Multiple Patent Applications
Business Plan Contest
Multiple Pilot Programs
Busiest booth at trade shows
Featured Articles in National magazines
Friends with top industry leaders
Awards in National publications
26. False Shadow Beliefs - Unspoken
Reality Distortion Field
“We know what customers want”
“We can accurately predict the future”
“Executing the plan is progress”
30. Traditional New Products - Waterfall
Business Model: Known Solution: Known
Business Plan
Raise Capital
Requirements
Design
Development
Testing
Sales
34. What is a Startup?
Temporary organization
Searching for a Repeatable, Scalable Business Model
Environment of uncertainty
Not a small version of a large company
No VP of xyz
No Sales Department
36. Key Benefits of Lean Startup
Process for startups to follow
Learn very fast what people will buy & use.
Start selling as soon as possible.
Eliminates Risk Early.
Uses data to seek truth & avoid opinions / politics
Get more Swings at bat.
Minimizes cash burn rate.
Scales at the right time.
Much higher rates of success.
45. Don’t Delay Failure.
Test your Assumptions.
Get to Business Failure Fast.
And Learn what to Fix.
46. Ok, I get it. I want some.
Most people just want to sound cool.
Tired of Buzz words & Fluffy pictures?
Stop using the Buzz words.
Start applying Lean Startup.
49. Breakeven Burndown Running out of Cash & Time
$
Time (Runway)
Burn Rate
Profit
Death
* plus variable costs
50. Race to Scalable Business Model
$
Time (Runway)
Burn Rate
Scalable Business Model
Death
51. Multiple Funding Rounds
$
Time (Runway)
Burn Rate
Death
Profit
* plus variable costs
Scalable
Business
Model
52. High Value Problem Have I found customers with a problem worth solving?
Solution Commitment
Scalable Solution
10 Customers 100 Customers
Scale
Are customers committed to my proposed solution?
Have I developed a Scalable Business Model?
Let’s throw money at this puppy
Roadmap
custdevframework.com
54. High Value Problem
Have I found customers
with a problem worth solving?
High Value Problem
Solution Commitment
Scalable Solution
10 Customers 100 Customers
Scale
55. This is not about You. Get to know your Customers.
56. Discover Problems: Customer Discovery Interviews
What are your goals for the next year?
What could make the biggest impact on accomplishing those goals?
What are the barriers you are encountering?
How are you solving today?
Customer
Goals /
Job to be done
Barriers / Problems
/
Unsatisfied Outcomes
57. Jobs to be Done.
Job > Technology
Job: Portable Music
60. Ecosystem of Target Customer
Understanding the customer
Allowed 3X the Price!
61. Problem Interviews
Everyone is Lying to you - including your Mom!
The Mom Test = Would your mom tell you the truth?
Never talk about your solution ideas.
Ask specifics about the past.
Prioritize: Rank this problem more important / less important
What would a solution allow you to achieve? What impact value to business?
Have you tried to solve in the past? If so, How?
Was there a budget set?
63. Gated Outcomes
12 Customers confirmed Problem
Ranked Problem as MUST HAVE
Ranked Outcomes
Market is large & accessible enough.
High Value Problem
Solution Commitment
Scalable Solution
10 Customers 100 Customers
Scale
64. Solution Commitment
What is the minimum proposed solution
customers will commit to?
High Value Problem
Solution Commitment
Scalable Solution
10 Customers 100 Customers
Scale
65. Solution Interviews
1. Problem Confirmation
2. Usage Scenarios = Feature Validation
Event:
Question:
Player:
Action:
When asleep at night
Would you & your family feel more safe
If we provided a device to
Monitor your home for carbon monoxide gas and
woke you up in case of an emergency?
3. Demo - Low Fidelity MVP (Minimum Features necessary)
4. How well would your problem be solved with this solution?
5. Pricing Never ask what people will pay!
6. Ask for Commitment!
68. Non-Scalable MVP
Ad words + Landing Pages
Video MVP
Clickable Mockups MVP
App demo MVP
Wizard of Oz MVP
Concierge MVP
No code MVP
Pre-orders, Capture Commitments!
Non-Scalable Sales!
Start Removing Features!
69. Gated Outcomes
Quantified Problem Value to Buyer
Minimum Solution will solve Problem
Validated Pricing
Customer Success
5 Early Adopters paying for Non-Scalable MVP
Am I ready to COMMIT to making this go?
High Value Problem
Solution Commitment
Scalable Solution
10 Customers 100 Customers
Scale
70. Scalable Solution
Can I mold this into
a Scalable Business Model?
High Value Problem
Solution Commitment
Scalable Solution
10 Customers 100 Customers
Scale
78. Scalable MVP
High-Fidelity
Silent Launch
Split A/B Tests
Fake Door / Mock Features
Sales & Marketing Positioning
All aspects of Business Model
80. Innovation Accounting
Growth Hacking Experiments
Flow Metrics
# of Customer Interviews
# of Hypotheses Tested
81. Pivot, Persevere, or Reboot?
The Point Instant Messaging Plug-in
Social community Fundraising
82. Gated Outcomes
Paying customers (100+)
Repeatable Sales Roadmap
Scalable Business Model
High Value Problem
Solution Commitment
Scalable Solution
10 Customers 100 Customers
Scale
Customer
acquisition
cost
Revenue
per
customer
exceeds
83. Myth: I must be the Hero
Truth
Share your struggles.
Transparency sets you free from the hero burden
Builds Trust
Team effort – Let’s solve this together.
Be fair to employees & their families.
104. Proposed Solution
source podiohelp.com
Intended to be Fun
Can be Funny, Ridiculous
Not restricted in any way
No Technology constraints
No Resource or Financial constraints
Background:
Mining for Gold
Jim is an engineer, recently retired. Joined up with some well-off friends to start a Lucrative business in gold mining.
Jim’s company invested the limited funds they had in purchasing a quarry known to have gold in it
, large equipment & a building an expensive processing plant.
Background:
This is some of the heavy equipment required to mine ore for gold.
Company A is another mine which has been successful.
100 years old, has lots of capital, lots of equipment, runs 24/7 nonstop – and hauls LOTS of ore
Challenge:
You might think Jim is making a killing. He’s mining for gold.
Truth is – Jim and his investors are losing money every day.
This year - Market Price of Gold is down
What you might not know about mining ore for gold:
Gold is invisible, microscopic… too small to see in the rocks. Gold is only fractions of a percent. Takes
Really expensive operation to run
63 TONS OF ROCK = 1 OZ OF GOLD
Mining & Processing is very expensive
Strip away Waste Rock
(explosives, ore mining, massive trucks, crushing; processing plant: wash & separation, extremely hot furnaces, purify, pour)
Only at the end of the process do you find – how much gold you were digging.
Jim only had a few ounces of gold.
Cause:
Jim & his friends realized their assumptions about mining for gold were wrong.
Spending lots of money & going nowhere.
Jim is getting too much ore, not enough gold.
Jim is digging in the wrong spot - but doesn’t know where to dig.
Forced to Think Differently:
Jim is constrained.
He’s losing money, he’s got a small team, and running out of time
Forced to either Innovate or Die.
Innovation:
Instead of digging to find the gold…
Find the gold. Then dig.
----
Jim assumed he could do the same things that big companies do.
Jim was wrong.
Jim’s company is losing money every day
Big company can afford to lose money until they find gold.
Small company can’t.
What you might not know about mining ore for gold:
Sometimes there’s more gold, and less gold – depending on the rock he’s digging.
Gold is invisible, microscopic… too small to see in the rocks. Gold is only fractions of a percent. Takes
Really expensive operation to run
63 TONS OF ROCK = 1 OZ OF GOLD
Mining & Processing is very expensive
Strip away Waste Rock
(explosives, ore mining, massive trucks, crushing; processing plant: wash & separation, extremely hot furnaces, purify, pour)
Only at the end of the process do you find – how much gold you were digging.
Jim only had a few ounces of gold.
Cause:
Jim & his friends realized their assumptions about mining for gold were wrong.
Spending lots of money & going nowhere.
Jim is getting too much ore, not enough gold.
Jim is digging in the wrong spot - but doesn’t know where to dig.
Forced to Think Differently:
Jim is constrained.
He’s losing money, he’s got a small team, and running out of time
Forced to either Innovate or Die.
Innovation:
Instead of digging to find the gold…
Find the gold. Then dig.
----
Jim assumed he could do the same things that big companies do.
Jim was wrong.
Jim’s company is losing money every day
Big company can afford to lose money until they find gold.
Small company can’t.
Hero:
Jim and his team built an X-ray gun to test & find the highest value rocks – before investing in any digging.
Jim now only digs the most valuable rocks
Fast Feedback allows him to find the value before investing resources.
Jim’s return on investment is much higher
First Test – Then Invest.
Hero:
Jim and his team built an X-ray gun to test & find the highest value rocks – before investing in any digging.
Jim now only digs the most valuable rocks
Fast Feedback allows him to find the value before investing resources.
Jim’s return on investment is much higher
First Test – Then Invest.
Targeted new customers, instead of existing customers
Didn’t even have delete, sometimes not even rename.
We moved so fast… Our clients were selling to their clients using our Staging environment, not production environment!
Biggest learnings:
Dan was the User, not the Buyer. That’s why small agencies were early adopters – they had the user problem. Big agencies didn’t understand how we could help them. Until usage scenarios.
Tried to scale too early. Wait to hire sales team until you can reproduce sales.
You may not see the crashes, because you tend to focus on the successes.
There are a whole lot of rocket crashes going on - all around you.
Heap of scrap metal & smoke
You see 10 bullet points.
I see 5 years of my life.
I used to be ashamed of the failure.
In many ways - I thought I was a failure.
Until I realized – the problem wasn’t me or my team.
The problem wasn’t the PEOPLE.
It was the PROCESS we’d applied.
Your Business IS the product. Businesses are bought and sold.
Each pitch is a customer pitch / sale attempt
LOT more sales attempts using Lean Startup
Living document. Changes rapidly.
Cycle through learn loop as fast as possible.
Startups are ugly. Chaos. Must change things rapidly to find what works.
Startups are ugly. Chaos. Must change things rapidly to find what works.
Key takeaway.
Small cheap, emaciated. None of those things.
It’s background is in Lean Manufacturing, Toyota process.
Optimize the Production Specification
Optimize the Business
Only constant is – we’re losing money every day.
Much higher valuation
Take on new investment to execute
Customer / Problem Fit
Be willing to listen.
And be willing to be wrong.
Notice. Technology is changing, Job is staying the same.
Portable Music.
Almost every single one of the technology leaps were from DIFFERENT companies. Lesson: Advance the Job, not your specific Technology.
Notice. Technology is changing, Job is staying the same.
Portable Music.
Almost every single one of the technology leaps were from DIFFERENT companies. Lesson: Advance the Job, not your specific Technology.
One of Steve Blank’s healthcare startup students found they could charge 3x as much, by tapping into multiple budgets from multiple personas (sales budget, marketing budget)… was able to deliver value to both personas
One of Steve Blank’s healthcare startup students found they could charge 3x as much, by tapping into multiple budgets from multiple personas (sales budget, marketing budget)… was able to deliver value to both personas
“Hey mom I built something, what do you think?”
Mom: “Oh, I just love it, my dear. I know you will be so successful.”
YOUR MOM IS LYING TO YOU.
People will try to please you.
Customer Segments, Ecosystem, & Personas
Top Goals & Challenges
Problem / Solution Fit
Usage Scenarios allow you to validate features, even before any demo.
Find MINIMUM number of features which solve the customer’s problem.
MVP = Minimum Viable Product = Minimum you must do to learn
Start removing features – and see if people still commit. Find the MINIMUM.
Dropbox – pasted stuff onto a screencast… 2.8 Million invites within 30 days!!!
Start removing features – and see if people still commit. Find the MINIMUM.
Dropbox – pasted stuff onto a screencast… 2.8 Million invites within 30 days!!!
Start removing features – and see if people still commit. Find the MINIMUM.
Dropbox – pasted stuff onto a screencast… 2.8 Million invites within 30 days!!!
Product / Market Fit
Start removing features – and see if people still commit. Find the MINIMUM.
Dropbox – pasted stuff onto a screencast… 2.8 Million invites within 30 days!!!
Start removing features – and see if people still commit. Find the MINIMUM.
Dropbox – pasted stuff onto a screencast… 2.8 Million invites within 30 days!!!
Start removing features – and see if people still commit. Find the MINIMUM.
Dropbox – pasted stuff onto a screencast… 2.8 Million invites within 30 days!!!
Net Promoter Score
Achieving the Value Proposition
2 Growth engines: Paid & Viral
I don’t count Sticky because retention is always important & describes how well you help the customer solve real problems.
Groupon – Social community fundraising.
Raised $1M in funding, and the idea was failing big time
When people joined together to buy something.
Put up a Pizza deal… and the rest was history
Each Team is going to come up with a Product concept – and have an action plan to test whether it’s viable – within the next 2 hours.
Each Team is going to come up with a Product concept – and have an action plan to test whether it’s viable – within the next 2 hours.
Don’t worry about the solution too much
Solution is just for fun, and isn’t to be limited by your current resources or technologies
Each Team is going to come up with a Product concept – and have an action plan to test whether it’s viable – within the next 2 hours.
High-level concept uses other brands to elicit different qualities
BMW – Performance
Volvo – Safety
Jaguar - Class