So You Want to Do a Startup!

So You Want To Do a Startup?
Abby Fichtner
UMass Lowell New Venture Fellow
@HackerChick
http://HackerChick.com

@HackerChick
“Considering the incredible amount of human energy, passion,
and creativity that we invest in creating new products & services…
@EricRies

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

@HackerChick
out of9
new products
fail
10

“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”
@EricRies@HackerChick

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

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

@HackerChick
Instead of building our startups according to myths
We can guide them with facts and knowledge
Promise of the Lean Startup
@EricRies

@HackerChick
Startups are NOT small versions
of large organizations

@HackerChick
The unit of progress for entrepreneurs…
learning
execution
not

@HackerChick
validate
building
before

@HackerChick
Your Goal
VISION REALITY

@HackerChick Andrew Mason, CEO of Groupon (NY Tech Meetup)

@HackerChick
you‘re way too
dumb
Andrew Mason, CEO of Groupon (NY Tech Meetup)
to figure out whether your
good
idea is

@HackerChick
Minimum Viable Product
(MVP)

@HackerChick
Step #1a
problem
Find a
worth solving

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

@HackerChick
Not a single person clicked thru to it

@HackerChick
What did we learn from that?

@HackerChick
Was there a faster way to get
through that learning loop?

@HackerChick
75,000
signups overnight

@HackerChick
Step #1b
customer
Know your

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

@HackerChick
Photo Sharing App
Recipe App
Facebook for
<happy people/smart kids/psychos/dogs/travel agents/astronauts…>
Group Travel Planning
Discover Local Events

@HackerChick
Photo Sharing App
Recipe App
Facebook for
<happy people/smart kids/psychos/dogs/travel agents/astronauts…>
Group Travel Planning
Discover Local Events
?!

@HackerChick
VC: “There are a million cloud storage startups!”
Drew: “Do you use any of them?”
VC: “No”
Drew: “…”

@HackerChick
Know where your
target audience
hangs out
& speak to them in an
authentic way
@drewhouston, Dropbox

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

@HackerChick
Brainstorm
Customer Problem
amateur gourmet chefs want to make fabulous food
for friends & family

@HackerChick
Brainstorm
Customer Problem
dieters need to lose weight

@HackerChick
Brainstorm
Customer Problem
dieters need to lose weight
in college
^

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

How important is the problem’s solution to the customer?
How valuable is the problem’s solution to the customer?@SGBlank
Customer Discovery
@HackerChick

@HackerChick
Step #2
solution
Find a
that resonates

@HackerChickBoston Startup School - @HackerChickXcelerate - @HackerChick
Concierge Service
(AKA Wizard of Oz)

@HackerChickXcelerate - @HackerChick

@HackerChick
Customer Validation

@HackerChick
Step #n
launch!
when you have a
quantum of utility
@paulg, Y Combinator

@HackerChick
Learn More
Steve Blank
@sgblank
http://steveblank.com/
Eric Ries
@EricRies
http://startuplessonslearned.com/
Ash Maurya
@ashmaurya
http://ashmaurya.com/
Abby Fichtner
@HackerChick
http://HackerChick.com

So You Want to Do a Startup!

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