Startup Weekend Hamilton Keynote
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The document discusses the importance of market validation for startups. It notes that 90% of startups fail due to not finding the right market and customers, rather than due to bad products. It emphasizes that market research is different from market validation. Successful startups structure their process around customer development to test their assumptions and hit product-market fit milestones. The document recommends that startups stop selling, start listening to potential customer segments, and let customers identify their own problems in order to develop repeatable sales and scale their companies effectively.
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Startup Weekend Hamilton Keynote
- 1. Startup Weekend Hamilton Market Validation Developing customers while you develop product April 27, 2012
- 4. Some stats… Source: Startup Genome (http://startupgenome.cc)
- 5. High stakes… 90% of start-ups fail not because of bad product, but because they don't find the right market and customer.
- 6. Ouch… Market research is not the same as market validation No business plan survives the first customer contact… Structure and process around customer development were critical to hit product/market fit milestone Plan, pitch, etc., was all about building a company, but was really lacked attention on building customers, aka, market validation
- 7. Product Dev AND Market Validation Product Development Customer Development Source: Steve Blank’s Customer Development Model
- 10. Market Validation Stop selling, start listening Let customer segments tell you their problems – what does a day in their life look like Do they agree you solve How much will they pay to solve. Source: Steve Blank’s Customer Development Model
- 11. Repeatable Sales Scale your marketing Source: Steve Blank’s Customer Development Model
- 12. Scale the company Build your org structures Source: Steve Blank’s Customer Development Model
- 13. So the $3M Lessons? Market research IS NOT market validation No product/biz plan survives 1 customer interaction st Test & refine every one of your guesses by learning everything you can about your customers Don’t scale it ‘til you nail it
- 14. More resources… Eric Reis | Lean Startup Steve Blank | 4 Steps to the Epiphany Alexander Osterwaldert | Business Model Generation Ron Neuman | VistaShift
- 15. Thank You Robin Hopper Email: robin.hopper@gmail.com Twitter: @rhopper LinkedIn: http://ca.linkedin.com/in/robinhopper
Editor's Notes
- Market Validation Keynote… 15 mins… 7:30
- In tough economic times, it is important to remember that 90 percent of Silicon Valley's start-ups fail not because of bad product, but because they don't find the right market and customer. The statistics are disheartening no matter how an entrepreneur defines failure: If failure means liquidating all assets, with investors losing most or all the money they put into the company, then the failure rate for start-ups is 30 to 40 percent If failure refers to failing to see the projected return on investment, then the failure rate is 70 to 80 percent If failure is defined as declaring a projection and then falling short of meeting it, then the failure rate is a whopping 90 to 95 percent http://greenhornconnect.com/blog/how-structure-and-get-most-out-customer-development-interviews