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TiE IITB - Jun 11 talk on Lean Startup Tactics
This document provides an overview of Lean Startup methodology and alternatives. It discusses: - What Lean Startup does not cover and the origins of the approach. - Key Lean Startup concepts like minimum viable products, continuous development, split testing, and pivoting based on metrics. - Potential limitations including that it may annoy customers and investors if taken too far, and that it is not applicable to all businesses. - Alternative approaches like customer development, assumption-based planning, and traditional business planning models.
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TiE IITB - Jun 11 talk on Lean Startup Tactics
- 1. Rapidly Testing out Assumptions ofa new Business: Lean Startup and Other Approaches Anil Bahuman TiE Business Builder Gulmohar, IIT Bombay
- 2. Profile Education –NIT-Karnataka & University of GA Citibank, Boeing, MIT Media Lab and IIT Bombay Startup Experience 3 years – US at GA Tech Incubator 7 years – Cofounder, CEO, Managing Director Vice-President, Ecosystem Development at Reliance Jio Infocomm
- 3. Outline What LeanStart-up Does not cover Example of a fictitious Lean Startup What is the Lean Start-up Approach and what are the advantages? Lean Startup Lingo What are the Limitations? What are the Alternatives? Customer Development Assumption-based Planning Do your own
- 4. Business Plan Business PlanCanvas by Alexander Osterwalder
- 5. Processes Entrepreneur Operating Systemby Gino Wickman The V/TO – Vision/Traction Organizer The EOS Model™ and Scorecard - Track 6 Major Areas and a Scorecard The Eight Cash-Flow Drivers™ Rocks - Three to seven most important priorities that must get done every 90 days. The 5-5-5™ - 5 values-5 roles-5 rocks/Quarter The Meeting Pulse™ and The Level 10 Meeting™ – Templates for Meetings The Issues Solving Track™ – Template to help solve issues The Five Leadership Abilities™ – Five Leadership Abilities Clarity Break – Managing frustration. Delegate and Elevate™ and The Assistance Track™ – Identify your sweet spot and follow five ways to help you delegate. LMA – Leadership-Management-Accountability Questionnaire The People Analyzer™– Identifying strengths of each individual in a team The Trust Builders™ – 10 ways to keep trust levels high
- 6. Networking TiE-IQ Bootcamp –Peer learning environment What to expect Refine and finish the minimal viable product (MVP) into a ready to buy product Market your product Get the first few customers Pitch to your first group of investors
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- 9. Hypothesis 10 or more peoplewill spend ` 500 for my product over next week.
- 10. What is theLean Start-up Approach? A new trend among Silicon Valley and Bangalore tech startups Learn about customer behaviour at lowest possible cost
- 11. What is theLean Start-up Approach? Origins 2008 Meltdown “The Lean Startup” by Eric Ries Steve Blank (“Four Steps to the Epiphany”) “Lean Mgmt” techniques of Japanese auto- makers….applied to the Tech industry “Discovery-driven Planning” introduced by Rita McGrath & Ian MacMillan in a 1995 HBR .com businesses – Engineering bias – “Customer Development”
- 12. Source:Giff Constable Customer Development GetOut of the Building
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- 15. Minimum Viable Product Products: MVP Services: Concierge Source: Spotify
- 16. Continuous Development Frequency: Acceptincremental improvements?
- 17. Split Testing Tryout 2 versions – with and without a feature
- 18. Actionable Metrics Metricsthat show traction Vs. metrics that make you look good
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- 20. Pivot Major changein business model
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- 24. Serious Limitations “Researchstage” Annoy prospective customers Annoy prospective investors Annoy key employees Speculative activity? Akin to learning the Stock Market “Engineering” solution to Customer Development Not applicable to physical-products Exploiting Adwords does not create new Demand Hype, Bubble Not a strategy – its Tactics.
- 25. Harm Discipline Misinterpretation– Shortcut Underestimate Commitment Little knowledge Expect instant results Get carried away by over-enthusiastic early-adopters seeking instant- gratification 100 code improvements per day
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- 29. Do your own GiffConstable I believe that my customers have a need to ______________ (Keep it Concise) This need can be solved with ________ My intial customers will be __________ The #1 value a client wants to get out of my service is: __________ The client can also get these additional benefits: __________ and __________
- 30. I willacquire the majority of my users/customers through __________ and __________ I will make money by __________ My primary competition will be __________ and __________ We will beat them in the market due to __________ and __________ Source: Giff Constable
- 31. My biggestproduct risk is __________ We will solve this through __________ What assumptions does my business make, that if proven wrong could cause failure? 1. __________ 2. __________ 3. __________ 4. __________ 5. __________ Source: Giff Constable
- 32. Should you bea lean startup? 1. When most of your competition are not lean startups, Be a lean startup 2. When most of your competition are lean startups, Do Not Be a lean startup 3. When half your competition is lean and half is not, it does not matter what you choose. 4. When you have no competition as of yet, Be a lean startup and adapt later
- 33. Thanks Pls. go to www.govote.at andenter 43 34 92 to vote