Startup Scaling Workshop Focuses on Customer Validation
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The document summarizes key lessons from a startup workshop, including that 74% of failed businesses did so due to premature scaling, and experiments are important for validating problems and solutions with customers. It provides tips for startup founders such as focusing first on understanding customer needs before building solutions, and pitching ideas concisely with stats on market size and competitors. The workshop emphasized the importance of testing ideas through customer interviews and prototypes before extensive development.
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Startup Scaling Workshop Focuses on Customer Validation
- 1. ACES UTS Workshop #2 10thSeptember 2014
- 2. DanielRingrose Wednesday, 10 September 2014 Page 2
- 4. DanielRingrose Wednesday, 10 September 2014 Page 4 A survey of 3,200 startupsproved: •74% of businesses that failed did so due to premature scaling •60% of inconsistent (premature scaling) startupsfocus on validating a product •80% of consistent (controlled scaling) startupsfocus on discovering a problem space
- 5. DanielRingrose Wednesday, 10 September 2014 Page 5 If we build it, they will come
- 6. DanielRingrose Wednesday, 10 September 2014 Page 6 If we build it, they will come
- 7. DanielRingrose Wednesday, 10 September 2014 Page 7
- 8. DanielRingrose Wednesday, 10 September 2014 Page 8
- 9. DanielRingrose Wednesday, 10 September 2014 Page 9 “A startupis a human institution designed to deliver a new product or service under conditions of extreme uncertainty” -Eric Ries
- 10. DanielRingrose Wednesday, 10 September 2014 Page 10
- 11. DanielRingrose Wednesday, 10 September 2014 Page 11
- 12. DanielRingrose Wednesday, 10 September 2014 Page 12
- 13. Wednesday, 10 September 2014 DanielRingrose Page 13 2.5% 13.5% 34% 34% 16% Early Adopers Innovators Early Majority Late Majority Laggards Customer Discovery Customer Validation Customer Creation Company Building STARTUP GROWTH SCALE MATURITY Search for Problem & Solution Fit Search for Product & Market Fit Market Disrupted DECLINE Transition Find these customers Rogers Innovation Adoption Curve
- 14. Wednesday, 10 September 2014 Page 14 VALUE PROPOSITION CANVAS DanielRingrose
- 15. DanielRingrose Wednesday, 10 September 2014 Page 15 Experiments help you find the evidence you need to win Project Pitch: 1.Customer Interviews 2.Solution Pitch 3.Pitching your MVP 4.Concierge customer transactions 5.Pitch the judges
- 17. Wednesday, 10 September 2014 DanielRingrose Page 17 Startup Founders Tech Partners UX Partners TECHNICAL LEAD a.k.a. Hacker EXPERIENCE LEAD a.k.a. Hipster Startup Team Structure Domain Experts BUSINESS LEAD a.k.a. Hustler
- 18. DanielRingrose Wednesday, 10 September 2014 Page 18 Your idea hypothesis: 1.Most likely Customer 2.Their Biggest Problem 3.Solution(experiment 2+) 4.Riskiest Assumption 5.Success Resulte.g. 5/20
- 19. DanielRingrose Wednesday, 10 September 2014 Page 19
- 20. DanielRingrose Wednesday, 10 September 2014 Page 20 •Stick to your results decision •Learn from customers stories •How big is the pain? •How have they fixed it? Form your next experiment! Go out again and keep trying!
- 21. DanielRingrose Wednesday, 10 September 2014 Page 21 Keep interviewing until: •You proven a customer niche •You’ve found a big problem Then, start talking with a target customer about your solution… Listen to what they say next!
- 22. DanielRingrose Wednesday, 10 September 2014 Page 22 The Quick Pitch Structure My company {xxx co. name}, is developing {e.g. an app, site} to help {define customer(s)} {state problems you solve}, with {your secret sauce}
- 23. DanielRingrose Wednesday, 10 September 2014 Page 23 •If their reaction to your solution is lukewarm, it’s time to PIVOT •If they go crazy about your idea, PERSEVERE and ask how they will use it. Will they buy it on the spot? Form your next experiment!
- 24. DanielRingrose Wednesday, 10 September 2014 Page 24 Mockup/ Prototype Landing Page Video Pitch •Create a ‘Minimum Viable Product’ and sell it to customers… really early! •Test where you find your customers. Use results to form new experiments
- 25. DanielRingrose Wednesday, 10 September 2014 Page 25 Fake it till you make it! •Learn about jobs-to-be-done and deliver your offer manually •Don’t start coding until you know which features customers find most valuable •Measure it through experiments!
- 26. DanielRingrose Wednesday, 10 September 2014 Page 26 1.Only start on solutions once you really understand a customers needs 2.Family and friends like you too much to say your idea sucks 3.Avoid any technical jargon. Talk in customer’s language so they get it 4.Don’t be scared to fail. A bruised ego is better than a dead-end startup 5.Have fun! You and your team should enjoy the journey
- 28. DanielRingrose Wednesday, 10 September 2014 Page 28 1.Your startup:first, elevator pitch (30s), then how your idea works (30s) 2.Market size: how much money, how many people affected –stats! (30s) 3.Competitors: Who is already doing this, and why you’re unique (30s) 4.Status and Traction: What you’ve done, how many customers you’ve got, how much money you’ve made, and what you will do next (1m) 5.Ask (optional): Do you need advisors, team skills, partner intro’s? (30s)
- 29. DanielRingrose Wednesday, 10 September 2014 Page 29 1.Be calm, confident and clear. Nominate a pitch lead. Practice lots! 2.Keep your slides simple. Avoid small text and animations that distract 3.Comparisons are good –e.g. we’re AirBnBfor dog minding 4.Don’t bullshit the judges. If you don’t know yet, say how you’ll find out 5.Don’t read your pitch or lose connection with the room.
- 30. DanielRingrose Wednesday, 10 September 2014 Page 30 daniel@danielringrose.com linkedin.com/in/danielringrose/ @danielringrose