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We Built It, And They Didn't Come!
This document summarizes a presentation by Lukas Fittl about his experience co-founding a tech startup called Efficient Cloud. Some key points: - Efficient Cloud launched in 2010 but failed to gain any customers or revenue, despite having a team of developers, sales, and marketing staff. - Fittl analyzes what went wrong, including not validating assumptions about customers, focusing too much on building features rather than iterating based on customer feedback, and not differentiating their product offering enough. - He discusses lessons learned around the importance of launching minimal viable products quickly through prototyping, measuring customer response, and iterating based on learning. Traction with real customers should come before fundraising.
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We Built It, And They Didn't Come!
- 1. #LeanConf We Built It, AndThey Didn’t Come! @LukasFittl
- 2. About Myself Co-Founded 4tech startups, worked with many others 2007 - ’10 2011 - ’12 since 2011 since 2013
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- 5. Let me introduceyou to: started October 2010
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- 10. First of all, letstalk about the Team
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- 15. Design & Development DevOps Sales& Marketing
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- 20. Lukas (2011) Lukas (Today) Whatdid I learn? Design & Development DevOps Sales & Marketing
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- 22. Product 1. The Artof Launching Your MVP 2. Radically Different Value Propositions 3. The Ideation Switch
- 23. Product 1. The Artof Launching Your MVP 2. Radically Different Value Propositions 3. The Ideation Switch
- 24. Launch = Makeyour Product available to (some) customers Not: Press Launch!
- 25. What we hadat Efficient Cloud: TODO IN PROGRESS Task Task Task Task Task DONE Task
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- 27. In a groupof Developers, its really dangerous to just “get things done”
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- 31. Charged Customers $200 /month from Day One
- 32. What we haveat Spark59/USERcycle:
- 33. Perfection: 3+ months Build: FullPrototype Measure: “Successful” Launch Learn: (within months)
- 34. Iteration: 2-3 weeks Build: WeekendPrototype Measure: Customers commit to buy Learn: (within days)
- 35. Dictates how fastyou can learn Experiment Scope Your Runway How long you can survive
- 36. Product 1. The Artof Launching Your MVP 2. Radically Different Value Propositions 3. The Ideation Switch
- 37. Hosting Company, thishelps you implement PaaS and still get a lot of customers onto one server. (But you need SSD drives.)
- 38. Sounds complicated? Yes! BiggerProblem: We didn’t (really) try something different.
- 40. => Landing PageTest But we just tested for testing’s sake, we didn’t believe in that product at all.
- 41. Version 1: Analyticsfor Marketers Version 2: Analytics for Startups Version 3: Analytics for SaaS Startups
- 42. Getting the RightDesign vs. Getting the Design Right
- 43. Product 1. The Artof Launching Your MVP 2. Radically Different Value Proposition 3. The Ideation Switch
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- 45. Are you ideatingor are you executing?
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- 47. Ideating = Customer Interviews DesignStudio Usability Tests etc...
- 48. Business 1. Financial Planning& Metrics 2. Making Deals 3. Traction First, Fundraising Second
- 49. Business 1. Financial Planning& Metrics 2. Making Deals 3. Traction First, Fundraising Second
- 53. Main Assumption: Customers wouldbuy a 5000+ EUR license & integrate our Product within weeks (not months)
- 54. Its ok toignore your plan, but focus on these assumptions.
- 55. Business 1. Financial Planning& Metrics 2. Making Deals 3. Traction First, Fundraising Second
- 56. Don’t ever gettoo attached to one single investor / customer / partner.
- 57. Berlin, London, Moscow,Kiev, Vienna - all for one deal that didn’t go through.
- 58. Business 1. Financial Planning& Metrics 2. Making Deals 3. Traction First, Fundraising Second
- 59. He loved theproduct & team, but the numbers never justified an investment.
- 60. Accelerators give youa peer group, and access to a lot of people (if you’re ready).
- 62. Distribution 1. Personal Authenticity 2.Getting the Message right is Hard! 3. Adapting to the Market
- 63. Distribution 1. Personal Authenticity 2.Getting the Message right is Hard! 3. Adapting to the Market
- 64. In the beginning peoplebelieve in you first, the product second.
- 66. Users who SeeSomething About You User Energy 80% Click! 60% Click! 40% 20% 0% Left the Site
- 67. User Energy 80% Click! Users whoSee Something About You vs Users from Google Adwords 60% Click! 40% 20% 0% Click! Left the Site
- 70. Personal Authenticity givespeople a better reason to look harder & ignore their own misunderstanding.
- 71. Distribution 1. Personal Authenticity 2.Getting the Message right is Hard! 3. Adapting to the Market
- 72. Your Product Messaging A CustomerA Your Product Messaging A Customer B Your Product doesn’t need to change, Yet Your Messaging Can Change Everything
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- 74. Make Happy Customers, Not:Make Customers Happy
- 75. Messaging is ajourney without an end, you will not reach perfection. (but ideally people will still buy)
- 76. Distribution 1. Personal Authenticity 2.Getting the Message right is Hard! 3. Adapting to the Market
- 77. Continuously ask yourself: Isthis a good customer? -> can be targeted & sold to -> pays money -> actually buys what you are selling -> ideally you like them!
- 78. “We had along discussion, on doing this project at all right now.” (2 months into the sales process)
- 79. Your biggest riskis Indifference. People just don’t care.
- 80. Your Team determinesyour Distribution methods e.g. Don’t target the Enterprise if you’re missing the know-how.
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