2010 04 28 The Lean Startup webinar for the Lean Enterprise Institute
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![The Lean Startup#leanstartup,[object Object],Eric Ries (@ericries),[object Object],http://StartupLessonsLearned.com,[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-1-2048.jpg?cb=1666360662)
![Myth #1,[object Object],Myth,[object Object],Lean means cheap. Lean startups try tospend as little money as possible.,[object Object],Truth The Lean Startup method is not about cost,it is about speed.,[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-2-2048.jpg?cb=1666360662)
![Myth #2,[object Object],Myth,[object Object],The Lean Startup is only forWeb 2.0/internet/consumer software companies.,[object Object],Truth The Lean Startup applies to all companies that face uncertainty about what customers will want.,[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-3-2048.jpg?cb=1666360662)
![Myth #3,[object Object],Myth,[object Object],Lean Startups are small bootstrapped startups.,[object Object],Truth Lean Startups are ambitious and are able,[object Object],to deploy large amounts of capital. ,[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-4-2048.jpg?cb=1666360662)
![Myth #4,[object Object],Myth,[object Object],Lean Startups replace vision with dataor customer feedback.,[object Object],Truth Lean Startups are driven by a compelling vision, and are rigorous about testing each element of this vision,[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-5-2048.jpg?cb=1666360662)
![What is a startup?,[object Object],[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-6-2048.jpg?cb=1666360662)
![Nothing to do with size of company, sector of the economy, or industry,[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-7-2048.jpg?cb=1666360662)
![Most Startups Fail,[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-8-2048.jpg?cb=1666360662)
![Most Startups Fail,[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-9-2048.jpg?cb=1666360662)
![Most Startups Fail,[object Object],[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-10-2048.jpg?cb=1666360662)
![This talk is about how.,[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-12-2048.jpg?cb=1666360662)
![Traditional management practices fail- general management” as taught to MBAs,[object Object],[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-13-2048.jpg?cb=1666360662)
![Not just for “two guys in a garage”,[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-14-2048.jpg?cb=1666360662)
![Pivot: change directions but stay grounded in what we’ve learned. ,[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-18-2048.jpg?cb=1666360662)
![A Tale of Two Startups,[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-19-2048.jpg?cb=1666360662)
![Startup,[object Object],1,[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-20-2048.jpg?cb=1666360662)
![Stealth Startup Circa 2001,[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-21-2048.jpg?cb=1666360662)
![All about the team,[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-22-2048.jpg?cb=1666360662)
![A good plan?,[object Object],[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-23-2048.jpg?cb=1666360662)
![Build buzz in the press and blogosphere.,[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-29-2048.jpg?cb=1666360662)
![Crippled by “shadow beliefs” that destroyed the effort of all those smart people.,[object Object],[object Object],[object Object],[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-30-2048.jpg?cb=1666360662)
![Build buzz in the press and blogosphere.,[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-36-2048.jpg?cb=1666360662)
![IMVU,[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-37-2048.jpg?cb=1666360662)
![IMVU,[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-38-2048.jpg?cb=1666360662)
![New plan,[object Object],[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-39-2048.jpg?cb=1666360662)
![Results 2009: profitable, revenue > $20MM,[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-43-2048.jpg?cb=1666360662)
![We need a new definition of value for startups,[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-46-2048.jpg?cb=1666360662)
![Agile Product DevelopmentUnit of Progress: A line of Working Code,[object Object],“Product Owner” or in-house customer,[object Object],Problem: known,[object Object],Solution:unknown,[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-47-2048.jpg?cb=1666360662)
![Product Development at Lean StartupUnit of Progress: Validated Learning About Customers ($$$),[object Object],Hypotheses, Experiments,,[object Object],Insights,[object Object],Problem:unknown,[object Object],Data, Feedback,,[object Object],Insights,[object Object],Solution:unknown,[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-48-2048.jpg?cb=1666360662)
![Minimize TOTAL time through the loop,[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-49-2048.jpg?cb=1666360662)
![There’s much more…,[object Object],Build Faster,[object Object],Unit Tests,[object Object],Usability Tests,[object Object],Continuous Integration,[object Object],Incremental Deployment,[object Object],Free & Open-Source,[object Object], Components,[object Object],Cloud Computing,[object Object],Cluster Immune System,[object Object],Just-in-time Scalability,[object Object],Refactoring,[object Object],Developer Sandbox,[object Object],Minimum Viable Product,[object Object],Learn Faster,[object Object],Split Tests,[object Object],Customer Interviews,[object Object],Customer Development,[object Object],Five Whys Root Cause,[object Object],Analysis,[object Object],Customer Advisory Board,[object Object],Falsifiable Hypotheses,[object Object],Product Owner,[object Object],Accountability,[object Object],Customer Archetypes,[object Object],Cross-functional Teams,[object Object],Semi-autonomous Teams,[object Object],Smoke Tests,[object Object],Measure Faster,[object Object],Funnel Analysis,[object Object],Cohort Analysis,[object Object],Net Promoter Score,[object Object],Search Engine Marketing,[object Object],Real-Time Alerting,[object Object],Predictive Monitoring,[object Object],Measure Faster,[object Object],Split Tests,[object Object],Clear Product Owner,[object Object],Continuous Deployment,[object Object],Usability Tests,[object Object],Real-time Monitoring,[object Object],Customer Liaison,[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-50-2048.jpg?cb=1666360662)
![Thanks!,[object Object],[object Object]](https://image.slidesharecdn.com/20100428theleanstartupforlei-100428141233-phpapp02/75/2010-04-28-the-lean-startup-webinar-for-the-lean-enterprise-institute-51-2048.jpg?cb=1666360662)
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2010 04 28 The Lean Startup webinar for the Lean Enterprise Institute
- 11. We can do better.
- 15. They started out as digital cash for PDAs, but evolved into online payments for eBay.
- 16. They started building BASIC interpreters, but evolved into the world's largest operating systems monopoly.
- 17. They were shocked to discover their online games company was actually a photo-sharing site.
- 24. Raise plenty of capital.
- 25. Hire the absolute best and the brightest.
- 26. Hire an experienced management team with tons of startup experience.
- 28. Build a world-class technology platform.
- 31. Raise plenty of capital.
- 32. Hire the absolute best and the brightest.
- 33. Hire an experienced management team with tons of startup experience.
- 35. Build a world-class technology platform.
- 40. Charged from day one
- 41. Shipped multiple times a day (by 2008, on average 50 times a day)
- 42. No PR, no launch
- 44. In traditional business, value is created by delivering products or services to customers
- 45. In a startup, the product and customer are unknowns
- 54. Getting in touch (#leanstartup)
- 60. Five why’s
- 64. Get lots of them signed up
- 65. Make a lot of money
- 66. Realize a big vision; change the world
- 68. build a great product with enough features that increase the odds that customers will want it
- 69. Problem: no feedback until the end, might be too late to adjust
- 70. “Release early, release often”
- 71. Get as much feedback as possible, as soon as possible
- 73. Avoid building products that nobody wants
- 74. Maximize the learning per dollar spent
- 76. Allows us to achieve a big vision in small increments without going in circles
- 77. Requires a commitment to iteration
- 79. SEM on five dollars a day
- 81. Paper prototypes
- 84. Visionary complex: “but customers don’t know what they want!”
- 87. Ask “why” five times when something unexpected happens.
- 88. Make proportional investments in prevention at all five levels of the hierarchy.
- 91. Has to be simple enough for everyone to use and understand it
- 94. Accessible
- 98. At IMVU time from check-in to production = 20 minutes
- 99. Tell a good change from a bad change (quickly)
- 100. Revert a bad change quickly
- 101. And “shut down the line”
- 102. Work in small batches
- 103. At IMVU, a large batch = 3 days worth of work
- 105. Everyone has a complete sandbox
- 106. Continuous Integration Server (BuildBot)
- 107. All tests must pass or “shut down the line”
- 108. Automatic feedback if the team is going too fast
- 109. Incremental deploy
- 110. Monitor cluster and business metrics in real-time
- 111. Reject changes that move metrics out-of-bounds
- 112. Alerting & Predictive monitoring (Nagios)
- 113. Monitor all metrics that stakeholders care about
- 114. If any metric goes out-of-bounds, wake somebody up
- 115. Use historical trends to predict acceptable bounds
- 116. When customers see a failure
- 117. Fix the problem for customers
- 118. Improve your defenses at each level
Editor's Notes
- Truth: The Lean Startup method is not about cost, it is about speed. Lean Startups waste less money, because they use a disciplined approach to testing new products and ideas. Lean, when used in the context of lean startup, refers to a process of building companies and products using lean manufacturing principles applied to innovation. That process involves rapid hypothesis testing, validated learning about customers, and a disciplined approach to product development.
- Truth: The Lean Startup methodology applies to all companies that face uncertainty about what customers will want. This is true regardless of industry or even scale of company: many large companies depend on their ability to create disruptive innovation. Those general managers are entrepreneurs, too. And they can benefit from the speed and discipline of starting with a minimum viable product and then learning and iterating continuously.
- Truth: There’s nothing wrong with raising venture capital. Many lean startups are ambitious and are able to deploy large amounts of capital. What differentiates them is their disciplined approach to determining when to spend money: after the fundamental elements of the business model have been empirically validated. Because lean startups focus on validating their riskiest assumptions first, they sometimes charge money for their product from day one – but not always.
- Truth: Lean Startups are driven by a compelling vision, and they are rigorous about testing each element of this vision against reality. They use customer development, split-testing, and actionable analytics as vehicles for learning about how to make their vision successful. But they do not blindly do what customers tell them, nor do they mechanically attempt to optimize numbers. Along the way, they pivot away from the elements of the vision that are delusional and double-down on the elements that show promise.