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Lean Startup - Turning an Idea into a Product

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Most startups fail, that's a given. But they don't fail because they had a bad product - they fail because they didn't find a Product/Market fit. This presentation is an intro to Lean Startup - a methodology you should use in order to validate that your great idea is truly great before you even write a single line of code.

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Lean Startup - Turning an Idea into a Product

  1. 1. Lean Startup Turning an Idea into a Product (the right way) Tal Atzmon @talatzmon
  2. 2. How do you validate your Idea?
  3. 3. Product Manager Worked at Startups and Enterprises Lecturer Startup mentorAbout Myself
  4. 4. The story
  5. 5. Licensing and Payment Plan Management
  6. 6. Things were great! - Accepted to the 1st Elevator Fund cycle - Raised $300K within 3 months - Got our first customer And what did we do with all that money?
  7. 7. We built an Awesome Product!
  8. 8. We built an Awesome API!
  9. 9. We assumed startups are our Customers
  10. 10. But the feedback was not so good…
  11. 11. Most Startups Fail Not because they have a bad PRODUCT… …but because they didn’t find a PRODUCT/MARKET FIT.
  12. 12. We Failed Because We Didn’t Validate Our Assumptions
  13. 13. Waterfall Development We assumed we know the problem We started a long development process We discussed with our potential customers only after we launched
  14. 14. Waterfall Development is the Wrong Process for Startups
  15. 15. What is a Startup?
  16. 16. Since startups are in Search mode, they need a faster, low-risk development method
  17. 17. Lean Startup Search for Business Model Minimize Risk Document Plan A Customer Discovery Customer Validation Verify or Pivot Test the Problem Test the Solution
  18. 18. Problem Top 3 problems Solution Top 3 features to solve the problem Unique Value Proposition The promise. Single clear message that states why are you worth buying WHAT does it do? WHO is it for? WHY is it needed? Customers Target customers Cost Structure Customer acquisition cost, hosting, distribution, people, etc. Revenue Stream What is your revenue model Key Metrics Key activities to measure Unfair Advantage Can’t be easily copied or bought Channels Path to customers Document Plan A Test the Problem Test the Solution Verify or Pivot Document “Plan A” Lean Canvas Business Model
  19. 19. Document Plan A Test the Problem Test the Solution Verify or Pivot We had a Business Model Canvas… But we never validated it
  20. 20. How do you test the Problem? The story of Buffer Document Plan A Test the Problem Test the Solution Verify or Pivot
  21. 21. Validating the Problem* - Build a landing page - Gather insights - Speak with customers *before you write a single line of code Document Plan A Test the Problem Test the Solution Verify or Pivot
  22. 22. Validating Customers are Willing to Pay* *before you write a single line of code Document Plan A Test the Problem Test the Solution Verify or Pivot
  23. 23. Test the Solution Launching Buffer’s MVP, Dec 2010 Document Plan A Test the Problem Test the Solution Verify or Pivot
  24. 24. “The Sean Ellis Test” How would you feel if you could no longer use this product? - Very disappointed - Somewhat disappointed - Not disappointed - I already stopped using Validating P/M Fit http://www.startup- marketing.com/using-survey-io/ +40% Document Plan A Test the Problem Test the Solution Verify or Pivot Document Plan A Test the Problem Test the Solution Verify or Pivot
  25. 25. The Pivot A substantive change in the business model Document Plan A Test the Problem Test the Solution Verify or Pivot
  26. 26. A Pivot is what’s gonna save your business For example…
  27. 27. Key Takeaways Idea is not a Product Product is a Solution to a Problem that is worth solving Don’t spend too much time on Development Listen to your potential customers “The only thing that matters is getting to product/market fit” Marc Andreesen Paying for
  28. 28. Recommended Reading How to Create Your Lean Canvas https://leanstack.com/LeanCanvas.pdf
  29. 29. Thank You @talatzmon /talatzmon tala233@gmail

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