Angel Day 2013 - Lean Startup: How to get business value earlier with less risks
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The myth goes that the more perseverance, brilliance, good timing and a good product, the higher the chance for success. I will show you why exactly the opposite is true: Survival and, even more so, success are highly correlated with the successful application of the "Build-Measure-Learn Feedback Loop". The fact that this lean framework can be learned and taught is the final kill of the myth. I will give examples of how you can deliver more business value earlier and with less risks by testing everything as soon as possible using a so-called Minimum Viable Product.
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Angel Day 2013 - Lean Startup: How to get business value earlier with less risks
- 1. Lean Startup: How to get business 11.12.2013 value earlier w ith less risks Fredi Schmidli SIX Swiss Exchange Zürich, 11.12.2013 h=p://de.slideshare.net/pragmaBcsoluBons 1
- 2. Fredi Schmidli 11.12.2013 • Business Angel and Boardmember: www.startangels.ch • Entrepreneur • Community Builder: -‐ meetup.com/Lean-‐startup-‐Zurich/ -‐ Agile Breakfasts h=p://de.slideshare.net/pragmaBcsoluBons 2
- 3. Content • Goals • Two 11.12.2013 different ways • ConvenBonal way • Lean Startup way • Examples for Lean Startup ApplicaBons • Conclusions • See presentaBon on Slideshare Based on the Book: The lean startup, Eric Ries, 1st ed. 2011 h=p://de.slideshare.net/pragmaBcsoluBons 3
- 4. Your expectations? • ... 11.12.2013 ? • ... ? • ... ? h=p://de.slideshare.net/pragmaBcsoluBons 4
- 5. Collective experience? • Who 11.12.2013 heard about • Lean Manufacturing? • Scrum/Kanban? • Lean Startup? • Who worked with it? h=p://de.slideshare.net/pragmaBcsoluBons 5
- 6. Goals • Increase 11.12.2013 survival rate • 60% last 3 years, 35% last 10 years (US: h=p://idee.vc/tag/uberleben-‐von-‐startups/) • 66% last 3 years, 50% last 5 years h=p://www.bfs.admin.ch/ bfs/portal/de/index/themen/06/02/blank/key/02/ueberlebensraten.html • 56% losses in 3.5, 10% bring 80% return in 7 years (UK: Nesta-‐Studie 2009 mit BBAA and more than 1000 firms) • Fail early • Increase capital efficiency of pordolio h=p://de.slideshare.net/pragmaBcsoluBons 6
- 7. There are 2 ways 1. ConvenBonal way 11.12.2013 or do the things right • AssumpBon: machine, excellent plan and execuBon • Focus: Perseverance myth • Example: most Startups 3. Lean startup way or do the right things • AssumpBon: Dynamic systems require self-‐organisaBon • Focus: Genchi Gembutsu • Example: Zappos, Dropbox, ... h=p://de.slideshare.net/pragmaBcsoluBons 7
- 8. Conventional way • Culture: 11.12.2013 „Cowboy Mentality“ -‐ „Paralysis by Analysis“ • Method: Planning more important than experiments • Goal: best product possible • CharacterisBcs -‐ symptoms: • Which product can we build with this technology? • Long business plans with hockey sBck figures • Need funds for sales & markeBng boost • Long discussions about plans or features h=p://de.slideshare.net/pragmaBcsoluBons 8
- 9. Lean startup way • Culture: 11.12.2013 Success can be engineered, learned, taught • Pre-‐requisites: Transparency, trust and courage • Method: Short feedback loop • Goal: MVP asap and minimise cycle Bme • CharacterisBcs • Can we build a sustainable business? • Business Model Canvas • Every product, markeBng campaign, etc. is experiment 17.09.2013 h=p://de.slideshare.net/pragmaBcsoluBons 9
- 10. Feedback loop Entrepreneurial Mgt: Stupid! It‘s the boring stuff, ... 11.12.2013 10 Turn ideas in ...... Minimum viable Product (MVP) InnovaBon accounBng Pivot or persevere? h=p://de.slideshare.net/pragmaBcsoluBons
- 11. Examples 1. Test BP assumpBons for TM app: price, cost of sales Pivot to public health? 11.12.2013 11 Interview MDs by pig MVP: QuesBonnaire & live demos 70 interviews & pa=ern h=p://de.slideshare.net/pragmaBcsoluBons
- 12. Examples 2. Test business model for Zappos 11.12.2013 12 MVP: Put picture of shoe online h=p://de.slideshare.net/pragmaBcsoluBons
- 13. Examples 11.12.2013 13 2. New busines model AND proven service model h=p://de.slideshare.net/pragmaBcsoluBons
- 14. Examples 3. Test vision for flat TV 11.12.2013 14 MVP h=p://de.slideshare.net/pragmaBcsoluBons
- 15. Examples 4. Test vision of service offering for Dropbox 11.12.2013 15 MVP: Video h=p://www.thisispaper.co.uk/2013/10/10/mvps-‐an-‐introducBon/#more-‐1819/ h=p://de.slideshare.net/pragmaBcsoluBons
- 16. Examples 5. Test business model for Drone based imaging system MVP: Rent camera and plane instead of building a drone h=p://steveblank.com/2013/07/22/an-‐mvp-‐is-‐not-‐a-‐cheaper-‐product-‐its-‐about-‐smart-‐learning/ 11.12.2013 16 h=p://de.slideshare.net/pragmaBcsoluBons
- 17. Expectations met? • Yes? • Somehow? • No? 11.12.2013 h=p://de.slideshare.net/pragmaBcsoluBons 17
- 18. Conclusions • Genchi 11.12.2013 Gembutsu, experiment and succeed or ... ? • Be courageous and transparent • Can we build a sustainable business? • MVP and Business Modell Canvas change everything • Minimise TOTAL Bme through the loop • Standard for Business Angels and Entrepreneurs • Good luck by applying it this arernoon J. h=p://de.slideshare.net/pragmaBcsoluBons 18
- 19. More information Fredi Schmidli fredi@pragmaBc-‐soluBons.ch Steve Blank: h=p://hbr.org/2013/05/why-‐the-‐lean-‐start-‐up-‐ 11.12.2013 changes-‐everything/ar h=p://de.slideshare.net/pragmaBcsoluBons 19
Notes de l'éditeur
- My vision is to establish L.Startup as the standard for entrepreneurs and investors in CH. Talk early phase Startups: Idea, Concept (ab hier), Firm (ab hier Investition), growth and with strong focus on soft facts
- Economist and BA: Entrepreneur, who failed several times; Agile mgt.: Mitarbeitende schaffen in dezentralen, selbstorganiserten und organisationsübergreifenden Teams, demonstrieren am Ende von kurzen Iterationen dem Kunden ihre Resultate und verbessern sich mit Hilfe deren Feedback kontinuierlich.
- Collaboration and sharing
- Flipp Chart: What should be covered that you think that your investment to participitate paid off? Inspect and adapt
- How I learnt about it .... All members of the same family: They share the same PDCA-DNA
- We get business value earlier, if we increase survival rate, fail early. This increases the capital efficiency of our investment portfolios. Capital efficiency: figure out as quickly as possible to build the right product for which the customer will pay for.
- 2 distinctively different ways: like black and white Conventional: exc. Plan an and exc. execution of plan by good people, cool idea and then perseverance Jeffrey Liker, The Toyota Way, 2003: What distinguishes the Toyota Way from other mgt. approaches
- Cowboy Mentality - especially ETH startups - Assumptions not clear; Fact sheets - eg. Startup founder team arguing about US strategies: yes, you should think big, but apply genchi gembutsu
- Its the boring stuff that matters – here perseverance This presentation is an MVP
- StartAngels Website: First Trial of Lean Startup Entrepreneurs hip, Mgt. dull. Boring stuff like innovation accounting. Here perserverance is king. MVP: e.g. a designer produces a new chair on which you can not sit.Innovation accounting: how to measure progress, how to set-up milestones, and how to prioritise work. Head Marketing: Do you know Lean Startup? Sure. Do you know Split- or A/B Testing? Sure. Are we doing it? No. Why. Because, we have no time ...
- Cost of sales: no. of visits until closing No BP, just xls sheetGG instead of big consulting firms. Pattern after 5 Interview was set
- Nick Swinmurn: Took picture in store; put it online; customer sent email; Nick went to the store and bought the shoe at label price.
- Entrepreneurial Mgt: Stupid! It‘s the boring stuff, that matters most!
- See Example von Adrian
- Drew Houston, CEO; leap-of-faith assumptions: the part on which everything depends. Video, because it was difficult to explain the concept and it was impossible to demo the SW in a prototype.
- Startup aimed to become service provider in an emerging business called “precision agriculture”. So they looked for money to build a Drone, with special camera and SW to get the best data. MVP: Rent camera and plane instead of building a drone and offer the images to farmers. Lessons learned A minimum viable product is not always a smaller/cheaper version of your final product Think about cheap hacks to test the goal Great founders keep their eye on the prize
- Flipp Chart: Go back and check if the expectations are met.
- Steve Blank bildet alle Business Schools, Colleges, Technoparks, Incubators, etc. aus I can imagine that from now on you will ask Startups different questions. Right?
- Open View Ventures, Venture Capital Company: welche Prozessverbesserungen seit dem letzten Board Meeting Wikispeed