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The Lean Startup
Rethinking How to Launch a Startup




                1
What’s a Startup?
A startup is a human institution designed to
create a new product or service under
conditions of extreme uncertainty.




                     2
ServerVault

• Pure Startup
• $9MM VC Funding
• Cutting Edge Technology
• Hot Sector - Data Center Hosting
• Differentiation - Ultra High Security
• Experienced Management Team
                      3
Postmortem

• Didn’t know our customers
• Overstaffed too soon
• Marketing didn’t focus on the
  customer’s pain points
• Board focus on revenue
• Never changed strategy
                     4
Foundation Questions
• What Problem Do You Solve?
• Who’s Got It?
• What’s the Impact of the Problem?
• What Will They Pay to Make It Go Away?


                   5
The Lean Startup

• Eric Ries - Serial Entrepreneur
• Published in September 2011
• Based on Toyota Lean Manufacturing
• A New Way to Launch Startups
• Reduce the Risk by Only Building
  What Customers Want

                    6
Customer Development
                   Model


      Customer                                   Customer         Customer   Company
      Discovery                                  Validation       Creation    Building




Source: Steven Blank, “The Four Steps to the Epiphany”

                                                              7
The Lean Methodology
                        Ideas
Innovation                                   Minimum Viable
Accounting                                      Product
             Learn                  Build




             Data                  Product


                      Measure


                     A/B Testing
                          8
Initial Business Plan
• Leap of Faith Hypothesis
• Drivers of Growth Hypothesis
• A Plan to Acquire Validated Learning



                     9
Minimum Viable Product

• An absolute bare bones “product” that
  allows for testing of the initial hypotheses
• It may have multiple versions of the
  functionality
• Speed is more important than perfect
  or even good quality


                      10
An MVP Example




      11
Listen to Early Adopters




           12
Drivers of Growth

• Word of Mouth
• As a Side Effect of Usage
• Through Funded Advertising
• Through Repeat Purchase or Use

                   13
Running Tests

• Embed Google Analytics in the MVP
• Use Google AdWords to Target Audience
• Run Multiple Tests
• Duration Can Be Short as a Day
• Price, Features, Workflow, Offer, Audience
• Get out of the office and meet customers
                     14
Innovation Accounting
• Actionable, Audit-able and Accessible
• Don’t fall prey to Vanity Metrics
• Pick metrics that test the
  Leap of Faith hypothesis




                     15
Capture Data That Matters




            16
Pivot or Full Speed Ahead?


• Regularly scheduled review mtgs
• Have our actions created positive results?
• If yes, continue development on features
• If no, pivot

                     17
Tuning the Plan

     Product    Optimization



     Strategy         Pivot




      Vision




        18
The Value of Lean Startup

• Focus on Solving Real Customer Problems
• Don’t Build What’s Not Needed
• Faster Time to Market
• Greatly Reduced Capital Requirements
• Develop Early Stage Fans
• Real Data for Future VC Funding
                   19
References
•   “The Lean Startup” by Eric Reis

•   “Four Steps to the Epiphany” by Steve Blank

•   Google Analytics - www.google.com/analytics

•   Google AdWords - adwords.google.com
• Ghostery - www.ghostery.com




                             20

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Lean overview

  • 1. The Lean Startup Rethinking How to Launch a Startup 1
  • 2. What’s a Startup? A startup is a human institution designed to create a new product or service under conditions of extreme uncertainty. 2
  • 3. ServerVault • Pure Startup • $9MM VC Funding • Cutting Edge Technology • Hot Sector - Data Center Hosting • Differentiation - Ultra High Security • Experienced Management Team 3
  • 4. Postmortem • Didn’t know our customers • Overstaffed too soon • Marketing didn’t focus on the customer’s pain points • Board focus on revenue • Never changed strategy 4
  • 5. Foundation Questions • What Problem Do You Solve? • Who’s Got It? • What’s the Impact of the Problem? • What Will They Pay to Make It Go Away? 5
  • 6. The Lean Startup • Eric Ries - Serial Entrepreneur • Published in September 2011 • Based on Toyota Lean Manufacturing • A New Way to Launch Startups • Reduce the Risk by Only Building What Customers Want 6
  • 7. Customer Development Model Customer Customer Customer Company Discovery Validation Creation Building Source: Steven Blank, “The Four Steps to the Epiphany” 7
  • 8. The Lean Methodology Ideas Innovation Minimum Viable Accounting Product Learn Build Data Product Measure A/B Testing 8
  • 9. Initial Business Plan • Leap of Faith Hypothesis • Drivers of Growth Hypothesis • A Plan to Acquire Validated Learning 9
  • 10. Minimum Viable Product • An absolute bare bones “product” that allows for testing of the initial hypotheses • It may have multiple versions of the functionality • Speed is more important than perfect or even good quality 10
  • 12. Listen to Early Adopters 12
  • 13. Drivers of Growth • Word of Mouth • As a Side Effect of Usage • Through Funded Advertising • Through Repeat Purchase or Use 13
  • 14. Running Tests • Embed Google Analytics in the MVP • Use Google AdWords to Target Audience • Run Multiple Tests • Duration Can Be Short as a Day • Price, Features, Workflow, Offer, Audience • Get out of the office and meet customers 14
  • 15. Innovation Accounting • Actionable, Audit-able and Accessible • Don’t fall prey to Vanity Metrics • Pick metrics that test the Leap of Faith hypothesis 15
  • 16. Capture Data That Matters 16
  • 17. Pivot or Full Speed Ahead? • Regularly scheduled review mtgs • Have our actions created positive results? • If yes, continue development on features • If no, pivot 17
  • 18. Tuning the Plan Product Optimization Strategy Pivot Vision 18
  • 19. The Value of Lean Startup • Focus on Solving Real Customer Problems • Don’t Build What’s Not Needed • Faster Time to Market • Greatly Reduced Capital Requirements • Develop Early Stage Fans • Real Data for Future VC Funding 19
  • 20. References • “The Lean Startup” by Eric Reis • “Four Steps to the Epiphany” by Steve Blank • Google Analytics - www.google.com/analytics • Google AdWords - adwords.google.com • Ghostery - www.ghostery.com 20

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