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Similaire à Lean Startup talk at Business Bootcamp, Brunel
Similaire à Lean Startup talk at Business Bootcamp, Brunel (20)
Lean Startup talk at Business Bootcamp, Brunel
- 1. Lean Startup An overview
- 2. Disclaimer
- 3. Disclaimer • No silver bullets • No substitute for experience • Just one tool • Not the whole tool
- 4. Disclaimer • No silver bullets • No substitute for experience • Just one tool • Not the whole tool
- 5. Disclaimer • No silver bullets • No substitute for experience • Just one tool • Not the whole tool
- 6. Disclaimer • No silver bullets • No substitute for experience • Just one tool • Not the whole tool
- 8. What is a startup?
- 9. What is a startup? “The act or fact of starting something; a setting in motion.” -Dictionary (useless)
- 10. What is a startup? “Startups are fresh, new companies trying to do cool stuff.” -Instinctive (still mostly useless)
- 11. What is a startup? “A startup is an organization formed to search for a repeatable and scalable business model.” -Steve Blank
- 12. What is a startup? “A startup is a human institution designed to deliver a new product or service under conditions of extreme uncertainty.” -Eric Ries
- 13. What is a startup? “...essentially a startup is a new business designed for scale.” “A startup is a small company that takes on a hard technical problem.” -Paul Graham
- 14. What is a startup? “A startup is a business which has ambitions and plans to grow by a large factor over the next few years.” -Me!
- 15. Key points • Uncertainty, search, difficulty • Ambition, growth • Methods, plans • Business, money
- 16. How should I build a startup?
- 17. Some typical approaches that don’t work
- 18. 1. First, write a business plan...
- 19. 2. Raise lots of money and then figure it out
- 20. 3. Plan it, build it and they will come
- 21. 4. Get lots of users and figure the rest out later
- 22. 5. Don’t spend anything at all.
- 23. A better method... “Lean”
- 24. Lean is not... • Cheap • Rigid • Limited to simple ideas • The magic key to success
- 25. Lean is... • A method to organise the chaos • Less waste • Less risk • More learning • A common language
- 26. The fundamental principle of “Lean”
- 27. • A business is there to achieve a purpose • Building things people don’t need is waste • Building large things that people don’t need is large waste • You have no idea what you’re doing • You have no idea what to build
- 28. • A business is there to achieve a purpose • Building things people don’t need is waste • Building large things that people don’t need is large waste • You have no idea what you’re doing • You have no idea what to build
- 29. • A business is there to achieve a purpose • Building things people don’t need is waste • Building large things that people don’t need is large waste • You have no idea what you’re doing • You have no idea what to build
- 30. • A business is there to achieve a purpose • Building things people don’t need is waste • Building large things that people don’t need is large waste • You have no idea what you’re doing • You have no idea what to build
- 31. • A business is there to achieve a purpose • Building things people don’t need is waste • Building large things that people don’t need is large waste • You have no idea what you’re doing • You have no idea what to build
- 32. Sounds hard!
- 33. The “Lean” approach: Build the smallest, easiest, smartest thing that teaches you what you need to learn
- 34. The “Lean” approach: Build the smallest, easiest, smartest thing that teaches you what you need to learn
- 35. What do you need to learn?
- 36. Do people want it?
- 37. Can I sell it?
- 38. Can I build it?
- 39. A startup plan 1. Do people want it? 2. Can I sell it? 3. Can I build it?
- 41. The “Lean” approach: Build the smallest, easiest, smartest thing that teaches you what you need to learn
- 42. Minimum Viable Product
- 43. Minimum Viable Product • Landing page • Paper prototype • Presentation/pitch • Anything that enables you to learn! •
- 44. Minimum Viable Product • Landing page • Paper prototype • Presentation/pitch • Anything that enables you to learn! •
- 45. Minimum Viable Product • Landing page • Paper prototype • Presentation/pitch • Anything that enables you to learn! •
- 46. Minimum Viable Product • Landing page • Paper prototype • Presentation/pitch • (Fake) demo video • “Concierge MVP” • Anything that enables you to learn!
- 47. Minimum Viable Product • Landing page • Paper prototype • Presentation/pitch • (Fake) demo video • “Concierge MVP” • Anything that enables you to learn!
- 48. Minimum Viable Product • Landing page • Paper prototype • Presentation/pitch • (Fake) demo video • “Concierge MVP” • Anything that enables you to learn!
- 49. MVP • MVP is not a crappy version of the product. • MVP is driven by the questions you need answered.
- 50. The Lean Cycle
- 51. The Lean Cycle (backwards) Experiment Hypothesis Text Metric
- 52. Lean Toolkit
- 53. Metrics
- 58. Up and to the right...
- 59. Vanity metrics • User signups • Traffic • Retention rate • Any metric in a vacuum
- 60. Good metrics • Mostly: A/B test results • Cohort breakdowns • Retention rates over time • Activity stream • Any metric that’s actionable
- 61. Actionable? • Must be related to the key engines of your business...
- 63. Engine of value • How much value is your startup delivering? • Is it enough to be worth paying for? • Do people perceive that and agree?
- 64. Engine of growth • How does your startup acquire new customers? • Paid • Viral • Sticky
- 65. Engine of growth • How does your startup acquire new customers? • Paid (CAC & LTV) • Viral (Viral Coefficient) • Sticky (Retention rate)
- 66. Actionable Metrics • Actionable metrics are the ones which lead to a change which you know will impact your key drivers.
- 68. Lean reporting • If you only report usage/revenue, that’s what you’ll be judged on • Track validated learning instead
- 70. Experiment failed... what now? • Why did it fail? Which assumption was wrong? • Can the assumption be tweaked, or does it need to be thrown out? • How can we rework the business model now we know that we know this?
- 71. Experiments succeeded, but... • If it’s not working well enough to build a sustainable business, it’s not working, period.
- 72. • Zoom-in pivot: single feature becomes the whole product • Zoom-out pivot: the product becomes a feature of a larger product
- 73. • Customer segment pivot: some customers like us, but not the ones initially targeted • Customer need pivot: the product doesn’t solve a big enough problem for our customers
- 74. • Business architecture pivot: low margin, high volume, vs. high margin, low volume • Value capture pivot: change the way you monetise
- 75. But... don’t abuse pivots.
- 76. Let’s recap...
- 78. Test critical things as quickly as possible
- 79. Work back from what you want to test... Experiment Hypothesis Text Metric
- 80. Actionable metrics, not vanity metrics
- 81. Report on learning progress
- 82. Pivot when assumptions are wrong
- 83. Lean is just a method Be smart Get advice
- 84. Where to go from here... • “The Lean Startup” - Eric Ries • “Running Lean” - Ash Maurya • “The entrepreneur’s guide to customer development” - Brant Cooper & Patrick Vlaskovits • Numerous blogs online... • Mentors... • EXPERIENCE!