Michael Chik introduces the Lean Startup methodology, which advocates creating small products called minimum viable products (MVPs) to test assumptions and use customer feedback to evolve products. Lean Startup reduces risks and wastes compared to traditional approaches. Key concepts include hypotheses, pivoting based on testing hypotheses, and metrics like activation, retention, and revenue to evaluate products. The goal is to fail products fast and learn through iteration to increase the chances of success.
3. @arsagilis> Introduction To Lean Startup
LEARNING OBJECTIVES
‣ Get an overview of the Lean Startup Methodology
‣ What problem does Lean Startup solve?
‣ Get acquainted with key concepts of Lean Startup
‣ Understand what a hypothesis is and how to evaluate one
‣ Understand what a vanity metric is
‣ Know what pirates measure
5. @arsagilis
SPEAKER INTRODUCTION
Michael Chik
Lean & Agile Coach for Startups & Enterprises
michael@arsagilis.com
@arsagilis
casmaron
linkedin.com/in/michaelchik
Moonpig
Photobox
Cathay Pacific
JP Morgan
Standard Chartered Bank
Ben & Jerry’s
Walt Disney Company
戚本錦 Previous:
I consult for startups, like:
Travolor
Work-space
Amnesty International
國際特赦組織
7. @arsagilis> Introduction To Lean Startup
AGENDA
‣ Learning objectives & Introductions: Speaker & You
‣ What the problem are we solving?
‣ What is Lean Startup?
‣ Basic Lean Startup Concepts
‣ Business Model Canvas
‣ Empathy Map
‣ Prototyping
‣ Different kind of MVPs
‣ Metrics
8. @arsagilis> Introduction To Lean Startup
THE WHY BEFORE THE WHAT
MOST STARTUPS DON’T
FAIL BECAUSE THEY
CAN’T BUILD A GREAT
PRODUCT, BUT BECAUSE
NO ONE WANTED THE
PRODUCT.
9. @arsagilis> Introduction To Lean Startup
THE WHY BEFORE THE WHAT
LIFE IS TOO SHORT
TO BUILD SOMETHING
NOBODY WANTS - MICHAEL CHIK
13. @arsagilis
[AN] APPROACH [THAT] ADVOCATES
CREATING SMALL PRODUCTS THAT
TEST THE CREATOR’S ASSUMPTIONS,
AND USING CUSTOMER FEEDBACK TO
EVOLVE THE PRODUCT, THEREBY
REDUCING WASTE.
WHAT IS LEAN STARTUP?
- ERIC RIES
14. @arsagilis
We believe that people like
have a need for /
problem doing .
We will we have succeeded when
, or ,
which will contribute to
.
HYPOTHESIS TEMPLATE
(customer type)
(need / action / behaviour)
(measurable outcome) (observable outcome)
(KPI)
from Janice Fraser
(aka @clevergirl)
17. @arsagilis
WHAT IS LEAN STARTUP?
1. List your assumptions
2. Understand your
customers
3. Get a real product into
the world
4. Adjust direction based
on evidence
20. @arsagilis> Introduction To Lean Startup
ELEVATOR PITCH
For <target customer>
Who <statement of need>
The <product name>
Is a <product category>
That <product key benefit, compelling reason to buy>.
Unlike <primary competitive alternative>,
Our product <final statement of differentiation>
21. @arsagilis
WHO YOU HELP
HOW YOU
INTERACT
HOW YOU
HELP
HOW YOU
DO IT
HOW THEY
KNOW YOU
WHO YOU ARE
AND WHAT YOU
HAVE
WHO HELPS
YOU
WHAT WILL IT
COST
WHAT YOU GET
BACK
WHAT PROBLEM
YOU SOLVE
29. @arsagilis> Introduction To Lean Startup
MINIMUM VIABLE PRODUCT
IF YOU ARE NOT EMBARRASSED
BY THE FIRST VERSION OF YOUR
PRODUCT, YOU’VE LAUNCHED
TOO LATE.
- REID HOFFMAN
30. @arsagilis> Introduction To Lean Startup
DIFFERENT KIND OF MVPS
MVPe: Smallest possible
experiment to validate an
assumption
MVP: Smallest possible
release to get feedback
from the market
MLP: Minimum
Loveable Product
MVP: Smallest thing you
can do/make to learn what
you need to learn
31. @arsagilis
Acquisition: users coming to the site
Activation: usersenjoy1st visit (UX)
Retention: users come back
Referral: existing users refer other users
Revenue: monetisation
source: https://goo.gl/BqEYve
METRICS FOR PIRATES
32. @arsagilis> Introduction To Lean Startup
GIVE IT A WHIRL!
Start Your Own Company:
‣ Flickr for cat videos
‣ Airbnb for pets
‣ Uber for doctors
‣ Tinder for pensioners
‣ Airbnb for staycations
‣ Facebook for chefs
‣ Or any other (whacky) idea!
33. @arsagilis
WHO YOU HELP
HOW YOU
INTERACT
HOW YOU
HELP
HOW YOU
DO IT
HOW THEY
KNOW YOU
WHO YOU ARE
AND WHAT YOU
HAVE
WHO HELPS
YOU
WHAT WILL IT
COST
WHAT YOU GET
BACK
WHAT PROBLEM
YOU SOLVE
34.
35. @arsagilis> Introduction To Lean Startup
LEAN STARTUP IS NOT…
CHEAP STARTUP
FAST STARTUP
SHORTCUT STARTUP
A GUARANTEE FOR SUCCESS