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The Startup Lifecycle (Presented by CEI and friends)

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No startup business experiences the same journey to success, but there are general stages that most companies move through as they grow:
1) Validation
2) Product Development
3) Commercialization
4) Scale/Growth

The Center for Entrepreneurial Innovation (CEI) helps its clients through these stages of business development and offers best practices for each stage. Represented by an amazing lineup of speakers, including Hart Shafer (Innovation Coach / Founder, Theraspecs), Eric Miller (Principal, PADT Inc.), Nate Curran (Entrepreneur-in-Residence, CEI) and Russ Yelton (CEO, Pinnacle Transplant Technologies, "The Startup Lifecycle" presentation offers unique insights and best practices for entrepreneurs growing their business.

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The Startup Lifecycle (Presented by CEI and friends)

  1. 1. the startup lifecycle presented by the center for entrepreneurial innovation & friends
  2. 2. about cei | business incubator we support technology-based businesses that create quality, high-wage jobs for the region.
  3. 3. about cei | business incubator our industries
  4. 4. about cei | business incubator business development partner programs access to capital onsite 3d printing & prototyping our services
  5. 5. about cei | business incubator we help companies through all stages of the startup lifecycle validation product development commercialization scale
  6. 6. ceo & founder | theraspecs lean startup & innovation coach | adobe lead mentor | adobe kickbox selection committee | cei stage one: validation
  7. 7. SEARCHING FOR PRODUCT/MARKET FIT Customer discovery and product validation © 2013-2015 J. Hart Shafer hart@theraspecs.com
  8. 8. What they wanted: “Tire swing” What we heard: “Tier swing”
  9. 9. FIRST, A QUESTION Edward Hicks. "Noahs Ark”
  10. 10. TWO THINKING SYSTEMS System 1 runs the show by default Kahneman. Thinking, Fast and Slow System 1: Fast, effortless, pattern matching to norms System 2 Slow, effortful, logical We need to consciously activate our system 2
  11. 11. YOU ARE NOT RATIONAL ¤  Anchoring ¤  Availability ¤  Bandwagon ¤  Belief ¤  Cheerleader ¤  Clustering ¤  Confirmation ¤  Congruence ¤  Contrast ¤  Consistency ¤  Expectation ¤  Framing effect ¤  Gambler’s ¤  Heuristic ¤  Information ¤  Observation ¤  Priming ¤  Status Quo http://en.wikipedia.org/wiki/List_of_cognitive_biases Availability Confirmation Priming
  12. 12. NEW PRODUCTS TODAY $ !!!!
  13. 13. NEW PRODUCTS TODAY $ !!!!
  14. 14. ¤  Steve Blank: 4 Steps to the Epiphany, Startup Owners Manual ¤  Eric Reis: Lean Startup THE LEARNING LOOP Ideas Build Product Measure Data Learn Experiment Hypotheses Pivot?
  17. 17. OBJECTION! “If I had asked people what they wanted, they would have said, ‘faster horses.’” –Henry Ford
  18. 18. OBJECTION! “If I had asked people what they wanted, they would have said, ‘faster horses.’” –Henry Ford Don’t ask. Find out.
  19. 19. DECLARE YOUR PLAN ¤  Step way back: examine all sides of business ¤  Business model canvas or lean canvas ¤  BMC: Alexander Osterwalder, Business Model Generation ¤  LC: Ash Maurya, Running Lean
  20. 20. LEAN CANVAS Customer Segments Target Customers Early adopters? Problem Top 3 Problems Existing Alternatives Solution Top 3 Features Unique Value Proposition Clear, compelling message. What makes you different? Key Metrics e.g. AARRR Channel Path to Customers Revenue Streams Revenue Model, life time value, revenue, gross margin Cost Structure Customer acquisition, distribution, people, etc. Unfair Advantage Not easily copied or bought Pivot? Pivot? Pivot? Pivot? Pivot? Pivot? Pivot? Pivot?Pivot? Skinned knee Broken leg
  21. 21. 22 IDENTIFY & RANK ASSUMPTIONS 1.  Problem/solution fit 2.  Product/market fit 3.  Scale Ash Maurya, Running Lean Risk Uncertainty Risk Uncertainty Risk Uncertainty
  22. 22. CREATE HYPOTHESES “If you torture the data long enough, it will confess.” –Ronald Coase Economist, University of Chicago
  23. 23. FALSIFIABLE HYPOTHESES Specific, repeatable action will result in Expected, measurable customer action Making our headline more engaging will result in More customers signing up
  24. 24. FALSIFIABLE HYPOTHESES Specific, repeatable action will result in Expected, measurable customer action Making our headline more engaging will result in More customers signing up
  25. 25. FALSIFIABLE HYPOTHESES Changing our headline to focus on in- studio music recording will result in A 10% increase in customer conversions Specific, repeatable action will result in Expected, measurable customer action
  26. 26. RUN EXPERIMENTS investment
  27. 27. 28 Alternate Background, Dark, Bullet, full screen graphic Picture: “what’s the cheapest thing I could do” (search: piggy bank) Appropriately sized investment
  28. 28. 29 Alternate Background, Dark, Bullet, full screen graphic Picture: “no single big bets” No big bets
  29. 29. 30 Alternate Background, Dark, Bullet, full screen graphic Picture: “good experiments are additive, not monolithic” Ekaterina Minaeva Additive, not monolithic
  31. 31. A/B TESTING
  32. 32. INTERVIEWS Problem Solution
  33. 33. INTERVIEWS Problem Solution Hypothesis: Asking target customers to describe their workflow will result in Spontaneous description of file-level collaboration as a major pain point
  35. 35. GAMES - SAIL BOAT © Innovationgames.com
  36. 36. GAMES - BUY A FEATURE © Innovationgames.com
  38. 38. BEST USE FOR SURVEYS Qualitative Quantitative
  39. 39. PAPER PROTOTYPES Maximum resolution: thick Sharpie on 8½x11” paper
  40. 40. BEHAVIOR TESTS & MVPs Measured behavior over Predicted behavior
  41. 41. WRAP UP The “right thing” is not a yes-or-no problem 80% right is more than 20% waste 42
  43. 43. NEVER STOP EXPERIMENTING hart@theraspecs.com @j3hs
  44. 44. principal and co-owner | padt former engineer | honeywell project lead | padt startuplabs at cei bachelor of science | mechanical engineering stage two: product development
  45. 45. PRODUCT  DEVELOPMENT   Lean  Manufacturing  Principals  and  Minimum  Viable  Product   Development     Eric  Miller,  Principal   PADT,  Inc.  
  46. 46. Goal  1:  Get  Your     Product  Developed   •  A  significant  effort   •  Requires  lots  of  people,  Gme,  and  money     •  If  you  think  you  are  starGng  with  a  developed   product  that  needs  to  be  perfected   – You  are  Wrong   •  Product  Develop  is  hard  work  that  requires   focus  and  structure  
  47. 47. Goal  2:  Make     Your  Product   •  Get  your  product  in     producGon  at  your  price  goal   •  Do  it  yourself  or  find  partners   •  Everything  from  materials  to  distribuGon   •  If  you  can’t  make  it,  you  can’t  sell  it.  
  48. 48. Minimum  Viable     Product  Development  
  49. 49. Minimum  Viable  Product   Development   •  Key  part  of  Lean   •  DefiniGon  of  a  MVP:       “…that  product  which  has  just  those  features  and  no   more  that  allows  you  to  ship  a  product  that  early   adopters  see  and,  at  least  some  of     whom  resonate  with,  pay  you  money     for,  and  start  to  give  you  feedback  on”  
  50. 50. Why  a  MVP?   •  Time  and  Money   •  Developing  a  full  product  takes  Gme     and  effort  you  probably  don’t  have   •  Get  interest,  get  money,  buy  yourself  Gme  with  an   MVP   •  Get  feedback  from  your     customers  early   •  A  way  to  bootstrap  your     company  
  51. 51. Types  of  MVP’s   •  Not  a  Product   –  Video   •  Sell  your  design  and  features     •  Get  interest  and  funding   –  Futures   •  AdverGse  and  sell  the  product  before  you  actually  create  it  –  risky,  you   need  to  deliver   –  Fundraiser   •  Kickstarter,  etc…    May  contain  Video     and  is  sort  of  like  Futures.   –  Service   •  Do  what  your  product  will  do  as  a     service   •  The  best  of  the  opGons:     money,  experience,  reputaGon  
  52. 52. Types  of  MVP’s   •  SoWware   –  Give  it  away  as  beta,  alpha,  or  open  source   •  Gives  you  experience  and  brand  building  plus  great  feedback   –  Single  feature   •  Find  that  one  thing  that  people  want  and  deliver  that   •  Google,  Dropbox,  etc…   –  A  true  MVP   •  IdenGfy  the  key  feature     you  must  have  and     develop  for  those  
  53. 53. Types  of  MVP’s   •  Hardware   – Only  opGon  is  to  limit  your  first  release  to  the   absolute  minimum  of  features   – Focus  on  building  early  success  
  54. 54. Success  with  a  Minimum     Viable  Product  Development   •  Do  the  step  before  right   – Get  the  true  requirements  of  your  customers   – Rank  them  accurately   – Pick  the  absolute  minimum  of  features   •  Don’t  go  off  on  tangents   – SGck  to  the  plan   •  Apply  lean  product  development  principles    
  55. 55. Use  the  Lean  Product     Development  Process   •  Lean  Product  Development  (Eric’s  Top  10)   1.  Clearly  define  requirements  and  design  to  them   2.  Requirement  should  be  focused  on  customer  value   3.  Frontload  the  process  with  exploraGon  and  iteraGons   4.  Create  a  level  PD  process   5.  Balance  experGse  and  cross-­‐funcGon  integraGon   6.  Design  quality  in  to  the  product   7.  Involve  suppliers  in  the  process   8.  Develop  experGse  in  your  technical  staff   9.  Build  in  a  culture  of  excellence  and  relentless  pursuit  of  conGnuous   improvement   10.  Use  standardizaGon  when  possible,  without  blocking  flexibility  
  56. 56. Use  a  Process   •  Design  a   process   •  Document  it   and  teach  it   •  SGck  to  it   •  ConGnually   improve  on  it  
  57. 57. Lean  Manufacturing  
  58. 58. Lean  Manufacturing   •  Toyota  dominates  in  manufacturing   because  of  these  principles   •  The  long  term  cost  of  a  physical   product  is  driven  by  manufacturing   costs   •  The  reputaGon  of  a  company  is   controlled  by  the  product  quality   and  performance   •  This  stuff  works,  and  works  well  
  59. 59. For  Mass  ProducGon   •  As  a  startup,  you  need  to  be  careful   •  These  principles  were  developed  for  a  large,   established,  mass  producGon  company   •  They  can  be  applied  to  a  startup,  lower   volumes,  and  simpler  parts   •  Just  ask  “Does  this  add  value?”  
  60. 60. Basic  Principal   •  Eliminate  Waste   –  Many  types  of  waste,  all  bad   –  Review,  idenGfy,  reduce  or  eliminate   •  ConGnuous  Improvement   –  Should  be  throughout  your  organizaGon   –  Built  in  to  your  manufacturing  planning  and  execuGon   •  People   –  Honor  and  respect  your  workers   –  Train,  communicate,  praise   •  Just  in  Time   –  Too  detailed  and  complex  to  talk  about  here     –  Understand,  plan,  communicate   •  Quality  Built  In  
  61. 61. Lean  Manufacturing     and  the  Startup   •  What  part  of  the  process  will  you  do,  what  will  you  outsource   –  It  is  rare  for  a  startup  today  to  do  their  own  manufacturing   •  Find  a  vendor  that  applies  the  principles  and  work  with  them   •  Integrate  with  your  vendor   –  Be  part  of  the  process     –  Pay  to  have  someone  be  your  liaison  and  be  there  with  them  and  you   •  Bolom  line:  Throwing  things  over  the  wall  is     not  lean  manufacturing   •  Bolom  line  2:  Find  the  right  vendor  and  work     with  them,  not  against  them.  
  62. 62. Some  General  Advice   •  First  Gme:     – Product  Development  and  Manufacturing  will   take  longer  and  cost  more  than  you  thought   •  SGcking  to  lean  principles  will  minimize  Gme   and  cost  and  maximize  value   •  Listen  to  the  experts   •  Develop  key  requirements  and  laser  focus  on   delivering  those  
  63. 63. Why  Things  Go  Bad   •  Desire  for  features  and  lack  of  desire  or  ability   to  pay  for  them   – Biggest  cause  of  unhappy/fired  customers  at  PADT   •  “It  didn’t  work”   – Find  a  problem  and  need  to  redesign   – Or  no  way  to  meet  requirement   •  VariaGon  from  requirements   •  Loss  avoidance  
  64. 64. SuggesGons   •  PrioriGze  Product  Development  and   Manufacturing   – Market  research,  sales,  markeGng,  etc..  are  a  lot   more  glamorous   – Hire  or  outsource  –  then  listen  to  them   – Its  about  process   •  Successful  products  all  share  one  thing   – Good  design  and  successful  manufacturing  
  65. 65. entrepreneur-in-residence | cei former senior manager | godaddy black belt, six sigma | ge consumer finance 15+ years experience | fortune 100 companies stage three: commercialization
  66. 66. commercialization (aka “start selling sh!t”)
  67. 67. textbook definition nate’s definition introducing a new product or product method into commerce building a business around your product
  68. 68. if you are lucky commercialization is ongoing!
  69. 69. the big difference between…
  70. 70. go-to-market strategy = business model marketing strategy = engaging your customers
  71. 71. outbound marketing strategy active interruptive expensive inbound passive holistic inexpensive
  72. 72. telling your story who = target persona what = problem why = solution benefits how = solution features when = call-to-action where = engagement channel
  73. 73. pricing strategy luxury retail wholesale value based on types of markets convenience
  74. 74. test, test, test become a student of your business
  75. 75. chief executive officer | pinnacle transplant former president / ceo | nacet board chair | azbio, flinn foundation board of directors | nbia stage four: scale
  76. 76. Scaling  and  Growth   Russ  Yelton,  CEO   MBA,  CTBS  
  77. 77. 1. Assessing  Where  Your  Culture  Is   2. Ensuring  CommunicaGon   3. Leading  and  Embracing  Failure   4. Invest,  Invest  and  Invest  in  Your  People   (they  are  the  only  thing  that  malers)  
  78. 78. “Good  teams  become  great  ones   when  they  trust  each  other  enough   to  surrender  the  “me”  for  “we”.    -­‐Phil  Jackson  
  79. 79. Culture  Reset   Pinnacle  Transplant  Technologies  is  a   regeneraGve  medical  company  with  a   focus  on  providing  safe,  quality  driven   products  to  improve  lives  through   innova@on,  collabora@on  and   teamwork.  
  80. 80. CommunicaGon   •  Monthly  e-­‐newsleler   •  New  Associates   •  Work  Anniversaries   •  SuggesGons   •  Sharing  awards   •  Safety  SuggesGons   •  HR  Reminders  
  81. 81. Let  Your  People  Lead   •  Created  mid-­‐level   management   •  Social  Commilee   •  Associates  alend   external  events   •  Share  the  success   and  failures  
  82. 82. Create  Accountability  but…..  
  83. 83. Invest  in  Your  Associates   •  401K  Match   •  Health  Insurance   •  Career  Paths   •  Pay  Alignment   •  Annual  Corporate   Retreat   •  Quarterly   SaGsfacGon  Surveys  
  84. 84. Let  them  express  themselves….  
  85. 85. Results   •  97%  retenGon  rate   •  95%  of  suggesGons  are   related  to  quality   improvement   •  Culture  of  accountability   throughout  organizaGon   •  80  associates,  110  EoY   •  Our  people  are  happy  
  86. 86. Closing  Thoughts   •  Never  to  early   •  Culture  will  create   itself  if  leW  alone   •  New  people  bring   new  ideas,  thoughts,   behaviors   •  Must  constantly   reinforce   •  Never  lose  vision  
  87. 87. learn more ceigateway.com