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Teaching lean startup capital enterprise

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Mit workshop june 2012
Mit workshop june 2012
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Teaching lean startup capital enterprise

  1. 1. Welcome to Founder Centric
  2. 2. 3 Typical Assignments
  3. 3. Market feedback Easy Grading Speed
  4. 4. Doing Then Learning
  5. 5. Rob Fitzpatrick @robfitz rob@foundercentric.com
  6. 6. Salim Virani @SaintSal salim@foundercentric.com
  7. 7. 10:00 Hello & intro 10:30 Coffee 11:00 Iterative teaching 11:15 Workshops & assignments 12:30 Lunch 1:30 Workshops & assignments 2:00 Design Process & Goals 2:30 Extra Curricular Fit 3:00 Coffee 3:30 Gotchas & Questions 4:30 Closing discussion
  8. 8. Startup iterations are much faster than a semester.
  9. 9. Can we grade iterations?
  10. 10. Death Spiral
  11. 11. Controlling vs. Enabling
  12. 12. Course-correction
  13. 13. How do we measure teaching success?
  14. 14. Quality Control creates barriers.
  15. 15. Build Learn Measure
  16. 16. Don’t change their mind. Change their approach.
  17. 17. Remove barriers. Just give them the tools. Leave the directions to them.
  18. 18. Post Up!
  19. 19. Caffeine
  20. 20. Entrepreneurship is a craft. It’s learned through practice.
  21. 21. Are our assignments grading application or knowledge?
  22. 22. Psychology Effectuation Seeking Pull Habits & process Responsible risk Camaraderie, humility Oh, making loads of money!
  23. 23. Interchangeable Modules
  24. 24. Ideas
  25. 25. Personal inventory Students make two lists on a single page: What I’ve Got What I Can Do (startup ideas) They’re graded on the length of the list and the relevance of the ideas to their resources.
  26. 26. Actionable Analytics Growth Engines & Pirate Metrics
  27. 27. Your KPI Dashboard Actionable analytics for your current goals No clutter metrics Understanding the trade-offs
  28. 28. Hustle
  29. 29. Build an audience Quantity of content published Daily analytics screenshots & action log Post-mortem of what worked & didn’t Variety of channels and content tried
  30. 30. Lunch
  31. 31. 1 Parts 3 Progress 2 Whole Articulating a clear story
  32. 32. Platform Platform esday, 14 June 2011 Tuesday, 14 June 2011
  33. 33. Isolate the dynamic Given a short case study (and possible online research): A canvas with only 3 post-its A paragraph on why this is the key dynamic
  34. 34. Business model pitches Explains the overall business in first 90 seconds Focused on the right bits Used fewest post-its Good, energetic story Connects trends, customer problems & current behavior to proposed
  35. 35. Business model options Pure quantity Breadth of variation Legibility Understandable when they review them in 3 months?
  36. 36. The Mom Test
  37. 37. Dear Mom, Don’t you think I’m great? Love, Your son
  38. 38. But, everybody will lie to you (not just mom)
  39. 39. The mom test Talk about their life, Future-tense not your idea opinions are lies Ask about specifics You gain nothing in the past by convincing them
  40. 40. ❝ Do think it’s a good idea? ❞ Us
  41. 41. ❝ Do think it’s a good idea? ❞ Us
  42. 42. ❝ Would you buy a product which solved this problem? ❞ Us
  43. 43. ❝ Would you buy a product which solved this problem? ❞ Us
  44. 44. ❝ How do you currently deal with this problem? ❞ Us
  45. 45. ❝ How do you currently deal with this problem? ❞ Us
  46. 46. ❝ Talk me through the last time you had this problem. ❞ Us
  47. 47. ❝ Talk me through the last time you had this problem. ❞ Us
  48. 48. ❝ How much would you pay for this? ❞ Us
  49. 49. ❝ How much would you pay for this? ❞ Us
  50. 50. ❝ How much money does this problem cost you? ❞ Us
  51. 51. ❝ How much money does this problem cost you? ❞ Us
  52. 52. ❝ Is there a budget for it? ❞ Us
  53. 53. ❝ Is there a budget for it? ❞ Us
  54. 54. ❝ Who else should I talk to? ❞ Us
  55. 55. ❝ Who else should I talk to? ❞ Us
  56. 56. Opinions are worthless!
  57. 57. Real stories.
  58. 58. Problem Solution Excited Feature Goal Remiss Upset Person Obstacle Alternative request Pair. One interviewer, one notetaker. One phrase per card. Interviews! Use the icons as your record notes. The order doesn t matter, but bring up each topic during the interview.
  59. 59. Building a support network (that you trust!)
  60. 60. Braintrust Problem, Learning Goal, Plan, turned in weekly. Selection & analysis of big problem and learning goal Efficiency of plan to answer it Concise Feedback from peers collected
  61. 61. Growth Hackers
  62. 62. Add a zero 1.Pick a startup, ideally local. 2.Think of 3 ways to add a zero (an order of magnitude) 3.Email them to the founder, asking to discuss. 4.Write up lessons learned from the conversation. 5.Automatic 100% if the startup tried it and learned something!
  63. 63. Big idea! Too bad about the execution.
  64. 64. Segmentation Reduce an idea with a broad market to 10 possible segments, each with a TAM lower than 1,000. Include at least one likely awareness channel for each. Pick one. Turn in a contact list of prospects in that segment.
  65. 65. Pivot or persevere? Given a short case study: Analysis of the commitments and signals from customers Exploration of the possible learning goals Description of a reasonable way to achieve this learning.
  66. 66. Signal vs. Noise Log into an analytics account (or look at print-outs) and isolate the growth engine from the TechCrunch traffic. Turn in the relevant numbers only, with a paragraph explaining why this is the growth engine.
  67. 67. How do we grade Customer Development? Got conversations Note-taking Asked good questions Analysis of multiple conversations
  68. 68. Option Cards Students are taught how to use option cards in their startup. At the end of the semester, they submit their decks. Quantity of cards 2 subsets, based on different fictitious problems (low conversion rate, Google becomes your competition, failed to build, etc.)
  69. 69. Lean Usability Optimise a university web app. Groups of 4 run 4-5 30-minute usability tests, submitting: Whiteboard snapshot #1 problem discovered List of other problems & why they weren’t chosen.
  70. 70. Hacking time Hack a personal habit this week. Write a paragraph on what you tried, and why. Write another on how it went.
  71. 71. MVP design Given a short case study, and a specific learning goal: Good balance of speed, cost and certainty of learning Clear steps Clear success metric
  72. 72. Assumptions Exercise Thank @GiffConstable!
  73. 73. I believe my customers have a need to _____________ .
  74. 74. This need can be solved with _________________. My initial customers will be _________________.
  75. 75. I will acquire the majority of my users/customers through _______________________ and ________________________.
  76. 76. I will make money by ___________________.
  77. 77. Get the FULL version at giffconstable.com
  78. 78. Our design process
  79. 79. Flexible curriculum Lay out the big principles you want to impart. Come up with a set of swappable options. Assemble them as needed. Don’t converge until you need to.
  80. 80. F-Day Principles Iterate Do Less Understand The Big Picture Learn, then Confirm Focus On Your Next Steps
  81. 81. Flexible curriculum Make sure they fit well by, looking at the overall output: Each principle was conveyed and applied in practice. The energy levels stayed high all day. The overall tone conveyed the right message. (We walked the talk.) It adapted to student needs.
  82. 82. Project framing 1. Just build a company 2. Build your best idea 3. Lots of small projects
  83. 83. Rules of thumb Strip away irrelevancies mercilessly. Make them apply it in the next 5 minutes. Make it accessible. Use plain speak.
  84. 84. Keep your shirt! What I’ve got What I can do Make friends!
  85. 85. Personal inventory Students make two lists on a single page: What I’ve Got What I Can Do (startup ideas) They’re graded on the length of the list and the relevance of the ideas to their resources.
  86. 86. Constrained launches With enough harnesses, these are 1-2 week practical assignments: Launch a consumer/SME SaaS MVP. Launch a drop shipper. Concierge a market place (find liquidity) Build an audience. (blog, Twitter, Google+, etc.) Launch an enterprise service. Growth hack a startup.
  87. 87. The bigger picture
  88. 88. Peer Support Safety net, saves the weakest Social Broader exposure Bubbles up unknown student skills
  89. 89. Linear? Order, length and depth of each lesson are still adaptable.
  90. 90. Advisors. Make the students responsible for filtering bad advice & pushing back on expectations. Reduce the business plan to relevant parts.
  91. 91. Other demands.
  92. 92. Open Space
  93. 93. Gotchas Assignment overload Mentor overload Single-iteration projects Clear on what to grade
  94. 94. Gotchas Mismatched goals & skills Lack of practical design / tech skills No help-seeking attitude Using speakers/mentors who don’t get startups “We just need to raise funding.”
  95. 95. Gotchas Students not knowing each other Expecting students to stay in sync Hung up inconsequential details. In love with their first idea
  96. 96. Build Learn Measure
  97. 97. Teach Learn Measure
  98. 98. Remove friction. Catch them when they fall.
  99. 99. Thank You! We are Founder-Centric. Salim Virani Rob Fitzpatrick @SaintSal @robfitz salim@foundercentric.com rob@foundercentric.com
  100. 100. Work with us. Content: Use our accelerator stuff! Plug in polished workshops, videos and materials. Programme design: Let’s sit Fast & easily-gradeable down and work out options to assignment packs help you hit ambitious, Slide decks measurable goals. Case studies Card games Workshops: Fly us in to give students a practical boost (or Full facilitation guides kick), and to help keep them on Training videos track. Teacher community

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