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How to Build a Startup Workshop - UCD IA Springboard - Nov 2015

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How to Build a Startup Workshop - UCD IA Springboard - Nov 2015

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This is a one day workshop on How to Build a Startup using the tools and techniques developed by Steve Blank & Alex Osterwalder.

This is a one day workshop on How to Build a Startup using the tools and techniques developed by Steve Blank & Alex Osterwalder.

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How to Build a Startup Workshop - UCD IA Springboard - Nov 2015

  1. 1. RAOMAL PERERA raomal@LeanDisruptor.com | @raomal @LeanDisruptor | www.facebook.com/LeanDisruptor How to Build a Startup #BMGEN
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  4. 4. www.Facebook.com/LeanDisruptor 4
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  7. 7. Learning Outcomes 7 Look for that Gap Don’t stop Networking Look for Insights – Join the Dots Identify the Problem first before defining the Solution. Tools to get you started on the Lean Startup journey
  8. 8. Find the Gap How to find opportunities that others don’t see. - Amy Wilkinson 8
  9. 9.  Lean Startup Dublin Meetup launched Jan 2012 – now over 1,000 members  Workshops run by Ash Maurya, John Mullins, Brant Cooper, Mary Cronin & Raomal Perera  Talks on Lean Startup, Social Media, Agile, Fund Raising, How to Build a Startup, Lego Serious Play, Lean in Corporates, Crowd Funding, Cartier Women’s Initiative Award (CWIA)  LeanCamp Lean Startup Dublin Meetup http://www.meetup.com/Lean-Startup-Dublin/ 9
  10. 10. Lean Launchpad Programme 10 Entrepreneurs Create Jobs – Can We Help Them Increase Their Chance Of Success?
  11. 11. Lean Launchpad programme – (elements) 11
  12. 12. Playing Lean – The Board Game 12
  13. 13. 13
  14. 14. 14
  15. 15. Often (first-time) entrepreneurs feel that step 1 involves writing a business plan/building a slide deck and getting funded! 15 15
  16. 16. 16 Google Trends 16
  17. 17. 17 OBSERVING & ASSOCIATING
  18. 18. How breakthrough ideas emerge from small discoveries Creative thinkers practice a set of simple but ingenious experimental methods • failing quickly to learn fast • tapping into the genius of play • engaging in highly immersed observation Free their minds, opening them up to making unexpected connections and perceiving invaluable insights. 18
  19. 19. 19
  20. 20. 20 PITCHING YOUR IDEAS
  21. 21. You have the awesome solution “Your Solution Is Not My Problem” Source: Dave McClure …. to a problem that does not exist. 21
  22. 22. The Problem / Need Statement 22
  23. 23. 23 BUSINESS MODEL INNOVATION
  24. 24. What is a business model? Discuss with your neighbour what you think a business model is and write down your definition [the key elements] ..... 24
  25. 25. What is a business model? A business model describes the rationale of how an organisation Creates, Delivers and Captures value 25
  26. 26. Why we need a shared language for business models? 26 https://strategyzer.com/academy/cours e/business-models-that-work-and- value-propositions-that-sell/1/1 Note: You may need to license the online learning tool on Strategyzer to view this clip from Osterwalder
  27. 27. Use of BMC in Established Companies IMPROVE ----------------------------------INVENT Know Problem/Know Solution -Unknown Problem/Unknown Solution ------EXECUTE -------------------------SEARCH------------ 27
  28. 28. Pivot SEARCH EXECUTE Customer Development 28
  29. 29. Problem/ Solution Fit Product/ Market Fit Scale The 3 Steps 29 29
  30. 30. 30 Knowledge is having the right answer. Intelligence is asking the right questions The Art of Customer Interviewing
  31. 31. 31
  32. 32. 32 “It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.” - Charles Darwin
  33. 33. Getting from Business Idea to Business Model 33
  34. 34. 34
  35. 35. 35
  36. 36. Customer Development Process Post it to the Wall  Create the canvas  Make it visible  Use Yellow Post-It notes with your guesses Get out of the building and test your hypotheses. There are NO FACTS here. Talk to customers, partners, vendors. Design experiments, run tests, get data 36
  37. 37. Hypotheses or Guesses The canvas is a set of hypotheses, i.e. guesses It helps us to organize our thinking! It is not about functional organisation, but about the business The real question is HOW do we change those guesses into FACTS? 37
  38. 38. Identify the Problem 38 Key Question: Do I have a problem worth solving? Who has the problem? What is the top problem? How is it solved today? Where do they have the problem or in what context do they have a problem? (milkshake example) When do they have the problem? Why is it a problem? (Root Cause Analysis. Why is the single best word for creating value in a start-up and an established business) It is not possible to know what the top problem is without knowing where, when and why they have a problem. Also the questions may not be answered in sequence e.g. will we find the problem and the person with the problem at the same time?
  39. 39. Build an MVP Soft launch to early adopters Do they realise the unique value proposition How will you find enough early adopters to support learning? Are you getting paid? Analysis: There needs to be a bit of intuitive thinking around the MVP. We need to ask and then guess how we can create the most unique customer value in the shortest amount of time with the least resources. With a bit of thinking and an equal amount of action we have a chance of appropriating real value in the short term VALIDATE THE QUALITATIVELYValidate Qualitatively 39
  40. 40. MVP A Minimum Viable Product (MVP) is “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” 40
  41. 41. MVP #1 Explainer video An explainer video is a short video that explains what your product does and why people should buy it. A simple, 90 seconds animation is sufficient. e.g. Dropbox How to make an explainer video 41
  42. 42. MVP #2 A Landing Place A landing page is a web page where visitors “land” after clicking a link from an ad, e-mail or another type of a campaign. 42
  43. 43. MVP #2 A Landing Page • Craft your Landing Page • Set up a Google AdWord campaign to drive traffic to your new landing page. You can let the AdWord engine rotate different messages and test what works best on your prospects • Set up Google Analytics. The most important thing to measure is conversions – percent of visitors that sign up (or perform another desired action) • Set up a chat so that visitors can easily raise questions • Set up a service like Qualaroo to survey your visitors 43
  44. 44. MVP #3 Wizard of Oz A “Wizard of Oz” MVP is when you put up a front that looks like a real working product, but you manually carry out product functions. It’s also known as “Flinstoning” Zappos shoes is the biggest online shoe retailer, with annual sales exceeding $1 billion. In his Lean Startup book, Eric Ries describes how the founder started with a Wizard of Oz product. 44
  45. 45. MVP #4 The Concierge MVP Instead of providing a product, you start with a manual service. But not just any service! The service should consist of exactly the same steps people would go through with your product. 45
  46. 46. MVP #5 Piecemeal MVP This strategy is a blend between the “Wizard of Oz” and “Concierge” approaches. Again, you emulate the steps people would go through using your product – as you envision it. 46
  47. 47. MVP #6 Crowd Funding 47 Sell it before you build it The basic idea is simple: launch a crowd funding campaign on platforms such as Kickstarter or IndieGoGo. Not only will you validate if customers want to buy your product, but you will also raise money
  48. 48.  Launch your refined product to a larger audience  Have you built something people want?  How will you reach customers at scale  Do you have a viable business?  Analysis: A refined product needs to test both qualitatively and quantitatively in order to find out why the refined product creates customers’ value and how large is the market potential?  Can this business produce (organically or through investment) enough cash in the short term in order that customers value - cost to produce = profit Validate Quantitatively 48
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  53. 53. Traction is a measure of your product’s engagement with its market. Investors care about traction over everything else - Nivi and Nival, Venture Hacks 53 Ideal time to raise money
  54. 54. Finding the Problem is the Hard Part Kevin Systrom & Mike Krieger (Instagram Co- founders) Instagram Co-founder Kevin Systrom believes building solutions for most problems is the easy part; the hard part is finding the right problem to solve. Here he opens up about how he and fellow Co-founder Mike Krieger identified the problems they wanted to solve around sharing photos through mobile devices. He also reminds entrepreneurs to embrace simple solutions, as they can often delight users and customers. 54
  55. 55. Strategy and Business Models – DIT PM Module 1 55 BUSINESS MODEL INNOVATION
  56. 56. Today, a company’s long term competitive success depends upon its ability to create an innovative business model. 56
  57. 57. Business Model Innovation 57
  58. 58. Business Model Innovation 58
  59. 59. Additional innovation potential through business model innovation Innovation potential Business model innovation Process innovation Product innovation/ Technology innovation Time New Business Models allow for additional innovation potential on top of product and process innovation 59
  60. 60. 60 “It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.” - Charles Darwin
  61. 61. 61
  62. 62. Nespresso’s Business Model What is Nespresso’s Business Model? What made them so successful? 62
  63. 63. “Studies comparing successful and unsuccessful innovation have found that the primary discriminator was the degree to which the user needs were fully understood.” – David Garvin, Harvard Business School 63
  64. 64. #1 Target customer segment #2 Customer segment Also overseas market new set of customers…  Who are your most important customers?  What are their archetype?  What jobs do they want you to get done for them? Customer Segments 64
  65. 65. Customer Personas/Archetypes Profile • Position/Title • Age/Sex • Role • Discretionary budget • Motivations • Role models 65 Who are you? Who influences you?
  66. 66. Customer Archetypes Meet Paul, Sheetal and Barbara Paul-RegularExerciser • 20 – 45 • Aim to maintain and track active lifestyle • Looking for inspiration on diet & exercise regimes • Gets a buzz from exercising Sheetal-SpiritualHealth • • 30 – 55 • Already follows a healthy lifestyle • Interested in alternative medicines/ treatments • Believes eating well is as important as exercise Barbara-On-OffDieter • • 30 + • Yo-yo dieter, has tried many of the fad diets but never stuck to one • Needs tips and motivation to keep up a healthy lifestyle • Irregular or infrequent exerciser 66
  67. 67. Customer Types  Saboteurs  Intermediaries (OEM’s and resellers) 67
  68. 68. Q: Consider Selling Business Intelligence Software into a large business. Which types of customers are the following? 1. CFO 2. CIO 3. Report Users 4. Line of Business Management 5. Business Intelligence Group inside IT a. Economic byer b. Influencer c. Recommender d. Decision maker e. Saboteur 68
  69. 69. Q: Consider Selling Business Intelligence Software into a large business. Which types of customers are the following? 1. CFO 2. CIO 3. Report Users 4. Line of Business Management 5. Business Intelligence Group inside IT a. Economic byer b. Influencer c. Recommender d. Decision maker e. Saboteur 69
  70. 70. Multi-Sided Model Buyer/Payer (e.g. Google) Two sided markets – Buyers/Payees 1.Workers/Recruiters - LinkedIn 2.Banks/Merchants - Visa 3.Sellers/Buyers - eBay 4.Readers/Advertisers - New York Times Each has its own value proposition Each has its own revenue streams One segment cannot exist without the other 70
  71. 71. Corporate? Consumer?  Business to Business (B to B) –Use or buy inside a company  Business to Consumer (B to C) –Use or buy for themselves  Business to Business to Consumer (B to B to C) –Sell a business to get to a consumer –Other Multi-sided Markets with multiple customers 71
  72. 72. © 2004 Valista Ltd. confidential information.72  top up my phone  subscribe to a newspaper  book a flight download a report  book a hotel pay a bill  cancel a check  top-up kid’s phones  vote online  top-up my phone  download a new game  buy an MP3  download a voucher  change my ringtone  play the lottery  check my phone credit 12 6 39 1 2 4 57 8 10 11 on the move at home at play at work premium services for subscribers about Valista
  73. 73. “No one cares how much you know, until they know how much you care” – Theodore Roosevelt EMPATHY MAPS 73
  74. 74. Value proposition • Which of our customer’s problems are we helping to solve? • Which Customer needs are we satisfying? • What are the key features of our product that match customers problem/need? What jobs do they want done , what's a good outcomes for them What are competitive options and how do I differentiate over others 74
  75. 75. 75 75
  76. 76. 7676
  77. 77. Strategy and Business Models – DIT PM Module 1 77 VALUE PROPOSITION CANVAS
  78. 78. 78
  79. 79. 79 Observe
  80. 80. Clayton Christensen 80 Jobs to be Done “If you understand the job, how to improve the product becomes just obvious”
  81. 81. “People buy products and services to get jobs done. As people complete these jobs, they have certain measurable outcomes that they are attempting to achieve. It links a company's value creation activities to customer-defined metrics.” - Ulwick OUTCOME-DRIVEN INNOVATION 81
  82. 82. 8282
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  89. 89. © 2004 Valista Ltd. confidential information.89
  90. 90. Strategy and Business Models – DIT PM Module 1 90 BUSINESS MODEL ENVIRONMENT
  91. 91. The Environment 91
  92. 92. Review First identify the problem and then define the solution- not the other way around Find a Gap If you understand the job, how to improve the product becomes obvious The BMC is a shared language for business modelling. Use the template to change your guesses to FACTS Never underestimate the power of networking 92
  93. 93. “There are no shortcuts to any place worth going” Beverly Sills 93
  94. 94. Strategy and Business Models – DIT PM Module 1 raomal@LeanDisruptor.com | @raomal @LeanDisruptor | www.facebook.com/LeanDisruptor RAOMAL PERERA THANK YOU!
  95. 95. 95 APPENDIX
  96. 96. 96 WORKSHOPS
  97. 97. Fund Raising for Entrepreneurs 97
  98. 98. Building Emotional Capital for Leadership 98
  99. 99. Business Model Innovation 99
  100. 100. How to Build a Startup 100
  101. 101. Books 101
  102. 102. Additional Resources 102 Books: What Customers Want – Using Outcome- Driven Innovation to Create Breakthrough Products and Services – Ulwick Lean Analytics – Croll & Yoskowitz
  103. 103. Additional Resources 103 BMC Online Tools: Strategyzer https://canvanizer.com/ (free tool) BMC Tool for Educators: Launchpad Central offers end-to-end solutions to validate business hypotheses, testing for value and accelerating time to market
  104. 104. Additional Resources 104  Stattys Notes (http://www.stattys.com/) A new generation of adhesive notes with a unique "Write and Slide" function  Mapping the business model design space
  105. 105. Lean Launchpad #LeanStartup | @raomal 105 “Pattern in architecture is the idea of capturing architectural design ideas as archetypical and reusable descriptions” – Christopher Alexander, Architect PATTERNS
  106. 106. Patterns • Unbundled • Long Tail • Multi-Sided • Freemium • Bait and Hook • Open 106
  107. 107. Strategy and Business Models – DIT PM Module 1 107 BMC – ADDITIONAL SLIDES
  108. 108. “Studies comparing successful and unsuccessful innovation have found that the primary discriminator was the degree to which the user needs were fully understood.” – David Garvin, Harvard Business School 108
  109. 109. “People buy products and services to get jobs done. As people complete these jobs, they have certain measurable outcomes that they are attempting to achieve. It links a company's value creation activities to customer-defined metrics.” - Ulwick OUTCOME-DRIVEN INNOVATION 109
  110. 110. Key Value Proposition Questions • Problem Statement: What is the problem? • Ecosystem: For whom is this relevant? • Competition: What do customers do today? • Technology / Market Insight: Why is the problem so hard to solve? • Market Size: How big is this problem? • Product: How do you do it? 110
  111. 111. • Problem Statement: Net security without a CTO • Ecosystem: Small banks under FDIC pressure • Competition: Expensive, Custom or DIY • Technology / Market Insight: Small Companies without Big Resources…Fines getting bigger • Market Size: 9000 little banks, 5000 + more • Product: perimeterusa.net Example 111
  112. 112. Through what mechanism will your service (product) be delivered to your client? How will we GET, KEEP and GROW Customers? How will I get the Value to my Customers? How best to communicat e to each customer segment Channels & Customer Relationships 112
  113. 113. Two Critical Channel Questions How do you want to sell your product?1 is subtle, but more important than the first: How does your customer want to buy your product? 2 113
  114. 114. Physical Channels © 2012 Steve Blank 114
  115. 115. Web Channels © 2012 Steve Blank 115
  116. 116. Customer Relationships Physical & Web Mobile Are Different © 2012 Steve Blank 116
  117. 117. Customer Relationships Physical Products – Get/Keep/Grow © 2012 Steve Blank 117
  118. 118. Customer Relationships Web/Mobile Products Get/Keep/Grow © 2012 Steve Blank 118
  119. 119. 119
  120. 120. CR – Facebook & Twitter
  121. 121. © 2012 Steve Blank 121
  122. 122. How Many Will You Sell? • How many can your channel sell? • How much will the channel cost? • How many customer activations? • Revenue? Churn/Attrition rate? customers/? • How much will it cost to acquire a customer? • How many units will they buy from each of these efforts? 122
  123. 123. Where Is The Money Coming From? Revenue Model Choices Bits Physical Product Web Physical Channel  Direct Sales  Products  Subscription  Upsell/Next Sell  Ancillary Sales: • Referral revenue • Affiliate revenue • E-mail list rentals • Back-end offers  Direct Sales  Products  Service  Upsell/Next Sell  Referrals  Leasing  Direct Sales  Products  Subscription  Add-on services  Upsell/Next Sell  Referrals 123
  124. 124. “Direct” Revenue Models  Sales: Product, app, or service sales  Subscriptions: SAAS, games, monthly subscription  Freemium: use the product for free: upsell/conversion  Pay-per-use: revenue on a “per use” basis  Virtual goods: selling virtual goods  Advertising sales: unique and/or large audience 124
  125. 125. “Ancillary” Revenue Models  Referral revenue: pay for referring traffic/customers to other web or mobile sites or products.  Affiliate revenue: finder’s fees/commissions from other sites for directing customers to make purchases at the affiliated site  E-mail list rentals: rent your customer email lists to advertiser partners  Back-end offers: add-on sales items from other companies as part of their registration or purchase confirmation processes, or “sell” their existing traffic to a company that strives to monetize it and share the resulting revenue 125
  126. 126. the tactics you use to set the price in each customer segment Pricing Model 126
  127. 127. How Do We Price The Product? Pricing Model Choices 127
  128. 128. How Do We Price The Product?  Product-based pricing  Competitive pricing  Volume pricing  Value pricing  Portfolio pricing  The “razor/razor blade” model  Subscription  Time/Hourly Billing  Leasing Pricing Models - Physical 128
  129. 129. How Do We Price The Product?  Product-based pricing  Subscriptions  Freemium  Pay-per-use  Virtual goods  Advertising sales Pricing Models – Web/Mobile/Cloud 129
  130. 130. Other Words We Use In The Place Of Price  Fee  Commission  Subscription  Toll  Interest  Rent  Tax  Shipping 130
  131. 131. © 2012 Steve Blank 131
  132. 132. © 2012 Steve Blank 132
  133. 133. © 2012 Steve Blank 133
  134. 134. © 2012 Steve Blank 134

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