54. #10 We’ve cracked the code in teaching entrepreneurship http://steveblank.com/category/lean-launchpad/
55. What Have We Learned in the Last Year? Startups ≠ MBA toolset Startup Toolset Customer Development Business Model Canvas Agile Development We have real data that this works A Better Way to Teach Entrepreneurship
70. Venture Funded companies have boards Angel Funded companies often do not Experienced Advice is sparse outside of technology clusters
71. Venture Funded companies have boards Early Stage companies often do not Experienced Advice is sparse outside of technology clusters
72. Venture Funded companies have boards Angel Funded companies often do not Experienced Advice is sparse outside of technology clusters
73. Why Have a Board Meeting?Investor Fiduciary Responsibility Company has asymmetric information Board has legal responsibility to their Limited Partners Maximize Investment Potential Board has asymmetric knowledge 50-100x experience Good board asks hard questions
74. Why Have a Board Meeting?Founder Board Guidance 50-100x more experience = Pattern recognition Multiple opinions across VC’s Board Network Customers, Partners, Recruiting, Financing Obligation It came with the check
78. We Act Like It’s the 19th Century Why do we need to get together in one room? Why do we need to wait a month to see progress? Why don’t we have standards for what you want? Why haven’t we adopted the tools we build/sell?
79. How to Run a Board Meeting Logistics Send out board materials 2 days before, have board dinner Approve minutes, stock grants Business Highlights/Lowlights summary of key events since last meeting Financials versus Budget waterfall charts Management asks the board to help strategy, markets, key hires, introductions. Executive session Meet without management to discuss performance
80. How to Run a Board Meeting Logistics Approve minutes, stock grants Business Highlights/Lowlights summary of key events since last meeting Financials versus Budget waterfall charts Management asks the board to help strategy, markets, key hires, introductions. Executive session Meet without management to discuss performance Misc Send out board materials 2 days before, have board dinner Why?
81. What’s Wrong With a Board Meeting? Time between meetings (every 4-6 weeks) Strategy-to-tactic-to implementation lag Often no follow-up on the outcomes Diffuse board member attention (sits on 6-12 boards) Punctuated Exec Staff Performance “The Get Ready for the Board Meeting” drill It’s often a performance rather than a snapshot No standards for what each side does What is the entrepreneur supposed to be doing? What are the board members supposed to be contributing?
82. What’s Wrong With a Board Meeting? Time between meetings (every 4-6 weeks) Strategy-to-tactic-to implementation lag Diffuse board member attention (sits on 6-12 boards Punctuated Exec Staff Performance “The Get Ready for the Board Meeting” drill It’s often a performance rather than a snapshot No standards for what each side does What is the entrepreneur supposed to be doing? What are the board members supposed to be contributing? Why?
86. We Can Do This Via the Net Connecting Advisors to/from Anywhere
87. Focus on What’s Important It’s about the search for the business model Not income statement, cash flow, balance sheet Advice/Guidance about metrics around the search What are the Business model hypotheses? What are the most important hypotheses to test now? Progress of validating each hypotheses What are the iterations and Pivots – and why?
88. Continuous Information Access Founders / mgmt team invest 1 hour a week Structured blog Unstructured data Formal business model canvas Real-time advisor/board feedback
90. How? Customer Development The Process Narrative Interviews Surveys Videos Prototypes Business Model Canvas Scorekeeping Real-time Feedback Physical Reality Checks Skype Face-to-face
114. CANVAS diagram is interactive and “stateful” Enter your hypotheses here
115. CANVAS diagram is interactive and “stateful” Test your hypotheses and record learnings in blog format
116. CANVAS diagram is interactive and “stateful” Test your hypotheses and record learnings in blog format Interviews Surveys Videos Photos etc
117. CANVAS diagram is interactive and “stateful” Test your hypotheses and record learnings in blog format Invite your advisors and investors to your project
118. CANVAS diagram is interactive and “stateful” Test your hypotheses and record learnings in blog format Invite your advisors and investors to your project They can view progress by flipping thru your CANVAS diagrams
119. CANVAS diagram is interactive and “stateful” Test your hypotheses and record learnings in blog format Invite your advisors and investors to your project They can view progress by flipping thru your CANVAS diagrams They can post feedback and leave comments inline
120. CANVAS diagram is interactive and “stateful” Test your hypotheses and record learnings in blog format Invite your advisors and investors to your project They can view progress by flipping thru your CANAVAS diagrams They can post feedback and leave comments inline Get email alert when new feedback comes in
121. CANVAS diagram is interactive and “stateful” Test your hypotheses and record learnings in blog format Invite your advisors and investors to your project They can view progress by flipping thru your CANAVAS diagrams They can post feedback and leave comments inline Get email alert when new feedback comes in The Lean Board Meeting
122. Sign up for private beta (FREE) http://www.leanlaunchlab.com @leanlaunchlab Ben Mappen benmappen@gmail.com
123. What Does this Change?For Angel-Funded Startups Angel funded startups can now get experienced advice No longer requires board commitment for involvement Encourages investors who need visibility Ends repetition at each investor coffee Turns adhoc startups into strategy-driven startups Invites investor participation in the process Professionalize the “throw it against the wall and see if it sticks” Highly time-efficient for investor and founders Eliminates Geography as a barrier to investment!
124. What Does this Change?For VC’s and Angels For the first time a structure for “search” Real-time monitoring of startup progress Zero-lag for coaching and course-correction Immediate follow-up on board meeting outcomes Allows a single VC to multiply their reach and/or depth Eliminates Geography as a barrier to investment!
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