My presentation to NYTM Student Group on 5/4/10 at Dogpatch Labs NYC. I talked about Lean Startups and the many joys of starting a company.

1. DYI Entrepreneurship
*Intro to Lean Startups by San Kim

2. Agenda

3. Agenda
What is Lean Startup? (Hint: lean != cheap)

4. Agenda
What is Lean Startup? (Hint: lean != cheap)
How Lean Startup makes founders' lives
easier

5. Agenda
What is Lean Startup? (Hint: lean != cheap)
How Lean Startup makes founders' lives
easier
Why you should start a company

6. Pre-assumptions

7. Pre-assumptions
You are not interested solely on money

8. Pre-assumptions
You are not interested solely on money
You are intrigued by the idea of creating
something from nothing

9. Pre-assumptions
You are not interested solely on money
You are intrigued by the idea of creating
something from nothing
You want to create something BIG

10. What Is a Startup

11. What Is a Startup
Not small version of big company

12. What Is a Startup
Not small version of big company
Startups operate in extreme uncertainty.

13. What Is a Startup
Not small version of big company
Startups operate in extreme uncertainty.
Need to throw away some rules that apply to
big companies

14. Why Do Startups Fail?

15. Why Do Startups Fail?
NOT because of tech

16. Why Do Startups Fail?
NOT because of tech
#1 Reason: No one wants the product

17. Old Venture Model

18. Old Venture Model
Raise money > Build in secret > Huge launch

19. Old Venture Model
Raise money > Build in secret > Huge launch
What if no one wants it?

20. Lean Startup

21. Lean Startup
You the founder do not know exactly what
kind of product the customer wants/needs.

22. Lean Startup
You the founder do not know exactly what
kind of product the customer wants/needs.
Your job is to use customer feedback to
rapidly pivot to reach product/market fit
before running out of money.

23. Customer Feedback

24. Customer Feedback
Not just numbers (Google Analytics)

25. Customer Feedback
Not just numbers (Google Analytics)
“Get out of the building”

26. Customer Feedback
Not just numbers (Google Analytics)
“Get out of the building”
If you’ve never sold to customers, you’ll never
be a great entrepreneur

27. The Pivot

28. The Pivot
Going from one iteration to the next based
on customer feedback

29. The Pivot
Going from one iteration to the next based
on customer feedback
Keeping what works, changing what doesn’t.

30. The Pivot
Going from one iteration to the next based
on customer feedback
Keeping what works, changing what doesn’t.
Case in point: Paypal

31. Lean Feedback Loop

32. Minimum Viable
Product

33. Minimum Viable
Product
Only the core features necessary to put in
front of customers

34. Minimum Viable
Product
Only the core features necessary to put in
front of customers
Ex: Buggy alpha, landing page, screenshots,
video

35. Product/Market Fit

36. Product/Market Fit
Product is validated by the market

37. Product/Market Fit
Product is validated by the market
Marketing & sales proven to be effective and
repeatable

38. Product/Market Fit
Product is validated by the market
Marketing & sales proven to be effective and
repeatable
Minimize burn until you get to P/M fit

39. After P/M Fit
SPEND LIKE CRAZY!

40. Don’t Sweat the Big Stuff

41. Don’t Sweat the Big Stuff
Sales/PR/Marketing

42. Don’t Sweat the Big Stuff
Sales/PR/Marketing
Management

43. Don’t Sweat the Big Stuff
Sales/PR/Marketing
Management
Infrastructure

44. Don’t Sweat the Big Stuff
Sales/PR/Marketing
Management
Infrastructure
Crazy features

45. Don’t Sweat the Big Stuff
Sales/PR/Marketing
Management
Infrastructure
Crazy features
Raising Money

46. Raising Money

47. Raising Money
NO ONE will fund you without a product

48. Raising Money
NO ONE will fund you without a product
NO ONE will fund you without traction

49. Raising Money
NO ONE will fund you without a product
NO ONE will fund you without traction
“$50K is the new $5MM”

50. Raising Money
NO ONE will fund you without a product
NO ONE will fund you without traction
“$50K is the new $5MM”
LearnBat alpha: $3K

51. DO Worry About

52. DO Worry About
Participating in community

53. DO Worry About
Participating in community
- “Startup Karma”

54. DO Worry About
Participating in community
- “Startup Karma”
Learning like crazy from others

55. Startup Pros:

56. Startup Pros:
Change the world, create something out of
nothing

57. Startup Pros:
Change the world, create something out of
nothing
REALLY fun

58. Startup Pros:
Change the world, create something out of
nothing
REALLY fun
Living with a purpose

59. What If I Fail?

60. What If I Fail?
Will have gained:

61. What If I Fail?
Will have gained:
• Enormous experience

62. What If I Fail?
Will have gained:
• Enormous experience
• AWESOME resume item

63. What If I Fail?
Will have gained:
• Enormous experience
• AWESOME resume item
Better & cheaper than biz school

64. Key Takeaways

65. Key Takeaways
• Engage customers early and often - "Get out
of the building"

66. Key Takeaways
• Engage customers early and often - "Get out
of the building"
• Start building today.

67. Key Takeaways
• Engage customers early and often - "Get out
of the building"
• Start building today.
• Join the NYC startup community today.

68. Links
• Steve Blank http://ecorner.stanford.edu/authorMaterialInfo.html?
mid=2056 (Click podcast > download mp3)
• Eric Ries http://www.vimeo.com/7345172 (slides: http://
www.slideshare.net/startuplessonslearned/2009-09-21-the-lean-
startup-seedcamp-edition)
• Sean Ellis http://startup-marketing.com/the-startup-pyramid/
• Steve Blank http://venturehacks.com/articles/cheap-startups
• venturehacks.com