lean launchpad itp 3.10.2014

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Week 6 halfway through - Costs, Resources, Activities


  • 1.Class 6 / 12 March 10, 2014 Jen van der Meer | jd1159 at nyu dot edu Josh Knowles | chasing at spaceship dot com LEAN LAUNCHPAD AT NYU ITP Rockets Sketches borrowed from Harry Allen Design

2. 6:00 6:45: Activities, Resources and Costs 6:45 7:30 Workshop set up Ajay Revels Customer Development Deep Dive 7:30 7:45 Break 7:45 8:55 Teams Present TODAY: 3. MIT Hacking Medicine hackathon at WebMD April 4th-6th. NYC Innovate Schools We help early-stage edtech developers: Understand the key problems facing NYC schools and get validation on potential solutions. Navigate the processes of procurement, contracting and IT compliance. Connect with innovative iZone schools who are interested in piloting exciting new technologies. UPCOMING + RESOURCES: 4. . WE ARE HERE 1/27 Business Models Customer Development UX Tools Intro 2/3 Value Proposition UX Tools, Frameworks 2/10 Customer Segments Research Tools 2/17 Presidents Day 2/24 Revenue Streams Distribution Product Definition 3/3 Customer Relationships Partners, Product Development 3/10 Resources, Activities, Costs, Product Development 3/17 Spring Break 3/24 Customer Development Product Development 3/31 Customer Development Product Development 4/7 Customer Development Product Development 4/14 Customer Development Product Development 4/21 Product MVP 4/28 Lessons Learned 5. Financial Physical Intellectual Human KEY RESOURCES 6. Financial Equity Friends Family Angel VC growth Social impact investing Equity Crowdfunding Convertible Debt Debt that converts to equity Debt Small business loans Trade finance Working capital debt Line of credit Non dilutive grants SBIR, STPR grants Open Innovation prizes (XPRIZE, Kaggle) Social impact foundations (RWJF) Project Crowdfunding KEY RESOURCES: FINANCIAL 7. NEW SOURCES OF FUNDING AMERICA COMPETES ACT 8. NEW SOURCES OF FUNDING SEC CHANGES 9. OPEN INNOVATION PRIZES AND PULL MECHANISMS Public open innovation Federal agencies encouraged to call innovators to a challenge, look for the brightest minds and the best ideas, seek a diversity of solutions, and incentivize those solutions with the highest performing outcomes. Private sector open innovation Companies are recognizing the complexity of business and that the best ideas lie outside their organization. Prizes and open innovation exercises are proliferating in all sectors. Often these are non-dlllutive, but beware those programs that are for marketing/branding reasons, or where there is IP or first right of refusal claims in the terms. NGO open innovation Foundations and philanthropic organizations are growing faster than for profits, and to incentivize the freshest ideas and solutions, pull mechanisms are used to bring forward the best ideas, and reward those that demonstrate the strongest outcome. 10. Office building/office Factory/processing Vehicles Machines Hardware Raw materials/ingredients Components KEY RESOURCES: PHYSICAL 11. KEY RESOURCES 12. Co-founders Employees Contractors Development firms, contract manufacturing HUMANS COMPANY 13. Mentors make you smarter about your career Teachers provide specific subject matter expertise Coaches help you achieve a goal Advisors help you make your company succeed Board members help the investors succeed Surround yourself with people that give critical feedback, and help you through a major founder failure point when you believe your vision is fact. HUMANS MENTORS, ADVISORS 14. Developer/engineer Designer Marketer Scientist Community manager When do you need a CEO? A CFO? An HR person? A VP of Sales? A Chief Revenue officer? TALENT 15. Income statement Balance sheet Cash flow Are these the financials you need to understand? Yes, because its the language investors speak, and its good to understand the flows of financial reporting but this is a system used to compare financial performance for investors. These do not supply execution metrics to help you make decisions and formulate/test hypotheses. COSTS 16. COSTS EXECUTION METRICS 17. Viral coefficient CAC LTV Conversion rate Retention rate What are vanity metrics? Registered users, downloads, and raw pageviews. A mobile apps could have millions of downloads but only a few hundred thousand active users, or a freemium website might see exploding traffic growth but barely any conversions to paying users. They are metrics that make you feel good, bad for guiding execution. What metrics will drive you through MVP? COSTS EXECUTION METRICS 18. UNIT ECONOMICS 19. 21 WHAT CAME BEFORE STEVE AND ERIC 20. FOR NEXT TIME 3/24/14 21. . POST BREAK PREP: Weve toured the canvas. But youre not done. For March 24: Prepare to run through the canvas: What is your clear value proposition, how have you validated. What segment(s) are you pursuing, how have you validated. What resources will you need to get to MVP, and what are the costs? What other key elements of the business model canvas do you need to test. What remaining hypotheses do you have? We are here for you, all of the mentors and advisors. Please reach out even if you dont think you need help. 22. NEXT: CANVAS REVIEW AND FEEDBACK 23. APPENDIX 24. Jen van der Meer, Adjunct Professor at ITP since 2008 ITP courses + workshops: Bodies and Buildings, Products Tell Their Stories, ITP VC Pitchfest, . Currently: Luminary Labs, Angel Investor, Health Data Challenges, Judge for startup competitions, + SVA PoD Josh Knowles, ITP 07 15+ years as an independent developer/consultant, working with numerous brands and start-up clients (currently under the aegis of Frescher-Southern, Ltd.) ITP TEACHING TEAM 25. STUDENT TEAMS Team Name School Cognitive Toy Box Lindsey Jones Stern Tammy Kwan Stern Hsiang Huang Stern Alternative Monuments Rodrigo Derteano ITP Maximo Sica ITP Ajejandro Puentes ITP Alon Chitayat ITP NYBL Sam Slover ITP Shilpan Bhagat ITP Max Ma ITP DiscoverEd Sergio Majluf ITP Su Hyun Kim ITP Christina Yugai Stern Yuliya Parshina Kottas ITP 26. MENTORS + TEAMS Tom Igoe @tigoe ITP, Arduino, Making Things Talk, NYU ITP Pitchfest Alternative Monuments Julie Berkun Fajgenbaum @julieF Stern Adjunct Professor, Former VP Amex Open, now startup co-founder NYBL Michael Levitz @michael_levitz ITP grad, R/GA, Lean DiscoverED Sarah Krasley @sarahkrasley Autodesk, Sustainability, Berkeley For everyone Chris Milne @greedo1000 IDEO, Toy Lab, Stanford, LEGO Cognitive Toy Box