Lean Launchpad - Week 3 - Experiment Day
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Post on 14-Sep-2014
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DESCRIPTIONThis week we reviewed all of the past reading and exercises. After that we walked through how to create a first experiment based on the business model canvas as well as how to analyze the data to determine next steps.
<p>Lightning session!</p> <p>Lean Launchpad:Experiment Day</p> <p>Weekly Topics5/12 What to Expect5/19 First Pitches5/26 Experiment Day6/2 Customers, Users, Payers6/9 Value Propositions6/16 Distribution Channels6/23 Customer Relationships6/30 Revenue Models7/7 Partners7/14 Key Resources & Costs7/21 Lessons Learned Presentations</p> <p>Todays Agenda09:05am - 404 Video 09:10am - Review assignments / homework09:30am - Presentations10:00am - Design first experiment 10:30am - Get out of the building! 03:30pm - Review data03:45pm Share-Out What did you learn04:00pm - Design second experiment04:20pm Homework + Coaching404 VideoVideo</p> <p>5 minutes4Homework ReviewCustomer Development</p> <p>Manifesto Rules1: There are no facts inside the building, so get outside.2: Pair customer development with agile development3: Failure is an integral part of the search4: Make continuous iterations and pivots5: No business plan survives first contact with customers so use a business model canvas6: Design experiments to test and validate your hypotheses7: Agree on market type. In changes everything8: Startup metrics differ from those in existing companies9: Fast decision-making, cycle time, speed and tempo10: Its all about passion11: Startup job titles are very different from large companies12: Preserve all cash until needed. Then spend.13: Communicate and share learning14: Customer development success begins with buy-in</p> <p>Customer DiscoveryProblem / Solution FitEarlyvangelistsMVPsBusiness Model HypothesesProduct features & benefits</p> <p>Business Model PatternsMulti-sidedFreeFreemiumOpen SourceInsuranceBait & HookOpenOutside-InInside-Out</p> <p>Business Model DesignEpicentersWhat If? questionsIdeation processTeam diversityBrainstormingBlog PostsWhat is a startup? First principlesMake no little plans defining the scalable startupA startup is not a smaller version of a large companyPresentations3-5 minutesMarket SizeType of business: IP, Licensing, startup, unknownProposed experiments to test customer segment, value proposition, channel and revenue model of the hypotheses.</p> <p>Forward IntelligenceAppstore AnalyticsWionTVCity RecessVerb ClubExperiment Day Begins</p> <p>PrinciplesAll new business ideas begin as educated guessesWe often begin with assumptionsDesign experiments to capture customer behavior dataMake good decisions based this data</p> <p>Move through the loop quicklyTest riskiest assumptions via hypothesesDo it again based on what you learned</p> <p>112Youll be testing many hypothesis, but the exchange of currency 22Assumptions and HypothesesWhat is the biggest assumption that if false, will cause my product to fail?</p> <p>If this is not true, were out of business</p> <p>Rank assumptions in order of greatest risk, develop experiments to validate/in each assumption. </p> <p>Whats the difference between assumptions and hypotheses?- Hypotheses are numericYoull be testing many hypothesis, but the exchange of currency 23What makes a good Experiment? Tests your riskiest assumption Based on a numeric hypothesis Measures real behavior (or as close to it as possible) Can be built and executed quickly!Minimum Viable ProductBuild the least amount required to get the behavioral data you need to validate/invalidate your hypothesis.</p> <p>Rapid Experiments with Customers</p> <p>Ask yourself: Is this the minimum amount I can do to validate/invalidate my most important hypothesis?Engineering prioritization its ok25Lets Try It.Based on your Business Model Canvas</p> <p>Write down you top 5 riskiest assumptions, related to your customer and value proposition.3 minutes26Lets Try It.Prioritize these assumptions, riskiest at the top (are you sure..? Focus on customer problem assumptions)Lets Try It.Select the top assumption!Lets Try It.Write down at least three numeric hypotheses based on behaviorLets Try It.Select the hypothesis most likely to provide real validationLets Try It.Create a list of 3 potential experiments based on this hypothesisLets Try It.Choose first experiment to executeGo, Go, Go! Return no later than 3:15pmData ReviewWhat was your hypothesis?What was the experiment you designed to test the hypothesis?What was the result (pass/fail)What did you learn?What was surprising?What will you do next?</p> <p>Design Experiment 2Document / review / re-prioritize 5 riskiest assumptionsChoose riskiest assumptionWrite 3 measurable, behavioral hypothesesWhich one will provide best validation?Brainstorm 3 experimentsChoose an experiment that will validate/invalidate your hypothesis fastest.</p> <p>HomeworkTeam presentation for next class: (5 minutes)Talk to as many customers as you canWhat were your value proposition hypotheses?What do customers think about your value proposition hypotheses?Post updates in the Google group (lessons learned, canvas changes)Read: Business Model Generation p146-150, 161-168 and 200-211Read: The Startup Owners Manual p85-97</p>
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