lean startup 101 - firmhouse
TRANSCRIPT
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Don’t make your startup fail; Learn what Lean Startup is about
Getting real world data on what works, by running lean experiments fast.
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“A startup is not a smaller version of a big organisation.”Steve Blank, author of Customer Development
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“a human institution designed to create a new product or service under conditions of extreme uncertainty.”Eric Ries, author of The Lean Startup.
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“Kill your darlings.”Janice Frasier, founder Luxr
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“Your decisions are only as good as your information.”Salim Virani, co-author The Mom Test
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………..
small
Fail
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small
cheap
Fail
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cheap
often
Fail
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oftenFail
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Let’s NOT do this.Invest a lot and fail.
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How to? Minimize risks!
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You can’t learn kung-fu by watching Bruce Lee movies…
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A B
What you think reaching your goals looks like
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A
B
What reaching your goals actually looks like
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Build Measure Learn
Learn Build
Measure
Plan A assumptions
Build and test something Measure the outcomes Draw conclusions & act on it
Every loop consists of one or more experiments
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Startups win because of their speed of experimentation and learning.
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The four startup types.
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Problem-centric
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Problem
Segment
Product
Technology
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Problem CentricScratch your own itch
Tech & solution are dictated by the problem and segment
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Segment-centric.
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Segment
Problem
Product
Technology
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Segment CentricFocus on one group of people and build a business around that
Seek to understand the segment deeply
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Tech-centric.
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Technology
Problem
Segment
Product
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Tech CentricTech in search of problem: The tech is there; how it can it help anyone?
Core of product is the technology needed to put in the market
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Product-centric.
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Technology
Product
Problem
Segment
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Product CentricGenerated of some inspiration
This is the danger zone!
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Purpose of a startup
Startups need to try things in the real world to be able to succeed
Startups are of temporary nature (turn them into a business!)
The purpose is to search for a validated business model
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Seems like a bad idea
Great idea
SWEET SPOT
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Every entrepreneur will face difficult challenges.
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Challenging areas?
Enterprise software
Fintech
Digital health
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Fintech
Capital requirements can lead to high barriers to entry
Lots of restrictions and regulations
It's about people's money
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Digital Health
Complex business environment with ‘hidden’ industry practices
Lots of restrictions and regulations
Skewed markets, the one who benefits most isn't necessarily paying
Each geographical market has its own complexity
Costly and lengthy R&D cycles
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Enterprise software
Data compliance
Really long sales cycles
Lot of features to build to meet the status quo
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Strategyeats Lean Startup for breakfast.
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Your decisions are only as good as your information.
When you wait too long to launch, you only learn a bit and by then it's too late.
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Launch fast and improve in cycles.
When you launch fast, think in small bets, you can try many options in a short time frame.
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A pivot is a change in direction without a change in vision.Eric Ries, author of The Lean Startup.
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Take a look at your favourite startups starting point.It’s probably different than you think.
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What did Lean Startup take from Lean?• Long term value over short term financial gain • Genchi Genbutsu • Hansei and Kaizen • Pull vs. Pull
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Long-term value over short-term financial gain.This is called Innovation Accounting in Lean Startup.
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Genchi GenbutsuGo and see for yourself to thoroughly understand the situation.
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Hansei and KaizenRelentless reflection and continuous improvement.
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Pull instead of Push.Avoid overproduction.
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Work in small batches.Time not spent learning is waste.
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We are standing on the shoulders of giantsBelow is a list of people we want to attribute to:
Source Institute: Salim Virani • Decision Hacks
Eric Ries • The Lean Startup
Patrick Vlaskovitch and Brant Cooper • The Lean Entrepreneur
Steve Blank • Customer Development
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Thanks.
Find out how we can help your business innovate more, better and faster. Visit us at http://firmhouse.com