lean startup experiences
DESCRIPTION
Experiences with Lean Startup, Growth Hacking and Bootstrapping.TRANSCRIPT
Lean Startup ExperiencesFrom Bootstrapping to Growth Hacking
Remo Uherek• 30 years• BA in Business (Uni Basel)• Entrepreneur for 10+ years• Founded Small-n-Tall GmbH in 2003
- Idea incubator• Founded Trigami AG in 2007, sold in 2011
- Social Media Marketing network• Meditation practitioner
What is a Startup?
„A human institution designed to create a new product or service under conditions of extreme
uncertainty“- Eric Ries, author of The Lean Startup
What is a Startup?
„...new product or service...“
Innovation! Not a restaurant.(nothing wrong with a restaurant...)
What is a Startup?
„... extreme uncertainty...“
Most startups fail. Yes it‘s painful. But that‘s the reality. Embrace it!
We need a new framework how we build and run Startups
New Startup Framework
• Not „Startups“ or „Products“
New Startup Framework
• Not „Startups“ or „Products“
„Experiments“ „See what sticks“
New Startup Framework
• Spend 1 year building your product
New Startup Framework
• Spend 1 year building your product
Talk to customers first Only build stuff you have
validated first
New Startup Framework
• Incorporate a company, find an accountant, ...
New Startup Framework
• Incorporate a company, find an accountant, ...
Don‘t „play“ business Find a real problem to solve Do admin stuff once you have a
real business (most often you don‘t...)
New Startup Framework
• Raise money from investors
New Startup Framework
• Raise money from investors
Bootstrap as long as you can Use pre-orders Use upfront-payments Use PayPal to ask for money (Use Crowdfunding) don‘t expect too much
ZenFriend Case Study
#1: Idea
• Meditation very important part of my life• Used Runkeeper successfully for my running
IDEA: I want a Runkeeper for my meditation!
#2: Market Opportunity
• There are several successful meditation apps with up to 1m of users
• I‘ve tested them all, nothing satisfied me
Market opportunity validated!
#3: Use Growth Hacking
• Use Growth Hacking and Guerilla Marketing to attract Early Adopters
• Build a quick „ghetto“ landingpage, e.g. using a $10 template (e.g. on wrapbootstrap.com)
• Use Mailchimp.com and Sumome.com to collect email addresses
#3: Use Growth Hacking
• Use Growth Hacking and Guerilla Marketing to attract Early Adopters
Within 2 months 900 people on waiting list
#3: Use Growth Hacking
• Use Growth Hacking and Guerilla Marketing to attract Early Adopters
Within 2 months 900 people on waiting list
#4: Outsource development
• Found great outsourcing partners from Russia by using Elance, Odesk, Freelancer.com
#4: Outsource development
• Found great outsourcing partners from Russia by using Elance, Odesk, Freelancer.com
Total costs = less than $10k from idea to finished product
#5: Use Growth Hacking
• Used our waiting list• My own list of friends• Reddit
#5: Use Growth Hacking
#5: Use Growth Hacking
• Used our waiting list• My own list of friends• Reddit
Almost 3000 downloads in first 30 days!
ZenFriend Case Study
• Total project costs so far: less than $15k• Idea in Jan 2014, launched in May 2014• Didn‘t incorporate new company: used old
Small-n-Tall GmbH umbrella(if you don‘t have one, just create an Association (“Verein“) for the
time being, it just takes 1 hour and doesn‘t cost anything)
• Used Growth Hacking and Guerilla Marketing• Tracking everything
ZenFriend Case Study
ZenFriend Case Study
• Note: Even with all these steps, success is never guaranteed!!
ZenFriend Case Study
• Note: Even with all these steps, success is never guaranteed!! NEVER!
ZenFriend Case Study
• Note: Even with all these steps, success is never guaranteed!! NEVER! NEVER!
ZenFriend Case Study
• Note: Even with all these steps, success is never guaranteed!! NEVER! NEVER! EVER!
ZenFriend Case Study
• Note: Even with all these steps, success is never guaranteed!! NEVER! NEVER! EVER!
• All you can do is create the best conditions possible. Everything else is out of your control.
• If ZenFriend fails? Yes that would hurt. Still: We‘ll create a new experiment.
• That‘s what entrepreneurs do. They create experiments. Until something sticks.
Personal Learnings
• Nothing more frustrating than a „living-dead“ product courage to „kill“ experiments
• Don‘t take funding unless you have reached product/market fit. Else you lose important flexibility as you „lock yourself in“.
• Keep experimenting, until you stumble upon something great, often happens by accident
• Keep costs low, bootstrap the heck out of it
How to learn more in 1 day than running the business for 6 months
https://www.youtube.com/watch?v=G8Rk0c3axtI
YouTube Eric Ries
https://www.youtube.com/watch?v=zGXAVw3vF9A
Thank you!Blog: remo.fm
Twitter: @remouherekSlides: slideshare.net/remouherek