lean startup crash course, startup braga february 2. - 3. 2017
TRANSCRIPT
LEAN STARTUP CRASH COURSE
HOW TO BUILD YOUR STARTUP
STARTUP BRAGABRAGA, FEB 2.- 3. 2017
MORE VIDARANDERSEN.COM
VIDAR ANDERSEN • STARTUP FOUNDER • EDUCATOR • INNOVATION ADVISOR
FOUNDING PRINCIPAL +ANDERSEN & ASSOCIATES
CERTIFIED LLP EDUCATOR NCIIA @ STANFORD
OVERVIEW DOING LEAN RIGHT
THE
LEAN
STARTUP=BUSINESS MODEL GENERATION
CUSTOMER DEVELOPMENT
AGILE ENGINEERING & MVP
1. ARTICULATE YOUR HYPOTHESES (GUESSES ABOUT THE
UNKNOWNS) USING THE BUSINESS MODEL CANVAS (BMC).
2. GET OUT OF THE BUILDING AND TEST THESE HYPOTHESES
USING CUSTOMER DEVELOPMENT.
3. VALIDATE LEARNINGS BY BUILDING MINIMUM VIABLE
PRODUCTS AND GETTING THEM IN FRONT OF CUSTOMERS.
4. ITERATE (SMALL VARIATION, NO REAL CHANGE IN BMC) OR
PIVOT (SOMETHING CHANGED IN THE BMC) AS NEEDED.
5. BUILD - MEASURE - LEARN (AKA RINSE, LATHER, REPEAT -
BECAUSE THIS IS AN ITERATIVE AND CONTINUOUS
PROCESS - YOU HAVE TO GET OUT OF THE BUILDING MORE
THAN ONCE!)
THE LEAN
STARTUP TL;DR
WHAT WE KNOW NOW
THE STORY SO FAR…
STARTUPS ARE NOT SMALLER VERSIONS OF
LARGER COMPANIES
A COMPANY IS A PERMANENT ORGANISATION
DESIGNED TO EXECUTE A REPEATABLE AND SCALABLE
BUSINESS MODEL IN A PREDICTABLE AND STABLE
ENVIRONMENT
A STARTUP IS A TEMPORARY ORGANISATION DESIGNED TO
SEARCH FOR A REPEATABLE AND SCALABLE BUSINESS MODEL
IN AN ENVIRONMENT OF EXTREME UNCERTAINTY
A STARTUP IS A TEMPORARY ORGANISATION DESIGNED TO
SEARCH FOR A REPEATABLE AND SCALABLE BUSINESS MODEL
IN AN ENVIRONMENT OF EXTREME UNCERTAINTY
COMPANY LIFE-CYCLE
SCALABLESTARTUP TRANSITION LARGE
COMPANY
SEARCH BUILD GROW• BUSINESS MODEL FOUND • PRODUCT-MARKET FIT • REPEATABLE SALES MODEL • MANAGERS HIRED
• CASH-FLOW BREAK-EVEN • PROFITABLE • RAPID SCALE • NEW SENIOR MANAGEMENT • AROUND 150 PEOPLE
SEARCH
BUSINESS MODEL GENERATION
CUSTOMER DEVELOPMENT
AGILE ENGINEERING
EXECUTION
LARGE COMPANY
WHAT WE KNOW NOW• STARTUPS ARE NOT SMALLER VERSIONS OF LARGER COMPANIES
• STARTUP IS TEMPORARY ORG, IN SEARCH OF SCALABLE REPEATABLE BUSINESS MODEL
• NO BUSINESS PLAN EVER SURVIVES FIRST CONTACT WITH CUSTOMERS
• BUSINESS MODEL CANVAS INSTEAD OF BUSINESS PLANS
• CUSTOMER DISCOVERY INSTEAD OF EXECUTION
• AGILE ENGINEERING PROCESSES INSTEAD OF WATERFALL
• MINIMUM VIABLE PRODUCT INSTEAD OF BETAS
• BUILD - MEASURE - LEARN: ITERATION AND SPEED OF THE ESSENCE
WHAT IS A BUSINESS MODEL?
BUSINESS MODEL GENERATION
CUSTOMER DEVELOPMENT
AGILE ENGINEERING
INTRODUCING THE BUSINESS MODEL CANVAS
https://www.youtube.com/watch?v=aN36EcTE54Q
VALUE PROPOSITION CANVAS
EXERCISE: EXISTING MODEL
MODEL A WELL KNOWN COMPANY USING THE BMC
IT’S EXERCISE TIME
IT’S EXERCISE TIME
EXERCISE: FILL OUT
YOUR FIRST BMCUSE THE BUSINESS MODEL CANVAS TO SHOW US VERSION 1.0 OF YOUR IDEA
IT’S EXERCISE TIME
PRESENTATIONSSHOW US YOUR BMC V1.0
SHOWTIME
WHAT IS CUSTOMER DEVELOPMENT?
THE PROCESS TO DISCOVER & VALIDATE PROBLEM + SOLUTION
BUSINESS MODEL GENERATION
CUSTOMER DEVELOPMENT
AGILE ENGINEERING
PROBLEM SOLUTION
PROBLEM SOLUTION
BUT WHAT ABOUT DESIGN THINKING?
DESIGN THINKING VS CUSTOMER DEVELOPMENT
SAME BUT DIFFERENT
FOUNDER’S PRODUCT
VISION
BUILD ENTIRE
PRODUCT
FIND CUSTOMERS
FOUNDER’S PRODUCT
VISION
BUILD MVPS
ITERATE & PIVOT
CUSTOMER NEEDS
BUILD MVPS
ITERATE & PIVOT
20TH CENTURY TECH STARTUP
21ST CENTURY LEAN STARTUP
DESIGN THINKING
• Launch-timing driven by Business Plan • Hire Sales Staff
Good-Enough Data Launch-timing driven by Customer Validation
Hire Sales Staff
• Extensive Data • Launch Product • Hire Sales Staff
DESIGN THINKING VS CUSTOMER DEVELOPMENT
• CUSTOMER DEVELOPMENT AND DESIGN THINKING ARE BOTH CUSTOMER DISCOVERY PROCESSES
• CUSTOMER DEVELOPMENT STARTS WITH, “I HAVE A TECHNOLOGY/PRODUCT, NOW WHO DO I SELL IT TO?”
• DESIGN THINKING STARTS WITH, “I NEED TO UNDERSTAND CUSTOMER NEEDS AND ITERATE PROTOTYPES UNTIL I FIND A TECHNOLOGY AND PRODUCT THAT SATISFIES THIS NEED”
• CUSTOMER DEVELOPMENT IS OPTIMISED FOR SPEED AND “GOOD ENOUGH” DECISION MAKING WITH LIMITED TIME AND RESOURCES
• DESIGN THINKING IS OPTIMISED FOR GETTING IT COMPLETELY RIGHT BEFORE MAKING BIG BETS
• BOTH MODELS WORK FOR LARGE COMPANIES -THERE IS NO RIGHT PROCESS FOR ALL TYPES OF CORPORATE INNOVATION.
THE CUSTOMER INTERVIEW
“A SPECIAL KIND OF TORTURE” - JUSTIN WILCOX
HOW DO WE DO IT?
MORE RESOURCES
• 10 MINUTES TALK MAX • KEEP IT CASUAL • ASK QUESTIONS & LISTEN • NO SELLING ALLOWED • ASK WHY • ASK ONLY ABOUT PAST
OR TODAY • WALK ME THROUGH IT • CURRENCY TEST: TIME
REPUTATION OR MONEY GIVEN TO YOU?
READ THIS BOOK:
INTERVIEW SCRIPTS
IT MAY HELP YOU TO PREPARE SCRIPTS IN ADVANCE
ONE B2B AND ONE B2C
INTERVIEW SCRIPT
B2C1. TELL ME A STORY ABOUT THE LAST TIME... 2. WHAT WAS THE HARDEST ABOUT THAT? 3. WHY WAS THAT HARD? 4. HOW DO YOU SOLVE IT NOW? 5. WHY IS THAT NOT SO GREAT?
LOOK FOR EMOTIONS ASK WHY 5 TIMES
1. WHAT IS YOUR ROLE? 2. WHAT DOES SUCCESS LOOK LIKE TO YOU? 3. WHAT IS THE HARDEST PART ABOUT ACHIEVING SUCCESS?
INTERVIEW SCRIPT
B2B
EXERCISE: PRACTICE
THE INTERVIEWPRACTICE ON EACH OTHER, SWITCH ROLES WITH TEAM MATE
IT’S EXERCISE TIME
SUMMARY SO FAR…
LET’S RECAP
SUMMARY SO FAR 2 OF 3
THE
LEAN
STARTUP=BUSINESS MODEL GENERATION
CUSTOMER DEVELOPMENT
AGILE ENGINEERING & MVP
BUSINESS MODEL GENERATION
PROBLEM SOLUTION
CUSTOMER DEVELOPMENT
WHAT IS AGILE ENGINEERING?
WHAT IS A MIMUM VIABLE PRODUCT & INNOVATION ACCOUNTING?
BUSINESS MODEL GENERATION
CUSTOMER DEVELOPMENT
AGILE ENGINEERING
AGILE ENGINEERING• MINIMUM VIABLE PRODUCT INSTEAD OF FEATURE-COMPLETE
• BUILD-MEASURE-LEARN ITERATIONS IN SMALL BATCHES INSTEAD OF VERSION COMPLETE & WATERFALL PROCESS
• GOOD ENOUGH VS PERFECT - SPEED IS OF THE ESSENCE
• DATA / TEST DRIVEN DESIGN - HYPOTHESIS TESTING
• AUTOMATED ACCEPTANCE TESTING + USER STORIES / SCENARIOS DESCRIBE WHAT WE WANT TO SEE THE SOFTWARE DO, THEN AUTOMATE THE VERIFICATION THAT THE SOFTWARE ACTUALLY DOES IT
• CONTINUOUS DEPLOYMENT, MULTIVARIABLE A/B TESTING, PAIR PROGRAMMING (XP), SCRUM & KANBAN
DEFINE PASS / FAIL CRITERIA IN ADVANCE
PASS / FAIL CRITERIA
• TESTING YOUR CRITICAL ASSUMPTIONS, YOU NEED TO DEFINE THE SUCCESS AND FAIL CRITERIA IN ADVANCE TO KEEP YOU FROM FUDGING THE FINDINGS TO FIT YOUR BELIEFS AFTER THE FACT
• IT NEEDS TO BE A QUANTITATIVE OR QUALITATIVE RESULT
+40% IS OFTEN USED AS SUCCESS
I BELIEVE THAT PEOPLE LIKE (CUSTOMER SEGMENT ) HAVE A NEED FOR OR P R O B L E M D O I N G ( N E E D / A C T I O N /BEHAVIOUR) AND I WILL KNOW THAT I HAVE SUCCEEDED WHEN (QUANTITATIVE / M E A S U R A B L E O U T C O M E ) O R (QUALITATIVE / OBSERVABLE OUTCOME)
EXAMPLE CRITERIA
MINIMUM VIABLE
PRODUCTTHE MVP
MVP THE SMALLEST BATCH THAT
WILL TEACH YOU SOMETHING A VERSION OF YOUR PRODUCT THAT WILL TEST YOUR
RISKIEST ASSUMPTION WITH THE LEAST EFFORT
CREATE YOUR MVP IN ONE DAY?
DEFINE HOW & WHAT TO TRACK
MEASURE THE DATA FROM YOUR MVP
COMPARE DATA TO PASS / FAIL CRITERIA
ADAPT & ADJUST ACCORDINGLY
TEST AND TEST AGAIN
BUILD-MEASURE-LEARN CYCLES
MVP: THE SMALLEST PRODUCT THAT WILL TEST YOUR MOST CRITICAL ASSUMPTION(S) WITH DATA
RELEASE IN SMALL BATCHES
IN BUILD-MEASURE-LEARN CYCLES
ITERATE OR PIVOT AS NEEDED PROBLEM SOLUTION
METRICS THAT MATTER
WHAT & HOW TO MEASURE
MARKET / OPPORTUNITY SIZE
•TAM - Total Available MarketTheoretical total market size or customer mass with problem today
•SAM - Serviceable Available MarketTheoretical total market size or customer mass that are able to use / purchase a solution like yours right now
•SOM - Serviceable Obtainable Market (or TM - Target Market) Your target market cap or customer base within the next 2-3 years, your credible ambition
TAM
SAM
SOM
•FOR EACH DOLLAR YOU SPEND ACQUIRING A CUSTOMER, HOW MANY DOLLARS DOES IT LEAVE BEHIND IN THE WHOLE LIFESPAN YOU HAVE THEM AS A CUSTOMER?
•CAC = CUSTOMER ACQUISITION COST
•LTV = CUSTOMER LIFETIME VALUE
A CAC : LTV RATIO OF 1 : 3 OR BETTER = GOOD
CAC VS LTV
THE DRIVING FACTORS
•HIGH CHURN RATE •LOW CUSTOMER
SATISFACTION •LACK OF STICKINESS
•RECURRING REVENUE •SCALABLE PRICING •CROSS-SELL / UP-SELL •ADDITIONS TO PRODUCT
CATALOGUE •LEAD-GEN FOR 3RD PARTY
•SALES FORCE IN THE FIELD •OUTBOUND MARKETING •UNOPTIMIZED CAMPAIGN •WRONG TARGET AUDIENCE •WRONG CHANNEL •NO NETWORK EFFECTS
•NETWORK EFFECTS •INBOUND MARKETING •FREE OR FREEMIUM •OPEN SOURCE •FREE TRIAL •TOUCHLESS CONVERSION •DIRECT MARKETING •CHANNELS •STRATEGIC PARTNERSHIPS
CAC LTV
•GROWTH MEASURED IN WEEK OVER WEEK
• MORE THAN 7%-10% WEEK OVER WEEK IS GOOD
“STARTUPS = GROWTH”- PAUL GRAHAM, YCOMBINATOR
GROWTH RATE
“30 / 10 / 1” BY FRED “AVC” WILSON
•WHAT IS THE % OF ALL YOUR REGISTERED USERS THAT WILL USE THE SERVICE OR APP MONTHLY / DAILY / CONCURRENT (AT ANY GIVEN TIME/IN REALTIME)?
•30/10/1 OR BETTER IS GOOD
ENGAGEMENT RATE
COHORTANALYSIS.COM
MORE THAN ONE WAY TO MVP
ONLY CREATIVITY IS THE LIMIT
EXPLAINER VIDEO
LANDING PAGE
WIZARD OF OZ
WIZARD OF OZ ZAPPOS
MVP
CONCIERGE
CONCIERGE FOOD ON THE TABLE
MVP
PIECEMEAL
PIECEMEAL AARDVARK
CROWD FUNDING
CROWDFUNDING STARTUPS
CROWDFUNDING CORPORATES
A/B TESTING
A/B TESTING PROCTER&GAMBLE
SINGLE FEATURE GOOGLE
MVP - SEVERAL TYPES:• EXPLAINER VIDEO (DROPBOX)
• A LANDING PAGE (EVERYONE)
• WIZARD OF OZ MVP (ZAPPOS)
• CONCIERGE MVP (FOOD ON THE TABLE)
• PIECEMEAL MVP (WIZARD OF OZ + CONCIERGE)
• CROWD FUNDING (SELL BEFORE YOU BUILD)
• A / B TESTING (P&G - DATA TALKS, BS WALKS)
• SINGLE-FEATURE MVP (GOOGLE)
MVP IS HARD -DO NOT DESPAIR
IT’S AN ART FORM
THE 5 PHASES OF PRODUCT-
MARKET FIT
A HELPFUL FRAMEWORK
ON YOUR PATH TO PRODUCT-MARKET FIT, THERE ARE FIVE PHASES OF ASSUMPTION VALIDATION YOU’LL PROGRESS THROUGH.
IN ORDER OF “RISKINESS”, THOSE PHASES ARE:
1. FINDING EARLY ADOPTERS FOR YOUR PRODUCT 2. OFFER TESTING: YOU CAN REACH YOUR EARLY ADOPTERS 3. CURRENCY TESTING: YOUR EARLY ADOPTERS WILL PAY YOU 4. UTILITY TESTING: YOU CAN SATISFY YOUR EARLY ADOPTERS 5. SCALING TO FIT: YOU CAN ACHIEVE PRODUCT-MARKET FIT
5 PHASES OF PRODUCT-MARKET FIT
- Justin Wilcox, customerdevlabs.com
THE RISKIEST ASSUMPTION, FOR EVERY STARTUP, IS THAT THERE ARE PEOPLE ACTIVELY TRYING TO SOLVE THE PROBLEM YOUR PRODUCT WILL SOLVE FOR THEM – THESE ARE THE PEOPLE WE REFER TO AS YOUR EARLY ADOPTERS.
IN PARTICULAR, YOUR GOAL DURING THIS PHASE OF TESTING IS TO VALIDATE:
• THERE ARE PEOPLE ALREADY TRYING TO SOLVE THE PROBLEM (EARLY ADOPTERS) • YOU KNOW HOW THEY DESCRIBE THE PROBLEM • YOU KNOW THE EMOTIONS THEY EXPERIENCE ASSOCIATED WITH THE PROBLEM • YOU KNOW WHERE/HOW TO REACH THEM • THE DEFICIENCIES OF THEIR CURRENT SOLUTION • EXPERIMENT TO RUN: THE BEST TECHNIQUE FOR VALIDATING THESE ASSUMPTIONS IS THE CUSTOMER DISCOVERY
INTERVIEW.
INTERVIEWS WILL ANSWER ANY QUESTIONS YOU HAVE REGARDING THE ASSUMPTIONS ABOVE, AND SET YOU UP FOR SUCCESS IN VALIDATING THE REST OF YOUR ASSUMPTIONS.
METRIC TO MEASURE: WHAT PERCENTAGE OF CUSTOMERS YOU INTERVIEW REPORT TAKING STEPS TO SOLVE THE SAME PROBLEM W/N THE LAST 6 MONTHS? ONCE 60% OF YOUR LAST 10 INTERVIEWEES REPORT ACTIVELY TRYING TO SOLVE THE SAME PROBLEM
1. FINDING EARLY ADOPTERS FOR YOUR PRODUCT
DURING YOUR INTERVIEWS, CUSTOMERS WILL TELL YOU WHERE AND HOW TO REACH OTHER EARLY ADOPTERS. YOUR GOAL IN THIS PHASE IS TO VALIDATE WHAT THEY TOLD YOU.
IN OTHER WORDS, YOU’RE TESTING THAT YOU CAN FIND MORE EARLY ADOPTERS, YOU KNOW WHAT TO SAY TO THEM WHEN YOU FIND THEM, AND THAT THEY’RE EAGER ENOUGH FOR A SOLUTION TO THE PROBLEM THAT THEY ASK YOU FOR MORE INFORMATION.
MVP TO BUILD: TO VALIDATE THIS ASSUMPTION, YOU’RE GOING TO TEST A COMBINATION OF MARKETING CHANNELS AND MARKETING MESSAGES BASED ON THE RESULTS OF YOUR INTERVIEWS.
POTENTIAL MVPS: • AD CAMPAIGNS • COLD EMAIL OUTREACH • COLD CALLING CAMPAIGNS • BECOMING MEMBER OF FORUMS/COMMUNITIES • SOCIAL MEDIA OUTREACH • ATTENDING CONFERENCES, MEETUPS, ETC
METRIC TO MEASURE: ONCE YOUR EARLY ADOPTERS’ RESPONSE RATE TO YOUR “SOLUTION OFFER” (I.E. CLICK ON YOUR ADS, RESPOND TO YOUR EMAILS, ETC.) IS HIGH ENOUGH THAT YOU CAN CLEARLY SEE A PATH TO PRODUCT-MARKET FIT, YOU’RE READY TO TEST THE NEXT ASSUMPTION.
2. OFFER TESTING: YOU CAN REACH YOUR EARLY ADOPTERS
ONCE YOU’VE VALIDATED YOU CAN REACH YOUR EARLY ADOPTERS, YOU NEED TO TEST IF THEY’LL “PAY” YOU SUFFICIENTLY TO SOLVE THE PROBLEM.
IN THIS CASE “PAYMENT” CAN BE IN THE FORM OF ACTUAL CASH, OR IT CAN BE SOMETHING ELSE THAT LEADS DIRECTLY TO YOUR PRODUCT-MARKET FIT (E.G. USAGE OF YOUR PRODUCT, PERSONAL DATA, ETC.) DEPENDING ON YOUR BUSINESS MODEL.
MVP TO BUILD: TO VALIDATE THIS ASSUMPTION YOU’RE GOING TO ACTUALLY ASK FOR “PAYMENT.” WHILE YOU WON’T USUALLY TAKE THE PAYMENT (BECAUSE YOUR PRODUCT HASN’T BEEN BUILT YET), YOU’RE GOING TO ASK FOR IT AND MEASURE HOW MANY EARLY ADOPTERS TRY TO PAY YOU.
EXAMPLES INCLUDE:
• LANDING PAGE WITH PRE-ORDER FUNCTIONALITY • REQUESTING A LETTER OF INTENT AFTER A SOLUTION INTERVIEW • A MOBILE APP W/ JUST ENOUGH FUNCTIONALITY TO MEASURE THE NUMBER OF DOWNLOADS AND OPENS METRIC TO MEASURE: ONCE YOUR EARLY ADOPTERS “PAYMENT” CONVERSION RATE IS HIGH ENOUGH THAT YOU CAN CLEARLY SEE A PATH TO PRODUCT-MARKET FIT, YOU’RE READY TO TEST WHETHER YOU CAN START SOLVING THE PROBLEM!
3. CURRENCY TESTING: YOUR EARLY ADOPTERS WILL PAY YOU
NOW IT’S TIME TO TEST WHETHER YOU CAN ACTUALLY SOLVE YOUR EARLY ADOPTERS’ PROBLEMS. WHILE IT CAN BE TEMPTING TO AUTOMATE YOUR FIRST COUPLE ATTEMPTS AT A SOLUTION, THERE’S USUALLY A MORE EFFICIENT WAY TO TO TEST THIS ASSUMPTION.
MVP TO BUILD: MANUAL SOLUTIONS ARE THE BEST WAY TO TEST WHETHER YOU CAN SOLVE AN EARLY ADOPTER’S PROBLEM.
WHILE THEY MAKE TAKE MORE OF YOUR TIME TO SOLVE A CUSTOMER’S PROBLEM, MANUAL SOLUTIONS ARE MUCH FASTER TO BUILD, AND EVEN FASTER TO ITERATE ON, THAN AUTOMATED (I.E. SOFTWARE) SOLUTIONS.
EXAMPLES INCLUDE:
• CONCIERGE MVP • WIZARD OF OZ MVP METRIC TO MEASURE: ONCE YOU’RE SOLVING THE PROBLEM SUFFICIENTLY WELL THAT YOUR CUSTOMER LIFETIME VALUE AND YOUR VIRAL CO-EFFICIENT ARE HIGH ENOUGH THAT YOU’RE TRACKING TOWARDS PRODUCT-MARKET FIT, YOU’RE READY TO START SCALING YOUR SOLUTION!
4. UTILITY TESTING: YOU CAN SATISFY YOUR EARLY ADOPTERS
ONCE YOU’VE VALIDATED THAT EARLY ADOPTERS EXIST, YOU CAN REACH THEM, THEY’LL PAY YOU, AND YOU CAN SOLVE THEIR PROBLEMS SUFFICIENTLY, THE ONLY ASSUMPTION LEFT IS THAT YOU CAN SCALE UNTIL YOU ACHIEVE PRODUCT-MARKET FIT.
MVP TO BUILD: NOW IS THE TIME YOU GET TO AUTOMATE YOUR SOLUTION, SCALE TO MULTIPLE MARKETING CHANNELS, AND BRANCH OUT TO YOUR SECOND AND THIRD CUSTOMER SEGMENTS.
EXAMPLES INCLUDE:
• BETA VERSION OF YOUR SOFTWARE • SOFTWARE-BASED PILOT FOR A LARGE CUSTOMER • RUNNING OUTREACH CAMPAIGNS IN MULTIPLE CHANNELS SIMULTANEOUSLY • MULTIPLE, SIMULTANEOUS, LANDING PAGE TEST TARGETING DIFFERENT CUSTOMERS
METRIC TO MEASURE: AT THIS POINT YOU’RE MEASURING THAT ALL YOUR PREVIOUS METRICS (E.G. RESPONSE RATE, CONVERSION RATE, LIFETIME VALUE AND VIRAL CO-EFFICIENT) ARE ALL STILL TRACKING TOWARDS YOU ACHIEVING PRODUCT-MARKET FIT.
5. SCALING TO FIT: YOU CAN ACHIEVE PRODUCT-MARKET FIT
TOOLS TO HELP YOUR
MVPSOME EXAMPLES
EXAMPLE TOOLS FOR AN MVP
EXERCISE: DEFINE YOUR MOST
CRITICAL ASSUMPTION & HOW TO TEST?
EXERCISE TIME
EXERCISE: DEFINE YOUR MVP & PASS / FAIL CRITERIA
EXERCISE TIME
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LLP +4.000 TEAMS WORLD WIDE
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4. WHAT IS YOUR CURRENT BIGGEST CHALLENGE(S)? 5. WHAT CONCRETE NEXT 5 STEPS ARE YOU TAKING IN THE NEXT WEEK? (ACTIONABLE)
OVERVIEW THE LEAN METHODOLOGY
THE LEAN
STARTUP=BUSINESS MODEL GENERATION
CUSTOMER DEVELOPMENT
AGILE ENGINEERING & MVP
++
1. ARTICULATE YOUR HYPOTHESES (GUESSES ABOUT THE
UNKNOWNS) USING THE BUSINESS MODEL CANVAS (BMC).
2. GET OUT OF THE BUILDING AND TEST THESE HYPOTHESES
USING CUSTOMER DEVELOPMENT.
3. VALIDATE LEARNINGS BY BUILDING MINIMUM VIABLE
PRODUCTS AND GETTING THEM IN FRONT OF CUSTOMERS.
4. ITERATE (SMALL VARIATION, NO REAL CHANGE IN BMC) OR
PIVOT (SOMETHING CHANGED IN THE BMC) AS NEEDED.
5. BUILD - MEASURE - LEARN (AKA RINSE, LATHER, REPEAT -
BECAUSE THIS IS AN ITERATIVE AND CONTINUOUS
PROCESS - YOU HAVE TO GET OUT OF THE BUILDING MORE
THAN ONCE!)
THE LEAN
STARTUP
HTTPS://IS.GD/HOWTOBUILDASTARTUP
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