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Lean Startup Essentials (Sept 2012)

Lukas Fittl
September 28, 2012

Lean Startup Essentials (Sept 2012)

At STARTup Live Prague 2012.

Licensed under CC-BY-NC-SA - feel free to share, embed and re-use in your presentations, please give attribution. Thanks!

Lukas Fittl

September 28, 2012
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  1. How to save time, money & headaches LUKAS FITTL @lfittl

    spark59.com LEAN STARTUP ESSENTIALS Lean Startup is trademarked by Eric Ries and used with permission. Business Model Canvas is created by Alex Osterwalder and licensed under CC-BY-SA.
  2. About Me •Engineer (I actually write code) •Entrepreneur (USERcycle, Ef

    cient Cloud, Soup.io) •Member of Spark59 (Lean Canvas, Running Lean) •http://founderswiki.com/
  3. What We’ll Do •What is Lean Startup? •Create our Lean

    Canvas •How can we test assumptions? •MVP Case Studies •De ne our First Experiment
  4. Lean Startup Essentials Startup: Temporary organisation used to search for

    a repeatable and scalable business model. As de ned by Steve Blank.
  5. “The most consistent predictor of failure was startups engaging in

    premature scaling.” - Startup Genome Project
  6. Examples: Overspend on customer acquisition Hire too many employees Focus

    too much on engineering Raise too much money too early
  7. Lean Startup Essentials “Build the best services over the long

    term by quickly releasing and learning from smaller iterations rather than trying to get everything right all at once.” The Hacker Way - Facebook’s S-1
  8. Lean Startup Essentials The Business Model Canvas #1: The Lean

    Canvas Alex Osterwalder - Business Model Generation http://businessmodelgeneration.com
  9. Lean Startup Essentials The Lean Canvas BM Canvas adjusted for

    early-stage #1: The Lean Canvas Ash Maurya - Running Lean http://book.runningleanhq.com
  10. Lean Startup Essentials #1: The Lean Canvas PROBLEM SOLUTION UNIQUE

    VALUE PROPOSITION UNIQUE VALUE PROPOSITION UNFAIR ADVANTAGE CUSTOMER SEGMENTS PROBLEM KEY METRICS UNIQUE VALUE PROPOSITION UNIQUE VALUE PROPOSITION CHANNELS CUSTOMER SEGMENTS COST STRUCTURE COST STRUCTURE COST STRUCTURE REVENUE STREAMS REVENUE STREAMS REVENUE STREAMS EXISTING ALTERNATIVES EARLY ADOPTERS
  11. Lean Startup Essentials Customer Segments •Persona of your prototypical (early)

    customer •Narrow group of people that buy/ use your product •Marketing is easier if you have a narrow customer segment #1: The Lean Canvas Key Partners Key Activities Value Proposition Value Proposition Customer Relationships Customer Segments Key Partners Key Resources Value Proposition Value Proposition Channels Customer Segments Cost Structure Cost Structure Cost Structure Revenue Streams Revenue Streams Revenue Streams
  12. Lean Startup Essentials Customer Segments •Persona of your prototypical (early)

    customer •Narrow group of people that buy/ use your product •Marketing is easier if you have a narrow customer segment #1: The Lean Canvas Key Partners Key Activities Value Proposition Value Proposition Customer Relationships Customer Segments Key Partners Key Resources Value Proposition Value Proposition Channels Customer Segments Cost Structure Cost Structure Cost Structure Revenue Streams Revenue Streams Revenue Streams Your Turn!
  13. Lean Startup Essentials Problem •What is the use case? •What

    are the problems the customer is trying to solve? •These might be things they’ve already started building in house, because there is an active need #1: The Lean Canvas Problem Key Activities Value Proposition Value Proposition Customer Relationships Customer Segments Problem Key Resources Value Proposition Value Proposition Channels Customer Segments Cost Structure Cost Structure Cost Structure Revenue Streams Revenue Streams Revenue Streams
  14. Lean Startup Essentials Problem #1: The Lean Canvas CRM Example:

    1. Getting Back In Touch With People 2. Identify Potential for Partnerships 3. Organising The Funnel
  15. Lean Startup Essentials Problem •What is the use case? •What

    are the problems the customer is trying to solve? •These might be things they’ve already started building in house, because there is an active need #1: The Lean Canvas Problem Key Activities Value Proposition Value Proposition Customer Relationships Customer Segments Problem Key Resources Value Proposition Value Proposition Channels Customer Segments Cost Structure Cost Structure Cost Structure Revenue Streams Revenue Streams Revenue Streams Your Turn!
  16. Lean Startup Essentials Solution •Whats the Minimum viable product (MVP)

    ? •Minimal set of functionality to solve each problem of the customer #1: The Lean Canvas Key Partners Key Activities Value Proposition Value Proposition Customer Relationships Customer Segments Key Partners Key Resources Value Proposition Value Proposition Channels Customer Segments Cost Structure Cost Structure Cost Structure Revenue Streams Revenue Streams Revenue Streams
  17. Lean Startup Essentials Solution #1: The Lean Canvas CRM Example:

    Online CRM that is tightly integrated into Email and LinkedIn “Get-back-in-touch” list
  18. Lean Startup Essentials Solution •Whats the Minimum viable product (MVP)

    ? •Minimal set of functionality to solve each problem of the customer #1: The Lean Canvas Key Partners Key Activities Value Proposition Value Proposition Customer Relationships Customer Segments Key Partners Key Resources Value Proposition Value Proposition Channels Customer Segments Cost Structure Cost Structure Cost Structure Revenue Streams Revenue Streams Revenue Streams Your Turn!
  19. Lean Startup Essentials Channels •How does the customer learn about

    your product? •B2B and B2C vastly different! •SEM, SEO, Friend Invites, Social Media, Direct Sales, Tradeshows, PR, Content Marketing, etc. #1: The Lean Canvas Key Partners Key Activities Value Proposition Value Proposition Customer Relationships Customer Segments Key Partners Key Resources Value Proposition Value Proposition Channels Customer Segments Cost Structure Cost Structure Cost Structure Revenue Streams Revenue Streams Revenue Streams
  20. Lean Startup Essentials #1: The Lean Canvas CRM Example: Content

    Marketing Partnerships Af liate Marketing Channels
  21. Lean Startup Essentials Channels •How does the customer learn about

    your product? •B2B and B2C vastly different! •SEM, SEO, Friend Invites, Social Media, Direct Sales, Tradeshows, PR, Content Marketing, etc. #1: The Lean Canvas Key Partners Key Activities Value Proposition Value Proposition Customer Relationships Customer Segments Key Partners Key Resources Value Proposition Value Proposition Channels Customer Segments Cost Structure Cost Structure Cost Structure Revenue Streams Revenue Streams Revenue Streams Your Turn!
  22. Lean Startup Essentials Revenue Streams •How much is the problem

    worth to the customer? •Not how much it costs you to implement the solution •Avoid Free and Freemium Its just a marketing tactic! #1: The Lean Canvas Key Partners Key Activities Value Proposition Value Proposition Customer Relationships Customer Segments Key Partners Key Resources Value Proposition Value Proposition Channels Customer Segments Cost Structure Cost Structure Cost Structure Revenue Streams Revenue Streams Revenue Streams
  23. Lean Startup Essentials Revenue Streams •How much is the problem

    worth to the customer? •Not how much it costs you to implement the solution •Avoid Free and Freemium Its just a marketing tactic! #1: The Lean Canvas Key Partners Key Activities Value Proposition Value Proposition Customer Relationships Customer Segments Key Partners Key Resources Value Proposition Value Proposition Channels Customer Segments Cost Structure Cost Structure Cost Structure Revenue Streams Revenue Streams Revenue Streams Your Turn!
  24. Lean Startup Essentials This document is alive and easy to

    update (not like your rusty old business plan) #1: The Lean Canvas
  25. Lean Startup Essentials IDEAS PRODUCT DATA MEASURE BUILD LEARN Feature-complete

    Product Customer Interviews Teaser Pages Concierge MVP Wizard of Oz MVP Ask Smaller Questions
  26. Understand Problem: Explorative Customer Interviews De ne Solution: User Testing

    With Prototypes Validate Qualitatively: Release MVP and hand-collect feedback 10s to 100s of customers Verify Quantitatively: Partial Rollout or Split Test and measure improvement 100s to 10,000s of customers
  27. Lean Startup Essentials Customer Interviews 30 minutes in-person with your

    prototypical customer People like talking about their eld - explore their worldview. #2: Run Experiments
  28. Lean Startup Essentials Send Targeted Traf c To Teaser Page

    with “Signup to be noti ed when we launch” “Can we call you to ask a couple of Qs?” Lean Startup Essentials #2: Run Experiments
  29. CRM Example: Test our Solution with a mockup, and get

    people to commit to buy with a letter of intent
  30. Minimum Build Plan List the build plan step by step

    to get your measurement and experiment.
  31. CRM Example: 1. Create Quick Mockups 2. Setup Invitation Form

    3. Create Letter of Intent 4. Email People
  32. Minimum Build Plan List the build plan step by step

    to get your measurement and experiment. Your Turn!
  33. CRM Example: Emailing Our Network will result in 20 conversations

    Our conversations will lead to 5 signed letter-of-intents (on the spot)
  34. CRM Example: Setup 15 conversations within timeframe Got 1 commitment

    (LOI), people liked it, but hard to reach actual BizDev people