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How to save time, money & headaches LUKAS FITTL @lfittl fittl.com spark59.com LEAN STARTUP ESSENTIALS Slides licensed under CC-BY-NC-SA. Lean Startup is trademarked by Eric Ries. Business Model Canvas is created by Alex Osterwalder and licensed under CC-BY-SA.

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Lean Startup Essentials About Me •Entrepreneur (Ef cient Cloud, Soup.io) •Member of Spark59 (Lean Canvas, Running Lean) •http://founderswiki.com/

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Lean Startup Essentials Focus •#1 - Presenting to Investors & Press •#2 - Make Something People Want

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Lean Startup Essentials Based on the work by these folks & many others

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Lean Startup Essentials WOW! It works! Why am I doing this? Its gonna be awesome! o o o o o o

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Lean Startup Essentials Why am I doing this? o o

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Lean Startup Essentials WOW! It works! o o Product/ Market Fit Why am I doing this? o o

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Lean Startup Essentials How can we hack growth?

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Lean Startup Essentials How can we reach Product/Market Fit?

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Lean Startup Essentials Your Focus. What you do What you ignore

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Lean Startup Essentials You’re focused on your Solution.

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Lean Startup Essentials But: Who is your customer? How do you reach them? Why do they care?

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Lean Startup Essentials Don’t ignore your customers.

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Lean Startup Essentials Find Your customers.

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Lean Startup Essentials Focus on your customers.

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Lean Startup Essentials Startup: Temporary organisation used to search for a repeatable and scalable business model. As de ned by Steve Blank.

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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

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Lean Startup Essentials Keep questioning your focus. Keep challenging the status quo.

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Lean Startup Essentials We need to experiment & learn. Not execute blindly.

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Lean Startup Essentials 1. ? 2. ? 3. Growth!

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Lean Startup Essentials 1. ? 2. Run Experiments 3. Growth!

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Lean Startup Essentials 1. Understand your Business Model 2. Run Experiments 3. Growth!

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Lean Startup Essentials Understand Your Business Model #1: The Lean Canvas Lean Startup Essentials

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Lean Startup Essentials The Business Model Canvas #1: The Lean Canvas Alex Osterwalder - Business Model Generation http://businessmodelgeneration.com

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Lean Startup Essentials The Lean Canvas BM Canvas adjusted for early-stage #1: The Lean Canvas Ash Maurya - Running Lean http://book.runningleanhq.com

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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

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Lean Startup Essentials

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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

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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

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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

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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

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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

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Lean Startup Essentials This document is alive and easy to update (not like your rusty old business plan) #1: The Lean Canvas

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Lean Startup Essentials Run Experiments #2: Run Experiments

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Lean Startup Essentials Build-Measure-Learn #2: Run Experiments IDEAS PRODUCT DATA MEASURE BUILD LEARN Experiment

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Lean Startup Essentials IDEAS PRODUCT DATA MEASURE BUILD LEARN Launch = First iteration #2: Run Experiments

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Lean Startup Essentials Speed of iteration beats Quality of iteration #2: Run Experiments

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Lean Startup Essentials How can you experiment faster? #2: Run Experiments

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Lean Startup Essentials Instead of “Will it work?” ask “Do customers care?” #2: Run Experiments

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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

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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

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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

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Blog post Teaser Page

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Lean Startup Essentials MVP: Minimum Viable Product #2: Run Experiments

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Lean Startup Essentials Example: Idealab’s CarsDirect #2: Run Experiments Back in ’98 Wizard of Oz MVP

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Lean Startup Essentials Example: mjam.at #2: Run Experiments Concierge MVP

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Lean Startup Essentials Reduce Scope to Learn Faster.

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Lean Startup Essentials Learn more: http://lean.st/ http://leancanvas.com/ http://founderswiki.com/

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Lean Startup Essentials Now: Grab your Lean Canvas Poster or go to leancanvas.com 1. Fill out for 15 minutes max - set a timer! 2. Explain your business to one person outside your team. 3. If they don’t understand, go back to your canvas and repeat.

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Lean Startup Essentials Thanks! Lukas Fittl lukas@ ttl.com Slides licensed under CC-BY-NC-SA. Lean Startup is trademarked by Eric Ries. Business Model Canvas is created by Alex Osterwalder and licensed under CC-BY-SA.