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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.

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

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So, how do we start a company?

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This company failed after 1.5 years with 0 EUR revenue and 100k EUR investment. Long sales cycles, customers didn’t really care.

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Lean Startup Essentials Failed Startup Launch RISK TIME BUILD BUILD BUILD

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Lean Startup Essentials Lean Startup Launch RISK TIME Launch Launch Launch

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What We’ll Do •1. What is Lean Startup? •2. Create our Lean Canvas •3. Talk about Customer Interviews

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What is Lean Startup?

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Lean Startup Essentials Focus •Presenting to Investors & Press •Make Something People Want

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Lean Startup Essentials Focus •Presenting to Investors & Press •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 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 WOW! It works! o o $$$

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Lean Startup Essentials Years! $$$

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Lean Startup Essentials Why am I doing this? o o Years! $$$

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So, how can we avoid this?

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Lean Startup Essentials Failed Startup Launch RISK TIME BUILD BUILD BUILD

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“74% of high growth Internet startups fail due to premature scaling.” - Startup Genome Project

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Examples: Overspend on customer acquisition Hire too many employees Focus too much on engineering Raise too much money too early

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Lean Startup Essentials Lean Startup Launch RISK TIME Launch Launch Launch

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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 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 Exercise #1: Document 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 Example: CRM Software for Business Development

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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 Customer Segments #1: The Lean Canvas CRM Example: BizDev Department in Big Corporations

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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 Your Turn!

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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 Problem #1: The Lean Canvas CRM Example: 1. Getting Back In Touch With People 2. Identify Potential for Partnerships 3. Organising The Funnel

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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 Your Turn!

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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 Solution #1: The Lean Canvas CRM Example: Online CRM that is tightly integrated into Email and LinkedIn “Get-back-in-touch” list

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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 Your Turn!

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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 #1: The Lean Canvas CRM Example: Content Marketing Partnerships Af liate Marketing Channels

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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 Your Turn!

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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 #1: The Lean Canvas CRM Example: Subscription: $29/month per user 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 Your Turn!

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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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How can we work on our business model?

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Team Discussions

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Team Discussions

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Team Discussions Collaboration

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Experts & Mentors

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Prototypes & Mockups

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Customers!

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Customer Interviews!

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Imagine you want to build: Mobile app that helps you find a good nightclub

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3min Problem Interview • What kind of customer? (youngster, folks in their 20/30s, etc) • How often to you go to a club? • Do you have your favourite club, or do you look for a place with good DJs on that night? • Do you care about entrance fee?

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3min Solution Interview • We offer you a curated list of nightclubs each day • You get 1 drink free / discounts • App costs 0.99EUR •Would you buy this app?

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Take Notes Using Index Cards

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Price changes the conversation

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Summary

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Don’t ask yourself "Could this startup work?"

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Ask: "Who is my customer?" “What are they trying to do?” “How can they nd us?”

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Your task this weekend: Find better answers to these questions.

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Questions? Email me at [email protected] anytime!