Lean for Sharing Ventures: Four Times Harder, Four Times More Rewarding, Ted Ladd, Hult...
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Transcript of Lean for Sharing Ventures: Four Times Harder, Four Times More Rewarding, Ted Ladd, Hult...
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Ted Ladd PhDProfessor of Entrepreneurship San Francisco | Boston | New York | Ashridge | London | Dubai | Shanghai
Leveraging Leanin the Sharing
Economy
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Sharing venture:1. an online platform 2. between two sides of a
transaction 3. that reduces coordination
costs 4. to provide access without
ownership.
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ChallengeSharing ventures are 4x harder to design1. Business Model for Suppliers2. Business Model for Demanders3. Same Place4. Same Time• Why?
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Network Effect• Value for each user ≈ # of users• Bigger = Better• Economies of scale of demand
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Problem: Theory is incomplete• # of users ≠ value for each user• Value = volume x diversity• Example: Smartwatch apps• Where to look?
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Sales Cycle
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Diversity
Volume
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1: Diversify acquisition channels• Keep old Canvases• Evaluate sub-optimal channels– For non-overlapping appeal
• Rotate channels for diversity of value
• Example: Hooves.dk• When?
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First Mover Advantage• Typically, a myth – Second Mover Advantage, Fast Followers
• Network Effect Winner Takes All– Explosive growth after tipping point– First Mover is real!
• Renewed attention on Early Adopters– To drive indirect network effect
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Adoption Cycle
Area under curve = installed baseMoore, G. (2002) Crossing the chasm: Marketing and selling disruptive products to mainstream customers
Venture maturity
# of
cus
tom
ers
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(Poor) Options for Early Adopters
• Spend on marketing– Increases early costs
• Lower prices– Reduces early revenue
• Arrive with deep pockets– Expensive capital
• Build Measure Learn (Experiment)– Shows biz model to competitors– Jeopardizes early reputation
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2: Formalize Customer Discovery• Data for Hypothesis Testing• Conversations as Warm Sales
Leads• Track, revisit, encourage,
persuade• Explore and exploit for
ambidexterity
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Leverage Lean for Sharing• Network effect promotes Early
Adopters1. Rotate channels for diversity of
demand2. Dual use for Customer
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Related Research from Ted Ladd• Limits of Lean
– Harvard Business Review (2016)• Customer Interaction and Experimentation
– Academy of Management conference (2015)• Social Venture Canvas
– Stanford Social Innovation Review (Spring 2015)– International Journal of Entrepreneurship & Innovation
(Feb 2017)• Customer Development and Effectuation
– Management Teaching Review (March 2016)• Impact of Lean on Risk Aversion
– Drafting