Lean lessons learned - lean startup methodology and lessons learned from Blossom
-
Upload
matthew-joseph-martin -
Category
Small Business & Entrepreneurship
-
view
140 -
download
4
Transcript of Lean lessons learned - lean startup methodology and lessons learned from Blossom
Lean Lessons Learned Blossom’s early mistakes and successes
in light of the Lean Startup methodology
What is a startup?
“A startup is a human institution designed to deliver a new product or service under conditions of extreme uncertainty.”
Leap of Faith Assumptions
Value Hypothesis How to provide value someone will pay for
Growth Hypothesis How to increase the
number of people paying
Blossom: Data V0 Value Hypothesis • Have you needed financing? • How did/would you get
financing / existing options? • Need/want halal source of
financing in future? • Here’s our concept; would
you use it?
Blossom: Ideas V1 Value Hypothesis • Provide well-established*
Muslim-owned businesses with access to halal sources of financing
• Provide investors with 12% average annual return on capital.
Growth Hypothesis Lower the cost of customer acquisition by spreading word-of-mouth awareness through musajid and MCAs and highly-targeted online advertising.
Implicit Assumptions
• American Muslims care about avoiding reba
• Established Muslim businesses in US need access to financing
• 12% annual return is good enough for investors on unsecured “loan”
• Legal costs • Regulatory compliance • Fee structure • Cost of operating
Implicit Assumptions
• American Muslims care about avoiding reba
• Established Muslim businesses in US need access to financing
• 12% annual return is good enough for investors on unsecured “loan”
• Legal costs • Regulatory compliance • Fee structure • Cost of operating
Blossom: Product V1 Value Hypothesis • Website registration • Connect bank account • Get a quote • “Say yes”
Growth Hypothesis • Direct: leave postcards at
local musajid • In-person: give a talk /
khalaqa at local masjid • Online: Google & Facebook
paid advertising
Blossom: Data V1 Value Hypothesis • Website registration"
– low traffic to website; bulk inbound via phone
• Connect bank account"– low technical savvy
• Get a quote"– #1 most used feature! J
• “Say yes”"– slow to agree/sign
Growth Hypothesis • Direct: leave postcards at
local musajid"– soft interest
• In-person: give a talk / khalaqa at local masjid"– lack of education/demand
• Online: Google & Facebook paid advertising"– expensive
Blossom: Data V2
Financial literacy Financial access
80% population unbanked; financial illiteracy drives
cyclical poverty;
Huge demand for microfinance limited by
amount of capital
Rp!
Blossom: Ideas V2 Value Hypothesis • Provide capital and
technology to micro finance institutions for 6-12% profit sharing
• Provide international investors halal investment opportunities for social uplift at 4-10% returns
Growth Hypothesis 1. Grow initial awareness
through bitcoin early adopter community
2. Build buzz of press around first “transparent” BTC investment platform
3. Online ads CPA > CAC
Blossom: Ideas V2 Value Hypothesis • Provide capital and
technology to micro finance institutions for 6-12% profit sharing
• Provide international investors halal investment opportunities for social uplift at 4-10% returns
Growth Hypothesis 1. Grow initial awareness
through bitcoin early adopter community
2. Build buzz of press around first “transparent” BTC investment platform
3. Online ads CPA > CAC
Blossom: Product V2 Value Hypothesis • Make pilot investment into
Indonesian microfinance institution (“MFI”)
• Build MVP to move money into / profit from MFI using bitcoin public ledger
Growth Hypothesis • Solicit investment from
bitcoin early adopters via our existing network