Lean Startup Essentials - STARTup Live Graz
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Transcript of Lean Startup Essentials - STARTup Live Graz
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Lean Startup Essentials
Lukas [email protected]
STARTup Live Graz30th April 2011
Lean Startup Essentials
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Agenda
• 10 - 20min blocks, quick Q&A after each
• 1: Why? & The Canvas
• 2: Customer Discovery
• 3: Case Study
Lean Startup Essentials
Today’s focus: The early stage
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Part 1:Why? & Lean Canvas
Lean Startup Essentials #1
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About Me• 2nd time entrepreneur
• 2007-2010: Soup.io (Co-founder)
• The Efficient Cloud“Heroku for Europe” to“PaaS technology for hosting providers”(Seedcamp 2011 company)
• Collaborated with Ash Mauryaon the Lean Canvas
#1: IntroductionLean Startup Essentials
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Where this all comes from
• Steve Blank - Customer Development
• Alex Osterwalder - Business Model Canvas
• Eric Ries - The Lean Startup
• Ash Maurya - Lean Canvas
#1: IntroductionLean Startup Essentials
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Most startups fail from a lack of (paying) customers.
#1: Lean StartupLean Startup Essentials
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Startups are not just a small version of a big company.
#1: Lean StartupLean Startup Essentials
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Startup: Temporary organization used to
search for a repeatable and scalable business model.As defined by Steve Blank.
#1: Lean StartupLean Startup Essentials
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#1: Lean StartupLean Startup Essentials
Your initial Goal:Improve likely success rate of your venture,
and reduce risk of failure.
Enable yourself to actuallymake the jump into a full-time entrepreneur.
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#1: Lean StartupLean Startup Essentials
Your Process:Likely entirely chaotic.
No one implements the lean startupas a strict process.
Similar to agile adoption (e.g. Kan-ban)you need to make a slow transition
into more structured thinking.
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So, we need a languagein order to talk about your
startup.
#1: The CanvasLean Startup Essentials
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Product is only 1 of the 9 critical aspects that make your
company work.
#1: The CanvasLean Startup Essentials
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The Business Model Canvas
#1: The BM CanvasLean Startup Essentials
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Alex Osterwalder - Business Model Generation
#1: The BM CanvasLean Startup Essentials
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What are the most important costs inherent in our business model? Which Key Resources are most expensive? Which Key Activities are most expensive?
Through which Channels do our Customer Segments want to be reached? How are we reaching them now?How are our Channels integrated? Which ones work best?Which ones are most cost-efficient? How are we integrating them with customer routines?
For what value are our customers really willing to pay?For what do they currently pay? How are they currently paying? How would they prefer to pay? How much does each Revenue Stream contribute to overall revenues?
For whom are we creating value?Who are our most important customers?
What type of relationship does each of our CustomerSegments expect us to establish and maintain with them?Which ones have we established? How are they integrated with the rest of our business model?How costly are they?
What value do we deliver to the customer?Which one of our customer’s problems are we helping to solve? What bundles of products and services are we offering to each Customer Segment?Which customer needs are we satisfying?
What Key Activities do our Value Propositions require?Our Distribution Channels? Customer Relationships?Revenue streams?
Who are our Key Partners? Who are our key suppliers?Which Key Resources are we acquiring from partners?Which Key Activities do partners perform?
What Key Resources do our Value Propositions require?Our Distribution Channels? Customer Relationships?Revenue Streams?
Day Month Year
No.
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#1: The BM CanvasLean Startup Essentials
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The Lean Canvas
#1: The Lean CanvasLean Startup Essentials
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Ash Maurya - Running Lean
#1: The Lean CanvasLean Startup Essentials
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Focused on Early-Stageintegrates Problem/Solution
fields
#1: The Lean CanvasLean Startup Essentials
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Problem
Top 3 problems
Solution
Top 3 features
Unique Value Proposition
Single, clear, compelling message that states why you are different and worth buying
Unique Value Proposition
Single, clear, compelling message that states why you are different and worth buying
Unfair Advantage
Can’t be easily copied or bought
Customer Segments
Target customers
Problem
Top 3 problems
Key Metrics
Key activities you measure
Unique Value Proposition
Single, clear, compelling message that states why you are different and worth buying
Unique Value Proposition
Single, clear, compelling message that states why you are different and worth buying Channels
Path to customers
Customer Segments
Target customers
Cost Structure
Customer Acquisition CostsDistribution CostsHostingPeople, etc.
Cost Structure
Customer Acquisition CostsDistribution CostsHostingPeople, etc.
Cost Structure
Customer Acquisition CostsDistribution CostsHostingPeople, etc.
Revenue Streams
Revenue ModelLife Time ValueRevenue Gross Margin
Revenue Streams
Revenue ModelLife Time ValueRevenue Gross Margin
Revenue Streams
Revenue ModelLife Time ValueRevenue Gross Margin
Lean Canvas is adapted from The Business Model Canvas (http://www.businessmodelgeneration.com) and is licensed under the Creative Commons Attribution-Share Alike 3.0 Un-ported License.
#1: The Lean CanvasLean Startup Essentials
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• Customer Segments
• Problem
• Revenue Streams (Pricing)
#1: The Lean CanvasLean Startup Essentials
Market
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• Solution
• Cost Structure
• Unfair Advantage
#1: The Lean CanvasLean Startup Essentials
Product
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• Unique Value Proposition
• Distribution & Marketing Channels
• Key Metrics
#1: The Lean CanvasLean Startup Essentials
Market <=> Product
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Example: TupaloProblem
#1 Finding information, quality & location of a business
#2 Promoting a business, providing correct information to customers
Solution
Business DB
#1 Search function, Sitemap#2 Business CP
Unique Value Proposition
Yellowpages online.
Find the best restaurant/etc. near you.
Unique Value Proposition
Yellowpages online.
Find the best restaurant/etc. near you.
Unfair Advantage
Herold / EDPartnership
SEO Know-How
Customer Segments
#1 9-to-5 folks looking for lunch options, etc.
#1 Long-tail mainstream
#2 Business owners (restaurants, etc.)
Problem
#1 Finding information, quality & location of a business
#2 Promoting a business, providing correct information to customers
Key Metrics
#1 Avg. Reviews per user
#2 Avg. Revenue per business
Unique Value Proposition
Yellowpages online.
Find the best restaurant/etc. near you.
Unique Value Proposition
Yellowpages online.
Find the best restaurant/etc. near you. Channels
#1 Long-tail SEO
#2 European Directories (B2B Sales)
Customer Segments
#1 9-to-5 folks looking for lunch options, etc.
#1 Long-tail mainstream
#2 Business owners (restaurants, etc.)
Cost Structure
Software DevelopmentSEOPartnership Deals
Cost Structure
Software DevelopmentSEOPartnership Deals
Cost Structure
Software DevelopmentSEOPartnership Deals
Revenue Streams
#1 Free
#2 Hundreds/Thousands of EUR (recurring)
Revenue Streams
#1 Free
#2 Hundreds/Thousands of EUR (recurring)
Revenue Streams
#1 Free
#2 Hundreds/Thousands of EUR (recurring)
#1: The Lean CanvasLean Startup Essentials
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Example: FreckleProblem
Tracking time precisely without effort
Easily invoice clients with good report on performed work
Solution
Time tracking with superb UX, no unnecessary fuss
Unique Value Proposition
Time tracking software that you’ll actually use.
Unique Value Proposition
Time tracking software that you’ll actually use.
Unfair Advantage
Existing audience: Mailinglists, Twitter, etc.
Customer Segments
Freelancers
Agencies
Problem
Tracking time precisely without effort
Easily invoice clients with good report on performed work
Key Metrics
Hours tracked
Rev. per user
Unique Value Proposition
Time tracking software that you’ll actually use.
Unique Value Proposition
Time tracking software that you’ll actually use.
Channels
- Word of mouth- Cross-sales- Freebies - Existing audience
Customer Segments
Freelancers
Agencies
Cost Structure
Software DevelopmentMarketing/CopywritingCC feesHosting
Cost Structure
Software DevelopmentMarketing/CopywritingCC feesHosting
Cost Structure
Software DevelopmentMarketing/CopywritingCC feesHosting
Revenue Streams
12-50 USD / month (dep. on company size)
Revenue Streams
12-50 USD / month (dep. on company size)
Revenue Streams
12-50 USD / month (dep. on company size)
#1: The Lean CanvasLean Startup Essentials
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Example: GarmzProblem
#1 Mass-producing a fashion garment
#1 Marketing & sales
#2 Buy trendy clothes
Solution
No-barriers fashion production, chosen by the community
Unique Value Proposition
#1 Make your design talent visible
#2 Find the latest fashion trend & be unique
Unique Value Proposition
#1 Make your design talent visible
#2 Find the latest fashion trend & be unique
Unfair Advantage
Team with industry experience
Customer Segments
#1 Fashion designers
#2 Trend-chasing hipsters
Problem
#1 Mass-producing a fashion garment
#1 Marketing & sales
#2 Buy trendy clothes
Key Metrics
#1 New designs uploaded
#2 Conv. rate to actual sale
Unique Value Proposition
#1 Make your design talent visible
#2 Find the latest fashion trend & be unique
Unique Value Proposition
#1 Make your design talent visible
#2 Find the latest fashion trend & be unique
Channels
Fashion blogsPartnerships#1 Fashion schools#1 Fashion events#2 Word of mouth / strong brand
Customer Segments
#1 Fashion designers
#2 Trend-chasing hipsters
Cost Structure
Production! (super expensive)PrototypingPayout to designerMarketing, Biz Dev, Software Dev
Cost Structure
Production! (super expensive)PrototypingPayout to designerMarketing, Biz Dev, Software Dev
Cost Structure
Production! (super expensive)PrototypingPayout to designerMarketing, Biz Dev, Software Dev
Revenue Streams
#2 100 EUR / piece
Revenue Streams
#2 100 EUR / piece
Revenue Streams
#2 100 EUR / piece
#1: The Lean CanvasLean Startup Essentials
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Live Example:Rails on Fire
#1: The Lean CanvasLean Startup Essentials
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Q&A
#1Lean Startup Essentials
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#1Lean Startup Essentials
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Part 2:Customer Discovery
Lean Startup Essentials #2: Customer Discovery
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You probably already have a product idea
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And an implict assumption about your
market
Lean Startup Essentials #2: Customer Discovery
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Focus on qualitative feedback from the
market
Lean Startup Essentials #2: Customer Discovery
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Listen to what customers have to say - don’t execute a fabricated value proposition
Lean Startup Essentials #2: Customer Discovery
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Customer DiscoveryMethods
Lean Startup Essentials #2: Customer Discovery
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Customer Interviews
30 min in-person withyour prototypical customer
People like talking about their field - explore their worldview.
Lean Startup Essentials #2: Customer Discovery
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How to conduct an interview
1. Set context & tell your story2. Tell your problem hypothesis
3. Listen to their worldview4. Ask for follow up / references
Lean Startup Essentials #2: Customer Discovery
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Online Market Tests:
Google AdwordsFake Landing Page with
“Signup to be notified when we launch”“Can we call you to ask a couple of Qs?”
Lean Startup Essentials #2: Customer Discovery
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User Groups & Conferences:
Hand out cards with invite codes - landing page with “join our soon-to-
launch beta programme”
Lean Startup Essentials #2: Customer Discovery
Your private beta access code: OEWO8C
SolidRailsEuropean VPS cloud. Fully-integrated Rails hosting.
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Amy Hoy’sSales Safari:
Lurk in online forums of your customer segment, learn how they
talk about products & benefits
Lean Startup Essentials #2: Customer Discovery
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Q&A
#2Lean Startup Essentials
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#2Lean Startup Essentials
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Part 3:Case Study
Lean Startup Essentials #3: Case Study
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Literature
Lean Startup Essentials Literature
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Steve Blank - The Four Steps to the Epiphany
steveblank.com
Lean Startup Essentials Literature
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Lean Startup Essentials Literature
Alex Osterwalder - Business Model Generation
businessmodelgeneration.com
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Lean Startup Essentials Literature
Eric Ries - The Lean Startup
lean.st
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Lean Startup Essentials Literature
Ash Maurya - Running Lean
book.runningleanhq.com
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Neil Davidson - Don’t Just Roll the Dice
Lean Startup Essentials Literature