LEARN STARTUP OVERVIEW

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Lean Startup Overview Presented by Quang Nguyen (Sebastian) , MBA, PMP, TESOL

Transcript of LEARN STARTUP OVERVIEW

  • 1.Lean Startup Overview Presented by Quang Nguyen (Sebastian) , MBA, PMP, TESOL

2. Little self-introduction Strong passion in entrepreneurship and education Solid belief that entrepreneurship can be taught and passion can be inspired Strong desire to make HCMC the next Silicon Valley Facebook: @qtheboss Slideshare: @qtheboss Twitter: @nvquangvn Blog: http://nhakhoinghiep.wordpress.com/ 3. Agenda What Why Where When Who How 4. Warning I am here to learn, not to teach I do not like good words. I love hear you says No, youre wrong. I have no credit for Lean Startup I have no credit for any intelligent work on this slides, including images, terminologies, processes, philosophie s The context is web startup 5. So who got the credit for Lean Startup? Eric Ries Co-founder and CTO of IMVU Entrepreneur-in-Residence at Harvard Business school, 2010 Best Young Entrepreneur of Tech, 2007 Startup advisory Steve Blank Retired serial entrepreneur Built 8 startups in 21 years including MIPS Computers Now teaching Entrepreneurship at Berkeley, Stanford, and Columbia 6. What is Lean? 7. And lean is everywhere 8. So what is lean startup Product/market fit means being in a good market with a product that can satisfy that market. Lean Startup is a method of testing the assumptions and hypothesis of a business idea in an iterative manner while validating your product/market fit before you ship a complete product. The key is to eliminate waste. 9. Webvan An online grocery business that promised to deliver products to customers homes within 30 minutes Backed up by Benchmark Capital, Sequoia Capital, Softbank Capital, Goldman Sachs, and Yahoo! The largest dotcom failure in history Why failed? Untested plan Grew too fast 10. Why should we care? 11. Where on earth do people use Lean? 12. Who actually used Lean Startup? Dropbox (www.dropbox.com) Peernuts (www.peernuts.com) Peernuts is a sharing platform for cultural goods. You just have to log in, list your library, connect with your friends and get access to the hundreds of films, books, video games, comics they want to share with you. Right now, Peernuts is in beta mode, available in French and just for DVDs. And a lot more: IMVU, Votizen, KISSMetric, Aarkvard, Hearsay, Epi c Scale, Food on the Table, Pbworks, 13. Dropbox - 1st Launch 14. Dropbox - 2nd Launch 15. Dropbox - 3rd Launch 16. Dropbox - Key Lessons Public launch in Sep 2008 Ignored mainstream PR Did not focus on building lots of features Invested heavily in analytics, such as survey, split tests, landing page, signup flow optimization, sharing encouragement 17. Peernuts homepage 18. Peernuts Blogging before Coding Step #1: A short blog post 10-question poll No code AT ALL 19. Peernuts Market shrinking Step #2: Is your market really big and totally bullish? If yes, youre missing the point. If its big thats too big. Start shrinking your market! Started with DVD 20. Peernuts Feature Burner Test #3: Ask yourself if you have more than 3 features. If yes, youre too fat. 3 features: a movie listing powered by an external movie database a loan dashboard a friend system coupled with Facebook connect and a basic mail invitation No rating system, no wish list, no recommendation, no notification, no privacy setting NOOOOO!!! 21. Peernuts No designer Step #4: First product ship objective is to learn, learn, and learn. Dont depress if you dont have a wonderful logo. It looks weird but if you dont care, it will just be fine! Remember: you dont need the perfect product but a working prototype. 22. Peernuts Procrastination Did you postpone product ship for the 3rd time? If yes, stop messing around. Release it! Learn with your customers > Refine useless aspects of your product 23. Peernuts - Conclusion Right now: Peernuts doesnt work. But: we have a great feedback on the service we are building Will we add features? NO Increase customer performance Will we start massive communication? NO Wait until the virality rate > 1 Will we work on our market? YES We dont have the correct positioning yet. Is it okay to not consider any business model for the moment? 24. Extra: The Lean Startup 25. How to use Lean Startup? Lean Canvas Key Metrics MVP (Minimum Viable Product) Build Measure Learn loop Customer Development 26. Lean Canvas 27. Customer Lifecycle / Conversion Behavior 28. Key Metrics - AARRR 29. Before Product / Market Fit 30. After Product / Market Fit 31. Minimum Viable Product (MVP) MVP is the product with just the necessary features to get money and/or feedback from early adopters. Do MVPs seem abstract to you? 32. MVP examples 1. If Apple can launch a smartphone without Find or Cut-and-Paste, what can you cut out of your product requirements? Sramana Mitra 2. USV-backed foursquare uses Google Docs to collect customer feedback. No code, no maintenance. 3. Fliggo sells it before they build it. 4. Grockit puts up a notify-me-when-you-release form on steroids. 5. Auto e-commerce site uses manualation and flintstoning for their backend. 6. Semiconductor company uses 5 people and FPGAs to build a $100M semiconductor product line. 7. Consumer company uses fake screenshots to sell their product. 8. Allicator uses Facebook ads: Ditch Digger? Feeling spread thin? Click here to complete a survey and tell us about it. 9. ManyWheels uses Microsoft Visio to build clickable web demos for prospective customers. 10. Cloudfire uses a classic customer development problem presentation. 33. Build Measure Learn loop 34. Customer Development (cont) 35. Traditional Product Development 36. Agile Development 37. Product Development at Lean Startup 38. Conclusion Think big but start small. The longer you survive, the higher chance you will succeed. If you have to fail, fail it early and cheaply. Its new. So be skeptical. 39. Q & A