Session 1 intro to lean startup intro
-
Upload
angela-ferrara -
Category
Documents
-
view
175 -
download
4
description
Transcript of Session 1 intro to lean startup intro
School of Management & Governance
1
PD Dr. Rainer HarmsDr. Michel Ehrenhard
International New Business DevelopmentSession 1: Intro to Lean Startup
School of Management & Governance 2
www.capstonebranding.com/ about/capstone.php
Typical issues with this class
Comment: „We dont learn much content!“
Reply: „True. You had content throughout your Bachelor, and you will
create your own, specific content while you research.“
Comment: „We are left alone during project execution!“
Reply: „Partially true. But finding your own way in an entrepreneur‘s
reality
Comment: „We dont recieve much feedback!“
Reply: „Partially true. But we have extensive walk-in opportunities
Comment: „The projects are so vague and complex“
Reply: True. Thats real business. We try to help you deal with it.School of Management & Governance 3
School of Management & Governance 4
Planning, storming the castle, or something else?
School of Management & Governance 5www.caycon.comfreelanceswitch.com
School of Management & Governance 6
sikh-heritage.co.uk
Startups as experiments: Validated learning
7http://blog.amt.in/the-new-science-of-product-development
http://www.youtube.com/watch?feature=player_embedded&v=WAdikBfKeD8
The scientific method
School of Management & Governance 8
http://blog.amt.in/the-new-science-of-product-development
Lean Startup – merging the scientific method and entrepreneurship
School of Management & Governance 9
1. Talk to customers – real cases2. Form hypotheses to test3. Write code (produce)4. Roll out to % customers5. Analyze data6. Interpret data7. Share learning
http://blog.amt.in/the-new-science-of-product-development
The B – M – L cycle
School of Management & Governance 10
IMVU: Eric Ries‘ Lean Startup Story
School of Management & Governance 11
www.microsoft .comhttp://www.imvu.com/catalog/web_landing.php?p=ls1 llcollection-groupll.blogspot.com
http://www.youtube.com/watch?v=fEvKo90qBns minutes 23 to 35
Testing assumption: two IMVU examples
School of Management & Governance 12
brucebucks.com zazzle.com
The problem-solution fit
School of Management & Governance 13
Refers to a implicitly defined customer segment -> make expliciti
The MVP
School of Management & Governance 14
„The MVP is the smallest group of features that will elicit customer
feedback about the validity of the customer problem or solution“
Steve Blank
The mechanical turk
Getting deeper into the MVP
Low-Fi MVP
Problem exploration MVP: customer inverviews
Product Pitch MVP: asking cash at the end; landing pages, video
demos
Concierege MVP: real delivery, but „Wizard of Oz“
Hi-Fi MVP
Removal of any feature that might distract from the core learning
goal (google, dropbox - > plain interfaces
School of Management & Governance 15
Analyzing
Qualitative analysis Quant. analysis: A/B testing, conjoint
analysis etc.
School of Management & Governance 16
School of Management & Governance 17
„Pivot“ or presevere
http://cdn.elezea.com/images/local-maximum.gif
Pivot = strategic change: one way of listing …
Zoom-in-pivot
Zoom-out-pivot
Customer segment pivot
Customer need pivot
Platform pivot
Business architecture pivot
Value capture pivot
Engine of growth pivot
Channel pivot
Technology pivot
School of Management & Governance 18
Key metrics (example)
Industry-Specific KPI
„Conversion rate“ – from view to click, from click to buy
Reference: the metrics page
School of Management & Governance 19
Example of empirical project (validated learning)
1. Problem: Mediocre evaluation of BK III course
2. Preliminiary research, eg. Brainstorming: Limited feedback as main problem, mentoring as potential
solution, best practices
3. Hypothesis: „Mentoring is positively related to the course evaluation
4. Test design:
4.1: Sample: this BK III class, all students
4.2: Operationalization: main satisfaction score, project support and feedback score,
assignment feedback score
4.3: Method of analysis: 2-sample mean comparison (t-test)
5. Analyse data
6. Conclusion
7. Results
School of Management & Governance 20
School of Management & Governance 21
Example your project
School of Management & Governance 22
1. Problem: Newsletter services can be expanded to other segments
2. Preliminiary research, e.g. Brainstorming: lit research, customer interviews about what they value
most about current project, interview with prospective customers etc., SMT, Porter5forces etc.
3. Hypothesis (better: Assumption!): „Customers derive value from newsletters “ (operationalize!)
4. Test design:
4.1: Sample: x number of prospective customers
4.2: Operationalization: find ways to collect your material and / or find fitting metrics !
4.3: Method of analysis: qualitative vs. quantiative
5. Analyse data
6. Conclusion
7. Results
School of Management & Governance 23
Businnes Model
Generation/Validation
MinimalViable
Product(MVP)Usage
3-5 clients
MarketResearch Idea?
MVPfor
Adoption
MVPfor
Revenue
Month 1 Month 2,3 & 4 Month 5 Month 6
Idea
Business Plan
Func. Spec
Design
Build
Test
Market
Sell
Some learning
More learning
Most learning
The lean canvas – where does BML hide?
School of Management & Governance 24
Deliverables
School of Management & Governance 25
StartingcanvasDP 1
SuggestsolutionDP 3
Exam
< 10.02 12.02 26.02 12.03 19.03 26.03 17.4.
Find projectcompany / own venture
Probleminterview DP 2
SolutioninterviewDP 4
PitchDP 5
In short
Find a company / a venture with a (I)NBD issue
Set up a meeting with the entrepreneur, and identify customer-
reserach project
Describe current venture with Lean Canvas (DP 1)
Carry out and report customer interview (DP 2)
Suggest a solution (DP 3)
Get customer feedback from solution (DP 4)
School of Management & Governance 26
Getting started with the interviews
School of Management & Governance 27
Coffee shops
Lurking: on the street, in a location,
online...
@MeetUpsWhere do I find them?Facebook / LInkedIn
Existing Customers
1st Degree Networks
http://de.slideshare.net/LeanStartupConf/jon-irwin-rocktheinterview-slides
School of Management & Governance 28
Is the problem worth solving? Make a problem interview.
This is a problem statement
This is another problem statement.(Priority [ ] | Pain: low, medium, high) | How I solve this
today:This is a third problem statement.(Priority [ ] | Pain: low, medium, high) | How I solve this today:
This is a blank problem the customer can fill in.(Priority [ ] | Pain: low, medium, high) | How I solve this
today:This is a blank problem the customer can fill in.(Priority [ ] | Pain: low, medium, high) | How I solve this
today:Name:Email Address:
Referrals:Notes:
http://de.slideshare.net/LeanStartupConf/jon-irwin-rocktheinterview-slides
Opener
School of Management & Governance 29
Hey, I’m [name], and I’m working on a project to help conferenceattendees connect and collaborate. Do you wish it was easier toconnect and share ideas with other attendees like you? [smile]
Yes? Awesome, here we go / No? Okay, thanks. [smile]
http://de.slideshare.net/LeanStartupConf/jon-irwin-rocktheinterview-slides
Analyse the problem interview
School of Management & Governance 30
Do the problems really exist?
Are the problems commonly experienced?Are the problems severe?
Are there problems you didn’t anticipate?Is this the right customer?
Take an opportunity to refine your target groupShould you Kill / Pivot / Persevere?
http://de.slideshare.net/LeanStartupConf/jon-irwin-rocktheinterview-slides
Our role
School of Management & Governance 31