TiE IITB - Jun 11 talk on Lean Startup Tactics
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Transcript of TiE IITB - Jun 11 talk on Lean Startup Tactics
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Rapidly Testing out Assumptions of a new Business:Lean Startupand Other ApproachesAnil BahumanTiE Business BuilderGulmohar, IIT Bombay
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Profile
Education – NIT-Karnataka & University of GA
Citibank, Boeing, MIT Media Lab and IIT Bombay
Startup Experience 3 years – US at GA Tech Incubator 7 years – Cofounder, CEO, Managing Director
Vice-President, Ecosystem Development at Reliance Jio Infocomm
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Outline
What Lean Start-up Does not cover Example of a fictitious Lean Startup What is the Lean Start-up Approach and what
are the advantages? Lean Startup Lingo What are the Limitations? What are the Alternatives?
Customer Development Assumption-based Planning Do your own
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Business PlanBusiness Plan Canvas by Alexander Osterwalder
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ProcessesEntrepreneur Operating System by Gino Wickman The V/TO – Vision/Traction Organizer The EOS Model™ and Scorecard - Track 6 Major Areas and a
Scorecard The Eight Cash-Flow Drivers™ Rocks - Three to seven most important priorities that must get
done every 90 days. The 5-5-5™ - 5 values-5 roles-5 rocks/Quarter The Meeting Pulse™ and The Level 10 Meeting™ – Templates
for Meetings The Issues Solving Track™ – Template to help solve issues The Five Leadership Abilities™ – Five Leadership Abilities Clarity Break – Managing frustration. Delegate and Elevate™ and The Assistance Track™ – Identify
your sweet spot and follow five ways to help you delegate. LMA – Leadership-Management-Accountability Questionnaire The People Analyzer™– Identifying strengths of each individual in
a team The Trust Builders™ – 10 ways to keep trust levels high
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NetworkingTiE-IQ Bootcamp – Peer learning environment
What to expect Refine and finish the minimal viable
product (MVP) into a ready to buy product Market your product Get the first few customers Pitch to your first group of investors
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Example
Tactics
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Hypothesis
10 or more people will spend ` 500for my productover next week.
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What is the Lean Start-up Approach?
A new trend among Silicon Valley and Bangalore tech startups
Learn about customer behaviour at lowest possible cost
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What is the Lean Start-up Approach? Origins
2008 Meltdown “The Lean Startup” by Eric Ries Steve Blank (“Four Steps to the Epiphany”) “Lean Mgmt” techniques of Japanese auto-
makers….applied to the Tech industry “Discovery-driven Planning” introduced by Rita
McGrath & Ian MacMillan in a 1995 HBR .com businesses – Engineering bias – “Customer Development”
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Source:Giff Constable
Customer Development
Get Out of the Building
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Lingo
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Source: Eric Ries
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Minimum Viable Product
Products: MVP Services: Concierge
Source: Spotify
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Continuous Development Frequency:
Accept incremental improvements?
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Split Testing Try out 2 versions – with and without a
feature
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Actionable Metrics Metrics that show traction Vs. metrics that make you look good
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Innovation Accounting
Source: Dave McClure500 Startups
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Pivot Major change in business model
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Build-Measure-Learn MVP-Test Traction-Revise-Iterate
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Limitations
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Serious Limitations
“Research stage” Annoy prospective customers Annoy prospective investors Annoy key employees Speculative activity? Akin to learning the Stock Market “Engineering” solution to Customer Development Not applicable to physical-products Exploiting Adwords does not create new Demand Hype, Bubble Not a strategy – its Tactics.
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Harm Discipline Misinterpretation – Shortcut Underestimate Commitment Little knowledge Expect instant results Get carried away by over-enthusiastic
early-adopters seeking instant-gratification
100 code improvements per day
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AlternativesTo Lean Approach
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Source: Steve Blank
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Assumption-based Planning
Source: Wikipedia
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Do your ownGiff Constable
I believe that my customers have a need to______________ (Keep it Concise)
This need can be solved with ________
My intial customers will be __________
The #1 value a client wants to get out of my service is: __________
The client can also get these additional benefits: __________ and __________
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I will acquire the majority of my users/customers through __________ and __________
I will make money by __________
My primary competition will be __________ and __________
We will beat them in the market due to __________ and __________
Source: Giff Constable
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My biggest product risk is __________ We will solve this through __________
What assumptions does my business make, that if proven wrong could cause failure?
1. __________ 2. __________ 3. __________ 4. __________ 5. __________
Source: Giff Constable
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Should you be a lean startup?1. When most of your competition are not
lean startups, Be a lean startup2. When most of your competition are
lean startups, Do Not Be a lean startup3. When half your competition is lean and
half is not, it does not matter what you choose.
4. When you have no competition as of yet, Be a lean startup and adapt later
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