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Fredi Schmidli, Norbert Zeller & Joël Perrenoud Zürich, 17. März 2015
Lean Innovation How to increase the Success Rate of
Startups
Introduction for
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Fredi Schmidli
• Economist and BA • Management Teams in various funcFons • Entrepreneur • Business Angel and Boardmember: www.startangels.ch • Partner at pragmaFc soluFons
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Norbert Zeller • EE FH, MoM MZSG • Management Teams in various funcFons • Partner at Trivadis AG • StartAngels member • Board member • Entrepreneur • Agile execuFve coach at pragmaFc soluFons • Chairman Diviac
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Joel Perrenoud* Harvard MBA, global leadership experience (EMEA President Korn/Ferry), McKinsey (San Francisco), Compaq…
Roman Osipenko MSc, Computer science, Kiev Polytechnic, System Administrator, front-‐end and back-‐end web development…
Thomas Achhorner* MSc, Computer Science ETH, Partner at BCG (Sydney, Beijing, Zurich), IBM…
Team Investors / advisors
Paul Sevinç
ChrisFan Wanner
Gregory Gerhardt
Tobias Asch
Internet Entrepreneurs
Business Angels
Norbert Zeller*
Philipp Cocer*
Others
*Board members
What are your goals / expectations? • Team up by 2
• Discuss what you expect from the training
• Write down 1 goal per person on a Post-‐it: 5‘
• All • Present goals: 5‘
10 Minutes
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agility accelerates ...
AGENDA
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OVERVIEW
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Goal: To improve the success rate
Source: Ash Maurya «Running Lean»
8
• 66% of successful products/companies significantly change original business idea
• Develop product in half the Fme and at half the cost (GE)
• Reduce failure: “wrong” product and “premature” scaling
• Success comes not from beper idea, but from a framework, which iterates your original ideas to a product, which customers will buy.
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Traditional versus lean approach
Source: Ash Maurya: Running Lean 9 17.3.15 www.pragmaFc-‐soluFons.ch
Core Lean Principle
Get out of the building
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From Lean Mfr. to Lean Innovation
Lean EcoSystem
Classic Lean Management
Invented by Toyota arer WW2
Maximize efficiency under “stable” condiFons
Not strongest in innovaFon space
Focus on conFnuous improvement and execuFon excellence
Lean Startup
Blank /Ries /Osterwalder 5 years old
Maximize innovaFon efficiency under extreme uncertainty
Agile development (not waterfall) customer development (not market research)
It took 50+ years unFl agile SW development methods finally started to successfully combine innovaFon with lean management principles
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Lean Innovation is …
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a company culture touching all aspects: Values, Leadership, IncenFves, Empowerment, OrganizaFon, Accountability, …
not a collecFon of tools
A culture can not be copied easily
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Lean Innovation Framework
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Lean Innovation Framework
Scale Product Market
fit
Problem SoluFon
fit
Customer Discovery
Customer ValidaFon
Customer CreaFon
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Each hypothesis is validated via an experiment with BML feedback loop
Is problem worth solving, are people willing to pay, is business model profitable, repeatable and scalable
Hypotheses of plan A, …
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agility accelerates ...
BUSINESS MODEL GENERATION
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Lean Canvas (by Ash Maurya / adapted from Osterwalder)
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guess
guess
guess
guess
guess
guess
guess
guess
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Lean Canvas Example
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Lean Canvas (by Ash Maurya / adapted from Osterwalder)
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Early Adopters
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2.5% 13.5% 34% 34% 16%
Persona Development understand the “why’s” by looking at the customers behaviors
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Facts Factual informaFon about your target customer
Pain State the problem you believe your target customers have, that your soluFons solves
Behavior ExisFng behavior they exhibit now, because they don’t have your soluFon
Goals What goals are they trying to accomplish with their behavior, that your soluFon will do beper
Lean Canvas (by Ash Maurya / adapted from Osterwalder)
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• Welcome: Set the scene (2min)
• Interviewees demographics-‐target customer? (2min)
• Describe problem (your hypothesis) (2min)
• Rank top three problems/must have’s (4min)
• Listen to their world view (15min)
• Wrap up. Sum up feedback to confirm understanding (2min)
• Get permission to follow up. Get referrals (2min)
Problem Interview
Ash Maurya
• Document results
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Goal: Have I idenIfied a problem worth solving?
Lean Canvas (by Ash Maurya / adapted from Osterwalder)
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Lean Canvas (by Ash Maurya / adapted from Osterwalder)
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Solution Interview
Ash Maurya
• Tell a story -‐ frame the product (2min) • Show Demo/Pretotype/MVP (15min) • Wrap up. Sum up feedback to confirm understanding (2min) • Get permission to follow up. Get referrals (2min) • Document results
• Welcome: Set the scene (2min) • Collect demographics – right customer segment? (2min)
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• Test the pricing (15min)
Goal: Have I built sth. people want at the price they will pay?
Intermediate Health Check
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agility accelerates ...
BREAK
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agility accelerates ...
BUILD – MEASURE - LEARN FEEDBACK LOOP
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Feedback loop
Design experiment
Proposal, Pretotype, Landing page, MVP … Results
Analyze results: persevere, pivot or quit?
weeks not years
AssumpFon/ Hypothesis
Run experiment
CreaFvity happens here
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Source: Eric Ries: The Lean Startup
BUILD: Design Experiment
We will know we have succeeded when [quanFtaFve/measurable outcome] or [qualitaFve/observable outcome]
Janice Fraser
We believe that [customer type] have a need for [need/acFon/behavior]
The smallest thing we can do to prove that need is [experiment]
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BUILD: Client Loyalty Metrics
1. How likely is it that you would recommend this AngelDay introducFon to a friend or colleague?
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Source: NetPromoter Score
2. What changes would we have to make for you to give us one point more?
……………………………………………………………………………………………………………
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BUILD: Your metrics for diviac?
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Every one on its own : Write three post-‐it notes with the three most important metrics at diviac and discuss them with your neighbor.
5 Minutes www.pragmaFc-‐soluFons.ch
Product: From Proposal to MVP
4) Early version with minimal feature set that can be sold to early adopters
1) Proposal: a document describing the soluFon
3) Fake demo of any kind
2) Smoke Test: Landing Page to test interest
MV
P P
reto
type
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P: Pretotype Example (Pinocchio) Simulate living room ambience effect of flat Screen TV (compared to CRT) Around 2002
From Tom Kelly „the ten faces of innovaFon“
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P: Pretotype Example (Explainer Video)
Test vision of cloud service offering -‐ Dropbox
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hpps://www.youtube.com/watch?v=7QmCUDHpNzE
Learn: Innovation Accounting Report
Why is it relevant?
QuanFfy your goals set scope/Fmebox
Plan how to execute experiment
Results = Data
Document the learning (validated, invalidated or inconclusive)
Test value and growth hypothesis first
Move to next experiment
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LEARN: Persevere
I am convinced that half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance 17.3.15 37 www.pragmaFc-‐soluFons.ch
LEARN: … or pivot
Pivot: A change in strategy without a change in vision
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LEARN: ... or quit? • CommunaliFes of
• Reto von Arx • Marco Streller • Dominique Gisin
• Right Fme to quit? • Learnings from behavioral finance?
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agility accelerates ...
CUSTOMER DEVELOPMENT
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Goal: Problem Solution Fit => Value Problem SoluIon Fit You validated with MVP and prospects that a specific soluFon will solve a know problem to such a degree that customer will buy it.
Brant Cooper
Value assumpIon – test whether a product or service really delivers value to specific customers once using it.
Scale Product Market
fit
Problem SoluFon
fit
Customer Discovery
Customer ValidaFon
Customer CreaFon
Is the idenFfied problem real? Will the target customer pay? Can the problem be solved?
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The growth assumpIon – test how new customers will discover a product or service. Through what engine will you acquire new customers at affordable cost.
Goal: Product Market Fit => Growth Product Market Fit Customer is willing to pay. Cost of acquiring new customers is smaller than profit. Evidence that market is large enough Brant Cooper
Scale Product Market
fit
Problem SoluFon
fit
Customer Discovery
Customer ValidaFon
Customer CreaFon
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agility accelerates ...
LEAN REPORTING AND GOVERNANCE
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Lean Dash Board (Lean Stack)
Flow
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Lean Dash Board: Example
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Customer Example: Insurance Company
Lean Innovation Investment Process
Source: Hans Däpp, StartAngels Network 17.3.15 www.pragmaFc-‐soluFons.ch 46
AssumpIon/Goal: Halving & Slicing of Angel Investments
FFFF Business Canvas V12, Problem SoluFon fit & Product Market fit & Dash Board R
esults &
Bus.Canv.
V X
tMileston
e 1
Lean Investmen
t whe
n?
Investmen
t today
Busin
ess
Plan V 1.0
Effort Manpower (%) 1 10 80 Elapsed Fme (month) 1 -‐ 3 2 -‐ 3 18 -‐…
Public BP course machine sFll running
No/few public Lean InnovaFon Trainings available
Lean InnovaFon Training is part of BA investment (= risk insurance)
Goal: On por�olio basis to Get higher Success Rate & less get funds & more quits
agility accelerates ...
DISCUSSION
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agility accelerates ...
EXPECTATION CHECK
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Feedback Door
1. How likely is it that you would recommend this AngelDay introducFon to a friend or colleague?
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Source: NetPromoter Score
2. What changes would we have to make for you to give us one point more?
……………………………………………………………………………………………………………
Infos, Coordinates, next Trainings • hpps://leanstack.com/LeanCanvas.pdf • fredi@pragmaFc-‐soluFons.ch • [email protected] • [email protected] • Nächste Lean InnovaFon Trainings in Zürich:
• 25./26. März, 2015 • 19./20. Mai, 2015 hpp://pragmaFc-‐soluFons.ch/training.php?KP=20&TITLE=Lean%20InnovaFon%20Training
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agility accelerates ...
THE END
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