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Startup Principles from Lean Startup, Effectuation and 7 Domains, kicking off the Emerge Education Accelerator.
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Lean Startup Principlesaka. what old, rich founders say about Lean Startup.
a Founder-Centric module.
Do not open the kit until I say GO!Build the tallest freestanding structure.The entire marshmallow must be on the very top.
You’ll have 18 minutes. Use as much or as little of the kit contents as you want, but nothing else!
EXERCISE
“I wish I knew that sooner.”
Our job is to bring ourselves the bad news sooner.
Care too much about their ideas, and look for certainty in process.
1st timers
Care more about opportunity cost,and look for certainty in evidence.
Experienced founders
Build
Learn
Measure
Principles,not process.
PrinciplesIterationDo LessImprove the big pictureLearn, then confirmCourse-correction
Our learning goals today.
POST UP
Do less.
Don’t work hard to mask your inefficiency.
Not enough time?Not enough money?
Grow with efficiency.
How to Do Less.Multiplying deliberately. Letting go.Limiting work-in-progress.Time limits.Being picky about customers.
0101001,00010,000100,0001,000,00010,000,000
Add a zero
Good for vision, inventing and improving.
Bad for getting stuck on specifics that don’t work.
Tenacity
WIP Yourself!
Inside the building -Use a timer.
DISCUSSION
Choose your customer.
Lack of direction.
Vague customer definitions.
Multiple customer definitions.
Is this conversation useful?
Specific customer definitions help find them quickly, and point out scalable channels to reach them.
Specific value propositions are more compelling and help you get early traction.
Zoom in!
EarlyvangelistsHave the problem
Know they have the problem!Have budget to solve it.
Have looked for a solution.Have tried to build a solution.
EXERCISE
Jobs Obstacles Goals Current Solution
Customer Slicing
Decision Trigger
Interest Trigger
?
Seeing the big picture.
Growth EnginesBusiness Model Design7 Domains
Big Picture Lenses
7 ways to die.Choose none.
IndustryMarket
Macro
Micro
Trends
Connections
Alignment Skills
Establishment
Customer Need & Behaviour
Lock-in & copyability Modified from 7 Domains,
From The New Business Road Test, by John Mullins
Will we stay aligned?
Team - Alignment
Decision Hack:Map the overlap between your goals.
Goal FitNarrow down the options to find matches.Fit comes from elimination, not selection.
Individually, write possible 3-year goals for your company.
Goal FitEXERCISE
Hand off the goals to your partners.
Goal FitEXERCISE
If any of the goals don’t work for you, explain the trade-off for you on the back of the card.
Goal FitEXERCISE
SizeLengthRoleControlAffordable Loss
Risk Tolerance
Individually, what are the company milestones for the next year? Goals? Walk-away conditions?
One per card. Include dates.
Risk ToleranceEXERCISE
As a group, create a single timeline out of all the cards.
Star any that don’t feel right or don’t fit for discussion at the pub tonight.
Risk ToleranceEXERCISE
Do we have the connections?
Team - Skills
IndustryMarketDomain expertiseChannel
Team Connections
IndustryMarketDomain expertiseChannel
Who do you need?
EXERCISE
Are there any you can’t get on the phone in 48 hours?Email Emerge now.
EXERCISE
Decision Hack:Plant a flag.
Decision Hack:Go there and help.
EXERCISE
Core Skills
EXERCISE
Core SkillsWhat skills, if weak, can kill your business?What skills, if strong, can give you disproportionate advanges?
Are wecapable?
Team - Skills
Decision Hack:Choose goals based on what you have.
What I can do
What I’vegot
Small partnerships.
Affordable Loss.
Growth Engines
StickyPaid AcquisitionViral
Understanding growth
Growth Engines,from The Lean Startup by Eric Ries
DISCUSSION
Business Model Design
Good for vision, inventing and improving.
Bad for getting stuck on specifics that don’t work.
Tenacity
Mass customisation
Value-basedpricing
App sale +in-app purchase Subscription
Transactional
Multi-sidedmarket
Licensing
CrowdsourceAd-supported
Event-supported
SaaS
Bundling
Viral
Direct-over-viral
Purchase-timing
2 stages of learning
Learn Confirm
2 stages of learning
Ask Sell
2 stages of learning
Observe Experiment
Does anyone
care at all?
Do we understand
the industry?
Does anyone
care at all?
Do we understand
the industry?
Will any pay for it?
Are we building the
right product?
2 stages of learning
Learn Confirm
What can spies teach us about Customer Development?
2 stages of learning
Collect Analyse
2 stages of learning
Learn Confirm
Where is the love?
Course-correction
“I wish I knew that sooner.”
Building with a heartbeat.
Build
Learn
Measure
Minimum ViableWhat is the minimum thing I need to build
to prove or disprove this?
Pick a learning goalWhat big make-or-break risks or idea is the one you want to nail down this week?
(Hint: use the Canvas or metrics to make sure it’s relevant.)
EXERCISE
Start with your learning goal.
Pick a learning goal.Pick a measurement.Draw your MVP on a blank sheet.
Build
Learn
Measure
PrinciplesIterationDo LessImprove the big pictureLearn, then confirmCourse-correction
Build
Learn
Measure
Make it your own.
Thanks!
Slicing off segmentsThey are real people (not attributes!)
It’s clear where to find them.You’ll walk away if they aren’t a good fit.
EXERCISE
Specific definitions allow for validation or invalidation.
And that speeds progress.
Take a look at the customers’ worldLooking at different aspects of their lives, we’ll examine our own beliefs about them, who they are – and if they really exist, how to frame our value in their context.
Product Market
Behaviour Customer
Jobs Obstacles Goals Current Solution
Customer Slicing
Decision Trigger
Interest Trigger
How deep do you go?They are real people (not attributes!)It’s clear where to find them.You’ll walk away if they aren’t a good fit.
EXERCISE
?
