lean ideainstitute; 3 tools for getting started with lean startup

1

© LearningHacks 2014

Are you ready?

2

© LearningHacks 2014

Getting LeanEssential Tools for Running a Lean Startup

Lean 2 Win3 to Make Your Startup a Huge Success

Which session do you want?

3

© LearningHacks 2014

What do you want from today?

To learn everything

you need to launch a

wildly successful venture.

or

To learn: • What the business

model canvas is• Why the canvas is

important to me• What the scientific

method is• How to think like a

scientist• How to think about

customers• What I can learn from

customers

4

© LearningHacks 2014

Who ( ) says I am

J. Anthony MiguezFounderAdvisor

EIRHead of Strategy

Talent Management Solution ArchitectGeneral PartnerLimited Partner

Blogger

5

© LearningHacks 2014

Who (I think) I Am

6

© LearningHacks 2014

Question #1

Q: What is a startup?

7

© LearningHacks 2014

Question #1

Q: What is a startup?A: Enterprise where…

“unknowns” > “knowns”

8

© LearningHacks 2014

Question #2

Q: What is a startup’s scarcest resource?

9

© LearningHacks 2014

Question #2

Q: What is a startup’s scarcest resource?A: Time

10

© LearningHacks 2014

Question #3

Q: What is “lean”?

11

© LearningHacks 2014

Question #3

Q: What is “lean”?A: Resource efficient approach

to turning “unknowns” into “knowns”

12

© LearningHacks 2014

Lean Startup

13

© LearningHacks 2014

Three Tools

CUSTOMERDISCOVERY

CUSTOMERVALIDATION

SEARCH

14

© LearningHacks 2014

Business Model Canvas

I BMC

15

© LearningHacks 2014

Why The BMC?

• Flexible• Focusing• Visual language• Common language• System• Stakeholder alignment

16

© LearningHacks 2014

BMC OverviewKe

y Pa

rtne

rs

Customer Segm

entsValue

Proposition

Cost Structure Revenue Streams

KeyActivities

KeyResources

CustomerRelationship

Channels

17

© LearningHacks 2014

OperationsKe

y Pa

rtne

rs

Customer Segm

entsValue

Proposition

Cost Structure Revenue Streams

KeyActivities

KeyResources

CustomerRelationship

Channels

18

© LearningHacks 2014

FinanceKe

y Pa

rtne

rs

Customer Segm

entsValue

Proposition

Cost Structure Revenue Streams

KeyActivities

KeyResources

CustomerRelationship

Channels

19

© LearningHacks 2014

Product/Market FitKe

y Pa

rtne

rs

Customer Segm

entsValue

Proposition

Cost Structure Revenue Streams

KeyActivities

KeyResources

CustomerRelationship

Channels

20

© LearningHacks 2014

The Evolving BMC

Checklist

Story

Pattern

21

© LearningHacks 2014

Canvas Stories

Why stories matter:• They engage• They provide context• They build relationships• They illustrate success and failure• They allow for reflection• They slow things down• They show the how and whys• They show multiple perspectives• They help us unlearn• They spread!

Borrowed and bastardized from Craig Wortmann’s awesome book, “What’s Your Story”

22

© LearningHacks 2014

Canvas Stories

[company name] [value proposition] to/for [customer segment].

We deliver our value via [channels] by [key activities/resources/partners].

Through our [customer relationship] we are sustainable because

our [revenue streams] exceed our [cost structure].

23

© LearningHacks 2014

Canvas Stories

What does your canvas say?

24

© LearningHacks 2014

Business Model CanvasKe

y Pa

rtne

rs

Customer

Segments

ValueProposition

Cost Structure Revenue Streams

KeyActivities

KeyResources

CustomerRelationship

Channels

Q: So you have done all this work on your BMC and what do you have?

25

© LearningHacks 2014

Business Model CanvasKe

y Pa

rtne

rs

Customer

Segments

ValueProposition

Cost Structure Revenue Streams

KeyActivities

KeyResources

CustomerRelationship

Channels

A: A great set of guesses!

? ?? ? ??

?? ?

26

© LearningHacks 2014

Scientific Thinking

When you assume you…

27

© LearningHacks 2014

Scientific Thinking

PIVOT?

28

© LearningHacks 2014

Experiment Design

Successful Experiment Design Defines:• Assumptions (problem not feature focused)

• Riskiest assumption

• Learning objectives

• Measurement plan

• Minimal Viable Product (MVP)

• Minimum Success Criteria

29

© LearningHacks 2014

Experiment Design

Types of experiments:• Interviews

• Concierge service

• “Wizard of Oz”

• Landing page

30

© LearningHacks 2014

Scientific Thinking

So what are you going to test?

1. Describe your assumption2. Define your experiment3. State your hypothesis

31

© LearningHacks 2014

Customer Development

CUSTOMERDISCOVERY

CUSTOMERVALIDATION

SEARCH

CUSTOMER CREATION

CUSTOMERBUILDING

EXECUTE

32

© LearningHacks 2014

Customer Development

CUSTOMERDISCOVERY

CUSTOMERVALIDATION

SEARCH

Customer Discovery answers:• Who your customer

segments are• What they value in your

product/service

Customer Validation answers:• Can the business scale• Is there a repeatable and

scalable sales model• Is the sales funnel

predictable

33

© LearningHacks 2014

Customer Development

CUSTOMERDISCOVERY

Think and Feel• Major preoccupations• Worries and aspirationSee• Environment• Friends• What else in the marketSay and Do• Attitude in public• Appearance• Behavior towards others

Hear• Friends say• Influencers• Boss/familyPain• Fear• Frustration• ObstaclesGain• Wants/needs• Measures of success

Customer Definition

34

© LearningHacks 2014

Customer Development

35

© LearningHacks 2014

Customer Development

Describe your proto-typical “early-adopter” customer to your

neighbor.

36

© LearningHacks 2014

Thank You

All resources can be found here

http://bit.ly/1qsCF78

I can be found here@janthonymez