lean startup - daily trading report

Daily Trading Report

Lean Startup(..ish) In Action => Matt Stone

Aim

•DailyTradingReport.com

•Lean Startup(..ish)

•It is not difficult

•It is unbelievably difficult

Agenda

•Lean Startup => Am I doing it right?

•Test idea

•Build Something

•How did it go?

•Refactor & ..

•Resources

Matt Stone

•Matt Stone - IT Background (10 years)

•Entrepreneur & CTO (10 years)

•DailyTradingReport.com

Lean Startup?

•Eric Ries / Steve Blank

•Fail early (conserve resources)

•Customer Development

•Minimal Viable Product => MVP

•Excellent resources - Blogs & YouTube

•No one has mortgage on knowledge

Am I Doing it Right?

Lean Startup

•Start with a vision & possible MVP

•Test => Talk to potential customers

•Refactor => Improve from learning

•Just do it! (stop procrastinating)

•Focus

• Customer Development

• MVP

•Pivot if / when necessary

I Can Haz Idea?

•Ideas are everywhere

•Yours most likely tried before

•Can you make a business?

•Can you execute?

• Customer Development => Find some

• MVP

•Rightyo.. lets find out!

Test Idea - how?

•Validate => Interviews & surveys

•Simple landing page

• Explain proposition & Call to Action

• Survey => Confirm / Disprove Assumptions

• Collect email address

•Find target market & drive traffic

•Are people interested?

•Starting to get difficult

Test Idea - How?•Interviews & Landing page

•Wordpress / HTML / Blog / Facebook

•Survey - Google Docs / Survey Monkey

•Drive Traffic

•Google Adwords / Adbrite

•Facebook / Twitter / Quora

•Blogs / Newsgroups / Popular sites

•Our network

•Mostly free

Measure

•Dave McClure - Pirate Metrics

•Acquisition

•Activation

•Retention

•Referral

•Revenue

DTR Test•Landing Page => Outline of MVP

• Wordpress blog & daily posts

• Simple form to collect emails

•Drive Traffic

• Syndicated blog

• RSS pings

• Twitter / StockTwits => Yahoo Finance & CNN Money

• Commented on popular industry blogs

• Built profile on SeekingAlpha.com

• $5 per day - Google Adwords

•Drive Traffic => Difficult

Results

•Not spectacular

•But enough to prove MVP for US

•Survey + feedback => Iterate on product

Build Something

•www.DailyTradingReport.com

•Analysis => Investment view

•Strategy => Applying Investment view

•Not finished nor polished

•Offered to small subset (< 300)

•Ruby on Rails => my skill set

Build Something

Build Something

Build Something

Results

•Almost 100% take up of offer

•Small user base (< 300)

•50% Daily user engagement

Learn => Pivot

•Get out of the building

•Competitive market

• Shouting to empty room?

•Consistent feedback

• Where do I start

• Am I doing the right thing?

• Lonely

• Plus others

Pivot

•Analysis => Investment View

•Strategy => Applying Investment View

•Squawkbox• Analyst & trader thoughts

• Interesting => not necessarily actioning

•Tradeflow• Trade discussions

•Social

User Engagement

User Engagement

User Engagement

User Engagement

Results

•Small user base (< 300)

•85%+ Typical daily user engagement

•Revenues => Validated model

Refactor & Repeat

•And again..

•Minimum Viable Product

•Customer Development

Measure

•Dave McClure - Pirate Metrics

•Acquisition

•Activation

•Retention

•Referral

•Revenue

Bonus Slide•Startup Teams

•You can do a lot yourself => Yes you can!

•Agreements now => not later

•Equity => Vesting

•What if.. (leaves, wants out, stops caring)

•What if.. (goes well / ok / bad)

•What if.. change agreement

•Keep momentum

Resources

• Eric Ries / Steve Blank => Lean Startup Blogs

• Lean Startup Circle Google group

• Pollenizer Boot Camp

• Silicon Beach / Open Coffee

• Book - 4 Steps to Epiphany => Steve Blanks

• Dave McClure - Pirate Metrics

• Techcrunch / ThisWeekInStartups

• Seriously => do you need any more?

There is no End