Data driven startups

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<ul><li><p>David Cancel - @dcancelhttp://davidcancel.com/</p><p>Data-Driven Startups</p><p>Lean Startup Circle BostonCambridge, MA, July 2010</p></li><li><p>David Cancel - @dcancel</p><p>In God we trust; all others must bring data. </p><p>- W. Edwards Deming</p></li><li><p>David Cancel - @dcancel</p><p>Who am I</p><p>Companies Advisor Investor</p></li><li><p>David Cancel - @dcancel</p><p>The Problem:98% of the people who visit your site, leave never to return.</p></li><li><p>David Cancel - @dcancel</p><p>The Problem:98% of the people who visit your site, leave never to return.</p></li><li><p>David Cancel - @dcancel</p><p>We love making something from nothing.</p><p>Yes, were hiring.</p></li><li><p>David Cancel - @dcancel</p><p>Talking, Reading and Dreaming are Worthless</p><p>Get it done.</p></li><li><p>David Cancel - @dcancel</p><p>#JFDI</p></li><li><p>David Cancel - @dcancel</p><p>#JFDIJust Fucking Do It.</p></li><li><p>David Cancel - @dcancel</p><p>#JFDIJust Fucking Do It.</p><p>Please.</p></li><li><p>David Cancel - @dcancel</p><p>Lean Startup? Customer Development? Who cares...</p></li><li><p>David Cancel - @dcancel</p><p>It can all be summarized into one sentence.</p></li><li><p>David Cancel - @dcancel</p><p>Does anyone give a shit about your dumb idea?</p></li><li><p>David Cancel - @dcancel</p><p>There are NO repeatable patterns for startup success. None. Stop looking for one.</p></li><li><p>David Cancel - @dcancel</p><p>Do I have your attention now. ;-)</p></li><li><p>David Cancel - @dcancel</p><p>Buy this book</p><p> This is the best startup book Ive ever read.</p><p> I personally own two copies.</p><p> Required reading for startup engineers.</p><p> You can find it on Lulu.com</p></li><li><p>David Cancel - @dcancel</p><p>And this one too.</p><p> This is more of a manual than a book.</p><p> Good for everyone on your team to read.</p><p> If people care about your product read this to learn how to determine if you can turn your hobby into a business.</p><p> You can find this on Amazon.</p></li><li><p>David Cancel - @dcancel</p><p>But remember that you will not find any secrets in those books. Stop looking for one. </p><p>Go solve a problem.</p></li><li><p>David Cancel - @dcancel</p><p>Ok enough ranting.</p></li><li><p>David Cancel - @dcancel</p><p>Time to talk data.</p></li><li><p>David Cancel - @dcancelhttp://www.flickr.com/photos/joao_trindade/4363149160/</p></li><li><p>David Cancel - @dcancel</p><p>Optimize your startup for learning by creating a data-driven framework.</p></li><li><p>David Cancel - @dcancel</p><p>Analytics &amp; A/B Testing are also not the answer.</p></li><li><p>David Cancel - @dcancel</p><p>Use quantitative &amp; qualitative data to test YOUR assumptions.</p></li><li><p>David Cancel - @dcancel</p><p>A/B Testing. Multivariate Testing. Huh?</p></li><li><p>David Cancel - @dcancel</p><p>Multivariate Testing is Useless.</p></li><li><p>David Cancel - @dcancel</p><p>You are way too small to matter.</p></li><li><p>David Cancel - @dcancel</p><p>The point of testing is to prove or disprove assumptions quickly.</p></li><li><p>David Cancel - @dcancel</p><p>Multivariate testing leads to a non-gratifying experience because it takes too long.</p></li><li><p>David Cancel - @dcancel</p><p>The vast majority of sites should only use A/B testing. This means you.</p></li><li><p>David Cancel - @dcancel</p><p>Shameless Plug: ABTests.com</p><p>Learn by example</p></li><li><p>David Cancel - @dcancel</p><p>Always Be Testing Just Dont be Stupid. </p></li><li><p>David Cancel - @dcancel</p><p>The Local Maxima Problem</p><p>Your Design</p><p>A Better Design</p><p>Optimized at Local Maxima</p><p>Current</p></li><li><p>David Cancel - @dcancel</p><p>The Local Maxima Problem</p><p>Your Design</p><p>A Better Design</p><p>Optimized at Local Maxima</p><p>Current</p><p>I stole this slide from Joshua Porter - @bokardo</p></li><li><p>David Cancel - @dcancel</p><p>Design is never done - Joshua Porter</p></li><li><p>David Cancel - @dcancel</p><p>Optimize your startup for learning not data.</p></li><li><p>David Cancel - @dcancel</p><p>The 3 Steps to Data-Driven Startup Enlightenment</p></li><li><p>David Cancel - @dcancel</p><p>Data-Driven Startup Checklist</p><p> Operating Dashboard</p><p> Conversion Funnel Analysis</p><p> Cohort Analysis</p></li><li><p>David Cancel - @dcancel</p><p>Skip the fancy shit and use Google Spreadsheet. Ghettofabulous.</p></li><li><p>David Cancel - @dcancel</p><p>Step 1: The Operating Dashboard.</p></li><li><p>David Cancel - @dcancel</p><p>A single place for your entire team to see where you suck the most. </p></li><li><p>David Cancel - @dcancel</p><p>Company-wide dashboard </p><p>Everyone! Including interns.</p><p>Fictional</p></li><li><p>David Cancel - @dcancel</p><p>Every initiative has to map to positive changes in these numbers.</p></li><li><p>David Cancel - @dcancel</p><p>Kill all features that dont improve your operating metrics.</p></li><li><p>David Cancel - @dcancel</p><p>Only move to the second step after youve mastered the Operating Dashboard.</p></li><li><p>David Cancel - @dcancel</p><p>Step 2: Conversion Funnels</p></li><li><p>David Cancel - @dcancel</p><p>Metrics are fun, but Funnels kick ass.</p></li><li><p>David Cancel - @dcancel</p><p>Fancy Forget pretty visualizations</p></li><li><p>David Cancel - @dcancel</p><p>Pretty Wasted time</p></li><li><p>David Cancel - @dcancel</p><p>Keep it ugly &amp; raw Do this tomorrow morning.</p></li><li><p>David Cancel - @dcancel</p><p>Monitor your funnel weekly to see how changes are impacting your business.</p></li><li><p>David Cancel - @dcancel</p><p>If you arent doing this you are implementing lots of useless features. </p></li><li><p>David Cancel - @dcancel</p><p>Checkout my friends at KissMetrics.com to capture your funnel level data.</p></li><li><p>David Cancel - @dcancel</p><p>Step 3: Cohort Analysis</p></li><li><p>David Cancel - @dcancel</p><p>This is the shot caller of all analyses. Respect.</p></li><li><p>David Cancel - @dcancel</p><p>Cohort Analysis by Fred Wilson (post)</p></li><li><p>David Cancel - @dcancel</p><p>Without a cohort analysis you are flying blind.</p></li><li><p>David Cancel - @dcancel</p><p>Is your churn going up or down? </p></li><li><p>David Cancel - @dcancel</p><p>You dont have a clue until youve done a cohort analysis.</p></li><li><p>David Cancel - @dcancel</p><p>Time for some more ranting.</p></li><li><p>David Cancel - @dcancel</p><p>Data Visualizations are a Waste of Time.</p></li><li><p>David Cancel - @dcancel</p><p>Dont use anything except for these 3 charts.</p></li><li><p>David Cancel - @dcancel</p><p>80%</p><p>Frequency</p></li><li><p>David Cancel - @dcancel</p><p>80%</p><p>15%</p><p>Frequency</p></li><li><p>David Cancel - @dcancel</p><p>80%</p><p>15%</p><p>5%</p><p>Frequency</p></li><li><p>David Cancel - @dcancel</p><p>Focus on your business. Not data.</p></li><li><p>David Cancel - @dcancel</p><p>This is usually when I get some data questions.</p></li><li><p>David Cancel - @dcancel</p><p>Things clueless people ask</p><p> What type of algorithms do you use?</p><p> What metrics should I use?</p><p> Anything related to a regression analysis.</p><p> Anything related to data visualization.</p></li><li><p>David Cancel - @dcancel</p><p>No one cares how smart you are except for your mom.</p></li><li><p>David Cancel - @dcancel</p><p>Only one thing matters.</p></li><li><p>David Cancel - @dcancel</p><p>Does anyone give a shit about your dumb idea?</p></li><li><p>David Cancel - @dcancel</p><p>Thank You!David Cancel - dcancel@dcancel.com</p></li></ul>