lean startup lab report
DESCRIPTION
an overview of startup-resource.com, a product of feb 2011 lean startup machine weekend in bostonTRANSCRIPT
Wholesale Startup Resource Dealer
Startup-Resource.com
Lean Startup Lab Report
Startup-Resource.comWe are a startup resource aggregator and buy startup
resources in bulk so you don’t have to.
Tap into our vast network now for a fixed monthly fee and use our resources as your specific needs arise.
Resources Include:• Legal counsel• Accounting• Lead generation• Office space
• Launch parties• Expert introductions• Distribution networks• Marketing services
Email us at [email protected]
The 2.5 Day Evolution of Startup-Resource.com
1) Online startup resource exchange
2) Resource Provider for Post-Incubator Companies
3) Wholesale Startup Resource Dealer
Online Startup Resource ExchangeAssumption set #1
Startups want to help each otherEvery startup has a scarce resource and a
willingness to barter for itVarious entities maintain a vested interest in the
success in of a startup The value of a startup’s resources varies over
time
Online Startup Resource Exchange Results #1
Startups do want to help each other but absent of an incubator context, our survey suggests resource sharing is not the status quo
Every startup does have a scarce resource, but, it’s difficult to identify an abundant resource to offer in exchange
Startups’ find it difficult to plan for specific future resource needs
Online Startup Resource Exchange Rationalizing Pivot #1
We couldn’t find an MVP to coordinate the exchange of resources between startups
There are things in a startup community you shouldn’t and can’t simply monetize – ie. to an extent, it is taboo to charge for grassroots startup support
But ultimately, NO MVP was the deciding factor in moving on to a new concept
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Resource Provider for Post-Incubator Companies
Assumption set #2Startups have resource constraints, but are still
willing to share the resources they have access to
There are service providers (e.g. brokers, temp office space) focusing on promising, young startups
It’s the value of a startup that fluctuates over time
Resource Provider for Post-Incubator CompaniesResults #2
Mapping the resources out would require that we speak to every startup face to face (given the low conversion rate of startups taking our survey online)
We ended up trying to make money by selling 2 minutes of our pitching time with our MVP (a one page summary of the audience, for the pitch time we were selling)
Solid MVP, but we were acting in desperation :D
Resource Provider for Post-Incubator Companies
Rationalizing Pivot #2Would not appeal to promising startups –
ie. in an efficient market, resources will find compelling ideas backed by strong entrepreneurs
We had 4 hours remaining and couldn’t justify selling out that early in the afternoon (by selling our pitch time to sponsors to recoup our LSM admittance fee)
Ultimately, we still had not found product-market fit
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Wholesale Startup Resource DealerAssumption set #3
The resource needs of startups are predictable, however, the timing of those needs is not
Service providers view startups as strong business leads
Service providers currently lack sufficient incentives to invest in establishing relationships with startups
Wholesale Startup Resource DealerResults #3
>$100 in revenue, four customers, two letters of intent and mailing list of >50 startups for future client development
Service providers have an appetite for working with startups though have not identified how to do it cost-effectively
We’ve developed a model so entrepreneurs can focus on building successful businesses, instead of suffering the pain of coordinating logistics
Making it Rain, During a Snowstorm
Total $140 USD
Michael,
As a start up in the notoriously unpredictable consulting industry, we are struggling with or growth plans. When would we find the time to hire back office support, rent an office in the city, or formally recruit? This service could help us increase our credibility while staying lean and flexible.
-Aziz
Thank YouWe would like to thank the organizers of LSM, all
of the participants who provided feedback throughout the weekend, and anyone subjected to the hard-sell antics employed to refine the Startup-Resource.com business model
Backup Data Landing page conversion rates Example landing page we used to test Assumption Set #2 Survey results
Landing pages
Resource Provider for Post-Incubator Companies
Landing Page to Test Assumption set #2<< www.startup-resource/promo >> 140 visitors 20 conversions 14% conversion rate
Question #1
Question #2
Questions #3-6