redefining your big idea
DESCRIPTION
This is a talk for participants of the second #startathon in Singapore.TRANSCRIPT
Your Idea could be worth billions, but you won’t see
a cent of it.
The sad truth
Because…
• Branding • Marketing • Forming a team • Differentiation • Finding partnerships • Selling your product • Pricing Policies • IP protection • Design • Customer personas • User Experience • Global markets
• Investors • Pitch Decks • Government grants • Unique propositions • Taglines • Domain names • User stories • Picking features • Interfaces • Team ownership
• Technology • Product testing • Market segments • Firing staff • Team cohesion • Founder personality • Accounting • Innovating • Building
communities • LUCK
• Innovation is becoming increasingly rare and complex
Also…
• How does someone who has no idea how a digital camera works
• Take this picture
But…
So…
• You don’t need to know how it works
• Just how to use it
So…
• You don’t need to know how it works
• Just how to use it
• Or as a founder
• Why use it (Problem)
• Who will use it (Customer)
• How they will use it (Product)
Wait…
• How do I know what’s important?
• Business model canvas – Key partners – Key activities – Key resources – Value propositions – Customer relationships – Channels – Customer segments – Cost Structure – Revenue Streams
www.businessmodelgenera0on.com/canvas
Then…
• Focus on the most important
The basis of lean startups
• Learning which activities in a startup creates value
The basis of lean startups
Early focus was on ge#ng any individual to 7 friends in 10 days.
The basis of lean startups
Get users to 5-‐10 twi:er accounts in their first day on twi:er.
Workshop Exercise…
• I need 3 ideas to talk about…
– The problem – Who faces it – The product – The team’s background
The basis of lean startups
Validating the idea 1. Hit the streets 2. Use social media 3. Skype with experts/
potential customers 4. Setup a landing
page 5. Ask for referrals via
Testing the product 6. Concierge
approach 7. Product pitch 8. Using free/Creative
commons content 9. Concept demos 10. Produce a video
#1 Hit the streets
#2 Use social media
90k Retweets
#2 Use social media
Step 1: Follow someone on TwiCer
Step 2: Link to landing page in profile
Step 3: Collect email addresses
#3 Skype with experts
Source: hCp://blog.trak.io/39-‐ac0onable-‐growth-‐hacking-‐tac0cs-‐part-‐1-‐of-‐5/
#4 Setup a landing page
Dropbox Startup Lessons Learned
#5 Email referrals
Ash Maurya, Running Lean
Hey {Friend}, Hope all is well, I have a quick favor to ask. I’ve got a product idea that solves [problem] that I’m trying to validate.. I’d appreciate if you can send this message along to people you know who fit this target. (Feel free to change a bit if you like) -‐-‐-‐ Hello, we’re a [market] company working on a new service to solve [Problem]. I would like to get 30 mins of your 0me to help understand how you’re solving this now. I’m not selling anything just looking for feedback.
#6 Concierge Approach
#7 Product Pitch
Sell your product before it exists
#8 Using free content
#9 Concept demos
#9 Concept demos
#10 Produce a video
Thank you!
Here’s how you can get connected:
@RyanLou
And if you like, stay and we’ll work through your ideas.