A startup education prior to diving in

HOW WE HELP STARTUPS BEFORE THEY DIVE IN@khairurejal

EVERYBODY HAS A PLAN UNTIL THEY GET PUNCH IN THE FACE

MIKE TYSON

In a more robust and dynamic manner!

When big companies ignore smaller markets, startups disruptively creep in ... ... #ideasinc.sg

USD2.5B

USD8.5B

SME Businesses

people who need to

communicate globally

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skype.com

service management

payment provider

software

software developers

mass customization

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skype out

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“students”

advertisers

Free Search

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platform cost

Targeted Ads

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Customer feedback is integral to the lean startup, and ensures that the producer does not invest time designing features or services that consumers do not want.

Do you understand what your customer wants?

“Most startups fail due not to the failure of product development but due to

the lack of customers”

Ask yourself, does my product address any pain?

CUSTOMER DISCOVERY1

CUSTOMER CREATION3

COMPANY BUILDING4

CUSTOMER VALIDATION2

KNOW YOURCUSTOMER!

PIVOT

WATERFALL MODEL

requirement

design

implementation

verification

maintenance

CUSTOMER DISCOVERY1


PIVOT

VALIDATEDLEARNING

GET OUT OF THE BUILDING

But, what do you do whenyou get out of the building?

What was interesting with that video?

VALIDATION

CUSTOMER SEGMENT

VALUE PROPOSITION

HYPOTHESIZING

The different groups of people or organizations that you are reaching out

to or aim to serve.

The products and/or services that create value for the Customer.

CUSTOMER SEGMENT

VALUE PROPOSITION

HYPOTHESIZING

‣ Needs‣ Behaviour‣ Price sensitivity‣ Demographic

‣ Geo-Culture‣ Life-style‣ Profession‣ etc.

‣ Newness‣ Improved Performance‣ Greater Customization‣ Gett ing-the- job-done,

and better

‣ Greater Design‣ Brand/ Status‣ Price‣ Risk Reduction‣ Convenience

S O L U T I O N H Y P O T H E S I S

C U S T O M E R H Y P O T H E S I S1

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et quinta decima. Eodem modo typi, qui nunc nobis videntur parum clari, fiant sollemnes in futurum.

P R O B L E M H Y P O T H E S I S2





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ASKING THE RIGHT QUESTION

EXERCISE NOW

% +

VALIDATED or

INVALIDATED

EARLY ADOPTERS# 1 - do the customers actually have the problem#2 - if there was a solution, would they buy it?#3 - would they buy it from us?

Text

Fail fast to succeed sooner

SUCCEED SOONERFAIL FAST TO

CUSTOMER DISCOVERY1


PIVOT

VALIDATEDLEARNING

MINIMUM VIABLE PRODUCTMVP helps entrepreneurs start the process of learning as quickly as possible. MVP does not just merely answer product design or technical questions, but often as well test fundamental business hypothesis

Hi! What do you think of this?

MINIMUM VIABLE PRODUCTMVP helps entrepreneurs start the process of learning as quickly as possible. MVP does not just merely answer product design or technical questions, but often as well test fundamental business hypothesis

Wow! This is totaly what I have been looking for!

VALIDATION

I’ll pay you right now at half the cost that you would charge others when you launch!

Sure, here are my details and I would love to know more :)

Ok, I’ll “like” your Facebook page

NEEDWANT

Where have you been, I must have this!

That’s Really nice, but ...

VANITY METRICThe real data is retention and repeat usage!

Get ready to pivot!

ABOUT PIVOT1. Pivots are restatements of your business model, not

synonymous with change.2. Pivots are a consequence of learning about your

business, not just your product (i.e. the business is not sustainable!)

3. Step away and zoom out ...4. Pivot is part of founder’s visioning process, through

deep considerations leading to that decision.

Zoom-in pivot: What previously was considered a single feature in a product becomes the whole product. This highlights the value of “focus”.

Zoom-out pivot. In the reverse situation, sometimes a single feature is insufficient to support a customer set. In this type of pivot, what was considered the whole product becomes a single feature of a much larger product.

Customer segment pivot: Your product may attract real customers, but not the ones in the original vision. In other words, it solves a real problem, but needs to be positioned for a more appreciative segment, and optimized for that segment.

Customer need pivot. Early customer feedback indicates that the problem solved is not very important. This requires repositioning, or a completely new product, to find a problem worth solving.

A startup education prior to diving in

Business

Transcript of A startup education prior to diving in