Habits not Hype: Startup Thinking 101
Transcript of Habits not Hype: Startup Thinking 101
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habitshypeNOT
Startup Thinking 101M.J. D’Elia : SLA : Boston
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introduction
@mjdeliaUniversity of Guelph
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HYPEthe
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the hype
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the hype
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Habitsthe
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five habits1. Focus on the problem2. Build, measure, learn3. Design for the few4. Monitor key metrics5. Articulate your value
the habits
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habit one
Focus on the
Problem
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focus on the problem
Understand the core challenge your customers are trying to solve - from their perspective.
focus on the problem
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questionsWhat are your customers trying to do?What frustrations are they experiencing?How do they solve the problem currently?How can you relieve some of their pain?
focus on the problem
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customer discoveryProcess for identifying a product that will solve a problem for a particular group of customers.
focus on the problem(Blank, 2012)
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exampleVirtual Learning Commons
Get out of the building
focus on the problem
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focus on the problem
Customer Profile Map
(Osterwalder & Pigneur, 2014)
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warningBe prepared to be humbled.
focus on the problem
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build measure
learn
habit two
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build, measure, learnIterate and improve your approach based on what you learn - from what you built.
build measure learn
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questionsWhat can you build to test your assumptions?How will you measure success/failure?How inexpensively can you test your concept?
build measure learn
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Minimum viable product
A product or service with just enough features that allow it to reach the market.
build measure learn(Ries, 2011)
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exampleResearch Help Desk DesignMake successive prototypes
build measure learn
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escalating market test
How can you test your idea for $5?…for $50?
…for $500?…for $5000?
build measure learn
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warningBe willing to accept imperfection.
build measure learn
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habit three
design for the
few
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design for the fewFocus development and promotion on one or two groups - choose groups who will benefit.
design for the few
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questionsWho stands to gain the most?Which groups are easiest to reach?Who are the most likely early adopters?What needs do they share?
design for the few
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segmentationBreaking down a larger market into smaller identifiable groups who share specific needs.
design for the few(Cooper & Vlaskovits, 2010)
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exampleData Analysis Workshop
Find early adopters
design for the few
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business model canvas
design for the few
KeyPartners
KeyActivities
ValueProposition
CustomerRelationships
Channels
CustomerSegments
Cost Revenue
KeyResources
(Osterwalder & Pigneur, 2010)
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warningBe prepared for pressure to increase scope.
design for the few
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monitor key
metrics
habit four
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monitor key metricsTrack data that measure the ongoing use of the product or service - monitor early and often.
monitor key metrics
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questionsWhich data are essential?How can you measure impact?What do the trends indicate? How will you respond?
monitor key metrics
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dashboardMap essential metrics in (near) real-time to track the core elements of the business.
monitor key metrics(Komisar & Mullins, 2009)
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exampleLibrary Course Guides
Decide and design with data
monitor key metrics
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monitor key metrics
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warningBe prepared to make mid-course corrections.
monitor key metrics
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habit five
articulate your value
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articulate your value
Communicate the benefits you generate for your customers - be clear and precise.
articulate your value
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questionsWhy would customers choose you?What is in it for your customers? What specific value do you offer?Which resources are required to deliver value?
articulate your value
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value propositionThe bundle of products and services that create value for a specific customer segment.
articulate your value(Osterwalder & Pigneur, 2010)
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exampleStartup Weekend: Library Edition
Be ready to pitch
articulate your value
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articulate your value
Customer VALUE Map
(Osterwalder & Pigneur, 2014)
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warningBe prepared to revise.
articulate your value
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hometake
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habit one
Focus on the
Problem
Get out of the building
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build measure
learn
habit two
make successive prototypes
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habit three
design for the
few
Find early adopters
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monitor key
metrics
habit four
decide with data
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habit five
articulate your
value
be ready to pitch
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take home(Osterwalder & Pigneur, 2010)
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take home(Osterwalder & Pigneur, 2010)
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take home(Ries, 2011)
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discussionM.J. D’Elia
University of Guelph@mjdelia
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thank youM.J. D’Elia
University of Guelph@mjdelia
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referencesBlank, S. (2014). Steve Blank [blog]. Retrieved from http://steveblank.com Blank, S. & Dorf, B. (2012). The Startup Owner’s Manual. Pescadero, CA: K&S RanchCooper, B. & Vlaskovits, P. (2010). The Entrepreneur’s Guide to Customer Development. Newport Beach, CA: Cooper-VlaskovitsKomisar, J. & Mullins, R. (2009). Getting to Plan B. Cambridge, MA: Harvard Business.MaRS. Entrepreneur’s Toolkit. Retrieved from http://www.marsdd.com/entrepreneurs-toolkit/ Mathews, B. (2012, April). Think like a Startup [white paper]. Retrieved from http://vtechworks.lib.vt.edu/handle/10919/18649 Osterwalder, A. & Pigneur, Y. (2010). Business Model Generation. Hoboken, NJ: WileyOsterwalder, A. & Pigneur, Y. (2014). Value Proposition Design. Hoboken, NJ: WileyRies, E. (2011). The Lean Startup. New York: Crown.
take home