Intro to Lean
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Transcript of Intro to Lean
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INTRO to LEAN
INTRO LEANto
Lean Startup Methodology and what it means
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INTRO to LEAN
Meet Joe…• 4 time founder / CEO• Raised $20 Million +• Lean Startup user• Lean Startup Teacher (40+ companies)• Opinionated Guy…
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INTRO to LEAN
What is Lean Startup…
…and why should we care?
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INTRO to LEAN
We Fail!
95% 5%
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INTRO to LEAN
Mostly because the Product / Business Model misses
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INTRO to LEAN
Help is on the Way !
60% in 8
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INTRO to LEAN
Help is on the Way !
60% in 8
the next phase …
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INTRO to LEAN
Part 2Lean Startup in 19 Minutes
“The Lean Startup” is a trademark and service mark owned by Eric Ries
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INTRO to LEAN
History• Young but growing quickly• Customer development – Steve Blank• “ 4 Steps to the Epiphany ”• Integrated with Lean Startup (2009)• Rapid adoption
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INTRO to LEAN
• Popular on the West Coast• Hot and growing on the East Coast• Enclaves in all major cities (Boston, Chicago, South Fla,
Raleigh-Durham, etc.)• Seeing Mainstream Press (New York Times, WSJ)• Popular – NYC Lean Startup sells out in hours
Spreading
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INTRO to LEAN
• Not necessarily something new• Experienced serial entrepreneurs “know but had to learn the
hard way”• Methodology and framework everyone can follow
Perspective
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INTRO to LEAN
Hypotheses
Validate – Customer Development / testing / MVP
Pivot
Product-Market fit
Scale
Process
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INTRO to LEAN
• Key assumptions needed for your business to succeed
• Every facet: customer, product, market, financials
Hypotheses
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INTRO to LEAN
Example: Hypotheses
1. People love to play the game Scene it
2. People will play a similar game on Facebook but using advertising clips instead of movie scenes (with prizes)
3. People will share game content on Facebook (walls), leading to more players.
4. Advertisers will pay a high CPM for a “guaranteed engaged” audience
(from SourcePad client Talamu)
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INTRO to LEAN
Example: Hypotheses
1. People love to play the game Scene it
2. People will play a similar game on Facebook but using advertising clips instead of movie scenes (with prizes)
3. People will share game content on Facebook (walls), leading to more players.
4. Advertisers will pay a high CPM for a “guaranteed engaged” audience
(from SourcePad client Talamu)
✔Yes
✔75% sure??? not sure
??? 50%
sure
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INTRO to LEAN
Validate• “Get out of the building” – Steve
Blank • Customer interviews• Walkthroughs of wireframes• Landing page tests
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INTRO to LEAN
Example: Validation
Process
• Find people through networking, Craigslist, Starbucks (if needed, pay them with gift cards)
• Ask them about their life/work/problems
• Tell them or Show them your solution (or 2 solutions, one of them yours)
• Keep count
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INTRO to LEAN
MVP• Minimum Viable Product• Minimum you need to test validity• Some include Wireframes, Landing
Pages, Simulations along with working products
• Iterate (Agile) from there
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INTRO to LEAN
OR
Example: MVP
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INTRO to LEAN
Pivot• Changing your direction• Classic: changing your business
model• Significant changes• New hypotheses
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INTRO to LEAN
Company First try Pivot Success
Paypal Palm Pilot payments All payments $1.5 billion(ebay)
YouTube Dating Site(Tune In Hook Up)
YouTube $1.6 billion(Google)
Starbucks Coffee beans / espresso makers
Cafes $24 billion (Nasdaq)
Example: Pivots
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INTRO to LEANExample 2 : SourcePad - before
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INTRO to LEANExample 2 : SourcePad - after
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INTRO to LEAN
Product Market Fit• When• Metrics (Viral Co-efficient,
Revenue, Conversion, CPM/CPC)
• Ready to scale
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INTRO to LEAN
Morning Stats Test: More people today than yesterday (significant %)
Sean Ellis test: 40% of users “very disappointed” w/o your product
Financial Test: Revs up & made a profit can fund growth indefinitely
You just know it (and others start to as well)
Example: Product-Market Fit
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INTRO to LEAN
Hypotheses
Validate – Customer Development / testing / MVP
Pivot
Product-Market fit
Scale
Process (review)
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INTRO to LEAN
Summary
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INTRO to LEAN
We have the tool-kit
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INTRO to LEAN
Let’s use it …
95% 5%
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INTRO to LEAN
to change the odds.
95% 5%
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INTRO to LEAN
Questions & ContactJoe ChinFounder & CEO, SourcePadweb + facebook + iPhone + RoR + php + .net
Skype: jchin_SP