S&f the lean startup methodology - co lab
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Transcript of S&f the lean startup methodology - co lab
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Rev. 1.1 EN Nov. 17, 2013
Startup Definition
Human institution organized to create new products and services,
under conditions of extreme uncertainty.
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Do you know about Lean Startup?
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OK you say you’re lean, now what?
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Startups Teams are like Sailboat Crews
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Can you practice Lean with a one person startup?
In principle yes.
But it’s very inefficient …
… and that isn’t the objective
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Eric Ries
Steve Blank
Alex Osterwalder
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Roots: Lean Manufacturing, JIT & TPS Manufacturing
Production Line – for startups how does it apply?
Predictable – for startups which have uncertainty?
Minimizes Defects – what to minimize in startups?
JIT – what to make just in time?
How can this be?
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Roots: Lean Manufacturing, JIT & TPS
For Startups, the reference to Lean
applies Asymptotically
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Fundamentals:
Validated learning Talk to customers
Identify patterns
Structured approach: Build Measure Learn Match product features with customer needs (value offered to)
Figure-out and establish an “engine” of growth, but with smarts
Fast-cycle testing and deployment
Innovation accounting progress metrics
milestones, prioritization, accountability
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Benefits:
Validated learning Engages all employees in the effort
Fosters to all results orientation
Structured approach: Build Measure Learn Repetitive, hence simple – in principle – to implement
Fosters flawless, faster execution
Fosters team building
Innovation accounting Fosters results orientation
Not ‘falling in love’ with innovation per se
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source: http://www.bigvisible.com/services/enterprise-lean-startup-coaching/
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Benefits:
Builds capital efficiency Brings pivot in sooner
less waste of time and money
capital efficiency: VC’s do care much about
Pivot: A structured course correction designed to test a
new fundamental hypothesis about the product, strategy, and “engine” of growth, leading toward growing a sustainable business
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Aim:
define and articulate
build the institution
Moto: Think Big . . Start Small Objectives:
Define the concierge Minimum Viable Product (MVP) Use the MVP to establish customer traction – Customer Development
Lean Thinking: Value + Growth Hypotheses 1 2
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Objective 1 Define the concierge Minimum Viable Product (MVP)
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Objective 1 Define the concierge Minimum Viable Product (MVP)
1. Clear your slate
2. Start with your #1 problem
3. Eliminate nice-to-haves and don’t needs
4. Repeat 3 for your #2 and #3 problems
5. Consider other customer feature requests
6. Charge from day-one, but collect on day-30
7. Focus on learning, not optimization
8. Gear towards continuous deployment to accelerate #7
9. Distinguish between “software releases” and “marketing releases”
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Aim:
define and articulate
build the institution
Moto: Think Big . . Start Small Objectives:
Define the concierge Minimum Viable Product (MVP)
Use the MVP to establish customer traction – Customer Development
Lean Thinking: Value + Growth Hypotheses 1 2
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Objective 2 Use the MVP to establish customer traction –
Customer Development
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Aim:
define and articulate
build the institution
Moto: Think Big . . Start Small Objectives:
Define the concierge Minimum Viable Product (MVP)
Use the MVP to establish customer traction – Customer Development
Lean Thinking: Value + Growth Hypotheses 1 2
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Lean Thinking 1
Value Hypotheses
?
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Lean Thinking 2
Growth Hypotheses
?
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http://leanstartupmachine.com/validationboard/
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source: http://businessmodelalchemist.com/blog/2011/
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time Use the canvas During the Envision phase to initially setup the business model.
Use heavily the canvas curing the Create phase to find the best business model. Teams work on the canvas all-hands and individually.
During the Scale phase startup teams use the canvas to concentrate and find the best way to pivot.
During Scale phase the canvas is used communicate the scale-up approach and to ensure all team-members are aligned.
1
2
3
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Source: Running Lean
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Innovation Sandbox:
Parallel process with product sales
Must be run/managed as important part of the business
Customer Development: (Steve Blank)
Parallel process with product development
Customer Creation comes after proof of sales and is when you “cross the chasm” (Geoffrey Moore)
source: http://steveblank.com/category/customer-development/
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Benefits for the entire Team:
• Deeper understanding of the business model
• Creativity / Design Thinking
• Quicker reflexes
Market Segments:
• Explore, quantify and test pivot options
• Expose software engineers to the business side of things
• Practice team speed for pivots
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Innovation Sandbox:
Parallel process with product sales
Must be run/managed as important part of the business
Customer Development: (Steve Blank)
Parallel process with product development
Customer Creation comes after proof of sales and is when you “cross the chasm” (Geoffrey Moore)
source: http://steveblank.com/category/customer-development/
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Pivoting helps generate Sales You have a product, you have some sales, even initial (e.g. Research Institution to Research Institution), how do you get more sales to real markets?
Sales bring Funding closer To get Funding (VC, Angel, private) you need real sales with good market traction, leading to reduced forecasting risk, that is reduced investment risk and up-side, that is ROI opportunities.
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source: http://blog.leanstartupcircle.com/get-paid-or-get-pivoting/
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Pivot Examples: Zoom in – refocusing the product on what previously had been
considered just one feature of a larger whole
Zoom out – expanding from one feature to a whole product
Customer segment – keeping the functionality of the product the same, but changing the audience focus
Customer need – changing the functionality of the product to address specific customer needs
Platform – changing from an application to a platform and vice versa e.g. customer payment change via credit card
Business architecture – changes relating with shifts in high margin, low volume, B2B, B2C approaches
Value capture – changes in the monetization or revenue model
Channel – changes relating with the sales & distribution channels
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Have you practiced this?
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For more information about this presentation please contact:
Dimitri Papaioannou
Email: [email protected]
Web: www.startupsandfounders.com
www.usmarketaccess.com
Thank You!
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Professional Experience: Entrepreneurship Consultant, Lean Startup Advisor and Team Mentor
(2005 – present)
CIVITAS-Ketchum, General Manager, EVP Business Development (2002 – 2005)
Over 20 years of experience in consulting, general management, operations, marketing & sales, information technology, research & development and venture capital
During his career Dimitrios worked with: Osprey Ventures (Silicon Valley), PRTM (Silicon Valley), Fairchild Semiconductor (Portland, ME), SAP (Athens, Greece) and Philips Electronics (Eindhoven, The Netherlands)
Principal inventor of 17 patents in medical optical imaging and 1 in Location Based Services
Education: Cornell University, M.B.A. in Marketing
University of Virginia, Ph.D. in Physics
University of Crete, Bachelor in Physics