20121122 lean startup sydney - introduction to customer discovery and lean startup basics
Post on 09-May-2015
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Brief Introduction to
Customer Development Model / Lean Startup
Humphrey Laubscher
@HumphreyPL
humphreypl@gmail.com
Why are we here? Entrepreneur 21 years , 8 Tech Companies including a workstation, semiconductor, 3d graphics, supercomputer, military intelligence systems supplier, and a video games company. Lecturer U.C. Berkeley, Stanford University, Columbia University, Caltech and the Joint Berkeley/Columbia Executive MBA program
Steven Blank steveblank.com
And more than likely…
Student Steven Blank Stanford Entrepreneurship Class Entrepreneur CTO IMVU – 3D Virtual World Founder Startup Lesson Learned Conference Founder of Lean Startup Author of The Lean Startup
Eric Reis Startuplessonslearned.com
And less likely…
Entrepreneur Founder and CEO – Spark 59 – Startup Software Founder and CEO – WiredReach – File and Media Sharing First Speaker at Startup Lesson Learned Conference Author of Running Lean
Ash Maurya ashmaurya.com
So where to start..
24 Months - $800 Million $5 Billion
What wrong with this picture?
• Where are the customers?
• Focus on First Customer Ship Date
• Emphasis on Execution instead of Learning and Discovery
• Lack of meaningful metrics
• Premature scaling
Greatest Risk for a Startup
• Is not in the development of the new product but in the development of the its customers and markets.
• Startups don’t fail because they lack a product; they fail because they lack customer and a proven financial model.
- Steven Blank
SEARCH EXECUTION The Search for a Business Model
Customer Development Manifesto
• THERE ARE NO FACTS INSIDE YOUR BUILDING, SO GET OUTSIDE
• PAIR CUSTOMER DEVELOPMENT WITH AGILE DEVELOPMENT
• FAILURE IS AN INTEGRAL PART OF THE SEARCH • MAKE CONTINUOUS ITERATION AND PIVOTS • NO BUSINESS PLAN SURVIVES FIRST CONTACT WITH
CUSTOMER SO USE A BUSINESS MODEL CANVAS • DESIGN EXPERIMENTS AND TEST TO VALIDATE YOUR
HYPOTHESIS
Customer Development Experiments
Hypothesis
Design Experiment
Test
Insight
How to get Started with Customer Discovery?
Customer Discovery
Customer Validation
Customer Creation
Lets Focus on Customer Discovery
Example Problem and Exercise:
• Problem:
– Families face difficulties in maintaining the health and nutrition they need in the foods they eat.
• Task: Start with What Matters
– 3 Top Problems
– 3 Top Solutions
– Target Market
Exercise continued..
• Task: Tackle the riskiest part
– Unfair Advantage
– Channels
– Revenue Stream
Time to Test your Hypothesis through Interviews
• Customer Segments: Who has the pain?
– How to identify early-adopters?
• Problem: What are you solving?
– How do customers rank the top 3 problems?
– What is their pain level: must-have, nice-to-have, don’t-need?
– How do customers solve these problems today?
Interview Script
Example Problem and Exercise:
• Write out a list of interview questions using your Lean Canvas that allows you to:
– Confirm your Target Market
– Helps you confirm and rate your problems in order of importance by the customers from #1 to #3
– Rate your solutions in order of important by asking if they are “Nice to Haves” or “Must Haves”
– Also ask the magic wand question.
Track your Results
Time to Get out of the Building!
Problem Top 3 Problems:
Unique Value Propositions Single, clear, compelling message that states why you are different and worth buying
Customer Segments Target Customers
Unfair Advantage Can't be easily copied or bought.
Channels Path to Customers
Solution Top 3 Features:
Key Metrics Key Activities you measure
Cost Structure Customer Acquisition Costs Distribution Costs Hosting People
Revenue Streams Revenue Model Lifetime value Revenue Gross Margin
Business Model Generation: Date: / /
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