lean startup essentials - march 2012
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Lean Startup Essentials
How to save time, money & headaches
Lukas Fittllukas@fittl.com
Slides licensed under CC-BY-NC-SA. Lean Startup is trademarked by Eric Ries.Business Model Canvas is created by Alex Osterwalder and licensed under CC-BY-SA.
Lean Startup Essentials
Lean Startup Essentials
About Me
• Entrepreneur(Efficient Cloud, Soup.io)
• Member of Spark59(Lean Canvas, Running Lean)
• http://founderswiki.com/
Lean Startup Essentials
Focus
• #1 - Presenting to Investors & Press
• #2 - Make Something People Want
Lean Startup Essentials
Based on the work by these folks
& many others
Lean Startup Essentials
WOW!It works!
Why am Idoing this?
Its gonnabe awesome!
o o o oo o
Lean Startup Essentials
Why am Idoing this?
o o
Lean Startup Essentials
WOW!It works!
o o
Product/Market Fit
Why am Idoing this?
o o
Lean Startup Essentials
How can wehack growth?
Lean Startup Essentials
How can we reach Product/Market
Fit?
Startup: Temporary organization used to
search for a repeatable and scalable business model.
As defined by Steve Blank.
Lean Startup Essentials
Lean Startup Essentials
We need toexperiment
& learn.
Not execute blindly.
Lean Startup Essentials
1. ?
2. ?
3. Growth!
Lean Startup Essentials
1. ?
2. Run Experiments
3. Growth!
Lean Startup Essentials
1. Understand your Business Model
2. Run Experiments
3. Growth!
Understand Your Business Model
#1: The Lean CanvasLean Startup Essentials
The Business Model Canvas
#1: The Lean CanvasLean Startup Essentials
Alex Osterwalder - Business Model Generationhttp://businessmodelgeneration.com
The Lean CanvasBM Canvas adjusted for early-stage
#1: The Lean CanvasLean Startup Essentials
Ash Maurya - Running Leanhttp://book.runningleanhq.com
#1: The Lean CanvasLean Startup Essentials
Problem
Top 3 problems
Solution
Top 3 features
Unique Value Proposition
Single, clear, compelling message that states why you are different and worth buying
Unique Value Proposition
Single, clear, compelling message that states why you are different and worth buying
Unfair Advantage
Can’t be easily copied or bought
Customer Segments
Target customers
Problem
Top 3 problems
Key Metrics
Key activities you measure
Unique Value Proposition
Single, clear, compelling message that states why you are different and worth buying
Unique Value Proposition
Single, clear, compelling message that states why you are different and worth buying Channels
Path to customers
Customer Segments
Target customers
Cost Structure
Customer Acquisition CostsDistribution CostsHostingPeople, etc.
Cost Structure
Customer Acquisition CostsDistribution CostsHostingPeople, etc.
Cost Structure
Customer Acquisition CostsDistribution CostsHostingPeople, etc.
Revenue Streams
Revenue ModelLife Time ValueRevenue Gross Margin
Revenue Streams
Revenue ModelLife Time ValueRevenue Gross Margin
Revenue Streams
Revenue ModelLife Time ValueRevenue Gross Margin
Customer Segments
• Persona of yourprototypical (early) customer
• Narrow group of people that buy/use your product
• Marketing is easier if you have a narrow customer segment
#1: The Lean CanvasLean Startup Essentials
Key Partners Key Activities Value PropositionValue Proposition
CustomerRelationships
Customer Segments
Key Partners
Key Resources
Value PropositionValue Proposition
Channels
Customer Segments
Cost StructureCost StructureCost Structure Revenue StreamsRevenue StreamsRevenue Streams
Problem
• What is the use case?
• What are the problems the customer is trying to solve?
• These might be things they’ve already started building in house, because there is an active need
#1: The Lean CanvasLean Startup Essentials
Problem Key Activities Value PropositionValue Proposition
CustomerRelationships
Customer Segments
Problem
Key Resources
Value PropositionValue Proposition
Channels
Customer Segments
Cost StructureCost StructureCost Structure Revenue StreamsRevenue StreamsRevenue Streams
Value Proposition
• Single, clear, compelling message that turns an unaware visitor into an interested prospect
• Your elevator pitch
• What you put on yourlanding page
#1: The Lean CanvasLean Startup Essentials
Key Partners Key Activities Value PropositionValue Proposition
CustomerRelationships
Customer Segments
Key Partners
Key Resources
Value PropositionValue Proposition
Channels
Customer Segments
Cost StructureCost StructureCost Structure Revenue StreamsRevenue StreamsRevenue Streams
Solution
• Whats the Minimum viable product (MVP) ?
• Minimal set of functionality to solve each problem of the customer
#1: The Lean CanvasLean Startup Essentials
Key Partners Key Activities Value PropositionValue Proposition
CustomerRelationships
Customer Segments
Key Partners
Key Resources
Value PropositionValue Proposition
Channels
Customer Segments
Cost StructureCost StructureCost Structure Revenue StreamsRevenue StreamsRevenue Streams
Channels
• How does the customer learn about your product?
• B2B and B2C vastly different!
• SEM, SEO, Friend Invites, Social Media, Direct Sales, Tradeshows, PR, Content Marketing, etc.
#1: The Lean CanvasLean Startup Essentials
Key Partners Key Activities Value PropositionValue Proposition
CustomerRelationships
Customer Segments
Key Partners
Key Resources
Value PropositionValue Proposition
Channels
Customer Segments
Cost StructureCost StructureCost Structure Revenue StreamsRevenue StreamsRevenue Streams
Revenue Streams
• How much is the problem worth to the customer?
• Not how much it costs you to implement the solution
• Avoid Free and FreemiumIts just a marketing tactic!
#1: The Lean CanvasLean Startup Essentials
Key Partners Key Activities Value PropositionValue Proposition
CustomerRelationships
Customer Segments
Key Partners
Key Resources
Value PropositionValue Proposition
Channels
Customer Segments
Cost StructureCost StructureCost Structure Revenue StreamsRevenue StreamsRevenue Streams
This document is aliveand easy to update
(not like your rusty old business plan)
#1: The Lean CanvasLean Startup Essentials
Lean Startup Essentials
Run Experiments
#2: Run Experiments
Lean Startup Essentials
Build-Measure-Learn
#2: Run Experiments
Lean Startup Essentials
Launch=
First iteration
#2: Run Experiments
Lean Startup Essentials
Speed of iterationbeats
Quality of iteration
#2: Run Experiments
Lean Startup Essentials
How can youexperiment faster?
#2: Run Experiments
Lean Startup Essentials
Instead of“Will it work?”
ask“Do customers care?”
#2: Run Experiments
Customer Interviews
30 min in-person withyour prototypical customer
People like talking about their field - explore their worldview.
Lean Startup Essentials #2: Run Experiments
How to conduct an interview
Lean Startup Essentials
DO NOT sell them your solution
1. Set context & tell your story2. Tell your problem hypothesis 3. Listen to their worldview4. Ask for follow up / references
#2: Run Experiments
Online Market Tests:
Google AdwordsFake Landing Page with
“Signup to be notified when we launch”“Can we call you to ask a couple of Qs?”
Lean Startup Essentials #2: Run Experiments
Lean Startup Essentials
MVP: MinimumViable Product
#2: Run Experiments
Lean Startup Essentials
Example:Idealab’s CarsDirect
#2: Run Experiments
Back in ’98
Lean Startup Essentials
Example:mjam.at
#2: Run Experiments
Lean Startup Essentials
Ignore at your own risk.
Why am Idoing this?
o o
Lean Startup Essentials
Thanks!
Lukas Fittllukas@fittl.com
Slides licensed under CC-BY-NC-SA. Lean Startup is trademarked by Eric Ries.Business Model Canvas is created by Alex Osterwalder and licensed under CC-BY-SA.
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