lean startup experiences

Lean Startup ExperiencesFrom Bootstrapping to Growth Hacking

Remo Uherek• 30 years• BA in Business (Uni Basel)• Entrepreneur for 10+ years• Founded Small-n-Tall GmbH in 2003

- Idea incubator• Founded Trigami AG in 2007, sold in 2011

- Social Media Marketing network• Meditation practitioner

What is a Startup?

„A human institution designed to create a new product or service under conditions of extreme

uncertainty“- Eric Ries, author of The Lean Startup

What is a Startup?

„...new product or service...“

Innovation! Not a restaurant.(nothing wrong with a restaurant...)

What is a Startup?

„... extreme uncertainty...“

Most startups fail. Yes it‘s painful. But that‘s the reality. Embrace it!

We need a new framework how we build and run Startups

New Startup Framework

• Not „Startups“ or „Products“

New Startup Framework

• Not „Startups“ or „Products“

„Experiments“ „See what sticks“

New Startup Framework

• Spend 1 year building your product

New Startup Framework

• Spend 1 year building your product

Talk to customers first Only build stuff you have

validated first

New Startup Framework

• Incorporate a company, find an accountant, ...

New Startup Framework

• Incorporate a company, find an accountant, ...

Don‘t „play“ business Find a real problem to solve Do admin stuff once you have a

real business (most often you don‘t...)

New Startup Framework

• Raise money from investors

New Startup Framework

• Raise money from investors

Bootstrap as long as you can Use pre-orders Use upfront-payments Use PayPal to ask for money (Use Crowdfunding) don‘t expect too much

ZenFriend Case Study

#1: Idea

• Meditation very important part of my life• Used Runkeeper successfully for my running

IDEA: I want a Runkeeper for my meditation!

#2: Market Opportunity

• There are several successful meditation apps with up to 1m of users

• I‘ve tested them all, nothing satisfied me

Market opportunity validated!

#3: Use Growth Hacking

• Use Growth Hacking and Guerilla Marketing to attract Early Adopters

• Build a quick „ghetto“ landingpage, e.g. using a $10 template (e.g. on wrapbootstrap.com)

• Use Mailchimp.com and Sumome.com to collect email addresses

#3: Use Growth Hacking

• Use Growth Hacking and Guerilla Marketing to attract Early Adopters

Within 2 months 900 people on waiting list

#3: Use Growth Hacking

• Use Growth Hacking and Guerilla Marketing to attract Early Adopters

Within 2 months 900 people on waiting list

#4: Outsource development

• Found great outsourcing partners from Russia by using Elance, Odesk, Freelancer.com

#4: Outsource development

• Found great outsourcing partners from Russia by using Elance, Odesk, Freelancer.com

Total costs = less than $10k from idea to finished product

#5: Use Growth Hacking

• Used our waiting list• My own list of friends• Reddit

#5: Use Growth Hacking

#5: Use Growth Hacking

• Used our waiting list• My own list of friends• Reddit

Almost 3000 downloads in first 30 days!

ZenFriend Case Study

• Total project costs so far: less than $15k• Idea in Jan 2014, launched in May 2014• Didn‘t incorporate new company: used old

Small-n-Tall GmbH umbrella(if you don‘t have one, just create an Association (“Verein“) for the

time being, it just takes 1 hour and doesn‘t cost anything)

• Used Growth Hacking and Guerilla Marketing• Tracking everything

ZenFriend Case Study

ZenFriend Case Study

• Note: Even with all these steps, success is never guaranteed!!

ZenFriend Case Study

• Note: Even with all these steps, success is never guaranteed!! NEVER!

ZenFriend Case Study

• Note: Even with all these steps, success is never guaranteed!! NEVER! NEVER!

ZenFriend Case Study

• Note: Even with all these steps, success is never guaranteed!! NEVER! NEVER! EVER!

ZenFriend Case Study

• Note: Even with all these steps, success is never guaranteed!! NEVER! NEVER! EVER!

• All you can do is create the best conditions possible. Everything else is out of your control.

• If ZenFriend fails? Yes that would hurt. Still: We‘ll create a new experiment.

• That‘s what entrepreneurs do. They create experiments. Until something sticks.

Personal Learnings

• Nothing more frustrating than a „living-dead“ product courage to „kill“ experiments

• Don‘t take funding unless you have reached product/market fit. Else you lose important flexibility as you „lock yourself in“.

• Keep experimenting, until you stumble upon something great, often happens by accident

• Keep costs low, bootstrap the heck out of it

How to learn more in 1 day than running the business for 6 months

https://www.youtube.com/watch?v=G8Rk0c3axtI

YouTube Eric Ries

https://www.youtube.com/watch?v=zGXAVw3vF9A

Thank you!Blog: remo.fm

Twitter: @remouherekSlides: slideshare.net/remouherek