why a lean startup challenge?
DESCRIPTION
Why a Lean Startup Challenge? We want to help more startups succeed and avoid wasting time.TRANSCRIPT
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1Customer Development in the High-Tech Enterprise September 2008
MostStartups Fail from a Lack of customers
not Product Development Failure
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@LSChallenge
My Lean Story
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My Awesome Idea
The idea was simply to build a platform to let people trade their physical assets like their financial assets.
It involved building a large catalog, and letting people buy and sell their stuff like stocks
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Product Wiki
User Portfolio
Automated Shipping
Scanned Item
Works like Netflix – seal and ship
Exhibit A
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What I did first…
Of course… I went ahead and built it. It was groundbreaking.
• I found two co-founders
• Hired programmers
• Built it quietly
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After 12 months
• Product was live!
• No CUSTOMERS….
• Found a competitor doing the exact same thing
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• 14 Months In Development
What I learned…
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• 14 months in development
• Lots of money invested
What I learned…
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• 14 months in development
• Lots of money invested
• No Customers
What I learned…
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• 14 months in development
• Lots of money invested
• No Customers
• Identical Competitor – that just Raised $5.3m from DFJ
What I learned…
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• 14 months in development
• Lots of money invested
• No Customers
• Identical Competitor – that just Raised $5.3m from DFJ
DISASTER!!!
What I learned…
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@LSChallenge
How Did This Happen?!
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We didn’t iterate. We built.
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We didn’t iterate. We built. We didn’t do CustDev. We Assumed
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We didn’t iterate. We built. We didn’t do CustDev. We Assumed
We didn’t have a strategy when assumptions changed
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We didn’t iterate. We built. We didn’t do CustDev. We Assumed
We didn’t have a strategy when assumptions changed
We did it all in secret
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Learn to build something people want
1 2 3 4LaunchWeekend
AwardsCeremony
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• 4 week Lean Startup Competition• Experiment and iterate on your model each week• Receive feedback from mentors • Learn from awesome speakers• Get a chance to win up to $20,000 in cash and prizes
1 2 3 4LaunchWeekend
AwardsCeremony