FYI - there is video that shows these slides with the audio of my presenting this to UMass Lowell here (presentation starts about 10 minutes in): http://echoess.uml.edu:8080/ess/echo/presentation/c90d10f4-f507-41ae-9fa1-4ce63aa967a0

1. So You Want To Do a Startup?
Abby Fichtner
UMass Lowell New Venture Fellow
@HackerChick
http://HackerChick.com

2. @HackerChick
“Considering the incredible amount of human energy, passion,
and creativity that we invest in creating new products & services…
@EricRies

3. @HackerChick
… it’s a terrible waste that so many of them fail.”
@EricRies

4. @HackerChick
out of9
new products
fail
10

5. “Most start-ups fail not because the technology
doesn’t work, but because they’re making something
that there is not a real market for”
@EricRies@HackerChick

6. @HackerChick
Single Biggest Predictor of Failure?
300 startups surveyed (src: Don Sull, "The Upside of Turbulence”)

7. @HackerChick
Single Biggest Predictor of Failure?
300 startups surveyed (src: Don Sull, "The Upside of Turbulence”)
Sticking to Initial Business Plan

8. @HackerChick
Instead of building our startups according to myths
We can guide them with facts and knowledge
Promise of the Lean Startup
@EricRies

9. @HackerChick
Startups are NOT small versions
of large organizations

10. @HackerChick@HackerChick

11. @HackerChick
The unit of progress for entrepreneurs…
learning
execution
not

12. @HackerChick
validate
building
before

13. @HackerChick
Your Goal
VISION REALITY

14. @HackerChick

15. @HackerChick

16. @HackerChick Andrew Mason, CEO of Groupon (NY Tech Meetup)

17. @HackerChick
you‘re way too
dumb
Andrew Mason, CEO of Groupon (NY Tech Meetup)
to figure out whether your
good
idea is

18. @HackerChick

19. @HackerChick

20. @HackerChick

21. @HackerChick
Minimum Viable Product
(MVP)

22. @HackerChick

23. @HackerChick
COOL?

24. @HackerChick
Step #1a
problem
Find a
worth solving

25. @HackerChick
We had an idea for a new product.
We went off & built it, put it on our website.

26. @HackerChick
We had an idea for a new product.
We went off & built it, put it on our website.
Not a single person clicked thru to it

27. @HackerChick
We had an idea for a new product.
We went off & built it, put it on our website.
What did we learn from that?
Not a single person clicked thru to it

28. @HackerChick
We had an idea for a new product.
We went off & built it, put it on our website.
Was there a faster way to get
through that learning loop?
Not a single person clicked thru to it

29. @HackerChick

31. @HackerChick

32. @HackerChick

33. @HackerChick

34. @HackerChick

35. @HackerChick@HackerChick

36. @HackerChick@HackerChick

37. @HackerChick
75,000
signups overnight

38. @HackerChick
$10 MILLION

39. @HackerChick
69,000
backers

40. @HackerChick
Step #1b
customer
Know your

41. @HackerChick

42. @HackerChick
It’s just as important to develop your
customers as it is to develop your product
wikipedia

43. @HackerChick
Photo Sharing App
Recipe App
Facebook for
<happy people/smart kids/psychos/dogs/travel agents/astronauts…>
Group Travel Planning
Discover Local Events

44. @HackerChick
Photo Sharing App
Recipe App
Facebook for
<happy people/smart kids/psychos/dogs/travel agents/astronauts…>
Group Travel Planning
Discover Local Events
?!

45. @HackerChick
VC: “There are a million cloud storage startups!”
Drew: “Do you use any of them?”
VC: “No”
Drew: “…”

46. @HackerChick
Know where your
target audience
hangs out
& speak to them in an
authentic way
@drewhouston, Dropbox

47. @HackerChick

48. @HackerChick
10 100
>

49. @HackerChick

50. @HackerChick@HackerChick

51. @HackerChick
Brainstorm
Customer Problem
anyone who cooks can’t find recipes

52. @HackerChick
Brainstorm
Customer Problem
amateur gourmet chefs want to make fabulous food
for friends & family
anyone who cooks can’t find recipes

53. @HackerChick
Brainstorm
Customer Problem
amateur gourmet chefs want to make fabulous food
for friends & family
dieters need to lose weight
anyone who cooks can’t find recipes

54. @HackerChick
Brainstorm
Customer Problem
amateur gourmet chefs want to make fabulous food
for friends & family
dieters need to lose weight
anyone who cooks can’t find recipes
in college
^

55. @HackerChick@HackerChick

56. @HackerChick@HackerChick

57. @HackerChick@HackerChick

58. Xcelerate - @HackerChick

59. What is the problem?
Who has the problem? @SGBlank
Customer Discovery
@HackerChick

60. How important is the problem’s solution to the customer?
How valuable is the problem’s solution to the customer?@SGBlank
Customer Discovery
@HackerChick

61. @HackerChick
Step #2
solution
Find a
that resonates

62. @HackerChickBoston Startup School - @HackerChickXcelerate - @HackerChick
Concierge Service
(AKA Wizard of Oz)

63. Xcelerate - @HackerChick

64. @HackerChickXcelerate - @HackerChick

65. @HackerChick
Step #3…n-1

66. @HackerChick
Customer Validation

67. @HackerChick
Step #n
launch!
when you have a
quantum of utility
@paulg, Y Combinator

68. @HackerChick
Learn More
Steve Blank
@sgblank
http://steveblank.com/
Eric Ries
@EricRies
http://startuplessonslearned.com/
Ash Maurya
@ashmaurya
http://ashmaurya.com/
Abby Fichtner
@HackerChick
http://HackerChick.com