This document discusses lean metrics for startups. It begins by explaining that traditional accounting metrics are not helpful for evaluating entrepreneurs. It then discusses what makes a good metric according to lean startup principles - that metrics should be comparative, understandable, and change user behavior. The document provides examples of lean metrics used at the New York Times and outlines the stages of metrics from empathy to scale. It also discusses how to use metrics when fundraising and what investors look for like active users and revenue potential.
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Lean Workbench For Creating And Tracking Metrics That Matter
1. Lean Workbench
For creating and tracking metrics that matter
Chris Wiggins and Jennifer Rubinovitz
chris.wiggins@columbia.edu jrubinovitz@columbia.edu
2. "Standard accounting is not
helpful in evaluating
entrepreneurs."
- Eric Ries, "The Lean Startup"
(Random House, Inc. 2011)
12. What are “Lean” metrics?
So, what makes a good metric?
● a good metric is comparative
13. What are “Lean” metrics?
So, what makes a good metric?
● a good metric is comparative
● a good metric is understandable
14. What are “Lean” metrics?
So, what makes a good metric?
● a good metric is comparative
● a good metric is understandable
● a good metric changes the way you behave
20. What are “Lean” metrics?
Lean metrics are actionable:
They help you change your behavior by
enabling to choose a course of action in the lean
startup build-measure-learn feedback loop.
42. A Look at a VC’s Pipeline
● Meetings: Average venture firm has approximately 500
face-to-face meetings each year. Only 10 percent progress
from that stage.
http://venturebeat.com/2014/04/19/heres-a-look-inside-a-typical-vcs-pipeline-a-must-read-for-entrepreneurs
43. A Look at a VC’s Pipeline
● Meetings: Average venture firm has approximately 500 face-
to-face meetings each year. Only 10 percent progress from
that stage.
● Due Diligence: Do you have high rates of churn or burn? Is
your product and financial model sound?
http://venturebeat.com/2014/04/19/heres-a-look-inside-a-typical-vcs-pipeline-a-must-read-for-entrepreneurs
44. A Look at a VC’s Pipeline
● Meetings: Average venture firm has approximately 500 face-
to-face meetings each year. Only 10 percent progress from
that stage.
● Due Diligence: Do you have high rates of churn or burn? Is
your product and financial model sound?
● Investments: Mid-sized firms invest in ⅕ that make it past due
diligence. Customer acquisition and a “magnetic” CEO
matter.
http://venturebeat.com/2014/04/19/heres-a-look-inside-a-typical-vcs-pipeline-a-must-read-for-entrepreneurs
45. The Anatomy of a Seed
Round
seed round analysis by Brendan
Baker