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HOW TO IDENTIFY A
  LEAN STARTUP



        ASH MAURYA
            @ashmaurya
    http://www.ashmaurya.com
The sad statistics of Plan A
58
     new product ideas to get
     one successful product.
9/10
       startups fail.
66%
      change their original plans
      drastically.
Not better Plan A.
But a path to a plan that works.
Lean Startup is a rigorous process for
iterating from Plan A to a plan that works.
Agenda




  1. What is a Lean Startup?
  2. What does a Lean Startup look like?
  3. How you can use Lean to define and measure progress
Agenda




  1. What is a Lean Startup?
  2. What does a Lean Startup look like?
  3. How you can use Lean to define and measure progress
Don’t let me be misunderstood




  We’re Lean because:
   - we got a great deal on our furniture!
   - we surveyed all our customers and found that…
   - we’ve implemented continuous deployment!
Don’t let me be misunderstood




  We’re Lean because:
   - we got a great deal on our furniture!
   - we surveyed all our customers and found that…
   - we’ve implemented continuous deployment!
Don’t let me be misunderstood




  We’re Lean because:
   - we got a great deal on our furniture!
   - we surveyed all our customers and found that…
   - we’ve implemented continuous deployment!
Don’t let me be misunderstood




  We’re Lean because:
   - we got a great deal on our furniture!
   - we surveyed all our customers and found that…
   - we’ve implemented continuous deployment!
So, what then is a Lean Startup?
A Lean Startup is about speed




   Startups that succeed are those that manage to iterate
       enough times before running out of resources.
                                               - Eric Ries
A Lean Startup is about validated learning




           Get out of the building.
                           - Steve Blank
A Lean Startup is about focus




           Right Action, Right Time
                        - Bijoy Goswami
Agenda




  1. What is a Lean Startup?
  2. What does a Lean Startup look like?
  3. How you can use Lean to define and measure progress
Create a business model versus a business plan




         Business Model vs Business Plan
Create a business model versus a business plan




         Business Model vs Business Plan


                       A document investors make you write
                              that they don’t read
Create a business model versus a business plan




            Business Model vs Business Plan


   A single diagram of your business
Start with worksheets


   1. WHAT: Problem
   What is the problem you are trying to solve?

   2. WHO: Customer
   Who has the problem?

   3. HOW: Product/Market
   How do you solve this problem?
   How big is this market?
   How are you going to reach this customer?
   How do you drive demand?
   How will you make money?
Then get it down tighter

   Problem            Solution               Unique Value Unfair                     Customer
                                             Proposition Advantage                   Segments
   Top 3 problems     Top 3 features
                                             Single, clear,      Can’t be easily     Target customers
                                             compelling          copied or bought
                                             message that states
                                             why you are
                                             different and worth
                      Key Activity           buying              Channels
                      Activity that drives                       Path to customers
                      retention/revenue




   Cost Structure                                     Revenue Streams
   Customer Acquisition Costs                         Revenue Model
   Distribution Costs                                 Life Time Value
   Hosting                                            Revenue
   People, etc.                                       Gross Margin
3 stages of a startup




     Problem/Solution   Product/Market
                                         Scale
           Fit                Fit
Validate Problem/Solution Fit




    Problem/Solution      Product/Market
                                                  Scale
          Fit                   Fit




             Do I have a problem worth solving?
Problem/Solution Fit - Lean Canvas

   P                  S                      UVP                UA                  CS
   Top 3 problems     Top 3 features         Single, clear,     Can’t be easily     Target customers
                                             compelling         copied or bought
                                             message that
                                             states why you are
                                             different and
                                             worth buying
                      KA                                        CH
                      Activity that drives                      Path to customers
                      retention/revenue




   C$                                                 R$
   Customer Acquisition Costs                         Revenue Model
   Distribution Costs                                 Life Time Value
   Hosting                                            Revenue
   People, etc.                                       Gross Margin
Achieve Product/Market Fit




    Problem/Solution     Product/Market
                                                Scale
          Fit                  Fit




          Have I built something people want?
Product development gets in the way of learning



 Some learning                        Most learning happens here




    Requirements   Development        QA          Release




                     Very little learning
Involve customers throughout product dev


                           Continuous
         Requirements                            Release
                           Deployment




                   Customer         Customer
                   Discovery        Validation
Product/Market Fit - Lean Canvas

   P                  S                      UVP                UA                  CS
   Top 3 problems     Top 3 features         Single, clear,     Can’t be easily     Target customers
                                             compelling         copied or bought
                                             message that
                                             states why you are
                                             different and
                                             worth buying
                      KA                                        CH
                      Activity that drives                      Path to customers
                      retention/revenue




   C$                                                 R$
   Customer Acquisition Costs                         Revenue Model
   Distribution Costs                                 Life Time Value
   Hosting                                            Revenue
   People, etc.                                       Gross Margin
Optimize for Scale




    Problem/Solution         Product/Market
                                                     Scale
          Fit                      Fit




                       How do I accelerate growth?
Scale - Lean Canvas

   P                 S                      UVP                UA                  CS
   Top 3 problems     Top 3 features        Single, clear,     Can’t be easily     Target customers
                                            compelling         copied or bought
                                            message that
                                            states why you are
                                            different and
                                            worth buying
                     KA                                        CH
                     Activity that drives                      Path to customers
                     retention/revenue




   C$                                                R$
   Customer Acquisition Costs                        Revenue Model
   Distribution Costs                                Life Time Value
   Hosting                                           Revenue
   People, etc.                                      Gross Margin
Before Product/Market Fit




    Problem/Solution            Product/Market
                                                 Scale
          Fit                         Fit




            Validated Learning



                       Pivots
After Product/Market Fit




    Problem/Solution            Product/Market
                                                        Scale
          Fit                         Fit




            Validated Learning                    Growth



                       Pivots                    Optimizations
Agenda




  1. What is a Lean Startup?
  2. What does a Lean Startup look like?
  3. How you can use Lean to define and measure progress
Start with what matters

   P               S               UVP        UA   CS
   1. Problem #1   1. Feature #1                   1. Founders
   2. Problem #2   2. Feature #2                   2. Marketers
   3. Problem #3   3. Feature #3



                   KA                         CH




   C$                                    R$
But also tackle the riskiest parts early

   P               S               UVP            UA                  CS
   1. Problem #1   1. Feature #1                  Something that      1. Founders
   2. Problem #2   2. Feature #2                  cannot be copied    2. Marketers
   3. Problem #3   3. Feature #3                  or bought.



                   KA                             CH
                                                  1. Personal
                                                  Authority
                                                  2. Website



   C$                                    R$
                                         Subscription Model: $49/mo
Formulate falsifiable hypotheses




  Leap of Faith: Being known as an “expert” will drive early adopters



         Hypothesis: Blog post will drive >100 early sign-ups
Build accessible dashboards
Make the results auditable
Run board meetings in a lessons learned format

Q2 2010
We thought (Hypotheses):
                                           50                                      $20K
• Personal Authority would be a viable
channel to early adopters
• Customers would vote the problem as
“must-have”                               37.5                                     $15K
• Customers would pay $49/mo
Our Customers told us (Insights):          25                                      $10K
• Most early adopters did come through
blog and twitter
• Customers voted #3 problem as “must-    12.5                                     $5K
have”. Others as nice-to-have
• $49/mo works for customers with early
traction
                                            0                                      $0
Next Steps (Future Experiments):                 Jan   Feb Mar Apr May June July
• Test MVP based on “must-have” problem
• Test a Freemium model
Lean Startup is a rigorous process for
iterating from Plan A to a plan that works.
Thanks!
Ash Maurya
twitter: ashmaurya
blog: http://www.ashmaurya.com


         Running Lean - the book
         How to pivot your web
         application to product/market fit

         http://www.RunningLeanHQ.com

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How to Identify a lean startup

  • 1. HOW TO IDENTIFY A LEAN STARTUP ASH MAURYA @ashmaurya http://www.ashmaurya.com
  • 2. The sad statistics of Plan A
  • 3. 58 new product ideas to get one successful product.
  • 4. 9/10 startups fail.
  • 5. 66% change their original plans drastically.
  • 6. Not better Plan A. But a path to a plan that works.
  • 7. Lean Startup is a rigorous process for iterating from Plan A to a plan that works.
  • 8. Agenda 1. What is a Lean Startup? 2. What does a Lean Startup look like? 3. How you can use Lean to define and measure progress
  • 9. Agenda 1. What is a Lean Startup? 2. What does a Lean Startup look like? 3. How you can use Lean to define and measure progress
  • 10. Don’t let me be misunderstood We’re Lean because: - we got a great deal on our furniture! - we surveyed all our customers and found that… - we’ve implemented continuous deployment!
  • 11. Don’t let me be misunderstood We’re Lean because: - we got a great deal on our furniture! - we surveyed all our customers and found that… - we’ve implemented continuous deployment!
  • 12. Don’t let me be misunderstood We’re Lean because: - we got a great deal on our furniture! - we surveyed all our customers and found that… - we’ve implemented continuous deployment!
  • 13. Don’t let me be misunderstood We’re Lean because: - we got a great deal on our furniture! - we surveyed all our customers and found that… - we’ve implemented continuous deployment!
  • 14. So, what then is a Lean Startup?
  • 15. A Lean Startup is about speed Startups that succeed are those that manage to iterate enough times before running out of resources. - Eric Ries
  • 16. A Lean Startup is about validated learning Get out of the building. - Steve Blank
  • 17. A Lean Startup is about focus Right Action, Right Time - Bijoy Goswami
  • 18. Agenda 1. What is a Lean Startup? 2. What does a Lean Startup look like? 3. How you can use Lean to define and measure progress
  • 19. Create a business model versus a business plan Business Model vs Business Plan
  • 20. Create a business model versus a business plan Business Model vs Business Plan A document investors make you write that they don’t read
  • 21. Create a business model versus a business plan Business Model vs Business Plan A single diagram of your business
  • 22. Start with worksheets 1. WHAT: Problem What is the problem you are trying to solve? 2. WHO: Customer Who has the problem? 3. HOW: Product/Market How do you solve this problem? How big is this market? How are you going to reach this customer? How do you drive demand? How will you make money?
  • 23. Then get it down tighter Problem Solution Unique Value Unfair Customer Proposition Advantage Segments Top 3 problems Top 3 features Single, clear, Can’t be easily Target customers compelling copied or bought message that states why you are different and worth Key Activity buying Channels Activity that drives Path to customers retention/revenue Cost Structure Revenue Streams Customer Acquisition Costs Revenue Model Distribution Costs Life Time Value Hosting Revenue People, etc. Gross Margin
  • 24. 3 stages of a startup Problem/Solution Product/Market Scale Fit Fit
  • 25. Validate Problem/Solution Fit Problem/Solution Product/Market Scale Fit Fit Do I have a problem worth solving?
  • 26. Problem/Solution Fit - Lean Canvas P S UVP UA CS Top 3 problems Top 3 features Single, clear, Can’t be easily Target customers compelling copied or bought message that states why you are different and worth buying KA CH Activity that drives Path to customers retention/revenue C$ R$ Customer Acquisition Costs Revenue Model Distribution Costs Life Time Value Hosting Revenue People, etc. Gross Margin
  • 27. Achieve Product/Market Fit Problem/Solution Product/Market Scale Fit Fit Have I built something people want?
  • 28. Product development gets in the way of learning Some learning Most learning happens here Requirements Development QA Release Very little learning
  • 29. Involve customers throughout product dev Continuous Requirements Release Deployment Customer Customer Discovery Validation
  • 30. Product/Market Fit - Lean Canvas P S UVP UA CS Top 3 problems Top 3 features Single, clear, Can’t be easily Target customers compelling copied or bought message that states why you are different and worth buying KA CH Activity that drives Path to customers retention/revenue C$ R$ Customer Acquisition Costs Revenue Model Distribution Costs Life Time Value Hosting Revenue People, etc. Gross Margin
  • 31. Optimize for Scale Problem/Solution Product/Market Scale Fit Fit How do I accelerate growth?
  • 32. Scale - Lean Canvas P S UVP UA CS Top 3 problems Top 3 features Single, clear, Can’t be easily Target customers compelling copied or bought message that states why you are different and worth buying KA CH Activity that drives Path to customers retention/revenue C$ R$ Customer Acquisition Costs Revenue Model Distribution Costs Life Time Value Hosting Revenue People, etc. Gross Margin
  • 33. Before Product/Market Fit Problem/Solution Product/Market Scale Fit Fit Validated Learning Pivots
  • 34. After Product/Market Fit Problem/Solution Product/Market Scale Fit Fit Validated Learning Growth Pivots Optimizations
  • 35. Agenda 1. What is a Lean Startup? 2. What does a Lean Startup look like? 3. How you can use Lean to define and measure progress
  • 36. Start with what matters P S UVP UA CS 1. Problem #1 1. Feature #1 1. Founders 2. Problem #2 2. Feature #2 2. Marketers 3. Problem #3 3. Feature #3 KA CH C$ R$
  • 37. But also tackle the riskiest parts early P S UVP UA CS 1. Problem #1 1. Feature #1 Something that 1. Founders 2. Problem #2 2. Feature #2 cannot be copied 2. Marketers 3. Problem #3 3. Feature #3 or bought. KA CH 1. Personal Authority 2. Website C$ R$ Subscription Model: $49/mo
  • 38. Formulate falsifiable hypotheses Leap of Faith: Being known as an “expert” will drive early adopters Hypothesis: Blog post will drive >100 early sign-ups
  • 40. Make the results auditable
  • 41. Run board meetings in a lessons learned format Q2 2010 We thought (Hypotheses): 50 $20K • Personal Authority would be a viable channel to early adopters • Customers would vote the problem as “must-have” 37.5 $15K • Customers would pay $49/mo Our Customers told us (Insights): 25 $10K • Most early adopters did come through blog and twitter • Customers voted #3 problem as “must- 12.5 $5K have”. Others as nice-to-have • $49/mo works for customers with early traction 0 $0 Next Steps (Future Experiments): Jan Feb Mar Apr May June July • Test MVP based on “must-have” problem • Test a Freemium model
  • 42. Lean Startup is a rigorous process for iterating from Plan A to a plan that works.
  • 43. Thanks! Ash Maurya twitter: ashmaurya blog: http://www.ashmaurya.com Running Lean - the book How to pivot your web application to product/market fit http://www.RunningLeanHQ.com