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Foundation Day - dotForge - April 2013

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Foundation Day - dotForge - April 2013

  1. 1. F-Day!
  2. 2. Do not open the kit until I say GO! Build the tallest freestanding structure. The entire marshmallow must be on the very top. You’ll have 18 minutes. Use as much or as little of the kit contents as you want, but nothing else!
  3. 3. Coder Digital agency 5 startups Leancamp
  4. 4. “I wish I knew that sooner.”
  5. 5. Learning Goals
  6. 6. Not living your dream?
  7. 7. We will fail.
  8. 8. Our job is to bring ourselves the bad news sooner.
  9. 9. Build Learn Measure
  10. 10. Principles, not process.
  11. 11. Iteration Do Less Improve the big picture Learn, then confirm Tangible next steps Principles
  12. 12. Today 10:30 Lean Flow 11:30 Doing Less 1:30 Lunch 2:30 Prioritisation 3:30 Stakeholder Analysis 4:30 Learning Goals 5:30 Pub
  13. 13. Feedback!
  14. 14. Do less.
  15. 15. Don’t work hard to mask your inefficiency.
  16. 16. Not enough time? Not enough money?
  17. 17. Grow with efficiency.
  18. 18. 3 ways to Do Less. Limiting work-in-progress. Letting go. Being picky about your first customers.
  19. 19. Limit your work in progress.
  20. 20. Good for vision, inventing and improving. Bad for getting stuck on specifics that don’t work. Tenacity
  21. 21. WIP yourself.
  22. 22. Early traction.
  23. 23. Earlyvangelists Have the problem Know they have the problem! Have budget to solve it. Have looked for a solution. Have tried to build a solution.
  24. 24. Is this conversation useful?
  25. 25. Choose your customer.
  26. 26. Vague customer definitions. Multiple customer definitions.
  27. 27. Lack of direction.
  28. 28. Specific definitions allow for validation or invalidation. And that speeds progress.
  29. 29. Take a look at the customers’ world Looking at different aspects of their lives, we’ll examine our own beliefs about them, who they are – and if they really exist, how to frame our value in their context.
  30. 30. Find early adopters. Find specific customers. Specific value propositions are more compelling and help you get early traction. Specific customer definitions help find them quickly, and point out scalable channels to reach them. Zoom in!
  31. 31. Product Market
  32. 32. Action Customer
  33. 33. How deep do you go? They are real people (not attributes!) It’s clear where to find them. You’ll walk away if they aren’t a good fit.
  34. 34. Customer Slicing Jobs Obstacles Gains Current Solution
  35. 35. Balancing focus & opportunity
  36. 36. What I can do What I’ve got Small partnerships. Affordable Loss.
  37. 37. Are you a frog? Or a fish?
  38. 38. Startups are learning organisations.
  39. 39. 2 stages of learning Discovery Validation
  40. 40. A man wakes up, turns on the radio, goes upstairs, turns on the light, and kills himself.
  41. 41. Image by wstryderImage by wstryder
  42. 42. Image by wstryderImage by wstryder
  43. 43. 2 stages of learning Discovery Validation
  44. 44. 2 stages of learning Learn Confirm
  45. 45. 2 stages of learning Ask Sell
  46. 46. 2 stages of learning Observe Experiment
  47. 47. Does anyone care at all? Do we understand the industry?
  48. 48. Does anyone care at all? Do we understand the industry? Will any pay for it? Are we building the right product?
  49. 49. Anyone will tell you that your idea is great if you annoy them long enough.
  50. 50. Dear Mom, Don’t you think I’m great? Love, Your son
  51. 51. Actually, not just your mom lies. Your customers are full of shit too. www.foundercentric.com
  52. 52. Past, not future Fact, not opinion Specifics, not general (Talk about their life, not your idea.) The Mom Test
  53. 53. Good or bad questions?
  54. 54. ❝ ❞ Do you think it’s a good idea?
  55. 55. ❝ ❞ Do you think it’s a good idea?
  56. 56. ❝ ❞ Would you buy a product which solved this problem?
  57. 57. ❝ ❞ Would you buy a product which solved this problem?
  58. 58. ❝ ❞ How do you currently deal with this problem?
  59. 59. ❝ ❞ How do you currently deal with this problem?
  60. 60. ❝ ❞ How have you dealt with this problem?
  61. 61. ❝ ❞ When does this problem pop up?
  62. 62. ❝ ❞ When does this problem pop up?
  63. 63. ❝ ❞ When’s the last time that happened?
  64. 64. ❝ ❞ What makes this time- consuming or go off- track?
  65. 65. ❝ ❞ What makes this time- consuming or go off- track?
  66. 66. ❝ ❞ Has this ever been more time-consuming than normal or gone off-track?
  67. 67. Their words - not yours! One phrase per card. Pair. One interviewer, one notetaker. Recording the right stuff.
  68. 68. ❝ ❞ Please show me how you...
  69. 69. ❝ ❞ Please show me how you...
  70. 70. ❝ ❞ Please tell me how... I’m trying to learn how you...
  71. 71. ❝ ❞ Please tell me how... I’m trying to learn how you...
  72. 72. ❝ ❞ Talk me through the last time you had this problem.
  73. 73. ❝ ❞ Talk me through the last time you had this problem.
  74. 74. ❝ ❞ What did you try to do about it?
  75. 75. ❝ ❞ What did you try to do about it?
  76. 76. Person Job Problem Measure Solution Excited Guilty Upset Important signals
  77. 77. ❝ ❞ Please help me understand...
  78. 78. ❝ ❞ Please help me understand...
  79. 79. ❝ ❞ How much would you pay for this?
  80. 80. ❝ ❞ How much would you pay for this?
  81. 81. ❝ ❞ Can I ask why?
  82. 82. ❝ ❞ Can I ask why?
  83. 83. ❝ ❞ Talk me through how you decide.
  84. 84. ❝ ❞ Talk me through how you decide.
  85. 85. ❝ ❞ Talk me through how you decided.
  86. 86. ❝ ❞ How much money does this problem cost you?
  87. 87. ❝ ❞ How much money does this problem cost you?
  88. 88. ❝ ❞ How much money has this problem cost you?
  89. 89. ❝ ❞ How much should we charge?
  90. 90. ❝ ❞ How much should we charge?
  91. 91. ❝ ❞ What’s your budget?
  92. 92. ❝ ❞ What’s your budget?
  93. 93. ❝ ❞ How soon can you start?
  94. 94. ❝ ❞ How soon can you start?
  95. 95. ❝ ❞ What would need to happen before you could really start using it?
  96. 96. ❝ ❞ What would need to happen before you could really start using it?
  97. 97. ❝ ❞ Ever had any problems or delays getting something like this going/bought?
  98. 98. ❝ ❞ Who else should I talk to?
  99. 99. ❝ ❞ Who else should I talk to?
  100. 100. Opinions are worthless.
  101. 101. 2 stages of learning Discovery Validation
  102. 102. 2 stages of learning Learn Confirm
  103. 103. So, we had a meeting!
  104. 104. ❝ ❞ Claudia Sounds great. I love it!
  105. 105. ❝ ❞ Claudia Sounds great. I love it!
  106. 106. ❝ ❞ Jeremy Brilliant -- let me know when it launches!
  107. 107. ❝ ❞ Jeremy Brilliant -- let me know when it launches!
  108. 108. Compliment? Stalling tactic? They don’t care. :(
  109. 109. ❝ ❞ Jeremy There are a couple people I can intro you to, when you’re ready.
  110. 110. ❝ ❞ Jeremy There are a couple people I can intro you to, when you’re ready.
  111. 111. Partial commitment?
  112. 112. Validate by going for full commitment.
  113. 113. ❝ ❞ Claudia I would definitely buy that!
  114. 114. ❝ ❞ Claudia I would definitely buy that! ANGER!
  115. 115. Meetings succeed when they advance to the next step.
  116. 116. Examples of advancement > Permission to contact again > Clear next meeting > Introduction to decision-maker > Commitment to run a trial > Pre-purchase
  117. 117. Real learning comes from Facts Commitment
  118. 118. Always know your big 3 questions.
  119. 119. Tweetable Text How do authors pre-build their customer list? How do authors test copy and learn about their readers? How do authors prioritise their time when writing?
  120. 120. Leancamp What awareness channels can we partner with? What do people learn at Leancamp that they apply? What do famous thought-leaders get out of conferences?
  121. 121. What are your Big 3 right now? Does it do what it says on the tin? Can we make it usable enough? Do people really, truly want it? Take 3 minutes to write them down. Are they to learn or confirm?
  122. 122. Business Model Design
  123. 123. What’s the most precious resource for a startup?
  124. 124. You’ve got a ton of options
  125. 125. Early stage strategy is finding the few that matter.
  126. 126. Where is the love?
  127. 127. We obsess over the details.
  128. 128. And miss the big picture.
  129. 129. 4% conversion rate = win!
  130. 130. 4% conversion rate = win?
  131. 131. Marketing Success!
  132. 132. Business fail.
  133. 133. We had a big picture problem!
  134. 134. Alex Osterwalder’s Business Model Canvas is the big picture.
  135. 135. Your business model has holes
  136. 136. We wanted more users, so we marketed...
  137. 137. ...which was rendered worthless by our retention.
  138. 138. Stuff’s going wrong... Let’s embrace it!
  139. 139. Test the scary bits first. (not the fun bits)
  140. 140. Navigating through options, hypotheses & environmental changes. Understanding dynamics between parts & articulating a clear story. Parts Whole Progress Checklists & dashboards1 2 3
  141. 141. Changing something changes everything.
  142. 142. A “simple” change.
  143. 143. You can’t think about any one part without thinking about the rest.
  144. 144. Clothing labels & distributors Faster tomarket Faster production Production Production fees
  145. 145. Designers Consumers Fan Base Selling Clothes FacebookFacebook You design - we do the rest. Faster production Production Personal support Online tools Pool of talent
  146. 146. Use the Canvas as X-Ray goggles.
  147. 147. What on earth are you on about?
  148. 148. Pick my brain.
  149. 149. Good for vision, inventing and improving. Bad for getting stuck on specifics that don’t work. Tenacity
  150. 150. Platform Platform
  151. 151. Platform Platform Mass customisation Value-based pricing App sale + in-app purchase Subscription Transactional Multi-sided market Licensing Crowdsource Ad-supported Event-supported SaaS Bundling Viral Direct-over-viral Purchase-timing
  152. 152. Know your options.
  153. 153. What’s the big opportunity?
  154. 154. Business model prototyping No writing on the canvas - use post-its Use the post-its as you discuss. Move them around. 3 minutes max per model - quantity over quality
  155. 155. Business model prototyping No writing on the canvas - use post-its Use the post-its as you discuss. Move them around. 3 minutes max per model - quantity over quality Tip - aim for around 4-7 post-its per model
  156. 156. Nail down your business model, one bit at a time. Option cards
  157. 157. Mentor Mental Filtering
  158. 158. Halo Effect
  159. 159. One dynamic per card. 1 -3 dots per card. How do authors prebuild customer lists? Sell to y2k software houses through Initrode Evan can intro me to Joe at Initrode.Will ppl buy pet food on Facebook?
  160. 160. Lock-in through re- installation costs. Will this offer differentiate against GMail? Big funding, scale userbase through paid channels. Greater cloud adoption opening a market?
  161. 161. Business Model Hacker!
  162. 162. Understanding our options.
  163. 163. Who will our first 10 customers be? Where are they looking? And for what?
  164. 164. What needs do your customers have? How do they solve them now?
  165. 165. After I have 100 customers, I will acquire the next 1,000 through _____________ .
  166. 166. I will make money by ___________ .
  167. 167. How would our business change if we could only charge 5% of we’re planning to?
  168. 168. How would our business change if we didn’t have a web site?
  169. 169. When customers have this problem, or are tackling this task, where do they seek help and advice?
  170. 170. Which customers have different expectations about service levels or relationship?
  171. 171. What are our possible revenue streams? What customers pay for that, in that way, and why?
  172. 172. Are there customers at the low-end who would pay less for lower performance? What if they were our ONLY customer?
  173. 173. How could we increase switching costs?
  174. 174. Who are the people in our network that can fast- track our business? How?
  175. 175. Metrics
  176. 176. Sticky Paid Acquisition Viral Understanding growth Growth Engines, from The Lean Startup by Eric Ries
  177. 177. Acquisition Activation Retention Referral Revenue Pirate Metrics, by Dave McClure Which number matters most? B2C Free - retention, referral, activation, acquisition, revenue Freemium - retention, revenue, referal, activation, acquisition Enterprise - revenue, referral, activation, acquisition, retention
  178. 178. Acquisition cost, capacity, rate Activation cost, rate, % Retention rate, % Referral rate, k-factor, % Revenue per customer, per user Your naked numbers.
  179. 179. Write down the big numbers and growth engines you’re considering, one per card. Option cards
  180. 180. Cohort analysisSimple rates
  181. 181. Cohort a group of people who share a common characteristic within a defined period.
  182. 182. 1.Pick a metric you want to improve. 2.Group users into cohorts based on date, or experiment, or characteristic. 3.Track, looking for improvement. In 3 steps.
  183. 183. forentrepreneurs.com
  184. 184. only tells you one thing. Split Testing
  185. 185. works in low volume if you’re testing for big enough changes. Split Testing
  186. 186. Your Dashboard Draw it on a page. Keep it simple. Keep it actionable. (What is your goal?)
  187. 187. Grow like weeds! Spring up in unexpected places. Grow quickly, or die and move on.
  188. 188. Being clear on your next step.
  189. 189. “I wish I knew that sooner.”
  190. 190. Building with a heartbeat.
  191. 191. Build Learn Measure
  192. 192. Minimum Viable What is the minimum thing I need to build to prove or disprove this?
  193. 193. Pick a learning goal What big make-or-break risks or idea is the one you want to nail down this week? (Hint: use the Canvas or metrics to make sure it’s relevant.)
  194. 194. Have a conversation with your idea.
  195. 195. How can I isolate the part I want to test?
  196. 196. Starting low fidelity.
  197. 197. One piece at a time.
  198. 198. Signal.ly
  199. 199. Understanding analogs
  200. 200. Making sure you’re in the right place.
  201. 201. 48-hour Marshmallow
  202. 202. Start with your learning goal. Pick a learning goal. Pick a measurement. Draw your MVP on a blank sheet. Build Learn Measure
  203. 203. Meeting every week with fellow founders to share our weekly progress, and get advice to stay on track. Braintrust
  204. 204. Braintrust 3 minutes each to present your learning & goals. 5 minutes each for feedback. Feedback is focused on risks, learning methods & environment - not your ideas!
  205. 205. Take 3 minutes to prepare at: foundercentric.com/ learningprogress
  206. 206. What you learned. Progress Obstacles in reaching your learning goal. Problems What will you learn by next week? Learning Goal
  207. 207. Investor relations Transparency & clarity on where they can help.
  208. 208. Make the accelerator accelerate you! Lead time
  209. 209. Iteration Improve the big picture Learn, then confirm Tangible next steps Do Less Principles
  210. 210. Build Learn Measure
  211. 211. 2 stages of learning Learn Confirm
  212. 212. Make it your own.
  213. 213. Salim Virani @SaintSal salim@saintsal.com www.foundercentric.com Thanks!

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