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How Pirates build Products

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How Pirates build Products

  1. 1. How Pirates build Products Manuel Koelman Balkan Venture Forum February 2012
  2. 2. manuel koelman | dutch entrepreneur | living in cologne | currently working on getcontext.de | co-funder of talential.com | practical philosopher | piratesummit.com | interested in agile, lean and productivity | father | caotina lover | traveler
  3. 3. PIRATES WHY I DO WHAT I DO?
  4. 4. "Entrepreneurship is throwing yourself off a cliff and building a plane on the way down." Reid Hoffman, Founder of LinkedIn
  5. 5. Are you a pirate? That thrill of your first hire, when you’ve convinced some other crazy soul to join you in your almost certainly doomed project. The high from raising venture capital and starting to see your name mentioned in the press. The excitement of launch and…gulp…customers! and the feeling of truly learning something useful, you’re just not sure what it is, when the company almost inevitably crashes and burns. - Mike Arrington, Techcrunch
  6. 6. PIVOT BUZZWORD ALERT
  7. 7. Lean Startup Gurus Steve Blank Eric Ries “The Four Steps to the “The Lean Startup” Epiphany” This talk has been inspired by these guys. Go read their books.
  8. 8. Startup = Experiment Startups act in an environment of extreme uncertainty.
  9. 9. That’s why most startups fail.
  10. 10. Why do startups fail? Rarely because the product doesn’t work. Usually because there are no customers.
  11. 11. Problem is unknown. Solution is unknown.
  12. 12. Learn Fast. Fail Fast. Adapt.
  13. 13. Resources € Time The time you have to find a business model / product market fit
  14. 14. Possible Experiment Possible viable problem solution 1 area A Experiment Possible viable solution 2
  15. 15. Possible viable solution 3 Experiment Possible Possible problem viable area B Experiment solution 4 Possible Experiment Possible viable problem solution 1 area A Experiment Possible viable solution 2
  16. 16. Speed wins. Reduce the time between pivots. Increase the odds of success. Before you run out of money.
  17. 17. Are you advancing a plan or are you making progress? Progress ≠ # of features
  18. 18. Don’t build something nobody wants.
  19. 19. PRODUCT
  20. 20. Build a product for your customer. Is often easier than finding a customer for your product. Remember: Most of the time your best friend isn’t your best customer.
  21. 21. Most important advice!!! Get out of the house. Before you start coding. This is the only slide with red text, that’s how important this is.
  22. 22. Customer Development “Validating the Problem” Customer Customer Customer Scale Development Validation Creation Company
  23. 23. Agile Development “Building the solution” Release in small iterations. Continuous deployment. Continuously analyze (gather data and insights).
  24. 24. Redefine problem / business, „Pivot“ Problem statement Build Test Viable? Iterations, Adjust solution Launch / Scale
  25. 25. Build what the customer needs. Beware: What they need is not necessarily what they want. Therefore, the most important skills are: Build, Measure, Learn!
  26. 26. Step 1: Build a Minimum Viable Product What are the minimum features? Probably much more minimum than you think.
  27. 27. Step 2: Tune the engine Smoke testing with landing pages SEA (five dollars a day) In-product split testing Paper prototypes Removing features
  28. 28. Step 3: Adjust, pivot or persevere …and repeat
  29. 29. One remark about measurement: Test the small, but measure the large.
  30. 30. 80% tweaking features. 20% building new features. Consider taking an existing feature out when implementing a new one.
  31. 31. One remark about technology: Use commodity (e.g. open source) technology wherever possible. Remember, (initially) it is not about the beauty of the code or the solution, but whether you solve a real problem.
  32. 32. Lean Startup is primarily about speed, not about costs. However, focusing on fast customer development should keep your burn rate low.
  33. 33. Not only for technology companies. Lean Startup is for all companies that face uncertainty about what customers will want.
  34. 34. Lean Startup is not about the method of funding. They can be bootstrapped as well as be largely VC funded.
  35. 35. ? Any questions
  36. 36. Find me around the net Websites @manuelkoelman www.getcontext.de www.talential.com fb.com/koelman www.leanentrepreneur.com de.linkedin.com/in/koelman www.23moments.com

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