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Lean startup workshop: practical ways to turn your idea into a successful product -- Internet Week Europe 2011

  1. LEAN STARTUP WORKSHOP Practical ways to turn your idea into a successful product
  2. WHO ARE WE Stuart Eccles Charlotte Hillenbrand Cath Richardson Salim Virani Rob Fitzpatrick
  3. EXPLOITING DISRUPTIVE INNOVATION
  4. MAKING STUFF
  5. THE LEAN STARTUP MOVEMENT
  6. • Rapid prototyping to test hypotheses • Minimum Viable Product (MVP) • Nail it then scale it • Customer obsession • THE LEAN STARTUP MOVEMENT Iterative, metrics-driven & Agile • Learn fast, don’t fail fast
  7. SCIENTIFIC APPROACH TO STARTUP/ PRODUCT DEVELOPMENT
  8. ITS ABOUT RUNNING EXPERIMENTS
  9. BEFORE SCALING TO UNIVERSE DENTING PROPORTIONS
  10. HOW DO WE KNOW WE ARE MAKING PROGRESS? The unit of success we use is measure in “validated learning”
  11. BREAKING GROUND ON AN IDEA
  12. HOW DO YOU KNOW IF YOUR IDEA IS WORTH YOUR TIME, MONEY, EFFORT?
  13. “We always have a vision that is clearly articulated, big enough to matter & shared by the whole team. “Our goal is always to discover which aspects of this vision are grounded in reality & adapt those aspects that are not.”
  14. BY TESTING YOUR IDEA ON YOUR POTENTIAL CUSTOMERS YOU WILL LEARN IF YOU ARE ON TO SOMETHING
  15. DO THEY HAVE WILL THEY PAY THIS YOU FOR YOUR PROBLEM? SOLUTION?
  16. CUSTOMER DEVELOPMENT An active approach to engaging with users which tests our assumptions And builds customer intimacy with potential customers
  17. GET OUT OF THE BUILDING
  18. THIS IS WHAT WE WILL CONCENTRATE ON TODAY Biggest barriers to realising the value of Lean Startup: Talking to people Giving over your ideas to examined in broad daylight
  19. BUILDING AN MVP
  20. THE MINIMUM VIABLE PRODUCT The minimal set of features that solves the problem and provides value Something that can be measured and tuned Doesn’t have to have the same form as the final product
  21. EXPERIMENTING AND OPTIMISING
  22. INNOVATION ACCOUNTING Measure what is actionable, track every input and change Run split experiments to prove your hypothesis on your product
  23. +152%
  24. OPTIMISING THROUGH METRICS AND CUSTOMER INTERVIEWS WORK IN TANDEM
  25. SKYPE IN THE CLASSROOM
  26. SKYPE CAME TO US WITH A COMMS BRIEF They’d noticed that teachers all over the world were using Skype in extraordinary ways. They wanted us to collect these stories and use them to promote the service & inspire other teachers.
  27. WE RESPONDED WITH SOME NON-MARKETING IDEAS Layer a new service on top of the basic free communication service Use a customer-centric and test-driven way of working out what that service would be
  28. OUR INITIAL ASSUMPTIONS WERE THAT IT WAS ALL ABOUT A LESSON PLANNING TOOL WITH EXAMPLES, IDEAS AND TIPS ON INTEGRATING SKYPE INTO LEARNING
  29. We discovered immediately that their biggest obstacle was actually finding other teachers who also used Skype
  30. They also told us that teachers don’t have time to read lots of lesson plans - video clips would be much more helpful
  31. BRAINSTORM SKETCHING USE CASES PROTOTYPES USER JOURNEY SKETCHES INTERVIEWS HIGH FIDELITY DESIGNS SERVICE MODELS
  32. ONLINE SURVEYS
  33. PIVOT OR PERSEVERE
  34. AN INTUITIVE LEAP LOCAL MAXIMA
  35. “Our goal is always to discover which aspects of this vision are grounded in reality & adapt those aspects that are not.”
  36. PIVOT: ONE FOOT STAYS WHILE THE OTHER MOVES In course correction to a new strategy to test a new fundamental hypothesis A human decision assisted by metrics and customer intimacy Should be hard and fast with a new strategy already defined
  37. TYPES OF PIVOT
  38. ZOOM-IN PIVOT What was considered a single feature becomes the entire product.
  39. ZOOM-OUT PIVOT What was considered the entire product becomes a feature(s) of the new product.
  40. CUSTOMER SEGMENT PIVOT The product is valuable but not to its intended customers so a new customer segment is defined. CUSTOMER ZOOM-IN CUSTOMER ZOOM-OUT
  41. CUSTOMER NEED PIVOT The problem solved is not very important, or money isn’t available to buy. This requires repositioning, or a new product, to find a problem worth solving.
  42. PLATFORM PIVOT From an application/solution to a platform or vice versa
  43. BUSINESS ARCHITECTURE PIVOT From low margin/high volume to high margin/low volume or vice versa
  44. ENGINE OF GROWTH PIVOT Sticky Viral Paid
  45. WRAP UP
  46. LEAN STARTUP ISN’T THAT HARD Find a culture of testing, experimenting and iterating. Make Test Learn Build an MVP
  47. http://leanca.mp http://blog.thestartuptoolkit.com http://madebymany.com/signals/ the-lean-startup-movement @robfitz @crashtherocks @saintsal @ohrworm @stueccles
  48. LEAN STARTUP MEETING AT UCL TONIGHT!

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