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The Lean Startup Operating Manual


                   Steve Blank
          Stanford School of Engineering /
         UC Berkeley, Haas Business School
                  www.steveblank.com
The Economy

Before
• Cash was readily available
• Follow on financing was readily available
Now
• Debt markets are tight
• IPO & M&A window closed
• most VC!s haven!t made money for a decade
State of Startups


• High burn rate
• Swing for the fences
• Full management teams
• Assume customer is known
• Assume features are known
• Assumes growth is by execution
    Traditional startups are fighting yesterday’s war
The Lean Startup


• Continuous customer interaction
• Revenue goals from day one
• No scaling until revenue
• Assumes customer and features are
  unknowns
• Low Burn by Design - Not Crisis
Lean Startup Strategy


! Analyze    Opportunity
! Validate   Customers/Business Model
! Execute    Agile
Analyze: Checklist


!Opportunity/Resources
! Market or Technology Risk
! Market Type
! Domain Experience
! Proof
Analyze

Opportunity/Returns
Do Capital Needs Match Return?

•   Large VC = your deal = 3x their fund
•   Angels = ?
•   What’s the potential return?
•   Size the market…
sizing up the market

                       $123 billion tourism
                       industry inside the U.S.



                       $1 billion English travel
                       guides sold annually



                       $210 million 20-35 year
                       old travelers
         SF            (Initial test market)
+
    Market Sizing
!quot;##quot;$%&'$##()
                        *++$),-%quot;,./012%,-(##.
        -./0&1+234&5*+67'43&4)4583*+(56&'93:48
           !quot;#$%&'())(*+,                                      Our target market is the Flat
                 ;./0&;(<4&*=&->&'93:48
                                                                 Panel display market.
                   !quot;A%%&'())(*+B,

                                                            Target products: Camcorders, DVD
                      -93?48&/:80&quot;@AA&'())(*+B             players and recorder, digital cameras,
                             Apex: ! 3.5M
                                                            computer monitors, LCD and Plasma TV


                                                            OLED TV market will grow to $15.29
                                                            billion by 2015

YEAR 1 PROJECTIONS
Units sold                                : 1,000,000
Price per unit                            : $700 - $1,000

Revenue from Royalties (assuming .5-1.0% of shelf price):
Worst case = $3,500,000          Best Case = $10,000,000
Target market = College Students
Analyze

Market/Technolgy Risk
Market/Technology Risks

•   There are no average startups
•   Startups do differ (sometimes dramatically)
    by vertical market
•   Average advice is non-optimal
What Kind of Risk?


•   Market Risk?
•   Technology Risk?
•   Customer + Technology Risk?
•   What are the quot;fundamental drivers of
    growth?”
A Plethora of Opportunities
Market Risk vs. Invention Risk
Execution: Lots to Worry About
Execution: Very Different by
         Vertical
Market Risk Reduction Strategy
'''@!'quot;*5%$+%'H6)'I*(#&
       &%5/$6quot;67-                                         ,#$8H#5&8)%2
                                 90#quot;quot;%)'E68&%)             !)6285&

                :J4K;             560?#$*%+                                     N*+&)*.8&6)+
                                  *%'F%&7%#)G                :OK4;P             *%'I*$2+6)
                                     ,%)8

                                                                                          !)6285&
                                                                                          N%quot;*A%)-
   !quot;#$%&'(#&&%)*%+                                                      :PJ4S=



                                   ,#-                                        E%&#*quot;'9&6)%+
                                  .%'&/%                                  *4%4'(%+&'(8-G'Q)-R+
                                  +#0%
                                                                                               1$2
                                                                                               3+%)
                                                                         :;<=                  9#quot;%
   >6)?6)#&%'@$A%+&6)+
•!#)&$%)')68&%)'560?#$*%+
•@$&%quot;'B&/%-'#)%'*$&%)%+&%2'*$                                            1$2'3+%)+
C*)%quot;%++'&%5/$6quot;67-D
                                                                    *4%4'56quot;quot;%7%'+&82%$&+

                                   B9%%'#??%$2*L'1'H6)'M78)%+D
Bird’s Eye View of our Business Model
  Hardware
   ($155)
                                          Online Distribution
                                          • Own website ($208+.3x)
                        Customer          • Amazon.com ($40+32x)
                                          • eBay ($300+25x)
                       Acquisition
                                                                 Target Market
                          Cost:
                          ($41)
                      Demand Creation     Viral
 MyNote                  • SEO/SEM
   ($156.00)                                      Marketing
                             • Blogs
                           • Forums
                         • Bookstore
                          promotion
                         • Sales force
                      • Viral marketing   Offline Distribution
                           • Website                                 $399.99
                                          • College bookstores
                                          ($0.02)


Software (in-house)
     ($1.00)
Licensed Partners:
                                             • Sony                                                 Consumer electronics
                                             • Samsung                                         • Flat Screen TVs through
                                             (Other possibilities - LG, Toshiba, Panasonic,
                                             DuPont)
                                                                                              Fry’s, Best Buy, Magnolia,
                                                                                                                      etc




             IP
                        .
                        C       Patents        3(%-4(5,-)quot;%6                  'quot;7,)quot;8-9$%                     :2,(quot;#
                        1
                        D




     2 patents owned by Apex!                                               Partners’ distribution channels
     • Technology patent - SOLED                                            • Sony
     • Long-Brite and inkjet printing process                               • Samsung
                                                                            (Other possibilities - LG, Toshiba, Panasonic,
                                                                            DuPont)


 Dollar flows:
Wages: founders &
Consultants
                                                            C.
IP Costs: Lawyer            .
                            C             License fees      E-
                                                            F1
& Patent costs.                                             E;
                            1             Royalties
Premises: Dev’t labs.       D
BUSINESS MODEL
          iPhone Application                  Subscription Based Service


$ 2.99 (x.7)                                                            $ 5/month
Year 1: $ 40K    END-USERS                            END-USERS         Year 1: $ 50K
Year 2: $1M                                                             Year 2: $1.2 M




                                                  E
                                               IC
                               SE




                                                         E
                                               RV

                                                      NU
                                    RV
                          RE




                                             SE

                                                    VE
                                       I
                                      CE
                             VE




                                               RE
                                                                     Third
                                N




         Nightlife
                               UE




                                                                      party
         venues
                                                                    affiliates

                                     CITYBEATS.COM
                                                      Two Revenue Streams
March | 2011
                                                      Total Revenue (year 1) = $ 90 K
Critical Mass: 500,000 users
                                                      Total Revenue (year 2) = $ 2.2 M
Analyze

Domain Expertise
Are You a Domain Expert?


• You’ve been an observer
• You’ve been a user
• You’ve built this before
+
    Pain Points in Inter-District
    Development of Curricula
What does the customer need?




       65% of 315 respondents
  said they would buy our product
TEAM ROLES AND CORE
                    COMPETENCIES
       Building the Team                         Incentives
•     Current Team                                  •    Equity
                                           •   Title and Responsibilities
                 Vision     Execution              •    Culture

                 Shruti                    – Young, trendy atmosphere
    Business                  Gwen               – Connected
                Stephan
                                                  – Creative
                Amara
Technology
                Horrace


•     Skills Needed
       – Technical Execution
            » Ruby on Rails, Perl, AJAX,
              Html, CSS, Clean designer
•     Future Team Members
       – Programmers
       – Sales Force
       – Interns

                                                                            Slide 29
Analyze

Market Type
Market Type?


•   Existing Market
•   Resegment a Niche
•   Resegment on Low Cost
•   New Market
Definitions: Types of Markets
         Existing Market   Resegmented   New Market
                              Market


• Existing Market
  – Faster/Better = High end
• Resegmented Market
  – Niche = marketing/branding driven
  – Cheaper = low end
• New Market
  – Cheaper/good enough can create a new class of
    product/customer
  – Innovative/never existed before
Type of Market Changes Everything

      Existing Market        Resegmented      New Market
                                Market


• Market            • Sales                • Customers
  – Market Size         –   Sales Model       • Needs
  – Cost of Entry       –   Margins          • Adoption
                        –   Sales Cycle
  – Launch Type
                        –   Chasm Width
  – Competitive                            • Finance
    Barriers                                   • Ongoing Capital
  – Positioning                               • Time to Profitability
END USER WILLINGNESS TO PAY
Number of Respondents Willing to Pay Per Service

    100                        95


      80    75                                                   60% of respondents willing
                                                      71
              Nightlife Promotions

                                                                   to pay for these services
                                     Friend Locator

      60                                                   58


      40
                                                                30

      20                                                             15            12
                                                                                               6
       0
              $0                                      $1-$5     $5-$10              $10+

                                                                                                   Slide 34
Validate

Customer/Business Model
Customer Development and
         Product Development
                  Product Development

Concept/           Product       Alpha/Beta    Launch/1st
Bus. Plan           Dev.            Test          Ship




                Customer Development


    Customer        Customer        Customer     Company
    Discovery       Validation      Creation     Building
Customer Development: Key Ideas

• Parallel process to Product Development (agile)

• Measurable Checkpoints

• Not tied to FCS, but to customer milestones

• Notion of Market Types to represent reality

• Emphasis is on learning & discovery before execution
Customer Discovery: Step 1


  Customer        Customer          Customer          Company
  Discovery       Validation        Creation           Building




• Stop selling, start listening
   – There are no facts inside your building, so get outside

• Test your hypotheses
   – Two are fundamental: problem and product concept
Customer Discovery: Exit Criteria

• What are your customers top problems?
  – How much will they pay to solve them

• Does your product concept solve them?
  – Do customers agree?
  – How much will they pay?

• Draw a day-in-the-life of a customer (archetypes)
  – before & after your product

• Draw the org chart of users & buyers
Customer Validation: Step 2


      Customer    Customer     Customer   Company
      Discovery   Validation   Creation    Building




• Develop a repeatable and scalable sales process
• Only earlyvangelists are crazy enough to buy
Customer Validation: Exit Criteria

• Do you have a proven sales roadmap?
  – Org chart? Influence map?

• Do you understand the sales cycle?
  – ASP, LTV, ROI, etc.

• Do you have a set of orders ($’s) validating the
  roadmap?

• Does the financial model make sense?
distribution and demand creation
   ! Unique Idea: website and iPhone app form
     symbiotic relationship

                                                         Travel
AdWords                                                   App
                             traffic
                                                         Listing


              TravelSpy.co               iPhone App
                   m


                               traffic                Blogs (ex.
Magazines
                                                      Travelblog.org)
+
    Sales Ecosystem
                      Discussion channel
                      Mandate channel
         Sale
                                Superintendant
                                                               Another
                                                 District      district
                      IT Director




      Engagement
     (Early Stages)                                   School
                                    Dept. Head                 Another
                                                               school
                                                               in the
                                                               district
                      Teacher                     Teacher
+
    Demand Creation
    quot;   State-by-state rollout: educational standards

    quot;   Continuous iteration of feedback

           CA Pilot                 Broad                     Grow
                                   Adoption                  Adoption
    quot;   Hypotheses: Will    quot;   Hypotheses: Will     quot;   Hypothesis: How
        they adopt, use,        they buy hands-          well does it sell
        and pay?                off? Can it scale?       itself?

    quot;   10 schools f2f:     quot;   CA telemarket        quot;   All telemarket

    quot;   Sales: $1,066       quot;   F2f elsewhere        quot;   $533/dist

    quot;   Travel: $1,000
Lean Startup Operating Manual (Customer Development at Work)
Lean Startup Operating Manual (Customer Development at Work)
Distribution Channels
• Online Distribution (DIRECT SALES)
 ! Own website
   quot; Set-up and server cost = $1500
   quot; Server maintenance = $200/mo
   quot; Internet Merchant Fee = $8/unit
 ! eBay # Anchor subscription
   quot; Monthly Subscription Fee = $300
   quot; Variable Fee = $25/unit
 ! Amazon.com # Pro Merchant seller
   quot; Monthly Subscription Fee =$39.99
   quot; Variable Fee = $32/unit
Distribution Channels
• Offline Distribution (CHANNEL SALES)
 ! College Bookstores, e.g. Stanford Bookstore
   quot; Booth/Stall outside – Free
   quot; In-store vendor – $50 co-op dollars/mo
      ! Shelley Hughes, Manager of Computer Sales
      “I hope this project is actually realized…it sounds like a
      device that would do well!”
• Future Channels/Partners
 ! Retailers such as Best Buy, Office Depot, Fry’s
Manufacturing Partners

•   Contacted original design manufacturers
    (ODMs) in Asia to determine our supplier:
    • Lucky Light Electronics Co. Ltd.
      (Shenzhen, China)
    • Hon Hai Precision Industry, ie. Foxconn
      Electronics (Taiwan)
    • Compal Electronics (Taiwan)
    • Hipsley Ltd. (Hong Kong)




                                                Slide 49
Cost of Goods Sold
                  Specification                Cost/piece
Single light LCD panel                            $25
Motherboard (w/ WiFi and Bluetooth function)      $60

RAM 512 MB                                        $3
Wacom A5 (tablet sheet)                           $20
SDHC slot (expandable storage)                    $6
USB socket                                       $0.50
Plastic casing (for panel and motherboard)        $20

Rechargeable battery + ACDC power supply          $15

Assembly cost                                     $5
Software embedding                                 $1
Shipping cost ($2000 for 5000 pieces in 20ft     $0.40
container)

          Total Hardware Cost                  $155.5o
                                                            Slide 50
Execute

Agile Product Development
-39G(2*+9)&C3*G758&H4I4)*J'4+8
        !quot;#$%&'%()&*)+,,-%./01quot;2+%$&%3+4$%5$1*+
                               Waterfall

            !quot;#$%&quot;'quot;()*

                      +quot;*%,(
Problem: known                                      Solution: known
                           -'./quot;'quot;()012(


                                    3quot;&%45012(

                                           60%()quot;(0(5quot;




                                                          Source: Eric Ries
.?()4
        !quot;#$%&'%()&*)+,,-%1%6#quot;+%&'%7&)8#quot;*%2&/+

“Product Owner” or
in-house customer




    Problem: Known              Solution: Unknown



                                             Source: Eric Ries
C3*G758&H4I4)*J'4+8&98&K49+&;89387J
!quot;#$%&'%()&*)+,,-%016#/1$+/%6+1)quot;#quot;*%19&:$%2:,$&;+),%<===>




     Problem: Unknown              Solution: Unknown
                                                       Source: Eric Ries
;*&LM98&H*&N&H*O

      :2(##.
K49+&;89387J&P&Q(368&;84J6

• Decide on business model
   – What are the quot;fundamental drivers of growth”
• Create a decision loop (build-measure-learn)
• Write your hypotheses down (3 diagrams)
   – Business model, distribution channel, demand creation
• Prove it in micro-scale
• Fact-based culture, built to learn
Further Reading
www.cafepress.com/kandsranch




           Blog
     www.steveblank.com

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Lean Startup Operating Manual (Customer Development at Work)

  • 1. The Lean Startup Operating Manual Steve Blank Stanford School of Engineering / UC Berkeley, Haas Business School www.steveblank.com
  • 2. The Economy Before • Cash was readily available • Follow on financing was readily available Now • Debt markets are tight • IPO & M&A window closed • most VC!s haven!t made money for a decade
  • 3. State of Startups • High burn rate • Swing for the fences • Full management teams • Assume customer is known • Assume features are known • Assumes growth is by execution Traditional startups are fighting yesterday’s war
  • 4. The Lean Startup • Continuous customer interaction • Revenue goals from day one • No scaling until revenue • Assumes customer and features are unknowns • Low Burn by Design - Not Crisis
  • 5. Lean Startup Strategy ! Analyze Opportunity ! Validate Customers/Business Model ! Execute Agile
  • 6. Analyze: Checklist !Opportunity/Resources ! Market or Technology Risk ! Market Type ! Domain Experience ! Proof
  • 8. Do Capital Needs Match Return? • Large VC = your deal = 3x their fund • Angels = ? • What’s the potential return? • Size the market…
  • 9. sizing up the market $123 billion tourism industry inside the U.S. $1 billion English travel guides sold annually $210 million 20-35 year old travelers SF (Initial test market)
  • 10. + Market Sizing
  • 11. !quot;##quot;$%&'$##() *++$),-%quot;,./012%,-(##. -./0&1+234&5*+67'43&4)4583*+(56&'93:48 !quot;#$%&'())(*+, Our target market is the Flat ;./0&;(<4&*=&->&'93:48 Panel display market. !quot;A%%&'())(*+B, Target products: Camcorders, DVD -93?48&/:80&quot;@AA&'())(*+B players and recorder, digital cameras, Apex: ! 3.5M computer monitors, LCD and Plasma TV OLED TV market will grow to $15.29 billion by 2015 YEAR 1 PROJECTIONS Units sold : 1,000,000 Price per unit : $700 - $1,000 Revenue from Royalties (assuming .5-1.0% of shelf price): Worst case = $3,500,000 Best Case = $10,000,000
  • 12. Target market = College Students
  • 14. Market/Technology Risks • There are no average startups • Startups do differ (sometimes dramatically) by vertical market • Average advice is non-optimal
  • 15. What Kind of Risk? • Market Risk? • Technology Risk? • Customer + Technology Risk? • What are the quot;fundamental drivers of growth?”
  • 16. A Plethora of Opportunities
  • 17. Market Risk vs. Invention Risk
  • 18. Execution: Lots to Worry About
  • 21. '''@!'quot;*5%$+%'H6)'I*(#& &%5/$6quot;67- ,#$8H#5&8)%2 90#quot;quot;%)'E68&%) !)6285& :J4K; 560?#$*%+ N*+&)*.8&6)+ *%'F%&7%#)G :OK4;P *%'I*$2+6) ,%)8 !)6285& N%quot;*A%)- !quot;#$%&'(#&&%)*%+ :PJ4S= ,#- E%&#*quot;'9&6)%+ .%'&/% *4%4'(%+&'(8-G'Q)-R+ +#0% 1$2 3+%) :;<= 9#quot;% >6)?6)#&%'@$A%+&6)+ •!#)&$%)')68&%)'560?#$*%+ •@$&%quot;'B&/%-'#)%'*$&%)%+&%2'*$ 1$2'3+%)+ C*)%quot;%++'&%5/$6quot;67-D *4%4'56quot;quot;%7%'+&82%$&+ B9%%'#??%$2*L'1'H6)'M78)%+D
  • 22. Bird’s Eye View of our Business Model Hardware ($155) Online Distribution • Own website ($208+.3x) Customer • Amazon.com ($40+32x) • eBay ($300+25x) Acquisition Target Market Cost: ($41) Demand Creation Viral MyNote • SEO/SEM ($156.00) Marketing • Blogs • Forums • Bookstore promotion • Sales force • Viral marketing Offline Distribution • Website $399.99 • College bookstores ($0.02) Software (in-house) ($1.00)
  • 23. Licensed Partners: • Sony Consumer electronics • Samsung • Flat Screen TVs through (Other possibilities - LG, Toshiba, Panasonic, DuPont) Fry’s, Best Buy, Magnolia, etc IP . C Patents 3(%-4(5,-)quot;%6 'quot;7,)quot;8-9$% :2,(quot;# 1 D 2 patents owned by Apex! Partners’ distribution channels • Technology patent - SOLED • Sony • Long-Brite and inkjet printing process • Samsung (Other possibilities - LG, Toshiba, Panasonic, DuPont) Dollar flows: Wages: founders & Consultants C. IP Costs: Lawyer . C License fees E- F1 & Patent costs. E; 1 Royalties Premises: Dev’t labs. D
  • 24. BUSINESS MODEL iPhone Application Subscription Based Service $ 2.99 (x.7) $ 5/month Year 1: $ 40K END-USERS END-USERS Year 1: $ 50K Year 2: $1M Year 2: $1.2 M E IC SE E RV NU RV RE SE VE I CE VE RE Third N Nightlife UE party venues affiliates CITYBEATS.COM Two Revenue Streams March | 2011 Total Revenue (year 1) = $ 90 K Critical Mass: 500,000 users Total Revenue (year 2) = $ 2.2 M
  • 26. Are You a Domain Expert? • You’ve been an observer • You’ve been a user • You’ve built this before
  • 27. + Pain Points in Inter-District Development of Curricula
  • 28. What does the customer need? 65% of 315 respondents said they would buy our product
  • 29. TEAM ROLES AND CORE COMPETENCIES Building the Team Incentives • Current Team • Equity • Title and Responsibilities Vision Execution • Culture Shruti – Young, trendy atmosphere Business Gwen – Connected Stephan – Creative Amara Technology Horrace • Skills Needed – Technical Execution » Ruby on Rails, Perl, AJAX, Html, CSS, Clean designer • Future Team Members – Programmers – Sales Force – Interns Slide 29
  • 31. Market Type? • Existing Market • Resegment a Niche • Resegment on Low Cost • New Market
  • 32. Definitions: Types of Markets Existing Market Resegmented New Market Market • Existing Market – Faster/Better = High end • Resegmented Market – Niche = marketing/branding driven – Cheaper = low end • New Market – Cheaper/good enough can create a new class of product/customer – Innovative/never existed before
  • 33. Type of Market Changes Everything Existing Market Resegmented New Market Market • Market • Sales • Customers – Market Size – Sales Model • Needs – Cost of Entry – Margins • Adoption – Sales Cycle – Launch Type – Chasm Width – Competitive • Finance Barriers • Ongoing Capital – Positioning • Time to Profitability
  • 34. END USER WILLINGNESS TO PAY Number of Respondents Willing to Pay Per Service 100 95 80 75 60% of respondents willing 71 Nightlife Promotions to pay for these services Friend Locator 60 58 40 30 20 15 12 6 0 $0 $1-$5 $5-$10 $10+ Slide 34
  • 36. Customer Development and Product Development Product Development Concept/ Product Alpha/Beta Launch/1st Bus. Plan Dev. Test Ship Customer Development Customer Customer Customer Company Discovery Validation Creation Building
  • 37. Customer Development: Key Ideas • Parallel process to Product Development (agile) • Measurable Checkpoints • Not tied to FCS, but to customer milestones • Notion of Market Types to represent reality • Emphasis is on learning & discovery before execution
  • 38. Customer Discovery: Step 1 Customer Customer Customer Company Discovery Validation Creation Building • Stop selling, start listening – There are no facts inside your building, so get outside • Test your hypotheses – Two are fundamental: problem and product concept
  • 39. Customer Discovery: Exit Criteria • What are your customers top problems? – How much will they pay to solve them • Does your product concept solve them? – Do customers agree? – How much will they pay? • Draw a day-in-the-life of a customer (archetypes) – before & after your product • Draw the org chart of users & buyers
  • 40. Customer Validation: Step 2 Customer Customer Customer Company Discovery Validation Creation Building • Develop a repeatable and scalable sales process • Only earlyvangelists are crazy enough to buy
  • 41. Customer Validation: Exit Criteria • Do you have a proven sales roadmap? – Org chart? Influence map? • Do you understand the sales cycle? – ASP, LTV, ROI, etc. • Do you have a set of orders ($’s) validating the roadmap? • Does the financial model make sense?
  • 42. distribution and demand creation ! Unique Idea: website and iPhone app form symbiotic relationship Travel AdWords App traffic Listing TravelSpy.co iPhone App m traffic Blogs (ex. Magazines Travelblog.org)
  • 43. + Sales Ecosystem Discussion channel Mandate channel Sale Superintendant Another District district IT Director Engagement (Early Stages) School Dept. Head Another school in the district Teacher Teacher
  • 44. + Demand Creation quot; State-by-state rollout: educational standards quot; Continuous iteration of feedback CA Pilot Broad Grow Adoption Adoption quot; Hypotheses: Will quot; Hypotheses: Will quot; Hypothesis: How they adopt, use, they buy hands- well does it sell and pay? off? Can it scale? itself? quot; 10 schools f2f: quot; CA telemarket quot; All telemarket quot; Sales: $1,066 quot; F2f elsewhere quot; $533/dist quot; Travel: $1,000
  • 47. Distribution Channels • Online Distribution (DIRECT SALES) ! Own website quot; Set-up and server cost = $1500 quot; Server maintenance = $200/mo quot; Internet Merchant Fee = $8/unit ! eBay # Anchor subscription quot; Monthly Subscription Fee = $300 quot; Variable Fee = $25/unit ! Amazon.com # Pro Merchant seller quot; Monthly Subscription Fee =$39.99 quot; Variable Fee = $32/unit
  • 48. Distribution Channels • Offline Distribution (CHANNEL SALES) ! College Bookstores, e.g. Stanford Bookstore quot; Booth/Stall outside – Free quot; In-store vendor – $50 co-op dollars/mo ! Shelley Hughes, Manager of Computer Sales “I hope this project is actually realized…it sounds like a device that would do well!” • Future Channels/Partners ! Retailers such as Best Buy, Office Depot, Fry’s
  • 49. Manufacturing Partners • Contacted original design manufacturers (ODMs) in Asia to determine our supplier: • Lucky Light Electronics Co. Ltd. (Shenzhen, China) • Hon Hai Precision Industry, ie. Foxconn Electronics (Taiwan) • Compal Electronics (Taiwan) • Hipsley Ltd. (Hong Kong) Slide 49
  • 50. Cost of Goods Sold Specification Cost/piece Single light LCD panel $25 Motherboard (w/ WiFi and Bluetooth function) $60 RAM 512 MB $3 Wacom A5 (tablet sheet) $20 SDHC slot (expandable storage) $6 USB socket $0.50 Plastic casing (for panel and motherboard) $20 Rechargeable battery + ACDC power supply $15 Assembly cost $5 Software embedding $1 Shipping cost ($2000 for 5000 pieces in 20ft $0.40 container) Total Hardware Cost $155.5o Slide 50
  • 52. -39G(2*+9)&C3*G758&H4I4)*J'4+8 !quot;#$%&'%()&*)+,,-%./01quot;2+%$&%3+4$%5$1*+ Waterfall !quot;#$%&quot;'quot;()* +quot;*%,( Problem: known Solution: known -'./quot;'quot;()012( 3quot;&%45012( 60%()quot;(0(5quot; Source: Eric Ries
  • 53. .?()4 !quot;#$%&'%()&*)+,,-%1%6#quot;+%&'%7&)8#quot;*%2&/+ “Product Owner” or in-house customer Problem: Known Solution: Unknown Source: Eric Ries
  • 56. K49+&;89387J&P&Q(368&;84J6 • Decide on business model – What are the quot;fundamental drivers of growth” • Create a decision loop (build-measure-learn) • Write your hypotheses down (3 diagrams) – Business model, distribution channel, demand creation • Prove it in micro-scale • Fact-based culture, built to learn