teaching lean startup capital enterprise
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Welcome toFounder Centric
3 Typical Assignments
Market feedbackEasyGrading Speed
Doing Then Learning
10:30 Coffee
11:00 Iterative teaching
11:15 Workshops & assignments
12:30 Lunch
1:30 Workshops & assignments
2:00 Design Process & Goals
2:30 Extra Curricular Fit
3:00 Coffee
3:30 Gotchas & Questions
4:30 Closing discussion
10:00 Hello & intro
Startup iterations are much faster than a semester.
Can we grade iterations?
Death Spiral
Controllingvs.
Enabling
Course-correction
How do we measure teaching success?
Quality Controlcreates barriers.
Build
Learn
Measure
Don’t change their mind. Change their approach.
Remove barriers.Just give them the tools. Leave the directions to them.
Post Up!
Caffeine
Entrepreneurship is a craft.It’s learned through practice.
Are our assignmentsgrading application or knowledge?
EffectuationSeeking PullHabits & processResponsible riskCamaraderie, humilityOh, making loads of money!
Psychology
InterchangeableModules
Ideas
Personal inventoryStudents make two lists on a single page:
They’re graded on the length of the list and the relevance of the ideas to their resources.
What I’ve Got What I Can Do (startup ideas)
Growth Engines & Pirate Metrics
ActionableAnalytics
Your KPI Dashboard Actionable analytics for your current goals No clutter metrics Understanding the trade-offs
Hustle
Build an audience Quantity of content published Daily analytics screenshots & action log Post-mortem of what worked & didn’t Variety of channels and content tried
Lunch
Articulating a clear story
Whole 2
Parts Progress1 3
Platform
Tuesday, 14 June 2011
Platform
Tuesday, 14 June 2011
Isolate the dynamicGiven a short case study (and possible online research):
A canvas with only 3 post-its A paragraph on why this is the
key dynamic
Business model pitches Explains the overall business in first 90 seconds Focused on the right bits Used fewest post-its Good, energetic story Connects trends, customer problems & current behavior to proposed
Business model options Pure quantity Breadth of variation Legibility Understandable when they review them in 3 months?
The Mom Test
Dear Mom,
Don’t you think I’m great?
Love,Your son
But, everybody will lie to you (not just mom)
Future-tense opinions are lies
You gain nothing by convincing them
Talk about their life, not your idea
Ask about specifics in the past
The mom test
❝
❞Us
Do think it’s a good idea?
❝
❞Us
Do think it’s a good idea?
❝
❞Us
Would you buy a product which solved this problem?
❝
❞Us
Would you buy a product which solved this problem?
❝
❞Us
How do you currently deal with this problem?
❝
❞Us
How do you currently deal with this problem?
❝
❞Us
Talk me through the last time you had this problem.
❝
❞Us
Talk me through the last time you had this problem.
❝
❞Us
How much would you pay for this?
❝
❞Us
How much would you pay for this?
❝
❞Us
How much money does this problem cost you?
❝
❞Us
How much money does this problem cost you?
❝
❞Us
Is there a budget for it?
❝
❞Us
Is there a budget for it?
❝
❞Us
Who else should I talk to?
❝
❞Us
Who else should I talk to?
Opinions are worthless!
Real stories.
Interviews!
Excited Remiss Upset Feature requestPerson
ProblemObstacle Goal Solution
Alternative
Pair. One interviewer, one notetaker.
One phrase per card.
Use the icons as your record notes.
The order doesn’t matter, but bring up each topic during the interview.
(that you trust!)
Building a support network
BraintrustProblem, Learning Goal, Plan, turned in weekly.
Selection & analysis of big problem and learning goal Efficiency of plan to answer it Concise Feedback from peers collected
Growth Hackers
Add a zero1.Pick a startup, ideally local.2.Think of 3 ways to add a
zero (an order of magnitude)
3.Email them to the founder, asking to discuss.
4.Write up lessons learned from the conversation.
5.Automatic 100% if the startup tried it and learned something!
Too bad about the execution.Big idea!
SegmentationReduce an idea with a broad market to 10 possible segments, each with a TAM lower than 1,000.
Include at least one likely awareness channel for each.
Pick one. Turn in a contact list of prospects in that segment.
Pivot or persevere?Given a short case study:
Analysis of the commitments and signals from customers Exploration of the possible learning goals Description of a reasonable way to achieve this learning.
Signal vs. NoiseLog into an analytics account (or look at print-outs) and isolate the growth engine from the TechCrunch traffic.
Turn in the relevant numbers only, with a paragraph explaining why this is the growth engine.
How do we grade Customer Development?
Got conversations Note-taking Asked good questions Analysis of multiple conversations
Option CardsStudents are taught how to use option cards in their startup. At the end of the semester, they submit their decks.
Quantity of cards 2 subsets, based on different
fictitious problems (low conversion rate, Google becomes your competition, failed to build, etc.)
Lean UsabilityOptimise a university web app.
Groups of 4 run 4-5 30-minute usability tests, submitting:
Whiteboard snapshot #1 problem discovered List of other problems & why they
weren’t chosen.
Hacking timeHack a personal habit this week. Write a paragraph on what you tried, and why. Write another on how it went.
MVP designGiven a short case study, and a specific learning goal:
Good balance of speed, cost and certainty of learning Clear steps Clear success metric
Assumptions ExerciseThank @GiffConstable!
I believe my customers have a need to _____________ .
This need can be solved with _________________.
My initial customers will be
_________________.
I will acquire the majority of my users/customers
through _______________________
and ________________________.
I will make money by ___________________.
Get the FULL version at giffconstable.com
Our design process
Lay out the big principles you want to impart.
Come up with a set of swappable options.
Assemble them as needed. Don’t converge until you need to.
Flexible curriculum
F-Day PrinciplesIterateDo LessUnderstand The Big PictureLearn, then ConfirmFocus On Your Next Steps
Flexible curriculumMake sure they fit well by, looking at the overall output:
Each principle was conveyed and applied in practice.
The energy levels stayed high all day. The overall tone conveyed the right
message. (We walked the talk.) It adapted to student needs.
1. Just build a company2. Build your best idea3. Lots of small projects
Project framing
Strip away irrelevancies mercilessly.Make them apply it in the next 5 minutes.Make it accessible. Use plain speak.
Rules of thumb
What I can do
What I’vegot
Make friends!
Keep your shirt!
Personal inventoryStudents make two lists on a single page:
They’re graded on the length of the list and the relevance of the ideas to their resources.
What I’ve Got What I Can Do (startup ideas)
With enough harnesses, these are 1-2 week practical assignments:
Launch a consumer/SME SaaS MVP.Launch a drop shipper.Concierge a market place (find liquidity)Build an audience. (blog, Twitter, Google+, etc.)Launch an enterprise service.Growth hack a startup.
Constrained launches
The bigger picture
Safety net, saves the weakestSocialBroader exposureBubbles up unknown student skills
Peer Support
Order, length and depth of each lesson are still adaptable.
Linear?
Advisors.Make the students responsible for filtering bad advice & pushing back on expectations.
Reduce the business plan to relevant parts.
Other demands.
Open Space
Gotchas Assignment overload Mentor overload Single-iteration projects Clear on what to grade
Gotchas Mismatched goals & skills Lack of practical design /
tech skills No help-seeking attitude Using speakers/mentors
who don’t get startups “We just need to raise
funding.”
Gotchas Students not knowing
each other Expecting students to stay
in sync Hung up inconsequential
details. In love with their first idea
Build
Learn
Measure
Teach
Learn
Measure
Remove friction. Catch them when they fall.
Rob Fitzpatrick@robfitz
rob@foundercentric.com
Salim Virani@SaintSalsalim@foundercentric.com
Thank You!We are Founder-Centric.
Work with us. Content: Use our accelerator stuff! Plug in polished workshops, videos and materials.
Fast & easily-gradeable assignment packs
Slide decks Case studies Card games
Full facilitation guides Training videos Teacher community
Programme design: Let’s sit down and work out options to help you hit ambitious, measurable goals.
Workshops: Fly us in to give students a practical boost (or kick), and to help keep them on track.
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