Download - Innovative entrepreneurship - Noorderlingen
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Innovative Entrepreneurship
Noorderlingen workshop - February 4th 2015
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Leon PalsChairman Startup Foundation
Founder of several of its initiatives
@leonpals [email protected]
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Startup FoundationAn independent not for profit [or for impact] organisation,
driving innovation by supporting startups
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Who are you?Name & expertise
Problem?
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“A startup is a temporary organisation searching for a repeatable and
scalable business model”- Steve Blank
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EffectuationA framework for entrepreneurial thinking
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Causal thinking=
Managerial thinking =
Choosing the best means to achieve a goal
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Effectual thinking=
Entrepreneurial thinking =
Imagining new ends with a given set of means
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Effectuation principles
To get you started on the right track
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12
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Bird in handWho are you and what do you have?
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14
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Affordable lossWhat can you afford to lose?
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LemonadeEmbrace surprises
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LemonadeEmbrace surprises
And always bring salt & tequila
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19
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Crazy quiltForm partnerships to cover your weaknesses
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21
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Pilot in the planeFocus on what you can control
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Pilot in the planeControl vs. predict
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Because the future is madeControl vs. predict
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Let’s do a small gameWe love games.
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“If I can predict the future, I can control it”
- ?
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“If I can predict the future, I can control it”
- Any experienced manager
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“If I can control the future, I don’t need to predict it”
- ?
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“If I can control the future, I don’t need to predict it”
- Any experienced entrepreneur
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“Great Scott!”- ?
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“Great Scott!”- You
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Innovative entrepreneurship
Or Effectuation, Customer Development, Lean Startup and dozens of canvasses.
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Startup ≠ small version of big company
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Startup ≠ small version of big company
Startups are temporary organisations in search of a repeatable and scalable business model
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Startup ≠ small version of big company
Startups are temporary organisations in search of a repeatable and scalable business model
search = innovative
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Startup ≠ small version of big company
Startups are temporary organisations in search of a repeatable and scalable business model
search = innovative = uncertain
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Companies execute
Which is what they are good at
They have managers that predict, operate and plan using something called the Waterfall method
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WebvanThe tale of a Startup that wanted to be a Company
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$1.200.000.000
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$1.200.000.000Nothing left, except
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Nine out of ten fail
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Nine out of ten failBecause they try to be a company:
Plan, Build & Launch
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Time
Waterfall
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Time
Risk Waterfall
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Time
Risk
Agile
Waterfall
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Startups don’t fail because of product development
Most of us know what we can build
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Startups fail because of a lack of customers
Just because you build it, that does not mean they will come
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By Steve Blank
Customer development
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Customer development
Customer Discovery
Customer Validation
Customer Creation
Company Building
Pivot
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Search
Customer Discovery
Customer Validation
Customer Creation
Company Building
Pivot
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Search
Customer Discovery
Customer Validation
Customer Creation
Company Building
Execute
Pivot
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Search
Customer Discovery
Customer Validation
Customer Creation
Company Building
ExecuteLearn
Pivot
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Search
Customer Discovery
Customer Validation
Customer Creation
Company Building
ExecuteLearn Confirm
Pivot
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Search
Customer Discovery
Customer Validation
Customer Creation
Company Building
ExecuteLearn Confirm AARRR
Pivot
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Search
Customer Discovery
Customer Validation
Customer Creation
Company Building
ExecuteLearn Confirm CEO hired
Pivot
AARRR
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Search
Customer Discovery
Customer Validation
Customer Creation
Company Building
ExecuteLearn Confirm CEO hired
Entrepreneurs start to think about leaving
Pivot
AARRR
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Lean Startup =Customer development combined with Agile product development
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Search
Customer Discovery
Customer Validation
Learn Confirm
Pivot
LearnLearning is mostly done by talking to potential customers.
But can also be achieved through observation and customer feedback
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Search
Customer Discovery
Customer Validation
Learn Confirm
Pivot
ConfirmConfirmation can be achieved through several kinds of tests, depending on what you want to confirm.
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Customer Discovery
Customer Validation
Customer Creation
Company Building
Pivot
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Build
Measure
Learn
Lean Startup Process Build Measure Learn Loop
Ideas
ProductData
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Validated learningDecreases uncertainty
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Validated learningDecreases uncertainty
Minimises risk
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Validated learningDecreases uncertainty
Minimises risk Increases chances of success
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Seriously thoughYou do not launch a startup, you steer it to success.
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It is okay to start like this
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Time for a challenge
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Challenge Who knows?
W O R K S H O P I N T R A C T O
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Challenge Who knows?
Illustrations by Esther Gons @wilg
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Illustrations by Esther Gons @wilg
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Customer Conversations
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Learn Confirm
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Why would you have Customer Conversations?
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87
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What would you like to be more sure of?
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TopicsGenerate topics
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Customer DevelopmentGa het gesprek aan
W O R K S H O P I N T R A C T O
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Dear mom,
Don’t you think I’m great?
Love, Your son
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It’s not just your momPeople want to be helpful, more than being honest.
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How can we get facts?
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How can we get facts?- Talk about their life, not your concept
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How can we get facts?- Talk about their life, not your concept - Ask about specifics,
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How can we get facts?- Talk about their life, not your concept - Ask about specifics, from the past
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How can we get facts?Anything future related is worthless as we cannot predict the future with certainty.
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Do you think this is a good idea?
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Do you think this is a good idea?
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How do you currently deal with this?
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How do you currently deal with this?
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When does this happen?
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When does this happen?
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Would you buy a product that would solve this?
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Would you buy a product that would solve this?
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Please show me how you do this?
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Please show me how you do this?
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Can you talk me through the last time that you experienced this?
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Can you talk me through the last time that you experienced this?
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How much would you pay for this?
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How much would you pay for this?
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How much does this currently cost you?
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How much does this currently cost you?
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How do we do this as casual as possible?
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Scene of the customer
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Start with softball [easy to handle] questions
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How do you screw it up?
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How do you screw it up?- Use a script or survey instead of topics
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How do you screw it up?- Use a script or survey instead of topics - Talk about your business, instead of listening
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How do you screw it up?- Use a script or survey instead of topics - Talk about your business, instead of listening - Try to sell, instead of learn
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Learn Confirm
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Good or bad conversation?
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“That’s so cool. I love it!”
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“That’s so cool. I love it!”
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“There are a couple of people I can introduce you to, when you’re
ready.”
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“There are a couple of people I can introduce you to, when you’re
ready.”
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“What are the next steps?”
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“What are the next steps?”
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“Looks great, let me know when it launches.”
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“Looks great, let me know when it launches.”
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“Can I buy the prototype?”
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“Can I buy the prototype?”
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“When can you come back and talk to the rest of the team?”
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“When can you come back and talk to the rest of the team?”
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Commitments
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Commitments- Time [next meeting, taking part in trial]
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Commitments- Time [next meeting, taking part in trial] - Reputation risk [introduction to peers]
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Commitments- Time [next meeting, taking part in trial] - Reputation risk [introduction to peers] - Cash [letter of intent, deposit, pre-order or sale]
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128
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JFDI- Set topics - Do at least 5 to 10 Customer Conversations
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Prototypes
Test Design
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Learn Confirm
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Minimum Viable Product
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Minimum Viable
Product Test
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Minimum effort towards validated
learning
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Search
Customer Discovery
Customer Validation
Customer Creation
Company Building
ExecuteLearn Confirm CEO hired
Entrepreneurs start to think about leaving
Pivot
AARRR
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Search
Customer Discovery
Customer Validation
Learn Confirm
Pivot
ConfirmConfirmation can be achieved through several kinds of tests, depending on what you want to confirm.
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Test casesOptions are merely limited by your imagination
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Video + Landingpage
75.000 signups
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Wizard of Oz
Proved people would buy shoes online
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Concierge
Created early customers
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A test drives validated learning
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But what do we need to learn?
You need to find your riskiest assumption, and a way to (in)validate it.
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The riskiest assumption is the one that, if proven false,
will kill your business
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How to design a test
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How to design a test- Set your learning goal
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How to design a test- Set your learning goal - Form a falsifiable hypothesis to test
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How to design a test- Set your learning goal - Form a falsifiable hypothesis to test - Make it measurable
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How to design a test- Set your learning goal - Form a falsifiable hypothesis to test - Make it measurable - Set a fail condition
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How to design a test- Set your learning goal - Form a falsifiable hypothesis to test - Make it measurable - Set a fail condition - Set a time-box
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Build
Measure
Learn
Lean Startup Process Build Measure Learn Loop
Ideas
ProductData
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If you cannot fail, you cannot learn
About half your tests should fail
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Accept failure as validated learning
Swallow your pride, become successful
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JFDIDesign a test, conditions:
Must have a learning goal, based on a falsifiable hypothesis and measurable.
Also think about the time-box and fail conditions.
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What have we learned?
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Let’s get real
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Ideas are generic
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Jargon & BuzzwordsMake a Startup less actionable
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Tests
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Why get hands on?
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Why get hands on?
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"Entrepreneurship is something you learn best by doing it”
- Paul Graham
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But most of all
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It is realityThe red pill
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“Put your ideas into practise, they will improve if you take note of what happens next”
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- Leon Pals
“Put your ideas into practise, they will improve if you take note of what happens next”
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So why do we see so many peers struggling?
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So why do we see so many peers struggling?
Fear
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“The greatest barrier to success is the fear of failure”
Sven Goran Eriksson
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What is Lean Startup?
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“Do a little, see if it works”- Tendayi Viki
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Theorising/debating/planning
Might make you sound smart, or not
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Lessons learned
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Gain credibility
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You might create something
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Red pill
Assumptions Meetings Theory
Your comfort zone
Blue pill
Validated learnings Running tests
Experience
Where the magic happens
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Thank you. Any questions?
@LeonPals
Thank you. Any questions?