how to rock startup weekend like a boss
DESCRIPTION
Startup Weekend Bootcamp workshop with info and exercises for crafting your pitchfire pitch, forming your team, using the Lean Startup methodology, Lean Canvas, Business Model Canvas, getting out of the building for customer discovery and validation, and building an MVP.TRANSCRIPT
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Christine Goodwin
Startup Weekend Bootcamp All You Need to Know to Keep Calm and Rock it Like a Boss
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About Me Engineer. Disruptor. Chronic multi-tasker.
02
Christine Goodwin Founder/CEO WishStars | Co-Founder FredXchange | Engineer
MY BIO 20+ year software and systems engineer. Entrepreneur and serial disruptor. Founder/CEO WIshStars. Co-Founder FredXchange. Lead Organizer Startup Weekend Fredericksburg. Mom. Wife. Lover of life.
ENTREPRENEUR 100%
ENGINEER 100%
EDUCATOR 50%
eMobilitie
Integrated Technical Solutions
WishStars
1996
1999
2012
Facebook.com/WishStars4U
Twitter.com/cag123
2013
FredXchange
VA TOP 50 Entrepreneur
Startup Weekend
2014
SkillUpVA
1987-1993
SAIC Raytheon Booze Allen Nichols Research Network Solutions CSC
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I Do Stuff & Things: #FXBG Local Startup Scene Startup ecosystem building in Fredericksburg VA.
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http://fredxchange.org
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My Stuff Life’s short. Do cool sh!t
04
https://wishstars.com
Simplify – Fundraising & Crowdsourcing for classrooms resources Connect – Connect businesses & donors to teachers Transform – Make every classroom an incubator
#startupkids
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What You Will Learn Discover. Learn. Build. Measure. Repeat.
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Discover Find a problem. Find out who else has it or change the problem.
Learn Validate that it’s not just your problem. Learn from your customers. Then build it better . For them.
Measure Capture metrics. Engage users. Compare against Lean Canvas. Pivot or add next feature set.
Build Get your growth hacks on. Repeat. It’s about execution. Not features.
OMG, Your Startup Idea is So Awesome
STARTUPS FAIL
STARTUPS ALIVE AFTER 5 YEARS SUCCESS RATE 1st TIME
PERCENT OF STARTUPS THAT PIVOT AFTER FUNDING
STARTUPS THAT FAIL FROM LACK OF PLANNING
75%
45%
18%
65%
99%
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Topics We will Cover Move fast. Break things.
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What’s a Startup? Hint: They aren’t small companies
How do You Start? Focus on the
problems. Of other people.
Discover. Learn. Build. Measure.
Run little experiments. All the time.
Move Fast. Break Things
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Why Startups Matter It’s about the economy, yo.
07
70% New Jobs Created
Startups are responsible for the highest net job creation in the United States + 6%
- 6%
Immigrant Founders in 2013
501 Communities
In 75 Countries
Startup Communities Are everywhere
Native born US Founders in 2013
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Some Stats Because I love data.
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40% 39+
3750% South Eastern US
60% Increase projected
7% Women
Avg. Age of First Time Founders
39-45
Fastest Growing Startup Market in
US
Southern US has explosive growth in startups and startup
funding in the last 5 years.
Globally 400 Million Entrepreneurs in
2014. 1 Billion by 2020.
Funding
93% of male entrepreneurs who go after funding get funded. Fewer female
founders.
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AGENDA! • Pitch Fire • Team Formation • Execution • Business Model • Customer Discovery & Validation • MVP • Validation • Final Pitch
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Pitch FIRE Your minute to win it!
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DISCOVER
LEARN
BUILD
MEASURE
PITCH FIRE
TEAM FORMATION
FINAL PITCH
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• Name • Keywords • Tagline • Elevator Pitch
Pitch Fire: Anatomy of a Winner 11
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Name • Make it memorable
• Twitter • Hootsuite • Google
• Make it short • Vine • path
Make it web friendly/describe your offering • Facebook, Instagram, Pinterest
Pitch Fire: Say My Name 12
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• Value proposition • Keywords can Tie it to a known entity
quickly • Kickstarter for K-12 classrooms • Groupon for defense contracting • Pinterest for strippers
Pitch Fire: What’s in a WORD? 13
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Taglines • Think different • Just Do it • The ultimate driving machine • A DIAMOND IS FOREVER • See the difference you make
Pitch Fire: Taglines -> Make it Personal 14
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• Elevator Pitch • If you can’t say it in 60 seconds, you have a problem • Get Personal
• “70% of parents would rather write a check to teachers to avoid pimping out their kids for overpriced gift wrap…”
• Do your homework • Who are your customers? • What’s their problem? • How do you solve it? • How are you different?
Pitch Fire: Minute to Win It 15
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PITCH FIRE: LET’S GO FOR A RIDE
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[Proven industry example] for/of [new domain].
Venture Hack’s High-Concept Pitch
1. Flickr for video 2. Friendster for dogs 3. Pinterest for strippers
Pitch Fire: Examples 17
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For ____________ (target customer) who ___________ (statement of the need or opportunity) our (product/service name) is ____________ (product category) that (statement of benefit) ____________ .
Example For non-technical marketers who struggle to find return on investment in social media our product is a web-based analytics software that translates engagement metrics into actionable revenue metrics.
Geoff Moore’s Value Positioning Statement Template
Pitch Fire: Examples 18
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“We help X do Y doing Z”.
Example We help non-technical marketers discover return on investment in social media by turning engagement metrics into revenue metrics.
Steve Blank’s xyz
Pitch Fire: Examples 19
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Customer: ____________ (who your customer is). Problem: ____________(what problem you're solving for the customer). Solution: ____________ (what is your solution for the problem).
Customer: I believe my best customers are small and medium-sized business (SMB) markets.
Patrick Vlaskovits & Brant Cooper’s CPs
Problem: Who cannot easily measure campaign ROI because existing solutions are too expensive, complicated to deploy, display a dizzying array of non-actionable charts.
Solution: Low cost, easy to deploy analytics system designed for nontechnical marketers who need actionable metrics.
Pitch Fire: Examples 20
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• Short, simple, memorable: what, how, why • 3 keywords or phrases • KISS (no expert jargon)
Dave Mcclure’s Elevator Ride
“Mint.com is the free, easy way to manage your money online.”
Pitch Fire: Examples 21
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• Highlight the enormity of the problem you are tackling.
• Tell the audience up front what your company sells.
• Distill the differentiation down to one, easy-to-comprehend sentence.
• Establish credibility by sharing the pedigree of the entrepreneurs, customers, or the investors.
David Cowan’s Pitchcraft • One person dies of melanoma every 62
minutes.
• We offer a dermatoscope app for iPhone that enables people to easily diagnose their skin,
• leveraging patented pattern recognition technology trusted by the World Health Organization
Pitch Fire: Examples 22
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• Superlative (“why choose this product”).
• Label (“what is this product”).
• Qualifiers (“who should use this product”).
Eric Sink’s Value Positioning
• The easiest operating system for netbook PCs.
• The most secure payment gateway for mobile e-commerce
Pitch Fire: Examples 23
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VAD approach: [verb; application; differentiator]
• Create and write blogs via email (Posterous) • Share Powerpoint and Keynote slides including
audio (Slideshare) • Connect to the latest stories, ideas, opinions and
news in real-time information network via small bursts of information called Tweets
Pitch Fire: Examples 24
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PITCH FIRE: WTF? (where’s the finish)
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This guy knows…
Pitch Fire: Which One Should I Use? 26
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PITCH FIRE:YOUR TURN
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Team FORMATION Find your peeps.
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DISCOVER
LEARN
BUILD
MEASURE
PITCH FIRE
TEAM FORMATION
FINAL PITCH
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• Hustler • Hacker crew • Designer • Anyone who can make a power
point slide
Cool. Now what?
Team Formation: Who Do You Need? 29
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Business Model Hypotheses Test Problem Test Solution
• MVP •Customers
• Does Anyone Care? • Do they Like It? • How will you Get/Keep/ Grow Them?
Team Formation: What You Will Do 30
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• How big is the market? • Who’s the customer?
• What’s their problem/need • What’s the product/service/need?
• Does it solve the customers problem? • How do you create demand? • How do you deliver the product? • How do you make money?
Team Execution: It’s Not About the Big Idea 31
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HOW ARE YOU A BUSINESS?
Startup Weekend: Bottom Line Up Front 05
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Lean STARTUP Think Big. Start Small. Scale or Fail Fast.
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DISCOVER
LEARN
BUILD
MEASURE
PITCH FIRE
TEAM FORMATION
FINAL PITCH
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What is LEAN?
“..production practice that considers the expenditure of resources for any goal
other than the creation of value for the end customer to be wasteful,…”
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Disclosure: I didn’t make this up.
Toyota Production
System (TPS) Lean Manufacturing
TPS: Toyota’s response to market competition from large US car manufacturers. Couldn’t compete. So they asked customers what they wanted. Then built that car in small batch production cycles so they could adapt quickly. Continuous engagement with customer. Revolutionized car manufacturing.
Agile Software Development
User-centered software design and development
Agile: Moved away from waterfall software development. Focused on user-stories, not system requirements. Short-batch sprints .
Eric Ries
Entrepreneur. Mentee of Steve Blank.
Founder/CEO of IMVU – online chat gaming tool. Steve Blank’s mentee, advisor, and angel investor. Required to audit Steve Blank’s customer development class at Stanford. Radically changed his thinking on how he had executed. Then he wrote it down.
Steve Blank
Serial entrepreneur. Stanford professor.
Coined “startup”. Started capturing metrics on companies that succeeded past the startup stage and companies that did not. Found patterns. Wrote 4 Steps to the Epiphany which documented them.
What is Lean Startup? 35
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A startup is not a small company.
Validate Meet potential
customers. Establish metrics to test your
assumptions about the fit between your solution
and their problems.
Discover Trying to find product
market fit.
Develop Create minimally viable
capabilities, continuously iterating through
customer feedback and product development
loops to get, keep, and grow your customers.
Build Once your metrics show that your product/market
fit is strong, build the company.
“Startups operate under conditions of extreme uncertainty.”- Eric Ries
Always Be Measuring.
Why is Lean Startup IMPORTANT? 36
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Big
In the beginning… How we think our great idea will end up.
Best product/idea ever = Big jackpot
Best product/idea ever = No customers
What really happens… Things get real.
Great idea & business plan
Borrow, build great idea product
Release to market
Expect amazing sales
Great idea & business plan
Borrow, build great idea product
Release to market
Expect amazing sales
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How we used to do it… Use every resource we don’t have to build awesome idea into awesome product then
release it.
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How we do it now… Find customers. Talk to them. Get data. Build and release MVPs. Move
fast. Break things. Measure.
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Examples of #OldSchool 39
webvan 1999: $1.2bn company with 4,500 employees 2000: Bankrupt
3 boo.com 1999: $188M invested 2000: Bankrupt (6 months later)
1
pets.com 1998: $300M invested with 320 employees 2000: Bankrupt
2
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Examples of #NewSchool 40
Zappos 1999: $1.2M invested 2009: $1.2B sale to Amazon
3 Kissmetrics 2008: $1M invested 2013: 4.5 billion people, 36 billion transaction
1
Dropbox 2007: Seed from Y Combinator 2011: $1B-$10B valuation estimate
2
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So What? “Everybody has a plan until they get punched in the mouth.” ~ Mike Tyson
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Lean Startup Helps You Avoid HEADSHOTS
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How Does It Work? Find product market fit first. Then build a company.
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UNIQUE VALUE PROPOSITION
CHANNELS
UNFAIR ADVANTAGE CUSTOMER SEGMENTS
REVENUE STREAMS COST STRUCTURE
PROBLEM
KEY METRICS
SOLUTION
44 Lean Canvas: Say Hello to My Little Friend LEAN TOOL FOR VERSIONING YOUR BUSINESS MODEL QUICKLY BASED ON USER FEEDBACK AND ANALYTICS.
DISCRETELY
DEFINED HYPOTHESIS
UNIQUELY DEFINED USERS
PROBLEM-SOLUTION FIT VALIDATED BY USERS
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Keep it simple.
Lean Canvas: USING IT.
Fill it out with the best info you have.
Identify risks and unknowns.
Test your market. Get out of the building.
This is your tool for iterating and versioning your business model.
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dda
UNIQUE VALUE PROPOSITION
CHANNELS
UNFAIR ADVANTAGE
CUSTOMER SEGMENTS
REVENUE STREAMS COST STRUCTURE
PROBLEM
KEY METRICS
SOLUTION
LEAN CANVAS: PROBLEM What problem are you solving?
“If I’d asked my customers what they wanted, they’d have said a faster horse.” ~ Henry Ford
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ANALYSIS MATRIX 47
LEARN WHILE DOING.
WHO
• Who is involved? • Who does this effect? • Who creates this? • Who collects this? • Who consumes this? • Who uses this?
WHERE/CHANNELS
• How do customers find you? • How do you find customers? • Where would a user have to be to get this
activity done? • Where would the enabling capabilities
have to be for the user to get this done? • Where would data/information/ services
have to be for a user to get this done? • Where can users provide this information? • Where can users access these services? • Where can users get the enabling
technologies?
WHAT
• What key activities are or should be involved in this problem?
WHY
• Why is this important?
[X] helps [Y] do [B] so that [Z] can be accomplished
[in less time, faster, cheaper, more accurately, with relevant information, etc.]
METRICS
• What will be measured? • How will it be measured? • What level of measure is required to be
useful? • Which metrics indicate success? • Which metrics indicate failure?
DESIGN
• What is the end goal for the user? • How do you envision how a user would
want to get this done? • What enabling technologies should be
considered to get this done? • How should technology facilitate getting
this done?
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What Are the Burning Questions?
WHO
WHAT
NEW IMPROVE EXISTING
INFORMATION
COSTS
PROCESSES & WORK
TOOLS WHERE
WHEN
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WHAT IS THE USER GOAL OF YOUR PROPOSED SOLUTION? WHAT WILL IT ACHIEVE, IMPACT, CHANGE?
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Customer Discovery & VALIDATION Think Big. Start Small. Scale or Fail Fast.
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DISCOVER
LEARN
BUILD
MEASURE
PITCH FIRE
TEAM FORMATION
FINAL PITCH
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dda
UNIQUE VALUE PROPOSITION
CHANNELS
UNFAIR ADVANTAGE
CUSTOMER SEGMENTS
REVENUE STREAMS COST STRUCTURE
PROBLEM
KEY METRICS
SOLUTION
LEAN CANVAS: CUSTOMERS Whose problem are you solving?
“In a startup, no business plan survives first contact with the customer.” ~Steve Blank
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Where are they? • Survey monkey • Facebook poll • Get outside the building
• Finding some of your customers and survey them
• Send an email to people you know who match your archetype
• Make some phone calls
Customer Discovery: Finding Problem-Solution Fit. 51
• Customers • Interviews • Surveys • Focus Groups • Webinars • Free Trials
• Actionable Metrics • Specific actions • Observable results • Examples
• Conversion funnels • A/B Testing • Activation Rate • Retention Rate
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#exercise • Do you have customer archetypes? • Do you know where to find them? • Which of them will be your FIRST
customers? • Do you know what their TOP Pain is? • How badly do they need your fix? • How do you know your right?
• Customer Archetypes defined • Strategy for finding them defined –
channels/get out of the building!! • Pains listed • Early adopters/evangelists defined in org chart • Customer discovery tests defined • Focus group • Survey • User stories to feature mapping
#exit criteria
Lean Canvas: Who are your Customers? 52
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• Gender/Age • Role/Position/Title • Budget • How do they work around their problem now? • Do they pay to do this? • How much do they pay? • What matters to them? • Who/what are their influencers?
Lean Canvas: Live a Day in the Life of Customers 53
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Lean Canvas: Let’s Make a Customer 54
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User Influencer Decision Maker Payer
Lean Canvas: Who is the Customer? 55
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ANALYSIS MATRIX 56
LEARN WHILE DOING.
WHO
• Who is involved? • Who does this effect? • Who creates this? • Who collects this? • Who consumes this? • Who uses this?
WHERE/CHANNELS
• How do customers find you? • How do you find customers? • Where would a user have to be to get this
activity done? • Where would the enabling capabilities
have to be for the user to get this done? • Where would data/information/ services
have to be for a user to get this done? • Where can users provide this information? • Where can users access these services? • Where can users get the enabling
technologies?
WHAT
• What key activities are or should be involved in this problem?
WHY
• Why is this important?
[X] helps [Y] do [B] so that [Z] can be accomplished
[in less time, faster, cheaper, more accurately, with relevant information, etc.]
METRICS
• What will be measured? • How will it be measured? • What level of measure is required to be
useful? • Which metrics indicate success? • Which metrics indicate failure?
DESIGN
• What is the end goal for the user? • How do you envision how a user would
want to get this done? • What enabling technologies should be
considered to get this done? • How should technology facilitate getting
this done?
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DON’T LEAVE OUT THE OTHER GUY!
YOU YOUR PRODUCT THE OTHER GUY
57
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Lean Canvas: Where are your Customers? 58
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USER STORIES
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SAY WHAT?
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User Stories: Mapping Features to User Goals BRAINSTORMING USER REQUIREMENTS & ALIGNING THEM TO THE VISION.
61
USER STORIES High level definition of a requirement in the words of the user. Best captured in the form, “As a <user> I want to <do some activity> so that I can <achieve some goal>”. Must be actionable and testable. These testable actions must have metrics that determine the pass/fail criteria. FEATURES Brainstorm capabilities, goals, and features that could be used to achieve the vision. Brainstorm features and map them in order of fidelity and time to the features.
MAPPING Map user stories to features ranking them according to fidelity and time. When High Fidelity features can be done in the preferred timeframe, you have a minimally viable solution.
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#exercise
create some user stories for Your customer archetypes
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UNIQUE VALUE PROPOSITION
CHANNELS
UNFAIR ADVANTAGE CUSTOMER SEGMENTS
REVENUE STREAMS COST STRUCTURE
PROBLEM
KEY METRICS
SOLUTION
63 Lean Canvas: Validating your Value Proposition LEAN TOOL FOR VERSIONING YOUR BUSINESS MODEL QUICKLY BASED ON USER FEEDBACK AND ANALYTICS.
DISCRETELY
DEFINED HYPOTHESIS
UNIQUELY DEFINED USERS
PROBLEM-SOLUTION FIT VALIDATED BY USERS
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VALUE PROPOSITION
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WE TAKE THE PAIN OUT OF PARKING BY LETTING YOU RESERVE A SPACE ONLINE.
Lean Canvas: Value Proposition Hypothesis 65
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create a value proposition hypothesis
#exercise
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NOW GO PROVE IT…
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Assumption of Customer Pain People were even more frustrated with parking
at big events.
Parking is a pain! People want a
guaranteed parking spot.
People DO want a guaranteed spot &
would reserve online.
200+ customers Bigger Pain
80% positive response
Lean Canvas: You are starting with a Assumption 68
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Business Model: XOOM Park Case Study 69
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People were even more frustrated with parking at big events.
Parking is a pain! People want a
guaranteed parking spot.
People DO want a guaranteed spot &
would reserve online.
200+ customers
Bigger Pain
People will pay extra to have a great,
guaranteed parking spot.
People will not only pay more, they will
pay a lot more! ($9+) Validated!
Surveyed 75+ Customers
XOOM Park: Assumptions of Customer Pain 70
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71 Business Model: XOOM Park Case Study
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People were even more frustrated with parking at
big events.
Parking is a pain! People want a guaranteed
parking spot.
People DO want a guaranteed spot & would
reserve online.
200+ customers Bigger Pain
People will pay extra to have a great, guaranteed
parking spot.
People will not only pay more, they will pay a lot
more! ($9+) Validated!
Surveyed 75+ Customers
People who have extra
spaces will post spots and make money.
It is difficult to get a mass number of people to post
enough parking spots. We needed to find a new
solution.
30+ People
XOOM Park: Assumptions of Customer Pain 72
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Parking lots will post spots online so
that people can reserve them.
Yes! Lots have been looking for ways to increase revenue and fill up lots.
30+ Parking Lots Bigger Pain
Electronic payments in advance through an online reservation
system. Validated!
30+ Parking Lots
20% of cash goes missing.
Loved it! Would pay about 15% of posted price.
75% positive response
XOOM Park: New Assumptions of Customer Pain 73
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74 Business Model: XOOM Park Case Study
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75 Business Model: XOOM Park Case Study
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XOOM Park: Validating Assumptions with Research 76
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77 Business Model: XOOM Park Case Study
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78 Business Model: XOOM Park Case Study
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•2 Partners •30+ Parking lots •50+ Reservations •Working Website
•Validated Revenue Model
79 Business Model: XOOM Park Case Study
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Building Your MVP Minimal. Viable. Product.
80
DISCOVER
LEARN
BUILD
MEASURE
PITCH FIRE
TEAM FORMATION
FINAL PITCH
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dda
UNIQUE VALUE PROPOSITION
CHANNELS
UNFAIR ADVANTAGE
CUSTOMER SEGMENTS
REVENUE STREAMS COST STRUCTURE
PROBLEM
KEY METRICS
SOLUTION
LEAN CANVAS:MVP MVP: The simplest feature set you can build fast and get in front of customers to TEST.
81
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MVP: Mapping Features to User’s Goals BRAINSTORMING USER REQUIREMENTS & ALIGNING THEM TO THE VISION.
82
USER STORIES High level definition of a requirement in the words of the user. Best captured in the form, “As a <user> I want to <do some activity> so that I can <achieve some goal>”. Must be actionable and testable. These testable actions must have metrics that determine the pass/fail criteria. FEATURES Brainstorm capabilities, goals, and features that could be used to achieve the vision. Brainstorm features and map them in order of fidelity and time to the features.
MAPPING Map user stories to features ranking them according to fidelity and time. When High Fidelity features can be done in the preferred timeframe, you have a minimally viable solution.
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Some Tools to Test Your Problem-Solution Fit Thing big. Start small.
83
Launchrock http://launchrock.co/ Create a signup page and get email addresses.
Mailchimp http://mailchimp.com/ Send emails and get metrics.
SurveyMonkey https://www.surveymonkey.com/ Create a survey, email it or post it to Facebook and get customer data!
PowToon http://www.powtoon.com/ Create an explainer video and post it on YouTube
Twitter Bootstrap API http://getbootstrap.com/ Use Bootstrap to create a quick, responsive web site
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Simple Ways to Build MVPs to Get Users Move fast. Break things.
84
• Explainer Video: http://www.youtube.com/watch?v=ZUG9qYTJMsI • Landing Page: http://launchrock.co/ • Flintstoning: this is when you put up a front (website) that looks like a real working product,
but you manually carry out the product functions at the back-end. • Concierge Service: Build a site but do the work in person until you can’t, then build the site • KickStarter: http://www.kickstarter.com/projects/rob-chris/quad-lock-iphone-case-mounting-
system?play=1&ref=search
Read more here: http://scalemybusiness.com/the-ultimate-guide-to-minimum-viable-products/
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Measuring You Can’t Manage What You Don’t Measure.
85
DISCOVER
LEARN
BUILD
MEASURE
PITCH FIRE
TEAM FORMATION
FINAL PITCH
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dda
UNIQUE VALUE PROPOSITION
CHANNELS
UNFAIR ADVANTAGE
CUSTOMER SEGMENTS
REVENUE STREAMS COST STRUCTURE
PROBLEM
KEY METRICS
SOLUTION
LEAN CANVAS: METRICS How did you prove problem-solution fit?
A good metric is measurable: • Comparable ratios (80 > 70) • Actionable (clicks, signups) • Correlated (summer->ice
cream consumption) • Causal (flooding->drowning) • Leading (futures trading #s) • Lagging (historical voting
patterns)
86
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UNIQUE VALUE PROPOSITION
CHANNELS
UNFAIR ADVANTAGE CUSTOMER SEGMENTS
REVENUE STREAMS COST STRUCTURE
PROBLEM
KEY METRICS
SOLUTION
87 Lean Canvas: How Do We Validate? LEAN TOOL FOR VERSIONING YOUR BUSINESS MODEL QUICKLY BASED ON USER FEEDBACK AND ANALYTICS.
DISCRETELY
DEFINED HYPOTHESIS
UNIQUELY DEFINED
USERS
$ =
` G
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Your challenge is to get your first sale or your first user
before Sunday at 5PM
88
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Objectives: • Test my value proposition - Am I solving a problem people care about? • Get e-mail addresses - Who cares about the problem I’m
solving? Tools: • Launchrock.com • Mailchimp.com • Facebook/Twitter accounts • Shopify • SurveyMonkey.cOM/Wufoo.com/Google DOCS • Twitter bootstrap APIs/Foundation
89 MVP: Remember Your Customers?
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• Explainer Video: http://www.youtube.com/watch?v=ZUG9qYTJMsI
• Landing Page: http://launchrock.co/ • Flintstoning:http://www.zappos.com/?gclid=CKL5krvLnLsCFUtp7AodPx0
ApQ • Conceirge Service: Build a site but do the work in person until you can’t,
then build the site • KickStarter: http://www.kickstarter.com/projects/rob-chris/quad-lock-iphone-
case-mounting-system?play=1&ref=search
90 MVP: Rome wasn’t built in a day.
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Keep simple Objectives: • Test your value proposition - Am I solving a problem people care
about? • Get e-mail addresses - Who cares about the problem I’m solving? Tools: • Launchrock.com • Mailchimp.com • Facebook/Twitter accounts • Shopify • SurveyMonkey.cOM/Wufoo.com/Google DOCS • Twitter bootstrap APIs/Foundation
91 MVP: What Do You need to Measure?
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Some metrics: • How many people can I get to sign up? • How many page views did I get? • How many people shared the site or invited
their friends to sign up • How many people subscribed to my
newsletter? • How many Twitter followers did I get? • How many people bought something? • How many viewers did I get?
92 MVP: Always Be Measuring
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• What features are you going to build first?
• What do you want to learn? • Who do you want to learn it from? • How will you know if you learned
anything?
• List of pain points of early adopters with highest needs mapped to features
• Tests defined and executed • Results of tests mapped to features • Pivot or proceed decision
#exercise #exit criteria
93
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Final Pitch How to Rock it Like a Boss.
94
DISCOVER
LEARN
BUILD
MEASURE
PITCH FIRE
TEAM FORMATION
FINAL PITCH
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• WHO ARE YOUR CUSTOMERS? • WHAT IS THEIR PROBLEM? • HOW DO YOU KNOW? • HOW WILL YOU SOLVE THEIR PROBLEM? • WHAT MAKES YOU SO SPECIAL? • HOW WILL YOU MAKE MONEY? • WHAT DO YOU NEED?
95 Final Pitch: The Five Questions
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WHO ARE YOUR CUSTOMERS? • NAME THEM/CREATE AN ARCHETYPE
WHAT IS THEIR PROBLEM? • STATE IT CLEARLY and make it personal
• Use your customer’s language HOW DO YOU KNOW?
• Prove it with data you collected
96 Final Pitch: The Three Most Important Points
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HOW WILL YOU SOLVE THEIR PROBLEM? • VERBS ROCK
• Simplify, connect, reserve, measure, convert…
• Know your channels • Web/mobile • Light rail • 1 if by land, two if by sea
97 Final Pitch: What’s Your Product?
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WHAT MAKES YOU SO SPECIAL? How are you different?
SOM
98 Final Pitch: Know Your Competition
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Competitors
Usability
Reliability Low High
High
Low
Parkwhiz
ParkingCarma
GottaPark
ClickandPark
99 Final Pitch: Know Your Competition (XOOM Park ex.)
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$8.2 Billion USA Parking Industry
$1.4 Billion Event Parking
$240,000 Buffalo and Atlanta
TAM SAM
SOM
APEX
$4.5 Billion Parking Facility/Management
Final Pitch: Know Your Numbers (XOOM Park ex.) 100
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$240,00 Buffalo and Atlanta SOM
15% of Price Paid
XoomPark
We estimate being able to collect about $8 per reservation
$5 Reservation
Fee
Parking garages in 50 states + 3,000 affiliates
Final Pitch: How Will You Make Money? (XOOM Park example)
101
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PUT IN YOUR BIG ASK!
$240,00 Buffalo and Atlanta SOM
• MENTORS • ADVISERS • INDUSTRY EXPERTS • LEGAL ADVICE • DESIGNERS
102 Final Pitch: Don’t Forget You Still Need Help
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Great Pitch Deck Examples! http://bestpitchdecks.com/
103 Final Pitch: Look Sharp!
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HOW ARE YOU A BUSINESS?
Startup Weekend: Bottom Line Up Front 104
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$240,00 Buffalo and Atlanta SOM
105 One Last Thought: It’s About Growth
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STARTUP WEEKEND FREDERICKSBURG
(in two slides )
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