lean startup experiences

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Experiences with Lean Startup, Growth Hacking and Bootstrapping.

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  • 1. Lean Startup Experiences From Bootstrapping to Growth Hacking

2. Remo Uherek 30 years BA in Business (Uni Basel) Entrepreneur for 10+ years Founded Small-n-Tall GmbH in 2003 Idea incubator Founded Trigami AG in 2007, sold in 2011 Social Media Marketing network Meditation practitioner 3. What is a Startup? A human institution designed to create a new product or service under conditions of extreme uncertainty - Eric Ries, author of The Lean Startup 4. What is a Startup? ...new product or service... Innovation! Not a restaurant. (nothing wrong with a restaurant...) 5. What is a Startup? ... extreme uncertainty... Most startups fail. Yes its painful. But thats the reality. Embrace it! 6. We need a new framework how we build and run Startups 7. New Startup Framework Not Startups or Products 8. New Startup Framework Not Startups or Products Experiments See what sticks 9. New Startup Framework Spend 1 year building your product 10. New Startup Framework Spend 1 year building your product Talk to customers first Only build stuff you have validated first 11. New Startup Framework Incorporate a company, find an accountant, ... 12. New Startup Framework Incorporate a company, find an accountant, ... Dont play business Find a real problem to solve Do admin stuff once you have a real business (most often you dont...) 13. New Startup Framework Raise money from investors 14. New Startup Framework Raise money from investors Bootstrap as long as you can Use pre-orders Use upfront-payments Use PayPal to ask for money (Use Crowdfunding) dont expect too much 15. ZenFriend Case Study 16. #1: Idea Meditation very important part of my life Used Runkeeper successfully for my running IDEA: I want a Runkeeper for my meditation! 17. #2: Market Opportunity There are several successful meditation apps with up to 1m of users Ive tested them all, nothing satisfied me Market opportunity validated! 18. #3: Use Growth Hacking Use Growth Hacking and Guerilla Marketing to attract Early Adopters Build a quick ghetto landingpage, e.g. using a $10 template (e.g. on wrapbootstrap.com) Use Mailchimp.com and Sumome.com to collect email addresses 19. #3: Use Growth Hacking Use Growth Hacking and Guerilla Marketing to attract Early Adopters Within 2 months 900 people on waiting list 20. #3: Use Growth Hacking Use Growth Hacking and Guerilla Marketing to attract Early Adopters Within 2 months 900 people on waiting list 21. #4: Outsource development Found great outsourcing partners from Russia by using Elance, Odesk, Freelancer.com 22. #4: Outsource development Found great outsourcing partners from Russia by using Elance, Odesk, Freelancer.com Total costs = less than $10k from idea to finished product 23. #5: Use Growth Hacking Used our waiting list My own list of friends Reddit 24. #5: Use Growth Hacking 25. #5: Use Growth Hacking Used our waiting list My own list of friends Reddit Almost 3000 downloads in first 30 days! 26. ZenFriend Case Study Total project costs so far: less than $15k Idea in Jan 2014, launched in May 2014 Didnt incorporate new company: used old Small-n-Tall GmbH umbrella (if you dont have one, just create an Association (Verein) for the time being, it just takes 1 hour and doesnt cost anything) Used Growth Hacking and Guerilla Marketing Tracking everything 27. ZenFriend Case Study 28. ZenFriend Case Study Note: Even with all these steps, success is never guaranteed!! 29. ZenFriend Case Study Note: Even with all these steps, success is never guaranteed!! NEVER! 30. ZenFriend Case Study Note: Even with all these steps, success is never guaranteed!! NEVER! NEVER! 31. ZenFriend Case Study Note: Even with all these steps, success is never guaranteed!! NEVER! NEVER! EVER! 32. ZenFriend Case Study Note: Even with all these steps, success is never guaranteed!! NEVER! NEVER! EVER! All you can do is create the best conditions possible. Everything else is out of your control. If ZenFriend fails? Yes that would hurt. Still: Well create a new experiment. Thats what entrepreneurs do. They create experiments. Until something sticks. 33. Personal Learnings Nothing more frustrating than a living-dead product courage to kill experiments Dont take funding unless you have reached product/market fit. Else you lose important flexibility as you lock yourself in. Keep experimenting, until you stumble upon something great, often happens by accident Keep costs low, bootstrap the heck out of it 34. How to learn more in 1 day than running the business for 6 months https://www.youtube.com/watch?v=G8Rk0c3axtI 35. YouTube Eric Ries https://www.youtube.com/watch?v=zGXAVw3vF9A 36. Thank you! Blog: remo.fm Twitter: @remouherek Slides: slideshare.net/remouherek