Day522016 mba short
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This document discusses key points about startups from Paul Graham: - Choose co-founders based on personal compatibility, not just technical skills. Focus on understanding your users' needs, not startup expertise. - Starting a startup requires consuming work with no guarantees of success. Don't expect to trick investors; users must want your product. - The best way to get startup ideas is by learning about problems and working on topics you find interesting, not by trying to brainstorm ideas.
Day522016 mba short
- 3. Paul Graham-Counterintuitive Facts About Startups • Just pick people like you are picking friends. Don’t partner with people because they are technically great. • No expertise in startups, but expertise in your users needs. Make something people want, forget about angel investors, pitches, VC’s, startup buzz words. • Starting a startup is where gaming the system stops working. There is no boss to trick, only users. • Startups are consuming. It never gets easy. Don’t start a startup in the college. • You can’t estimate whether you will be succesfull. The only way is to start. • The way to get startup ideas is not to try to think of startup ideas. Learn about things that matter. Work on problems that are interesting. New Venture Development, Bora Özkent 2014 3
- 4. “Life’s too short to build something nobody wants.” Ash Maurya
- 6. CREATE THE VISION RUN AN EXPERIMENT CREATE AN MVP FEEDBACK AND RESEARCH
- 9. Questions to Answer • Do we understand our customers’ problems? • Is there a market potential, do sufficient number of people suffer from this problem? • Do they like our idea so much, that they will tell about it to their friends?
- 10. Preparing the Test • What do I want to learn? • What is the easiest go/iterate/pivot test? • How can contact with MVP customers for further learning? • Which metrics should I measure and how I am going to measure them.
- 11. Criteria for Selecting • Does my product solve the customer’s problem without this feature? • Based on my customer discovery, which feature of the product will help me to close a sale most? • Which attribute so indispensible that, If we can’t make it work we should give up the whole idea? • Which one is the riskiest hypothesis in the lean canvas?
- 12. message that turns an unaware visitor into an interested landing page Proposition Relationships Segments ChannelsKey Resources Lean Startup Essentials #2: The Lean Canvas Value Proposition • Single, clear, compelling Key Partners Key Activities Value Customer Customer Cost Structure Revenue Streams prospect • Your elevator pitch • What you put on your
- 13. Mint.Com 13
- 14. User Stories What are the Customers Trying to Accomplish With Mint I feel confident that I make my payments on time. With Mint I can make a budget and keep mylife under control. With Mint I can make better investments and earn more money. I can track my financial position easily with my cell phone.
- 16. Samples • “If Apple can launch a smartphone without Find or Cut-and-Paste, what can you cut out of your product requirements?” – Sramana Mitra • “The first version of Gmail was literally written in a day.”
- 22. ProduCtFidelity Coverage (Number of Customers) few low high many Interview
- 23. Interview Cost per Café Con LeChe (from 1€ to 20€)
- 24. ProduCtFidelity Coverage (Number of Customers) few low high many Interview Ad-Words-Campaign
- 25. AdWords Cost per CliCk (CPC) (from 5€ / campaign) google.Com/adwords
- 26. ProduCtFidelity Coverage (Number of Customers) few low high many Interview Ad-Words-Campaign Paper SketCh
- 27. SketCh Cost per page (from 0,20€ / page)
- 28. ProduCtFidelity Coverage (Number of Customers) few low high many Interview Ad-Words-Campaign Paper SketCh Paper MoCkup
- 29. MoCkup Cost per ServiCe (from 300€)
- 30. ProduCtFidelity Coverage (Number of Customers) few low high many Interview Ad-Words-Campaign Paper SketCh Paper MoCkup Raise Funds from Customers
- 31. Raise Funds Fee (5% fee to the funds collected) kiCkstarter.Com
- 32. ProduCtFidelity Coverage (Number of Customers) few low high many Interview Ad-Words-Campaign Paper SketCh Paper MoCkup Raise Funds from Customers Video
- 33. Video Pay per video (from 39€ / video) videolean.Com
- 34. ProduCtFidelity Coverage (Number of Customers) few low high many Interview Ad-Words-Campaign Paper SketCh Paper MoCkup Raise Funds from Customers Video Landing Page
- 35. Landing Page Freemium (from 49€ / month) unbounCe.Com
- 36. ProduCtFidelity Coverage (Number of Customers) few low high many Interview Ad-Words-Campaign Paper SketCh Paper MoCkup Raise Funds from Customers Video Landing Page ConCierge MVP
- 37. ConCierge MVP
- 38. ProduCtFidelity Coverage (Number of Customers) few low high many Interview Ad-Words-Campaign Paper SketCh Paper MoCkup Raise Funds from Customers Video Landing Page ConCierge MVP The ProduCt
- 39. Validate your idea with real users without coding, design and risk. Code Design Capital Risk
- 41. Online Form Design and Database Management
- 43. Brochure Website
- 44. Launching Soon
- 47. GoogleDocs
- 48. Plug-In’s
- 49. Prototype Sites
- 50. Wireframe
- 51. Keynotopia
- 52. Homework for Next Session • Read Running Lean – Chapter 8: The Solution Interview – Chapter 9: Get to Release 1.0 • Team Discussion – How can you develop a minimum viable product for your idea? – Prepare your initial idea for MVP (no presentation required) • Solve the JIBO case and prepare a written group report (Not longer than 1 page, 12 font). The report should be printed en delivered in the class. 52
- 53. Jibo Case Study • Jibo tested demand in Indiegogo through crowdfunding. What are the potential advantages and disadvantages of this approach? Would you pursue the same path for your venture? Why, why not? • Should Jibo pursue a platform strategy at launch, or should the company build the initial applications themselves and evolve into a platform strategy in time? • When it comes time to develop a platform strategy, should Jibo take top-down approach (with strategic partners), a bottom-up (developler driven) approach, or a combination of the two? • If you were hired as head of strategy and in the room with Breazeal, Chambers, and Smith, what execution plan would you recommend to attract developer investment in a platform that will not be shipping for over a year? New Venture Development, Bora Özkent 2014 53
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