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How to make your corporate management think and act like a startup. (by @boardofinno)
The document provides guidance for corporate management teams to think and act more like startups. It recommends building a minimum viable product quickly without extensive upfront planning, then measuring how customers interact with it to test assumptions. The key is to learn from failures by optimizing the product based on metrics and customer feedback, rather than getting bogged down in reporting and meetings. An iterative process of building, measuring, and learning is advocated over traditional business planning.
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How to make your corporate management think and act like a startup. (by @boardofinno)
- 1. How to makeyour Corporate Management think and act like a startup team. by boardofinnovation.com @philderidder - @nickdemey
- 2. Both parties havethe same goal: The quest for the Magic Potion of New Profit. But they have a different way to tackle this challenge. How to get started...
- 3. First accept thefact that you’ll have explore to new territory.
- 4. “You can't lookinto the future with the tools from the past.” - Nick De Mey, Co-founder Board of Innovation
- 5. Don’t focus ona 100+ page business plan. Remember, you’re innovating. Not cost cutting.
- 6. Don’t focus ona 100+ page business plan. Remember, you’re innovating. Not cost cutting. Are you trying to make a plan to predict the future? Stop it.
- 7. Don’t focus ona 100+ page business plan. Remember, you’re innovating. Not cost cutting. Are you trying to make a plan to predict the future? Stop it. “No business plan survives first contact with the customers.” - Steven Blank, author The Startup Owner's Manual
- 8. Don’t focus ona 100+ page business plan. Remember, you’re innovating. Not cost cutting. Are you trying to make a plan to predict the future? Stop it. “No business plan survives first contact with the customers.” - Steven Blank, author The Startup Owner's Manual “If you can show me the business case, it’s already too late!” - Bill Gates
- 9. “Startups are notsmaller versions of big companies" - Steven Blank, author The Startup Owner's Manual
- 10. “Startups are notsmaller versions of big companies" - Steven Blank, author The Startup Owner's Manual Innovative startups need a different mindset. Fresh & Agile.
- 11. Ok fine. But howand where do I start?
- 12. Take advice from this best seller. #2 on The New York Times, Hardcover Advice. #1 Amazon, New Business Enterprises. ...
- 13. A manual forentrepreneurial teams that are looking for new profit. How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses Let me give you a brief summary of the key points.
- 14. 3 key principles Build Measure Learn Learn and iterate
- 15. 3 key principles Build Notice already this process doesn’t start with: “Spend one year on market research & analysis” Measure Learn Learn and iterate
- 16. 3 key principles Build Notice already this process doesn’t start with: “Spend one year on market research & analysis” Measure The Lean Startup is a hands-on approach to go into the market Learn Learn before doing extensive business research upfront. and iterate
- 17. Build Measure Learn First,Build a Minimal Viable Product. also know as an MVP. a quick and dirty prototype to go live in the market and test your business assumptions.
- 18. Build Measure Learn First,Build a Minimal Viable Product. also know as an MVP. a quick and dirty prototype to go live in the market and test your business assumptions. “If you are not ashamed of your product when you launch it, you launched too late.” - Reid Hoffman, co-founder of LinkedIn
- 19. An example howour innovation office BoardofInnovation.com launched a new venture: Cardrops.com turns your car in an e-commerce drop-off point to receive parcels directly in your trunk. 2 parts of our MVP - a tangible prototype - webpage cardrops.com
- 20. A quick anddirty launch page to test business assumptions. Get feedback on the pricing structure. Do users get the value proposition? “No more running to postal offices.” Explain how the technology works to business partners.
- 21. How much timedoes it take to develop a decent webpage for your new service? In our case: 3 evenings from sketch to live webpage.
- 22. Part 2 ofour MVP, a tangible prototype for technical tests & the first pilot setup. Again, Quick & Dirty. No mass production, 3D printed. See how your products works in a real environment.
- 23. Build Measure Learn Next,measure how clients & partners interact. See which attributes customers care about. Goal: to test your value/growth hypothesis.
- 24. Build Measure Learn Next,measure how clients & partners interact. See which attributes customers care about. Goal: to test your value/growth hypothesis. “The goal of a startup is to figure out the right thing to build—the thing customers want and will pay for—as quickly as possible” - Eric Ries, author of the Lean Startup
- 25. Try to signup, a questionnaire appears. Measure quantitative data: Measure qualitative data: 66.3% has no clear preference for one of both Volvo & Volkswagen are the top 2 preferred pricing options. brands of our early adopters. Amongst those who picked pricing option: 33,8% Questions to us: related to security & compatibility. prefers to subscription model vs pay-per-use. Tons of request for partnerships: ... e-Retailers & hardware providers
- 26. Get attention byrelevant media. More important: You’re building & testing your market first! “When will you roll out in the UK?” “Super idea and great approach” “Smart concepts require a significant shift in thinking.” “What if I don’t have a car?” “oh 1 word: car bombs.” “Awesome, where can I signup?” I love strong opinions!
- 27. Build Measure Learn Learnfrom your failures. What went wrong? Validate the learnings. Goal: What to optimize?
- 28. Build Measure Learn Learnfrom your failures. What went wrong? Validate the learnings. Goal: What to optimize? “If you cannot fail, you cannot learn.” - Eric Ries, author of the Lean Startup
- 29. In our casewith Cardrops.com, it wasn’t - Technology aspects needs to be clear that small module would need to communicated better. be placed in a car. (a crucial step!) - Explain: no keys need to be exchanged - ...
- 30. 3 key principles Build And iterate! Tweak your concept based on your metrics and optimize! Measure Don’t waste time writing reports, minutes of meeting and other Learn Learn forms of corporate theater to show activity, focus on results instead.
- 31. 3 key principles Build And iterate! “Writing a plan makes you feel Measure in control of things you don’t actually control" - Jason Fried, author Rework Learn Learn
- 32. 3 key principles Build But remember... If you feel the need or pressure to justify your acts, the anticipated Measure effect was simply not big enough. Just. Go. Harder. Learn Learn
- 33. A good startingpoint to inject startup culture in your company is our 4 day Bootcamp program. All info: www.boardofinnovation.com/bootcamp
- 34. For all yourQuestions @Nickdemey - [email protected] +32 494 85 27 86 Or hop in for a coffee! Our office: Antwerp, Belgium