Presentation to NY Tech Meetup Student Group
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The document provides an overview of the lean startup methodology, emphasizing the importance of customer feedback in developing products and achieving product/market fit. It highlights the need for founders to engage with customers and adapt their offerings based on feedback, while also cautioning against common pitfalls that lead to startup failure. Key takeaways include the necessity of building early, participating in the startup community, and the idea that failure can lead to valuable experiences.
Presentation to NY Tech Meetup Student Group
- 1. DYI Entrepreneurship *Intro to Lean Startups by San Kim
- 2. Agenda
- 3. Agenda What is Lean Startup? (Hint: lean != cheap)
- 4. Agenda What is Lean Startup? (Hint: lean != cheap) How Lean Startup makes founders' lives easier
- 5. Agenda What is Lean Startup? (Hint: lean != cheap) How Lean Startup makes founders' lives easier Why you should start a company
- 7. Pre-assumptions You are not interested solely on money
- 8. Pre-assumptions You are not interested solely on money You are intrigued by the idea of creating something from nothing
- 9. Pre-assumptions You are not interested solely on money You are intrigued by the idea of creating something from nothing You want to create something BIG
- 10. What Is a Startup
- 11. What Is a Startup Not small version of big company
- 12. What Is a Startup Not small version of big company Startups operate in extreme uncertainty.
- 13. What Is a Startup Not small version of big company Startups operate in extreme uncertainty. Need to throw away some rules that apply to big companies
- 14. Why Do Startups Fail?
- 15. Why Do Startups Fail? NOT because of tech
- 16. Why Do Startups Fail? NOT because of tech #1 Reason: No one wants the product
- 18. Old Venture Model Raise money > Build in secret > Huge launch
- 19. Old Venture Model Raise money > Build in secret > Huge launch What if no one wants it?
- 20. Lean Startup
- 21. Lean Startup You the founder do not know exactly what kind of product the customer wants/needs.
- 22. Lean Startup You the founder do not know exactly what kind of product the customer wants/needs. Your job is to use customer feedback to rapidly pivot to reach product/market fit before running out of money.
- 24. Customer Feedback Not just numbers (Google Analytics)
- 25. Customer Feedback Not just numbers (Google Analytics) “Get out of the building”
- 26. Customer Feedback Not just numbers (Google Analytics) “Get out of the building” If you’ve never sold to customers, you’ll never be a great entrepreneur
- 27. The Pivot
- 28. The Pivot Going from one iteration to the next based on customer feedback
- 29. The Pivot Going from one iteration to the next based on customer feedback Keeping what works, changing what doesn’t.
- 30. The Pivot Going from one iteration to the next based on customer feedback Keeping what works, changing what doesn’t. Case in point: Paypal
- 32. Minimum Viable Product
- 33. Minimum Viable Product Only the core features necessary to put in front of customers
- 34. Minimum Viable Product Only the core features necessary to put in front of customers Ex: Buggy alpha, landing page, screenshots, video
- 36. Product/Market Fit Product is validated by the market
- 37. Product/Market Fit Product is validated by the market Marketing & sales proven to be effective and repeatable
- 38. Product/Market Fit Product is validated by the market Marketing & sales proven to be effective and repeatable Minimize burn until you get to P/M fit
- 39. After P/M Fit SPEND LIKE CRAZY!
- 40. Don’t Sweat the Big Stuff
- 41. Don’t Sweat the Big Stuff Sales/PR/Marketing
- 42. Don’t Sweat the Big Stuff Sales/PR/Marketing Management
- 43. Don’t Sweat the Big Stuff Sales/PR/Marketing Management Infrastructure
- 44. Don’t Sweat the Big Stuff Sales/PR/Marketing Management Infrastructure Crazy features
- 45. Don’t Sweat the Big Stuff Sales/PR/Marketing Management Infrastructure Crazy features Raising Money
- 46. Raising Money
- 47. Raising Money NO ONE will fund you without a product
- 48. Raising Money NO ONE will fund you without a product NO ONE will fund you without traction
- 49. Raising Money NO ONE will fund you without a product NO ONE will fund you without traction “$50K is the new $5MM”
- 50. Raising Money NO ONE will fund you without a product NO ONE will fund you without traction “$50K is the new $5MM” LearnBat alpha: $3K
- 51. DO Worry About
- 52. DO Worry About Participating in community
- 53. DO Worry About Participating in community - “Startup Karma”
- 54. DO Worry About Participating in community - “Startup Karma” Learning like crazy from others
- 55. Startup Pros:
- 56. Startup Pros: Change the world, create something out of nothing
- 57. Startup Pros: Change the world, create something out of nothing REALLY fun
- 58. Startup Pros: Change the world, create something out of nothing REALLY fun Living with a purpose
- 59. What If I Fail?
- 60. What If I Fail? Will have gained:
- 61. What If I Fail? Will have gained: • Enormous experience
- 62. What If I Fail? Will have gained: • Enormous experience • AWESOME resume item
- 63. What If I Fail? Will have gained: • Enormous experience • AWESOME resume item Better & cheaper than biz school
- 64. Key Takeaways
- 65. Key Takeaways • Engage customers early and often - "Get out of the building"
- 66. Key Takeaways • Engage customers early and often - "Get out of the building" • Start building today.
- 67. Key Takeaways • Engage customers early and often - "Get out of the building" • Start building today. • Join the NYC startup community today.
- 68. Links • Steve Blank http://ecorner.stanford.edu/authorMaterialInfo.html? mid=2056 (Click podcast > download mp3) • Eric Ries http://www.vimeo.com/7345172 (slides: http:// www.slideshare.net/startuplessonslearned/2009-09-21-the-lean- startup-seedcamp-edition) • Sean Ellis http://startup-marketing.com/the-startup-pyramid/ • Steve Blank http://venturehacks.com/articles/cheap-startups • venturehacks.com
Editor's Notes
- #18: Great engineers understand what customers need
- #19: Great engineers understand what customers need
- #20: Great engineers understand what customers need
- #21: Story: Paypal starts out as an application that securely stores encryption keys on Palm Pilots. Realizes that no one wants this. What other product can they make? Figures that they're good with security, so how about a way to transfer money securely from Palm to Palm? Then, realize that more people are using the online demo than the Palm application. Pivot to the web-based model, becomes #1 online payment platform.
- #22: Story: Paypal starts out as an application that securely stores encryption keys on Palm Pilots. Realizes that no one wants this. What other product can they make? Figures that they're good with security, so how about a way to transfer money securely from Palm to Palm? Then, realize that more people are using the online demo than the Palm application. Pivot to the web-based model, becomes #1 online payment platform.
- #23: Story: Paypal starts out as an application that securely stores encryption keys on Palm Pilots. Realizes that no one wants this. What other product can they make? Figures that they're good with security, so how about a way to transfer money securely from Palm to Palm? Then, realize that more people are using the online demo than the Palm application. Pivot to the web-based model, becomes #1 online payment platform.
- #25: Dropbox - not only validate worth of product, but learn exactly what to build
- #26: Dropbox - not only validate worth of product, but learn exactly what to build
- #36: Case in point: LearnBat - alpha with $3K
- #37: Case in point: LearnBat - alpha with $3K
- #38: Case in point: LearnBat - alpha with $3K
- #39: Case in point: LearnBat - alpha with $3K
- #43: Living with a purpose - transformative experience
- #44: Living with a purpose - transformative experience
- #45: Living with a purpose - transformative experience