Introduction to Lean Startup - Dec 2013
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The document introduces the Lean Startup methodology as a scientific approach for developing new products or services under uncertainty, emphasizing lower market risk, reduced capital requirements, and increased agility. It outlines the process of creating a minimum viable product (MVP) and the importance of validated learning through customer development stages, including discovery, validation, creation, and scaling. The Lean Startup model encourages iterative testing and adaptation based on customer feedback to achieve product/market fit.
Introduction to Lean Startup - Dec 2013
- 1. Introduction to Lean Startup by Trevor Lohrbeer @FastFedora trevor@FastFedora.com FastFedora.com @LeanDecisions trevor@LeanDecisions.com LeanDecisions.com
- 2. What is Lean Startup? A scientific approach to creating a new product or service in conditions of high uncertainty
- 3. Why Use Lean Startup? 1. Lower Your Market Risk 2. Use Less Capital 3. Increase Your Agility
- 4. Traditional Product Development Generate Idea Create Download Form Build Product Learn What Customers Want
- 5. Getting Lean Run a Smoke Test Generate Learn What Idea Customers Want Create Download Form Build a Minimum Viable Product Create Generate Download Form Idea Learn What Build Product Customers Want Reduces time to feedback Enables faster course corrections Minimizes capital spent developing unwanted features / products
- 6. Customer Development 1. Customer Discovery Achieve Problem/Solution Fit 2. Customer Validation Achieve Product/Market Fit 3. Customer Creation Drive Demand 4. Company Building Scale the Company
- 7. Minimum Viable Product (MVP) The simplest product or service that provides value to a customer Old Way Research the market Build the entire product or service Launch Find out if you can sell it New Way Build a minimum product or service Attempt to sell it Iterate based on what you learned
- 8. Example: MVP
- 9. Validated Learning Old Way Do something Debrief Invent reasons for results “Lesson Learned” (but not really) New Way Make a hypothesis Create experiment Run experiment Analyze results Hypothesis either validated or not Lesson only learned once validated
- 11. Split Tests Do you want more readers?
- 12. Metrics Vanity Actionable Sound awesome, but usually meaningless. Often up and to the right. Ties specific and repeatable actions to observed results. # Conversion Customers Revenue # Page Views Rate Cost of Acquisition Churn Rate
- 13. Cohorts Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Joined Month 1 100% 10% 8% 5% 3% 2% Joined Month 2 100% 13% 10% 8% 7% ? Joined Month 3 100% 18% 14% 12% ? Joined Month 4 100% 19% 17% ? Joined Month 5 100% 25% ? Joined Month 6 100% ?
- 14. Product/Market Fit When you have a product that you can consistently and repeatedly sell to a specific market. Signs of Product/Market Fit When you have a block of customers with: Similar Usage & Results Repeatable Buying Patterns Few Customization Needs
- 15. The Pivot A structured course correction designed to test a new fundamental hypothesis about the product, strategy, and engine of growth. * Requires validated learning
- 16. Other Terminology Iterative Releases Continuous Deployment Business Model Canvas Get Out of the Building (GOOTB) Innovation Accounting
Editor's Notes
- #3: Comic: How a Web Browser Works http://www.labnol.org/internet/comic-how-browser-works/18086/