Lean workbench 2013-07-24
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The document discusses the Lean Workbench project, which provides open-source tools aimed at aiding seed-stage startups in customer behavior tracking, automated surveys, and financial projections. It emphasizes the importance of accessible and affordable resources for early-stage entrepreneurs and highlights community involvement in enhancing these tools. Additionally, it mentions leveraging platforms like GitHub for collaboration and offers insights on investor fit and benchmarking against other startups.
Lean workbench 2013-07-24
- 1. NYCRIN Level 3: Lean Workbench open source tools to drive and quantify seed-stage startups Chris Wiggins / chris@leanworkbench.com Jennifer Rubinovitz / jen@leanworkbench.com Columbia University & LeanWorkbench
- 2. "Standard accounting is not helpful in evaluating entrepreneurs." - Eric Reis, "The Lean Startup" (Random House, Inc. 2011)
- 3. Lean Hypothesis "Evaluating customer response and innovation accounting requires a tool-set not generally available, especially lean or first time entrepreneurs." - NYCRIN Proposal
- 4. Customer Interview Results Must Have Key Activities ● CHEAP: Affordable for cash strapped early stage startups ● FAST: Allow for easy installation
- 5. Customer Interview Results Must Have Channels ● Github: collaborative open source platform
- 6. Customer Interview Results Must Have Customer Segments ● I-Corps cohorts ● Any early stage startup ● NB: not just web- tech! ○ All companies have web presence
- 7. Lean Workbench ● Open source ● Customer behavior tracking tools ○ Google Analytics ○ Partnering with optimizing startups ● Automate + report customer surveys ○ e.g., Wufoo.com ● Social media tools to drive startup ○ Twitter ○ Facebook ● Operations tools ○ e.g., QuickBooks Online.
- 8. Open Source ● Free to use by I-Corps and other entrepreneurs ● Empowers stakeholder contributors "Members of the data community at large are very eager to help one another ... by open sourcing the tools we have built for ourselves ... as the rest of the community fixes bugs and adds features to the original tool" - Etsy data engineer "I'm super excited to design! Interested in the idea of data driven decision making." - Trendalytics.co designer Fnordmetric Github Network Graph
- 9. Wufoo Surveys ● Automate customer interviews ● Analyze survey responses ○ e.g., by customer segment ○ e.g., by location
- 10. Runway and Income Tracking ● Leverage APIs e.g., Quickbooks ● Track income per feature ● Projections of ○ feature costs (time and money) ○ needed investment ○ runway
- 11. Raising Venture Capital (Is Hard) seed round analysis by Brendan Baker
- 12. Founders need "investor fit" Leverage Angellist and Crunchbase; help founders find the right investors
- 13. Benchmarking ● Standardized data from Lean Workbench APIs will allow startups to benchmark against each other Benchmarking from Crunchbase Data alone, by Buzzsparks.org
- 14. Our Market 158,372 companies on AngelList, most of which are early stage. 1,429 teams on Launchpad Central. 653 I-Corps Teams