Startups are about learning, SW Startup Day at TUT
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The document provides advice and best practices for startups based on the experiences of Topi Järvinen and others. Some of the key points discussed are: 1) Focus on validating problems with customers before building solutions, and be prepared to pivot based on feedback. 2) Build minimum viable products that provide the most learning with the least effort. 3) Continually measure customer engagement and willingness to recommend to ensure the startup is making a difference for users.
Startups are about learning, SW Startup Day at TUT
- 1. Topi Järvinen, Nestholma Accelerator
- 3. Sounds familiar … ? We have a great idea and build it Topi Järvinen (@topij) Then a miracle occurs Users will come
- 4. “In fact, lets start optimizing right now” We have a great idea Topi Järvinen (@topij) We’ll build the money making execution machine The rest will take care of itself
- 5. Get the miracle out of the equation We have a great idea Pivot Topi Järvinen (@topij) Talk to customers Pivot Build what you can validate Pivot Money may come, but keep learning Pivot
- 6. When you know your target, you can make, for ex., req spec, budget and try to stick to them. In startups this is never the case. Topi Järvinen (@topij)
- 7. Always ask yourself what creates the most value for you company In startups, the answer is rarely “execute the plan in schedule and on budget“ Topi Järvinen (@topij)
- 8. Startup is a temporary organization designed to search for a repeatable and scalable business model - Steve Blank Topi Järvinen (@topij)
- 9. How do you build great products in startups? Topi Järvinen (@topij)
- 10. Screw it, just do it - Richard Branson Topi Järvinen (@topij)
- 11. That’s all you need. Right? Well… Topi Järvinen (@topij)
- 12. Fact is that most startups fail. What can we learn from them? Topi Järvinen (@topij)
- 13. reason for startup failure is premature scaling Startups do too much before they know what they should do Based on data analyzed for 3.200 companies by StartupCompass Topi Järvinen (@topij)
- 14. What are some of the best practices for startups? Topi Järvinen (@topij)
- 15. Trust your instincts or ask advice from an expert But predicting is hard… Topi Järvinen (@topij)
- 16. People who predicted either extremely good or extremely bad outcomes, are doing poorer in general. Someone who has successfully predicted an extreme event is not likely to repeat the success very often. - Christina Fang from NYU Stern Business School in Freakonomics.com Topi Järvinen (@topij)
- 17. You need a great idea, but… Topi Järvinen (@topij)
- 18. Most people think it’s all about the idea. It’s not. EVERYONE has ideas. The hard part is to execute on the idea. - Mark Cuban, serial entrepreneur Topi Järvinen (@topij)
- 19. An idea can be done in million+ ways There were tens of social media network services before Facebook Topi Järvinen (@topij)
- 20. Make sure you really understand what is the problem that is worth solving Ie. customers think that it’s worth their time and/or money Topi Järvinen (@topij)
- 21. Great products in three easy steps Topi Järvinen (@topij)
- 22. Validate 1 2 3 your understanding of the problem your solution to the problem the value and scalability of your solution Topi Järvinen (@topij)
- 23. There’s no need to be feature complete Topi Järvinen (@topij)
- 24. If you are not embarrassed by the first version of your product, you’ve launched too late. - Reid Hoffman, LinkedIn founder Topi Järvinen (@topij)
- 25. Minimum Viable Product Validated learning about customers Get maximum learning with the least effort Topi Järvinen (@topij)
- 26. MVP’s come big and small Topi Järvinen (@topij)
- 27. The Pivot: Sometimes it’s good to change direction Topi Järvinen (@topij)
- 28. The pivot. It used to be called ‘the fuck-up.’ - Marc Andreessen, Netscape Founder, VC Topi Järvinen (@topij)
- 29. Some of the greatest companies came out of pivots Topi Järvinen (@topij)
- 30. Are you making a difference? Topi Järvinen (@topij)
- 31. “How disappointed would you be if you could no longer use our product?“ “Very Disappointed” needs to be more than Or you may have problems ahead Source: Brent Ellis, startup-marketing.com Topi Järvinen (@topij) %
- 32. “How likely are you to recommend us to your friends?" Net Promoter Score (-100 to +100) Source: Satmetrix 2013 Topi Järvinen (@topij) +70 +50 Top companies Amazon, Apple etc. Successful companies
- 33. Are you? Topi Järvinen (@topij)
- 34. There are good tools to help you along the way Topi Järvinen (@topij)
- 35. Here’s what your notes should say Topi Järvinen (@topij)
- 36. Thank you! Topi Järvinen topi@nestholma.com Twitter: @topij fi.linkedin.com/in/topij Nestholma in co-operation with nestholma.com twitter.com/nestholma facebook.com/Nestholma nestholma.com/blog