Startup DNA: Speed Wins
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The document discusses key traits for startup success, emphasizing the importance of making 'excellent mistakes', the concept of 'Boyd's Law', and that 'speed wins' in the startup environment. It highlights various examples of startups that pivoted and learned from failures, indicating that innovation requires rapid iteration and learning from errors. The author encourages viewing failures as experiments aimed at gaining knowledge essential for achieving success.
Startup DNA: Speed Wins
- 1. Startup DNA: Speed Wins
- 2. Yevgeniy Brikman ybrikman.com | @brikis98 | brikis98.blogspot.com Worked at a couple successful startups: LinkedIn, TripAdvisor Built a lot of stuff: Enterprise products, hiring tools, scalable infrastructure, company culture, engineering branding, travel apps, VoIP software, innovation programs. About me
- 3. Wrote a book about what I learned www.hello-startup.net
- 4. These are my personal observations on a few traits that make startups successful.
- 5. Outline 1. Make excellent mistakes 2. Boyd's law 3. Speed Wins
- 6. Outline 1. Make excellent mistakes 2. Boyd's law 3. Speed Wins
- 7. "Make excellent mistakes" Dan Pink
- 8. The road to startup success is paved with failure
- 10. ● Answers ● Events ● Tweets ● Github ● Countless other experiments that never made it past a "dark launch"
- 11. ● Beacon ● Places ● Deals ● Credits ● Questions ● Lite ● Email
- 12. ● Wave ● Buzz ● Labs ● Health ● Knol ● Catalog ● Video ● Answers
- 13. The Pivot
- 14. ● Started as a way to share images in Game Neverending, a massively multiplayer online game. ● Rewritten to focus on photo sharing ● Acquired by Yahoo for $35m in 2005
- 15. ● Started out as burbn, an HTML5 mobile app for location-based social networking with photo sharing as one of many features ● Completely rewritten as a photo sharing focused native app ● Sold to facebook for $1bn in 2012
- 16. Twitter ● Started out as odeo, a site to create and share podcasts ● Struggling to stay alive, they held a hackathon. Jack Dorsey proposed the microblogging concept (originally, text message only). ● 500m users and $10b valuation in 2012
- 17. "Timing, perseverance, and ten years of trying will eventually make you look like an overnight success." Biz Stone
- 18. The Failure
- 19. Richard Branson ● Virgin Clothes failed ● Virgin Cola failed ● Virgin Vision failed ● Virgin Vodka failed ● Virgin Wine failed ● Virgin Jeans failed ● Virgin Cars failed ● ... and many others failed ● ... but several hundred others succeeded
- 20. "I have not failed. I have just found 10,000 ways that won’t work." Thomas Edison
- 21. Reid Hoffman ● His first startup was Socialnet.com: a social network for dating. ● Never heard of it? Exactly. ● Went on to become COO of Paypal, co- founder of LinkedIn, and one of the most successful angel investors of the last decade.
- 23. "If you're not failing every now and again, it's a sign you're not doing anything very innovative." Woody Allen
- 24. Note: these are not failures, but experiments. The goal of an experiment is learning.
- 25. Outline 1. Make excellent mistakes 2. Boyd's law 3. Speed Wins
- 26. "Speed of iteration beats quality of iteration." Boyd’s Law
- 27. Time Maturity Mature, stable Proof of concept Idea Product development (assumption)
- 28. Time Maturity Mature, stable Proof of concept Product development (reality) Idea
- 29. Time Maturity Mature, stable Proof of concept Product development (reality) Idea A very large portion of development time is trial and error
- 30. In a trial and error world, getting to errors faster is the key to success.
- 31. Time Maturity Mature, stable Proof of concept Product development (technology comparison) Dynamic/interpreted languages Static languages Idea
- 32. Time Maturity Mature, stable Proof of concept Product development (technology comparison) Idea Dynamic/interpreted languages Static languages Find error Find error
- 33. Time Maturity Mature, stable Proof of concept Product development (technology comparison) Idea Boyd’s Law
- 34. Time Maturity Mature, stable Proof of concept Product development (technology comparison) Idea Dynamic/interpreted languages Static languages Innovation Advantage
- 35. Time Maturity Mature, stable Proof of concept Product development (framework comparison) Idea RoR, Play Spring MVC, Servlets Innovation Advantage
- 36. Time Maturity Mature, stable Proof of concept Product development (methodology comparison) Idea Agile, Lean Waterfall Innovation Advantage
- 37. "If you're not embarrassed by your first release, you've launched too late." Reid Hoffman
- 38. Outline 1. Make excellent mistakes 2. Boyd's law 3. Speed Wins
- 40. Fundamental idea behind Agile and Lean: some of your assumptions wrong.
- 41. The problem is, you don’t know which ones.
- 42. Winners recognize their startup “vision” as a series of untested hypotheses in need of “customer proof.” Steve Blank
- 43. Time Maturity Mature, stable Proof of concept Product development (reality) Idea “customer proof”
- 44. “The only way to win is to learn faster than anyone else.” Eric Ries
- 45. Time Maturity Mature, stable Proof of concept Product development (technology comparison) Idea Faster learning
- 46. Speed wins strategy: design experiments that offer maximal learning at a minimal cost (e.g. MVP, customer development, A/B testing)
- 47. “The world is changing very fast. Big will not beat small anymore. It will be the fast beating the slow.” Rupert Murdoch
- 48. Recap 1. Make excellent mistakes 2. Boyd's law 3. Speed Wins
- 49. For more info, check out my book www.hello-startup.net