Startup Metrics for Founders (LEAN 121)
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The document outlines startup metrics and strategies for entrepreneurs, emphasizing the importance of distinguishing between vanity metrics and actionable metrics during the startup process. It describes the stages of validation and growth, encouraging founders to test assumptions rather than products and define clear goals based on cohort analysis. Additionally, it highlights the significant number of workshops conducted and the variety of cities involved in the Lean Startup Machine initiative.
Startup Metrics for Founders (LEAN 121)
- 1. Startup Metrics for Founders Lean Startup Machine
- 2. About Me Trevor Owens On Twitter @to2 • Lean Startup Machine, Founder & CEO • Named “Most Powerful Networker in NYC” by NY Observer in 2010 • Mentored 2000 Entrepreneurs in 15 cities • Several startup failures, some successes • Advised & Incubated Branch.com
- 3. WORKSHOP STATISTICS 35 in 18 WORKSHOPS CITIES 2450 INNOVATORS ATTENDED & 600+ STARTUPS CREATED
- 4. 200 WORKSHOPS IN 2013 New York Philadelphia San Diego Shanghai Moscow Riyadh Boston Los Angeles Toronto Karachi Tel Aviv Sao Paolo Chicago Washington DC Montreal Lahore Milan London Austin San Francisco Tokyo Dubai Amsterdam
- 5. Old Tools • Vanity • Actionable • Funnel • Cohort
- 6. Vanity • Numbers that sound good but do not mean anything.
- 7. Actionable • Goal or benchmark
- 8. Funnel 1.Acquisition: Visits website 2.Activation: Sign-up 3.Revenue: Buys something 4.Referral: Invite friends 5.Retention: Comes back
- 9. Cohorts • Put users into groups based on Activation
- 10. New Tools
- 11. Test Assumptions, Not Products
- 12. Startup Stage • Validation • Is this a drug or a vitamin? • Growth • How big can we get?
- 14. Start with Hypothesis • _______ have a problem with _______ • Scooter owners have a problem with gas prices
- 15. Define Top 5 Risks 1.Scooter owners are rich 2.Scooter owners don’t drive very much 3.Scooter owners... 4.,,
- 16. Validation Stages 1.Exploration- Find Pain 2.Pitch- Measure Demand 3.Concierge- Productize
- 17. Define Goals • What # do we need to continue? • Set a deadline • Measure based on cohorts