Lean Startup in Big Corporation
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My Webrazzi Summit'13 Keynote: "Lean startup in Big Corporation". Defining problems, solutions, methodology, implementation, key points.
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Lean Startup in Big Corporation
- 1. LEAN STARTUP IN BIG CORPORATIONS Erkan Taş M-Commerce Manager TURKCELL erkan.tas@turkcell.com.tr linkedin.com/in/erkantas @erkan_tas
- 2. Corporate Misunderstanding “Million dollar businesses / products rise from garages; we can build up one too with all these easy & big resources that we have.” “This will be the next big thing…” “All of our competitors doing this, we should too…” “This market has an X Billion cap; so even we capture Y% of it, we make Z Million Dollars!”
- 3. Corporate Challenge Corporate people don’t know how to monetize an IDEA.
- 4. IDEA Where is that IDEA? Real Customer Problem / Need Outside (not in the office) Corporations tend to think… Startups should think… OutsideInside Outside Inside
- 5. Structural Issues Startup Feature Set Cross-functional Teams Lean Product Clear Sales Pitch Corporation Departments Unclear Sales Pitch Common KPI Complex Product Different KPIs
- 6. Importance of Sales Pitch Sports Education Work Salary House Children Rent Bills Girlfriend Movies Music Hobbies Travel Bank Debt Friends Social Life Internet Shopping Car Insurance Discounts Family Wife Husband Boyfriend Activities Traffic Phone Computer Exams Career Health your SALES PITCH needs to be told in 5-10 sec.
- 7. Startups vs Corporations Corporations Already have a business model Execute Startups Don’t have a business model Search
- 8. What is a Startup? AndWhat is Lean? “A Startup is a temporary organization used to search for a sustainable & scalable business model” – Steve Blank “A Startup is first of all an experiment, it is a human institution designed to deliver a new product or service under conditions of extreme uncertainty” – Eric Ries “Lean is an approach for launching businesses & products, that relies on experimentation, iterative product releases and engaging a particular type of customer – to shorten product development cycles, measure progress, and gain valuable customer feedback.” – Eric Ries
- 9. First, validate it… Is the Problem / Need real? Is your Value Proposition solving it? Do you have a Product-Market Fit?
- 10. How to Experiment Draw a Business Model Canvas Build an MVP Pick an OMTM Test Iterate, Pivot or Preserve Your Hypothesis Minimum Viable Product The One Metric Matters for the whole team at that stage Pick & employ the valid tests for your current phase & product Take agile actions considering the results of your experiment & keep experimenting.
- 12. What is an MVP? “Minimum Viable Product (MVP) is a strategy for fast & quantitative market testing of a product.” “MVP is that version of a new product which allows a team to collect maximum amount of validated learning about customers with the least effort.” “An MVP has just those features that allow the product to be deployed, and no more.” “MVP should provide the Value Proposition to be tested. No more, no less.” “Better to be deployed to a specific set of customers – Early Adaptors – who are more forgiving, likely to give feedback & visionary to grasp a product vision from an early prototype.”
- 13. build. measure. learn Build Measure Learn Minimize total time through the loop build fasterlearn faster measure faster Ideas ProductData
- 14. But don’t… build measurelearn 1 single turn & than back to corporate execution
- 15. But do… build measurelearn continuous iteration through agile development build measurelearn build measurelearn build measurelearn MVP – Pre-alpha – Alpha – Beta – Gamma – Delta – RTM – GA – Gold - Etc continuous customer development
- 17. The problem with theWaterfall Planning Development Testing Risk is not reduced Changeability is reduced over time Visibility builds late Learning collected at the end
- 18. The solution of Agile Planning Development Testing Risk reduced by every batch Changeability much less if at all reduced Visibility builds with each batch Learning collected & used within the project Planning Development Testing Planning Development Testing
- 19. Startup = Growth And to grow really big, it must: (A) make something lots of people want. (B) reach and serve all those people.
- 20. Basics of Growth Growth% Time Startup tries to figure out what it’s doing. Startup matches the conditions A & B. This ascent phase defines the Startup, the length & slop determine the company size. Startup becomes a big company; growth will slow due to internal & market limits.
- 21. Metrics Matter (Lean Analytics) To “measure” during the phases, focus on OMTM: Your Business YourStage Empathy (Acquisition) Stickiness (Retention) Virality (Referral) Revenue (Monetization) Scale (Growth) ONE METRIC THAT MATTERS (OMTM)
- 22. Importance of Early Adopters
- 23. North Star of Startups “For startups, growth is a constraint much like truth. Every successful startup is at least partly a product of the imagination of growth.” – Paul Graham = GROWTH • Do only what brings significant growth. • May end up with a totally different company than you imagined. • Following the truth wherever it leads is better than being influenced by what we wish.
- 24. South Star of Startups 90% of Startups fail. At least fail fast without spending millions…