Business Strategy when innovating your business
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The document discusses innovation as a business strategy and provides tactics for developing an innovation strategy with minimal risk. It recommends (1) documenting the initial plan, (2) identifying the riskiest parts, and (3) systematically testing the plan. Specific tactics discussed include defining the minimum viable product and business model through customer conversations, using a customer development process of iterative experiments and pivots, and focusing on speed of learning rather than premature optimization. The overall message is that a successful product and strategy involves minimizing risks through hypothesis-driven and customer-validated tactics.
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Business Strategy when innovating your business
- 1. Hashtag: #EAEinnovation AS A BUSINESS STRATEGY. INNOVATION Kinesis Group, LLC
- 2. ¿Who is Alberto Peralta? “On behalf of Steve Bank and myself we are forever indebted to you, as are the entrepreneurs and managers of Spain and Latinamerical. Your work and efforts will help them build succesfull startups the lean way everywhere.” – Bob Dorf, March 2013. Intereconomía TV. España
- 4. #1 reason why products fail is because we build the wrong product
- 6. Uncertainty forces to choose a hypothesis-based strategy.
- 7. How we develop a strategy. Plan Prepare Execute Assess Assess Assess
- 8. Traditional strategy forming. Product vision Start – Ways (ends) Build whole product (means) Search for customers • Launching date is set in the business plan. • Sales force is recruited as soon as possible.
- 9. Some learning Very little learning Most learning happens here
- 10. Strategy forming while innovating. Product vision Start – Ways (ends) Experiments and MVPs Iterations and pivots • Minimal info. • Launching according to customer development • Sales force recruited when scaling.
- 11. Operational variables. Value proposal Customer segments Distribution and sales channels Sales cycles Revenue sources Cost structure Key activities Key resources Partnerships
- 12. 01 Documentar el Plan A. META-PRINCIPIOS 02 Identificar las partes más difíciles del plan. 03 Confirmar sistemáticamente el plan. Metaprinciples
- 13. Separate strategies from tactics.
- 14. 01 Document plan A. META-PRINCIPLES 02 Identify the riskiest parts of your plan. 03 Systematically test your plan.
- 15. Business model against business plan A document investors make you write that they don’t read
- 16. A single diagram of your business Business model against business plan
- 18. Problem Top 3 problems Solution Top 3 features Unique Value Proposition Single, clear, compelling message that states why you are different and worth paying attention Unfair Advantage Can’t be easily copied or bought Customer Segments Target customers Key Metrics Key activities you measure Channels Path to customers Cost Structure Customer Acquisition Costs Distribution Costs Hosting People, etc. Revenue Streams Revenue Model Life Time Value Revenue Gross Margin Lean Canvas is adapted from The Business Model Canvas (http://www.businessmodelgeneration.com) and is licensed under the Creative Commons Attribution-Share Alike 3.0 Un-ported License. PRODUCT MARKET
- 19. A succesful product is about minimizing risks Identify the riskiest parts of your plan.
- 21. Tactic #1: Definition of the business model
- 22. Problem Solution Unique Value Proposition Unfair Advantage Customer Segments Key Metrics Channels Cost Structure Revenue Streams ? ? ? ? ? ? ? ? ? Your business model is the product
- 23. Problem Solution Unique Value Proposition Unfair Advantage Customer Segments Key Metrics Channels Cost Structure Revenue Streams ? ? ? ? ? ? ? Systematically de-risk your vision
- 24. Problem Solution Unique Value Proposition Unfair Advantage Customer Segments Key Metrics Channels Cost Structure Revenue Streams Systematically de-risk your vision
- 25. Through a series of conversations advisorscustomers investorscompetitors entrepreneur team
- 26. Tactic #2: Phases of a business model
- 27. Tactic #2. * Customer development process is created by Steve Blank
- 29. 3 stages of a product.
- 30. Tactic #4: Minimum viable products and experiments
- 31. Do I have a problem worth solving? 3 stages of a product.
- 32. An MVP is the smallest solution that delivers customer value. (BONUS: And captures customer value)
- 33. Have I built something people want?
- 34. You don’t need lots of users. Just a few good customers.
- 35. ¿Cómo acelerar el crecimiento? Encaje producto / mercado Encaje problema / solución Crecimiento
- 36. What is an Experiment?
- 37. Speed
- 43. Chasing your tail Run out of resources
- 44. Chasing your tail Run out of resources Premature Optimization
- 45. Chasing your tail Run out of resources Premature Optimization The optimal learning loop
- 46. Alberto Peralta CEO Roundtable Kinesis Group, LLC alberto@kinesisconnect.com +34 675 956 477 Se pueden conseguir más contenidos como estos en: URL: http://bit.ly/1LcKmbS ¡THANKS!
Notas del editor
- My definition of MVP is that it is the smallest solution you can build that also delivers customer value.
- My definition of MVP is that it is the smallest solution you can build that also delivers customer value.
- Se intenta avanzar con la idea inicial cueste lo que cueste
- Al no haber rapidez de acuerdo a los recursos lo más normal es que se terminen agotando
- Se aprende rápidamente pero cada novedad motiva una nueva estrategia, o cambio de rumbo, sin perseguir algo en concreto.
- I hope this was helpful. Now it’s your turn. You can download Lean Stack from the link above and I’d love to hear how you are using it. Thanks!