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Session 1 intro to lean startup intro

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Session 1 intro to lean startup intro

  1. 1. School of Management & Governance 1 PD Dr. Rainer Harms Dr. Michel Ehrenhard r.harms@utwente.nl International New Business Development Session 1: Intro to Lean Startup
  2. 2. School of Management & Governance 2 www.capstonebranding.com/ about/capstone.php
  3. 3. Typical issues with this class Comment: „We dont learn much content!“ Reply: „True. You had content throughout your Bachelor, and you will create your own, specific content while you research.“ Comment: „We are left alone during project execution!“ Reply: „Partially true. But finding your own way in an entrepreneur‘s reality Comment: „We dont recieve much feedback!“ Reply: „Partially true. But we have extensive walk-in opportunities Comment: „The projects are so vague and complex“ Reply: True. Thats real business. We try to help you deal with it. School of Management & Governance 3
  4. 4. School of Management & Governance 4
  5. 5. Planning, storming the castle, or something else? School of Management & Governance 5www.caycon.comfreelanceswitch.com
  6. 6. School of Management & Governance 6
  7. 7. Startups as experiments: Validated learning 7http://blog.amt.in/the-new-science-of-product-development http://www.youtube.com/watch?feature=player_embedded&v=WAdikBfKeD8
  8. 8. The scientific method School of Management & Governance 8 http://blog.amt.in/the-new-science-of-product- development
  9. 9. Lean Startup – merging the scientific method and entrepreneurship School of Management & Governance 9 1. Talk to customers – real cases 2. Form hypotheses to test 3. Write code (produce) 4. Roll out to % customers 5. Analyze data 6. Interpret data 7. Share learning http://blog.amt.in/the-new-science-of-product- development
  10. 10. The B – M – L cycle School of Management & Governance 10
  11. 11. IMVU: Eric Ries‘ Lean Startup Story School of Management & Governance 11 www.microsoft .com http://www.imvu.com/catalog/web_landing.php?p=ls1 llcollection-groupll.blogspot.com http://www.youtube.com/watch?v=fEvKo90qBns minutes 23 to 35
  12. 12. Testing assumption: two IMVU examples School of Management & Governance 12 brucebucks.com zazzle.com
  13. 13. The problem-solution fit School of Management & Governance 13 Refers to a implicitly defined customer segment -> make expliciti
  14. 14. The MVP School of Management & Governance 14 „The MVP is the smallest group of features that will elicit customer feedback about the validity of the customer problem or solution“ Steve Blank The mechanical turk
  15. 15. Getting deeper into the MVP  Low-Fi MVP  Problem exploration MVP: customer inverviews  Product Pitch MVP: asking cash at the end; landing pages, video demos  Concierege MVP: real delivery, but „Wizard of Oz“  Hi-Fi MVP  Removal of any feature that might distract from the core learning goal (google, dropbox - > plain interfaces School of Management & Governance 15
  16. 16. Analyzing  Qualitative analysis  Quant. analysis: A/B testing, conjoint analysis etc. School of Management & Governance 16
  17. 17. School of Management & Governance 17 „Pivot“ or presevere http://cdn.elezea.com/images/local-maximum.gif
  18. 18. Pivot = strategic change: one way of listing …  Zoom-in-pivot  Zoom-out-pivot  Customer segment pivot  Customer need pivot  Platform pivot  Business architecture pivot  Value capture pivot  Engine of growth pivot  Channel pivot  Technology pivot School of Management & Governance 18
  19. 19. Key metrics (example)  Industry-Specific KPI  „Conversion rate“ – from view to click, from click to buy Reference: the metrics page School of Management & Governance 19
  20. 20. Example of empirical project (validated learning) 1. Problem: Mediocre evaluation of BK III course 2. Preliminiary research, eg. Brainstorming: Limited feedback as main problem, mentoring as potential solution, best practices 3. Hypothesis: „Mentoring is positively related to the course evaluation 4. Test design: 4.1: Sample: this BK III class, all students 4.2: Operationalization: main satisfaction score, project support and feedback score, assignment feedback score 4.3: Method of analysis: 2-sample mean comparison (t-test) 5. Analyse data 6. Conclusion 7. Results School of Management & Governance 20
  21. 21. School of Management & Governance 21
  22. 22. Example your project School of Management & Governance 22 1. Problem: Newsletter services can be expanded to other segments 2. Preliminiary research, e.g. Brainstorming: lit research, customer interviews about what they value most about current project, interview with prospective customers etc., SMT, Porter5forces etc. 3. Hypothesis (better: Assumption!): „Customers derive value from newsletters “ (operationalize!) 4. Test design: 4.1: Sample: x number of prospective customers 4.2: Operationalization: find ways to collect your material and / or find fitting metrics ! 4.3: Method of analysis: qualitative vs. quantiative 5. Analyse data 6. Conclusion 7. Results
  23. 23. School of Management & Governance 23 Businnes Model Generation/ Validation Minimal Viable Product (MVP) Usage 3-5 clients Market Research Idea? MVP for Adoption MVP for Revenue Month 1 Month 2,3 & 4 Month 5 Month 6 Idea Business Plan Func. Spec Design Build Test Market Sell Some learning More learning Most learning
  24. 24. The lean canvas – where does BML hide? School of Management & Governance 24
  25. 25. Deliverables School of Management & Governance 25 Starting canvas DP 1 Suggest solution DP 3 Exam < 10.02 12.02 26.02 12.03 19.03 26.03 17.4. Find project company / own venture Problem interview DP 2 Solution interview DP 4 Pitch DP 5
  26. 26. In short  Find a company / a venture with a (I)NBD issue  Set up a meeting with the entrepreneur, and identify customer- reserach project  Describe current venture with Lean Canvas (DP 1)  Carry out and report customer interview (DP 2)  Suggest a solution (DP 3)  Get customer feedback from solution (DP 4) School of Management & Governance 26
  27. 27. Getting started with the interviews School of Management & Governance 27 Coffee shops Lurking: on the street, in a location, online... @MeetUpsWhere do I find them? Facebook / LInkedIn Existing Customers 1st Degree Networks http://de.slideshare.net/LeanStartupConf/jon-irwin- rocktheinterview-slides
  28. 28. School of Management & Governance 28 Is the problem worth solving? Make a problem interview. This is a problem statement This is another problem statement. (Priority [ ] | Pain: low, medium, high) | How I solve this today: This is a third problem statement. (Priority [ ] | Pain: low, medium, high) | How I solve this today: This is a blank problem the customer can fill in. (Priority [ ] | Pain: low, medium, high) | How I solve this today: This is a blank problem the customer can fill in. (Priority [ ] | Pain: low, medium, high) | How I solve this today: Name: Email Address: Referrals:Notes: http://de.slideshare.net/LeanStartupConf/jon-irwin- rocktheinterview-slides
  29. 29. Opener School of Management & Governance 29 Hey, I’m [name], and I’m working on a project to help conference attendees connect and collaborate. Do you wish it was easier to connect and share ideas with other attendees like you? [smile] Yes? Awesome, here we go / No? Okay, thanks. [smile] http://de.slideshare.net/LeanStartupConf/jon-irwin- rocktheinterview-slides
  30. 30. Analyse the problem interview School of Management & Governance 30 Do the problems really exist? Are the problems commonly experienced? Are the problems severe? Are there problems you didn’t anticipate? Is this the right customer? Take an opportunity to refine your target group Should you Kill / Pivot / Persevere? http://de.slideshare.net/LeanStartupConf/jon-irwin- rocktheinterview-slides
  31. 31. Our role School of Management & Governance 31

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