Lean startups metrics fo investment darabos
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Are you an entrepreneur bidding for investment? What metrics and factors do you need to consider to get ready for investment? We will talk about team, product and market considerations that can help grow your idea into a successful business.
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Lean startups metrics fo investment darabos
- 1. Lean Startup Metrics a.k.a How to get your business investment ready? Andrea Darabos Director of LEAN ADVANTAGE Twitter: @Adarabos www.leanadvantage.co.uk
- 2. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk 9 out of 10 new products fail Steve Blank: Four Steps to Epiphany
- 3. The reason:
- 5. </vanity>
- 6. Acceptance Criteria Understand 3 key considerations of investors Ideas how to work on your team Understand Investment Readiness Define your metrics linked to your goals Why experimentation is key to improving metrics
- 7. How do Investors Decide to Invest? Jeff Clavier, Founder & Managing Partner of SofttechVC
- 8. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk Simple Rule:
- 9. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk The Three Assess Rule: Big Market Smart Team Kick Product
- 10. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk Team Team ≠ 1 individual Strategy/Business Expert, Developer, Designer Entrepreneurial traits Relevant industry experience
- 11. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk Entrepreneurial Traits Leadership Perseverance Confidence Work ethic Values +1 ”Canoe-test” (Can we work together 5-7 years?)
- 12. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk Team Metrics, Next Steps Do Personality tests MBTI, Enneagram, Gallup Strenghts Finder® Find gaps in team Build on strengths
- 13. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk Team Metrics, Next Steps Write Your Value Stories and find shared Values in team Start building your team’s shared purpose
- 14. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk Team Metrics, Next Steps Hiring? Go on a ”Canoe-test” Date before you marry! =)
- 15. Acceptance Criteria Understand 3 key considerations of investors Ideas how to work on your team Understand Investment Readiness Define your metrics linked to your goals Why experimentation is key to improving metrics
- 16. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk Product ”Traction”
- 17. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk Lean Startup ”A startup is an organisation designed to search for a repeatable and scalable business model.” /Steve Blank
- 18. ”Make ideas clear by visualising them.” /Tom Wujec TED speaker LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk
- 19. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk Business Model Pitching Source: Uxbooth.com
- 20. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk All Assumptions! Are you explicit about your team’s assumptions?
- 21. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk Investment Readiness 9 Proof of scalable business model 8 Sufficient market opportunity 7 Product Market fit 6 Left side of canvas validation 5 Right side of canvas validation 4 Problem/solution validation 3 Low Fi MVP 2 Canvas with Hypotheses 1 Committed Founding Team See more about IRL in practice: John Selep, Sacramento Angels investment group
- 22. Prove 3 Things LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk Image: Osterwalder: Value Proposition Design Prove that target customers are interested in solving the problem Provide evidence that they are willing to pay for a solution Provide evidence that you have a scalable business model
- 23. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk IRL 1-5: User Assumptions User centered design Users and Customers Fine Grain Roles Personas = Assumption Research and Validate: Interview, Observe, …
- 24. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk Key Metric: TTYFU! Pre-MVP validation - TTYFU Post-MVP validation - TTFYU Iterate your assumptions via fast, cheap user experiments
- 25. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk A Video Nordstrom Innovation Lab
- 26. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk Actionable Metrics Metrics should hurt A change of metric should cause ourselves to do something Everything we do should be an attempt to move a metric
- 27. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk Conversion Funnel
- 28. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk Conversion Funnel (Web)
- 29. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk Exercise: Restaurant Owner
- 30. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk Some Math
- 31. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk Retention is Key
- 32. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk Other metrics Usability Performance Community Customer Happineess Employee/Partner/Vendor Happiness…
- 33. Metrics should drive Goals
- 34. Acceptance Criteria Understand 3 key considerations of investors Ideas how to work on your team Understand Investment Readiness Define your metrics linked to your goals Why experimentation is key to improving metrics
- 35. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk Be careful Not everything that counts can be counted Be careful with analysis paralysis Correlation is NOT causation Don’t cargo cult metrics!
- 36. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk Investment Readiness 9 Proof of scalable business model 8 Sufficient market opportunity 7 Product Market fit 6 Left side of canvas validation 5 Right side of canvas validation 4 Problem/solution validation 3 Low Fi MVP 2 Canvas with Hypotheses 1 Committed Founding Team See more about IRL in practice: John Selep, Sacramento Angels investment group
- 37. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk Product-Market Fit? It is a process not a singular point! Heuristics such as at least 20% of users complain if you close the product/service Users start ”selling” for you
- 38. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk Big Market ”Scalability”
- 39. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk Big Market A large # of potential users High growth in # of potential users Ease of user aquisition Total Available market/Addressable/Target market Be ready to pivot in your business model!
- 40. LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk Experimentation is Key to Success Set up an Experiment Board Track #pivots, store learning Track your speed of learning TTYFU!
- 41. Build Metrics into your Tests We believe that (target users) Have (type of problem), That can be solved by (solution). We will know we are right when (quantitative metric outcome is x) and (qualitative metric outcome is y). Test Name: Date: Test ID: Person responsible:
- 42. What a Typical Week Looks Like Monday Tuesday Wednesday Thursday Friday Copyright © of LEAN ADVANTAGE Ltd. www.leanadvantage.co.uk Say hello at: hello@leanadvantage.co.uk ”Growth Meeting” • Personal learnings • Goal review • Review learnings from experiments, product metrics and customer feedback • Brainstorm this week’s experiments Select, run, evaluate experiments, systemize learning. Build the product incrementally, based on learning!
- 43. Acceptance Criteria Understand 3 key considerations of investors Ideas how to work on your team Understand Investment Readiness Define your metrics linked to your goals Why experimentation is key to improving metrics
- 44. Thanks! and Read @ADarabos Team: Management 3.0 Workout by Jurgen Appelo Product: Value Proposition Design by Alex Osterwalder Market: Business Model Innovation by A. O. Video: What an Angel Investor Recquires – Michael Blakey Contact: Hello @ leanadvantage.co.uk Check out our Agile Kaizen Workshop and our Management 3.0 Workshop!