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Running Lean Startup Experiments

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Running Lean Startup Experiments

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Lean Startup Experiments are the means to generate the currency of Entrepreneurship - learning.

In this workshop, first presented at Live The Dream, we take you through how to identify the next experiment, write it up, retrospect and record it.

Borrows from work by Ash Maurya, Eric Reis and more.

Lean Startup Experiments are the means to generate the currency of Entrepreneurship - learning.

In this workshop, first presented at Live The Dream, we take you through how to identify the next experiment, write it up, retrospect and record it.

Borrows from work by Ash Maurya, Eric Reis and more.

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Running Lean Startup Experiments

  1. 1. Experiments = Startup Momentum Sam Rye - Lifehack & Enspiral @samrye_enspiral
  2. 2. Why Run Experiments?
  3. 3. Experiments … are where the action’s at. They are entrepreneurial currency. Experiments give you (in)validated learnings; de-risk your business model, drive internal culture, and provide evidence to yourself and investors that you have the rigour to succeed.
  4. 4. Experiments … in short experiments save you time, energy and money. They teach you things quickly so you don’t waste your life building something no one wants or something no one will buy.
  5. 5. Today 1. Context (5 mins) 2. Team & Group Reflection (30 mins) 3. Define Learning Goals (10 mins) 4. Tips For Great Experiments (15 mins) 5. Write Your Own Experiment (45 mins) 6. Retrospecting & Momentum (20 mins)
  6. 6. Context
  7. 7. Lean Experiment Loop BUILDLEARN MEASURE PROTOTYPE / MVP DATA / STORIES PROBLEMS / IDEAS
  8. 8. Context TODAY’S FOCUS
  9. 9. Looking Within team reflection
  10. 10. Team Reflection What is one recent achievement your team is most proud of? What is one current challenge that you are experiencing as a team? What do you need to let go of, and what do you need to learn? Talk in pairs, then we’ll share back to the group. Listen carefully - we’ll team up with others soon.
  11. 11. Reframing Your Challenge group reflection
  12. 12. Group Reflection Team up with another group. Team 1: Repeat your challenge. Team 2: Without trying to solve their problem, take some time to share what images, metaphors and feelings come up for you that capture the essence of what you heard. Team 1: Seeing yourselves from the outside, what resonated with you? What questions and reflections come up for you now?
  13. 13. Group Reflection Swap. Team 2: Repeat your challenge. Team 1: Without trying to solve their problem, take some time to share what images, metaphors and feelings come up for you that capture the essence of what you heard from the. Team 2: Seeing yourselves from the outside, what resonated with you? What questions and reflections come up for you now?
  14. 14. Ensuring Focus & Intention defining a learning goal
  15. 15. Focus & Intention Pause to reflect. Think about what you just heard. Now, what is the real challenge that you need to solve in the next 10 days to move your venture forward? Is it internal or external? Is it business model or product? Is it to do with your user or customer? If you could learn one thing in the next 10 days, what would it be?
  16. 16. This is your learning goal share it in one sentence with the group write it down, we’ll be using it in a moment
  17. 17. Pitfalls & Possibilities tips for great experiments
  18. 18. Pitfalls and possibilities Experiments are additive not standalone ● Experiments aren’t standalone. ● Don’t expect to de-risk your business model in one go. ● Incrementally mitigate risks through a series of small experiments. ● Evolve complexity on top of simplicity.
  19. 19. Pitfalls and possibilities Experiments are additive not standalone Example: ● First experiment might be to do a customer survey + gain an insight into your value proposition. ● Second experiment might be to write one page of marketing copy + get customer reactions. ● Third experiment might be to create a landing page for your service with a sign up form. ● Fourth experiment might be to print flyers, deliver them to customers + have a pre-order page online.
  20. 20. Pitfalls and possibilities Every experiment needs to be falsifiable and time-boxed ● Experiments need to be falsifiable (written as statements that can be clearly proven wrong) in order to clearly declare them validated or invalidated. ● Outside of the accelerator, time is the scarcest resource in a startup. ● You’re more likely to fail because you run out of money, than because your idea sucks.
  21. 21. Pitfalls and possibilities Every experiment needs to be falsifiable and time-boxed Example: ● If I write a blog, I will get > 20 new signups to my email newsletter in 5 days.
  22. 22. Pitfalls and possibilities Breakthrough insights are usually hidden within failed experiments ● “There is no such thing as a failed experiment, only experiments with unexpected outcomes.” - Buckminster Fuller ● Learning reflection is absolutely vital to entrepreneurial process.
  23. 23. Pitfalls and possibilities Breakthrough insights are usually hidden within failed experiments Example: ● At Lifehack, we experimented with advertising our event in a local paper on the West Coast. We had one response to the ad who wasn’t our target audience. ● We learnt that using existing networks, word of mouth & posters were more powerful for our audience than advertising in local press for the Coast.
  24. 24. Pitfalls and possibilities Use a standard format to capture learnings ● Crystalise and visualizing your thinking, share with teams & advisors. ● Cuts out the noise. Archive the learning. ● Playback experiments through these reports - communicate learning to new team members & advisors, helps demonstrate rigour to investors. ● Keep up the momentum.
  25. 25. Pitfalls and possibilities Use a standard format to capture learnings ● Example: ● Lean Stack have a good one - https://leanstack. com/products ● Value Proposition Design - http://blog.strategyzer. com/posts/2014/9/29/value-proposition-design
  26. 26. Build | Measure | Learn write your own experiment
  27. 27. Experiment Report
  28. 28. Background: What are you trying to achieve or learn? [insert learning goal here] Experiment Report
  29. 29. Falsifiable Hypotheses: Moving from “leap of faith” to “falsifiable” e.g. “Being known as an expert will drive early adopters” to “Blog post will drive > 100 sign ups” Read more from Ash Maurya at: http://practicetrumpstheory.com/how-to-identify-a-lean- startup/ Experiment Report
  30. 30. Falsifiable Hypotheses: I believe [target market] will [do this action / use this solution] for [this reason]. Write it down. Get more granular. Which segment of the target market? Can you measure each part of this statement? Can you validate or invalidate it? Experiment Report
  31. 31. Experiment Details: How will you set up your experiment to achieve your learning goal? Keep it simple, but don’t be afraid to be creative. Can you learn about a “digital product” through an analog experience; think 3D prototypes. What will you record? How will you record it? Experiment Report
  32. 32. Build | Measure | Learn building momentum & complexity with experiment retrospectives
  33. 33. Results: The hard data & the stories. Learnings: What did you learn from the outcomes, as well as the process? Next Experiment: What is the next step? Run again with tweaks? Run something completely different? What do this mean? Experiment Reflection
  34. 34. After Reflecting: Make sure you update your value proposition canvas, your experiment board, and if you’ve de-risked something major - your lean canvas. Schedule time with your team/advisors to do this process EVERY WEEK Save the experiment sheet: Set up a google drive for photos or documents. Share with your team in Slack. Experiment Reflection
  35. 35. Build | Measure | Learn this is where you build momentum, learning is the currency of entrepreneurship
  36. 36. Reflections on today What did you learn today? What will you be taking away? What will you change about what you have been doing? How could we do this workshop differently or better?
  37. 37. Thanks! @samrye_enspiral @lifehackhq

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