On National Teacher Day, meet the 2024-25 Kenan Fellows
Everything You Knew About Startups is Wrong, And How to Make it Right
1. Everything you knew about starting a company is wrong. And how to do it right. Steve Blank Stanford School of Engineering www.steveblank.com Twitter: sgblank
2. More startups fail from a lack of customers than from a failure of product development
4. Traditional Product IntroductionHas Two Implicit Assumptions Customer Problem: known Concept Product Dev. Alpha/Beta Test Launch/ 1st Ship Product Features: known
19. Waterfall / Product ManagementExecution on Two “Knowns” Requirements Product Features: known Design Implementation Verification Customer Problem: known Maintenance Source: Eric Rieshttp://startuplessonslearned.blogspot.com
20. This is A Plan For Failure Customer Problems and Product Features are hypotheses Sales & Marketing costs are front loaded focused on execution vs. learning & discovery First Customer Ship becomes the goal Execution & hiring predicated on business plan hypothesis Heavy spending hit if product launch is wrong Financial projections assume success = You don’t know if you’re wrong untilyou’re out of business/money
22. Traditional Product Introduction Concept/Bus. Plan Product Dev. Alpha/Beta Test Launch/1st Ship Customer Development Company Building CustomerDiscovery CustomerValidation Customer Creation Customer Development
23. Agile Development Waterfall Product Development Require-ments Design Implement Verify Maintain Agile Product Development
24. Lean StartupCustomer Problem + Product Features are Unknown Problem: Unknown Solution: Unknown Source: Eric Rieshttp://startuplessonslearned.blogspot.com
58. i.e. Product/Market fit- Repeatable sales model - Managers hired What’s A Startup? A Startup is the organization used to search for a scalable business model