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Surge engr 245 lean launchpad stanford 2020

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business model, customer development, e245, engr245, lean launchpad, lean startup, stanford, startup, steve blank

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Surge engr 245 lean launchpad stanford 2020

  1. Mihir Garimella BS CS ‘21 Nikhil Cheerla BS CS ‘21 Prathik Naidu BS CS ‘21 Rohan Suri BS CS ‘21 Craig Seidel Mentor 113 Interviews Day One Automatic documentation Status dashboards for project managers Today New Market Niche Entrant
  2. Chapter 1: The Big Flop Chapter 2: The Turnaround Chapter 3: Sell, Sell, Sell
  3. Chapter 1: The Big Flop Weeks 0 – 4
  4. Key Partners Key Activities Value Propositions Customer Relationships Customer Segments Key Resources Channels Cost Structure Revenue Streams Growing companies Remote workers Large enterprises Product/engineering teams (who rely on proper documentation) and IT teams (who help answer questions for employees) Reach out to VP Product, VP IT, or CIO → individuals with the most insights into how company knowledge and processes are used Automatic documentation to make all employees 10x more productive. Design and develop new features Great onboarding IP on core tech Engineers, designers, etc. TreeHacks (and other clubs at Stanford) for piloting an MVP of our product Applications that Surge integrates with (Slack, email clients, SaaS platforms, etc.) Engineers to develop and maintain product Marketing/sales costs Compute costs for hosting application and training models, storage costs for company knowledge base data (AWS) $5 per user per month → full access to automated document and workflow creation, fast search on knowledge base, automated resolution of nuanced product/IT questions, integration across many SaaS applications. Business Model Canvas — Week 0
  5. Insight Documentation is important for sharing What we did: 25+ interviews with engineering managers/startup CEOs Week 1 – 2
  6. I would pay $500 a month for a feed that shows everyone the right updates from across the company. “ Dick Zhang CEO @ Identified Technologies Insight Documentation is important for sharing What we did: 25+ interviews with engineering managers/startup CEOs Week 1 – 2
  7. After hearing that Dick’s would pay for this, we made an “enterprise news feed” MVP. Week 3 MVP #1: Subscribe to topics, see news feed of relevant messages from entire team
  8. We had the wrong solution What we did: Talked to 15+ founders/engineers similar to Dick Week 3 – 4
  9. We had the wrong solution What we did: Talked to 15+ founders/executives similar to Dick I wouldn’t use this because I already know what everyone is doing on our team. “ I don’t really see how I would use this or how this would fit into my existing workflow. “ Week 3 – 4
  10. Lesson Learned Don’t let one customer design your solution Week 3 – 4
  11. MVP #2: Augmenting with engineering progress So we looked at why Dick wanted this and focused on bridging the sales-engineering gap. Week 3 – 4
  12. PMs control the information sharing between sales and engineering. Much of what they do can’t be automated. I think you misunderstand why PMs have meetings. It’s not just to pass along information, it’s to align everyone on the current priorities. “ You never want salespeople directly talking with engineers – they will misinterpret and make costly mistakes.“ No one wants direct communication Week 3 – 4
  13. Week 3 – 4 Insight Product managers HATE project management Managing project execution is the most boring part of my job and keeping track of progress involves so much manual work.“ Frank Long PM @ Schmidt Futures What we did: Talked to 6 product managers
  14. Key Partners Key Activities Value Propositions Customer Relationships Customer Segments Key Resources Channels Cost Structure Revenue Streams Project managers (that focus on execution) PMs who do project management work Product/engineering teams (who rely on proper documentation) and IT teams (who help answer questions for employees) Reach out to VP Product, VP IT, or CIO → individuals with the most insights into how company knowledge and processes are used Reduce manual work? Make them more efficient? Design and develop new features Great onboarding IP on core tech Engineers, designers, etc. TreeHacks (and other clubs at Stanford) for piloting an MVP of our product Applications that Surge integrates with (Slack, email clients, SaaS platforms, etc.) Engineers to develop and maintain product Marketing/sales costs Compute costs for hosting application and training models, storage costs for company knowledge base data (AWS) $5 per user per month → full access to automated document and workflow creation, fast search on knowledge base, automated resolution of nuanced product/IT questions, integration across many SaaS applications. Updated Business Model Canvas
  15. Key Partners Key Activities Value Propositions Customer Relationships Customer Segments Key Resources Channels Cost Structure Revenue Streams Project managers (that focus on execution) PMs who do project management work Product/engineering teams (who rely on proper documentation) and IT teams (who help answer questions for employees) Reach out to VP Product, VP IT, or CIO → individuals with the most insights into how company knowledge and processes are used Reduce manual work? Make them more efficient? Design and develop new features Great onboarding IP on core tech Engineers, designers, etc. TreeHacks (and other clubs at Stanford) for piloting an MVP of our product Applications that Surge integrates with (Slack, email clients, SaaS platforms, etc.) Engineers to develop and maintain product Marketing/sales costs Compute costs for hosting application and training models, storage costs for company knowledge base data (AWS) $5 per user per month → full access to automated document and workflow creation, fast search on knowledge base, automated resolution of nuanced product/IT questions, integration across many SaaS applications. Updated Business Model Canvas But we still didn’t have a clear value prop!
  16. Chapter 2: The Turnaround Weeks 5 – 7
  17. Week 3 – 4 Insight Meeting project deadlines is a top priority Across 12 interviews, 93% mentioned enabling their team to meet deadlines as one of their top 3 priorities Eric Ruetz Program Manager @ Infinera I need to deliver projects on time, and I need to deliver them with high quality. Everything else is secondary.“
  18. Week 5 – 6 Since we heard that avoiding deadline slip was so important, we pivoted to using AI to predict project delays. MVP #3: Overlaying forecasted delays on roadmap
  19. Most delays weren’t predictable Week 5 – 6 External Delays Changing Requirements Unreasonable Estimate Engineers Blocked External Bugs Time Off Overburdened Team Bad Manager When we push back the timeline, it’s usually because a vendor is delayed. “ Dimitry Melts TPM @ Facebook
  20. 90% use ad-hoc tools: Insight PMs don’t have a tool for high-level status Week 5 – 6
  21. 85% say it goes out of date Insight PMs don’t have a tool for high-level status 75% spend time copying data 55% looking for specialized tools Week 5 – 6 90% use ad-hoc tools:
  22. Week 6 – 7 We finally identified a clear market need, so we pivoted to building a better tool for project status.
  23. Value Propositions Reduce manual work with automatic updates Save time with views that summarize status for stakeholders Informed decisions with deep dives into context around features Value Propositions Reduce manual work? Make them more efficient? Week 7Week 4 Week 6 – 7 Nailed down the value prop
  24. Found our ideal customer! Oren Inditzky Director of Product Management @ Expedia Keeping my Smartsheet up-to-date with all the relevant context is a huge problem and always top of mind. I would pay $1,000 a month for a tool that automatically linked to project context from my Smartsheet. “ Week 6 – 7
  25. But then sh*t hit the fan with our pilot Week 6 – 7 I have to dedicate all my time to support my team in this tough period and will not be able to help further.“ Oren Inditzky Director of Product Management @ Expedia
  26. Our pipeline was drying up We had exhausted our personal networks — how could we find another Oren? Week 6 – 7
  27. Chapter 3: Sell, Sell, Sell Weeks 7 – 10
  28. Searching for a repeatable sales process You are all engineers. I have no doubt you can build the product. Focus on what you’re not good at. “ Week 7 – 10
  29. Lesson Learned Even great products don’t sell themselves Week 7 – 10
  30. Building a scalable sales pipeline Tested 6 different lead generation channels Week 7 – 10
  31. Building a scalable sales pipeline Constructed process to qualify leads Week 7 – 10 35% 80% felt pain points felt pain points
  32. Building a scalable sales pipeline A/B/C-tested sales pitch Week 7 – 10
  33. Building a scalable sales pipeline Made landing page Week 7 – 10
  34. Pipeline worked – people are interested! 5 website conversions 8 users willing to pilot 3 referrals Week 7 – 10
  35. Learning the ropes of enterprise sales Top-down: higher willingness to pay, quicker path to revenue Bottom-up: quicker path to usage, lower CAC, word-of-mouth spread Week 7 – 10
  36. Learning the ropes of enterprise sales Top-down: higher willingness to pay, quicker path to revenue Bottom-up: quicker path to usage, lower CAC, word-of-mouth spread Heads of Product love this… but for themselves (afraid of forcing tools on their teams) Week 7 – 10
  37. Learning the ropes of enterprise sales Top-down: higher willingness to pay, quicker path to revenue Bottom-up: quicker path to usage, lower CAC, word-of-mouth spread PMs love this… but need it to provide value without their company having to buy it (long process) Week 7 – 10
  38. Learning the ropes of enterprise sales Top-down: higher willingness to pay, quicker path to revenue Bottom-up: quicker path to usage, lower CAC, word-of-mouth spread Get individual adoption, then upsell. Let Heads of Product and PMs use individually, then upsell to tie everything together. Week 7 – 10
  39. Pipeline worked – people are interested! 5 website conversions 8 users willing to pilot 3 referrals Week 7 – 10 3 pilots willing to pay!
  40. What’s next? Mihir Garimella BS CS ‘21 Nikhil Cheerla BS CS ‘21 Prathik Naidu BS CS ‘21 Rohan Suri BS CS ‘21 Exciting space — we think project management software is ripe for change given the explosion of SaaS tools. But… we’re all juniors and we want to finish school, so we won’t be pursuing this project.
  41. Thanks to... and all the other teams!

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