MERLIN H2020 - Workshop #1 "Lean startup"

1. H2020 GA #780460 LEAN STARTUP LECTOR’S NAME CITY DATE Helping today’s researchers create tomorrow’s enterprises This project has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 780460

2. H2020 GA #780460 Rules for the workshop No question is a silly question 2 What is said in the room stays in the room Support and challenge each other

3. H2020 GA #780460 General information Workshop length – 4 hours 3 Coffee break – 20 minutes Slide availability

4. H2020 GA #780460 About MERLIN project MERLIN project aims to stimulate the interest in the creation of startups, spin-offs and licensing agreements among ICT researchers, providing them with the business skills needed to commercialize their research findings, and introducing them to their local and European entrepreneurialecosystems https://merlin-ict.eu 4 Organization of more than 40 practical thematic workshops in several European cities, including Cambridge, Madrid, Poznan, Vilnius, Berlin, Warsaw, Bucharest, Tallinn Participation in 5 international conferences, organizing workshops and forums Organization of 8 meetups with potential customers, commercial partners, and investors Preparation of 4 webinars on SME growth and PPP business models

5. H2020 GA #780460 MERLIN partners 5 3 Incubators Universidad Politécnica de Cartagena University of Cambridge Poznan Science and Technology Park 2 Consultancy Companies BluSpecs CIVITTA

6. H2020 GA #780460 Let’s look at the uniqueness of each other! Task! 6

7. H2020 GA #780460 Agenda Intro – Thesis writing ideology vs lean startup ideology Traditional vs lean startup mentality Lean startup – three pillars Minimum viable product Value proposition canvas 7

8. H2020 GA #780460 Learning objectives 8 Understand the 5 key elements of Lean Startup methodology Learn how to independently apply Lean Startup principled approach to the new product development Understand how using this methodology desired product/service can get to the customer’s hands faster

9. H2020 GA #780460 Meet Robert ICT researcher Specialist in algorithms Has and idea for AI for travel sector Wants to commercialize his findings Can we help him? 9

10. H2020 GA #780460 Intro – PhD vs Startup ideology PhD writing – cycle 1 Lean startup – cycle 1 Lean startup – cycle 2 Lean startup – cycle 3 Lean startup – cycle 4 Time PhD Writing Lean startup Background reading, proposal, initial meetings Customer Development – Understand a need/problem Literature review MVP Generation – What is the smallest thing you can do to validate the need? Research methods planning Build MVP Data collection, data analysis Test the MVP Internally – Make sure it works,no bugs, etc. Drawing conclusions, submission Release MVP. Fix any new bugs if discovered Color explanation: *Each individual block is not drawn to scale Lean startup – cycle 5 10

11. H2020 GA #780460 Traditional approach vs lean startup Traditional approach Lean startup Develop business plan Pitch your idea to management Assign the process to the right team Launch Start sales, marketing and profit makingprocess Hit or Miss Build minimum viable product Measure Understand customer feedback Learn: Pivot or Persevere Launch Sure hit 11 Video link

12. H2020 GA #780460 Lean startup – three pillars Business Model Canvas Customer Development Minimum Viable ProductThis workshop Value proposition canvas 12

13. H2020 GA #780460 5 key elements of a Lean Startup Entrepreneurs are everywhere Entrepreneurship is management Validated learning Build Measure Learn Innovation Accounting 13

14. H2020 GA #780460 Lean startup: Learn-Build-Measure cycle Ideas Build Code Measure Data Learn 14 *Adapted from E. Ries’ book ”The Lean Startup”

15. H2020 GA #780460 Lean startup: Learn faster 15 Ideas Build Code Measure Data Learn Learn faster Learn Learn Build Meas ure Understand customers Pivot or persevere?

16. H2020 GA #780460 Value Proposition Canvas Part of Business Model Canvas Who business is for? How business deliver value to customers? Why anything is valuable? 16 Build Mea sure Learn

17. H2020 GA #780460 Value Proposition Canvas – exercise 1 17 Build Mea sure Learn

18. H2020 GA #780460 Lean startup: Build faster Ideas Build Code Measure Data Learn Build faster 18

19. H2020 GA #780460 MVP exercise 19 Build Mea sure Learn

20. H2020 GA #780460 MVP importance Idea generation, start of product development ”Perfect” product release No product need in the market No recovery after losing time, money and other resources Idea generation, start of product development 1st MVP release Collecting customer feedback Product iteration / pivot 2nd MVP release Cycle repeats Traditional approach Lean startup approach Timeline If you are not embarrassed by the first version of your product, you’ve launched too late. — Reid Hoffman (LinkedIn Founder) 20 Build Mea sure Learn

21. H2020 GA #780460 Minimum viable product (MVP) Illustration by H. Kniberg MVP is that version of the product that enables a full turn of the Build-Measure-Learn loop with a minimum amount of effort and the least amount of development time. – Eric Ries. MVP is not a rubbish version of the final product. The challenge is to achieve ’minimal’ and ‘viable’ 21 Build Mea sure Learn

22. H2020 GA #780460 Online shoe store started with a simple website that featured pictures of shoes from a near-by physical shoe store. Once the pair of shoes was bought, the owner went to the physical store, bought the shoes and sent them. MVP example Shared only a 4 minute video showing how the product works. Beta list increased from 5000 to 75 000 overnight. Video: link Founders put up air mattresses in their apartments for short term rent. Later – taught homeowners how to take good pictures of their property 22

23. H2020 GA #780460 Let’s have a FIKA (20 minutes) 23 GET COMFORTABLE SLOW DOWNEAT TREATS BE SOCIAL NEVER FIKA ALONE TURN OFF ELECTRONIC DEVICES

24. H2020 GA #780460 Ideas Build Code Measure Data Learn Lean startup: Measure faster Measure faster 24

25. H2020 GA #780460 Validation canvas exercise ? 25 Build Mea sure Learn

26. H2020 GA #780460 Conclusions Build – MVP is the goal Learn – understand the customer and decide – pivot or persevere Measure – get out of the building! 26

27. H2020 GA #780460 Homework for everyone • Steve Blank - Why the Lean Start-Up Changes Everything. Link • Adam L. Penenberg - Roominate: a Lean Launchpad success story. Link • Steve Blank – Lean Startups aren’t Cheap Startups. Link • Alexander Osterwalder - Achieve Product-Market fit with our brand- new value proposition designer canvas. Link • Steve Blank – Perfection By Subtraction – The Minimum Feature Set. Link • Steve Blank – An MVP is not a Cheaper Product, It’s about Smart Learning. Link Internet resources • Validation canvas. Link • Value proposition canvas. Link • Learn-Build-Measure cycle Try with your own idea 27

28. H2020 GA #780460 Homework if you want to go deeper • Ries, Eric. Lean Startup (2011). • Blank, Steve and Bob Dorf. The Startup Owner's Manual. The Step-by-Step Guide for Building a Great Company, Pescadero, CA: K&S Ranch, 2012. • Blank, Steve. Founders Workbook. • Blank, Steve. The Four Steps to the Epiphany. Successful Strategies for Products that Win. Pescadero, CA; K&S Ranch, 2013. Books 28 • Steve Blank – Open Source Entrepreneurship. Link • Steve Blank – Inside the Lean Startup. Link • Steve Blank - Nail the Customer Development Manifesto to the Wall. Link • Video - Kauffman Founders School – The Lean Approach: The Lean Method. Link • Video – Kauffman Founders School – The Lean Approach: Minimum Viable Products. Link Internet resources

29. H2020 GA #780460 Reflection Today I learned… I was suprised by... I will use... Go to XXX #YY 29

30. H2020 GA #780460 Info about next workshops in Vilnius 2018 April Lean startup 2018 June Using Business model canvas to assess and focus business development 2018 September How Customer Discoveryguides business models 2018 October Client matchmaking meetup 2019 February ’I Bring the Idea’ matchmaking session 2019 May How to design a product using User Experience 2019 June How to conduct interviews and receive customer inputs 2019 July Spinout vs Startup – differences, how to operate and succeed 30

31. H2020 GA #780460 GET UNCOMFORTABLE GET OUT OF THE BUILDING 31 https://merlin-ict.eu @Merlin_ICT

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