The document summarizes key concepts around startups, minimum viable products (MVP), and achieving product/market fit. It includes workshops on developing hypotheses for a startup idea and creating an MVP. Customers should be interviewed to validate problems and solutions, and qualitative feedback is more important than numbers in understanding customer needs. Various types of MVPs are presented such as landing pages, videos, and single feature products. The goal of an MVP is to validate assumptions quickly before building full features. Achieving product/market fit is the big leap for a startup, and actionable, rather than vanity, metrics should be used to guide decisions.
7. "A startup is an
organization formed
to search for a
repeatable and
scalable
business model."
– Steve Blank
Image curtsey: http://steveblank.fi/press.html
12. What are you aiming for?
„Being in a good market with a product
that can satisfy that market.“
– Marc Andreessen
Image curtsey: http://www.flickr.com/commons
13. Go where the beef is and
people want your stuff!!
Image curtsey: http://www.flickr.com/commons
25. Day
Month
No.
Who are our Key Partners?
Who are our key suppliers?
Which Key Resources are we acquiring from partners?
Which Key Activities do partners perform?
What Key Activities do our Value Propositions require?
Our Distribution Channels?
Customer Relationships?
Revenue streams?
What Key Resources do our Value Propositions require?
Our Distribution Channels? Customer Relationships?
Revenue Streams?
What are the most important costs inherent in our business model?
Which Key Resources are most expensive?
Which Key Activities are most expensive?
What value do we deliver to the customer?
Which one of our customer’s problems are we helping to solve?
What bundles of products and services are we offering to each Customer Segment?
Which customer needs are we satisfying?
What type of relationship does each of our Customer
Segments expect us to establish and maintain with them?
Which ones have we established?
How are they integrated with the rest of our business model?
How costly are they?
For whom are we creating value?
Who are our most important customers?
Through which Channels do our Customer Segments
want to be reached?
How are we reaching them now?
How are our Channels integrated?
Which ones work best?
Which ones are most cost-efficient?
How are we integrating them with customer routines?
For what value are our customers really willing to pay?
For what do they currently pay?
How are they currently paying?
How would they prefer to pay?
How much does each Revenue Stream contribute to overall revenues?
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To view a copy of this license, visit http:/
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Year
26. Day
Month
No.
Who are our Key Partners?
Who are our key suppliers?
Which Key Resources are we acquiring from partners?
Which Key Activities do partners perform?
What Key Activities do our Value Propositions require?
Our Distribution Channels?
Customer Relationships?
Revenue streams?
What Key Resources do our Value Propositions require?
Our Distribution Channels? Customer Relationships?
Revenue Streams?
What are the most important costs inherent in our business model?
Which Key Resources are most expensive?
Which Key Activities are most expensive?
What value do we deliver to the customer?
Which one of our customer’s problems are we helping to solve?
What bundles of products and services are we offering to each Customer Segment?
Which customer needs are we satisfying?
What type of relationship does each of our Customer
Segments expect us to establish and maintain with them?
Which ones have we established?
How are they integrated with the rest of our business model?
How costly are they?
For whom are we creating value?
Who are our most important customers?
Through which Channels do our Customer Segments
want to be reached?
How are we reaching them now?
How are our Channels integrated?
Which ones work best?
Which ones are most cost-efficient?
How are we integrating them with customer routines?
For what value are our customers really willing to pay?
For what do they currently pay?
How are they currently paying?
How would they prefer to pay?
How much does each Revenue Stream contribute to overall revenues?
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License.
To view a copy of this license, visit http:/
/creativecommons.org/licenses/by-sa/3.0/
or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
BIG thanks to Alex Osterwalder! You can download the here: http://www.businessmodelgeneration.com/downloads/business_model_canvas_poster.pdf
Year
27. Day
Month
Year
No.
Who are our Key Partners?
Who are our key suppliers?
Which Key Resources are we acquiring from partners?
Which Key Activities do partners perform?
What Key Activities do our Value Propositions require?
Our Distribution Channels?
Customer Relationships?
Revenue streams?
Hypothesis
What value do we deliver to the customer?
Which one of our customer’s problems are we helping to solve?
What bundles of products and services are we offering to each Customer Segment?
Which customer needs are we satisfying?
Hypothesis
What type of relationship does each of our Customer
Segments expect us to establish and maintain with them?
Which ones have we established?
How are they integrated with the rest of our business model?
How costly are they?
For whom are we creating value?
Who are our most important customers?
Hypothesis
Hypothesis
Hypothesis
What Key Resources do our Value Propositions require?
Our Distribution Channels? Customer Relationships?
Revenue Streams?
Through which Channels do our Customer Segments
want to be reached?
How are we reaching them now?
How are our Channels integrated?
Which ones work best?
Which ones are most cost-efficient?
How are we integrating them with customer routines?
Hypothesis
What are the most important costs inherent in our business model?
Which Key Resources are most expensive?
Which Key Activities are most expensive?
For what value are our customers really willing to pay?
For what do they currently pay?
How are they currently paying?
How would they prefer to pay?
How much does each Revenue Stream contribute to overall revenues?
Hypothesis
Hypothesis
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License.
To view a copy of this license, visit http:/
/creativecommons.org/licenses/by-sa/3.0/
or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
BIG thanks to Alex Osterwalder! You can download the here: http://www.businessmodelgeneration.com/downloads/business_model_canvas_poster.pdf
28. What is a startup?
Workshop: hypothesis
Presenting results
Startup analytics 1
What is a MVP?
Workshop MVP
Presenting results
Startup analytics 2
29. Workshop: 6 hypothesis
Pitch your idea and
the underlying hypothesis
(1) Pain aka problem?
(2) Pain relief?
(3) Solution?
(4) Get the user engaged?
(5) Growth
(6) Revenue? How? Amount?
41. We do this in two steps:
1st step
Validate Problem
2nd step
Validate Solution
Do they care?
Do they need it?
Do they have budget for it?
Who really is they?
Does our solution really
solve their Problem?
Do they understand the
solution?
Would they pay for it?
42. Numbers are a horrible way to
understand customer intend!
Image curtsey: http://www.flickr.com/commons
44. “If I had asked people what they wanted, they
would have said faster horses.” – Henry Ford
Image curtsey: http://www.flickr.com/commons
45. Henry Ford asked wrong!
“If I had asked people what they wanted, they
would have said faster horses.” – Henry Ford
Image curtsey: http://www.flickr.com/commons
46. The hard things in customer interviews
Knowing who your customer is.
Define narrow segmentation!
5-10 customers per segment.
47. The hard things in customer interviews
Ask the right way.
Did or do, NEVER would.
Don‘t ask for opinions.
Don‘t assume problems.
48. The hard things in customer interviews
Use their feedback.
Know what you want to learn.
Test your riskiest assumptions.
Learn or pivot.
49. The hard things in customer interviews
Be prepared to
kill your idea!
50. The interview
Design a questionnaire based
on your assumptions.
Testrun the interview.
Let them speak.
Ask open questions.
Let them be the expert.
In person, no Skype, no
online survey, no phone,
no email!
Don‘t do more interviews
if feedback repeats!
51. The interview – protocol
No laptop.
Use Post-its.
Write down exact
customer phrase.
52. NEVER delegate interviews!
Interviews should be done by
the product deciders.
Lern to talk and listen to your
customers!
Image curtsey: http://www.flickr.com/commons
53. Review with your team!
Use exact wording by the customer.
Understand their answers in their context.
Reflect and rethink your assumptions.
Which assuptions turned out wrong?
See what you‘ve learned.
Adapt your solution.
54. Validate Solution.
Come back to interviewees.
Focus first on current solution.
Discuss flaws of current solutions.
Show mockups and interactive demos.
Get improvement feedback.
Get them to commit. Pay a price?
Build a MVP.
or iterate.
55. If you were wrong – be HAPPY!
You don‘t wasted your money,
time and money
Iterate or pivot
Usually a successful startup didn‘t
start with the final solution
Image curtsey: http://www.flickr.com/commons
56. What is a startup?
Workshop: hypothesis
Presenting results
Startup analytics 1
What is a MVP?
Workshop MVP
Presenting results
Startup analytics 2
57. Numbers are a great way to
verify customers intend!
Image curtsey: http://www.flickr.com/commons
58. MVPs to verify problem/solution fit
& product/market fit
59. „New ventures rapidly
assemble minimum viable
products and immediately
elicit customer feedback.
Then, using customers’ input to revise their
assumptions, they start the
cycle over again, testing
redesigned offerings and
making further small
adjustments (iterations) or
more substantive ones
(pivots) to ideas that aren’t
working.“
– Steve Blank
63. Lessons learned
Give the early adopters a hint
of the product experience.
The same feedback as if putting a
product in their hand.
Video had the waiting list (of emails)
jump from 5000 to whopping 75000
in one single day
Dropbox MVP
66. Lessons learned
Create a landingpage on the
solution you offer.
Drive traffic to your page: Google AdWord
campaign or platform like betali.st
Setup Google Analystics or other tool.
Measure conversion and virality.
Make questions easy, e.g. chat.
Dropbox MVP
69. Lessons learned
No stocking of items and
no backend required.
No scalable business: all of it done by the
founder himself, and by hand.
Validate the most important assumptions
with little investment with a real life
shopping experience
Dropbox MVP
72. Lessons learned
Gather insides by offering a
hands on real life service
Add paying customers
Start coding when you need to scale
your service to satisfy demand
Dropbox MVP
75. Lessons learned
Gather early adopters and raving fans
Stay in constant contact
with your backers
Get strong commitment by potential
customers via investment
Not every product has a strong consumer
focus with clear added value
Dropbox MVP
78. Lessons learned
Focus is about saying NO!
Many relate that their first mistake
was to make too many features.
Adding more features will not make
the product a must have
Dropbox MVP
79. What is a startup?
Workshop: hypothesis
Presenting results
Startup analytics 1
What is a MVP?
Workshop MVP
Presenting results
Startup analytics 2
80.
81. How to present?
Pitch your idea and
the underlying hypothesis
- 5 minutes to pitch the idea & hypothesis
- 10 minutes discussion
82. What is a startup?
Workshop: 5 hypothesis
Presenting results
Startup analytics 1
What is a MVP?
Workshop MVP
Presenting results
Startup analytics 2
83. Our MVP is …
Image curtsey: http://www.flickr.com/commons
84. What is a startup?
Workshop: 5 hypothesis
Presenting results
Startup analytics 1
What is a MVP?
Workshop MVP
Presenting results
Startup analytics 2
89. Where is the difference
Actionable metric
Vanity metric
An actionable metric is
one that ties specific and
repeatable actions to
observed results.
Vanity metrics which only
serve to document the
current state of the product
but offer no insight into
how we got here or what to
do next.
90. 3 rules to actionable metrics
(1) Identify the right metrics
(2) Create simple reports
(3) Metrics are people, too
92. Startup Metrics for Pirates
•
•
•
•
•
Acquisition: users come to site from various channels
Activation: users enjoy 1st visit: "happy experience
Retention: users come back, visit site multiple times
Referral: users like product enough to refer others
Revenue: users conduct some monetization behavior
AARRR!
(note: If you re in a hurry, Google
Startup Metrics & watch 5m video)
94. Product/Market Fit
Providing a great first
experience (Activation) and
most important of all, that they
come back.
Image curtsey: http://www.flickr.com/commons
112. Credits
BIG Thx for inspiration
go to
Eric Ries
Steve Blank
Ash Maurya
Dave McClure
Alexander Osterwalder
and to the Lean Startup Community
Pictures by flickr.com/commons
115. Tools Acquisition
Google Analytics
(web analytics)
google.com/analytics
Google Keyword Tool
(keyword research tool)
adwords.google.com/select/KeywordToolExternal
SEO Book Tools
(SEO related tools)
tools.seobook.com