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Startup Failure Is Not What You Think (Redux)

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This presentation explores new ways of looking at failure in Startups. Specifically concept of "unfail" or "unfailure" is presented and explained. Lean Startup elements are connected with a failure scenarios and lessons learned

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Startup Failure Is Not What You Think (Redux)

  1. 1. STARTUP FAILURE IS NOT WHAT YOU THINK Sergey L. Sundukovskiy, Ph.D.
  2. 2. FAILURE “A person who never made a mistake never tried anything new.” -Albert Einstein
  3. 3. FAILURE “I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. 26 times I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life, and that is why I succeed.” -Michael Jordan
  4. 4. Sergey L. Sundukovskiy Co-Founder, CTO & Chief Product Officer Companies: PushPoint, Cinsay, LowerMyBills, DIRECTV, CBW Interests: Entrepreneur, Speaker, Mentor, Advisor Education: BA CS, MS IT, PH.D. Business Sergey L. Sundukovskiy, Ph.D. has over 20 years of experience serving in capacities of Chief Technology Officer, Chief Information Officer and Chief Product Officer. Sergey specializes in implementation of subscription based high volume SaaS platforms, with strong emphasis on early stage product development and market deployment. Specific areas of expertise include A/B Testing, Big Data, Video Management, eCommerce, RTB platforms and Cloud Computing. Education: B.A. in Computer Science from the University of California, San Diego, and an M.S. in Information Technology from the University of Liverpool. Ph.D. in Information Technology Management from the School of Business and Technology, Capella University. INTRODUCTION BACKGROUND &
  5. 5. SERIAL FAILURE The Story of One Dissertation
  6. 6. Failure Does Not Mean You Are Finished WHAT IS FAILURE?
  7. 7. You Are Finished If You Have NOT Learned Anything WHAT IS FAILURE?
  8. 8. Your Failures Should Be “Learn Alots” WHAT IS FAILURE?
  9. 9. Complete Failure Lights Out FAILURE TYPES
  10. 10. Partial Failure Acquihires FAILURE TYPES
  11. 11. Failure on the Way to Success Lose the Battles Win the War FAILURE TYPES
  12. 12. Complete Failure Fills Ecosystem with Experience WHY IS FAILURE IMPORTANT?
  13. 13. Partial Failure Second Lease on Life WHY IS FAILURE IMPORTANT?
  14. 14. Failure of the Way to Success Completes Success Cycle (Failure -> Learning -> Success) WHY IS FAILURE IMPORTANT?
  15. 15. What Happens When Failure Is NOT Accepted FAILURE DONE WRONG
  16. 16. Japan Recession of the 90’s • Companies Would Not Downsize • Banks Would Not Foreclose • Government Would Bailout Banks FAILURE DONE WRONG
  17. 17. Failing is SO HOT right now! Why is Failure so Common? REASONS FOR FAILURE
  18. 18. What Does Failure Look Like? • No Addressable Problem • No Market • No Effective Team • No Customers • No Product • No Product Positioning • No Money PERFECT FAILURE
  19. 19. Beginning of the Startup Journey REMARKABLE SIMILARITY
  20. 20. End of the Startup Journey REMARKABLE SIMILARITY WOAH… Deja Vu!
  21. 21. Building a Startup Is An Exercise In Unfailure BUILDING A STARTUP
  22. 22. • Constant Failure • Must Have the Right Tools • Impossible to Get Lucky and Win • All About the Team • It Is Even More About Execution • It Is All About Micro-Pivots WHAT DO STARTUPS AND GOLF HAVE IN COMMON?
  23. 23. Micro-Pivots After Many Failures In… ROAD TO SUCCESS
  24. 24. We’ll hit something, eventually. Unfail Startup Founding Team ROAD TO SUCCESS
  25. 25. Unfail Minimal Viable Product ROAD TO SUCCESS
  26. 26. Unfail Product Development ROAD TO SUCCESS
  27. 27. Unfail Product Marketing ROAD TO SUCCESS
  28. 28. Unfail Customer Acquisition ROAD TO SUCCESS
  29. 29. Unfail Business Model ROAD TO SUCCESS
  30. 30. Wrong Way To Unfail (Tail of Two Extremes) • Too Many Steps to Get There • Hole in One Win Strategy • Giving Up Too Soon • Listening to Too Many People at Once UNFAILURE STRATEGIES
  31. 31. Diving Lesson GIVING UP TOO SOON KEEP GOING!
  32. 32. Right Way To Unfail • Have Big Targets To Hit • Unfail Most Important Things First • Change Strategy at the Right Time • Good Return on Luck • Nearest Danger Strategy UNFAILURE STRATEGIES
  33. 33. Malcolm Gladwell Big Targets BULLETS BEFOR E CANNONBALLS
  34. 34. Difficult Failure Recovery • Team • Operational MO aka Process • Conflict Resolution • Product Focus FIRST THINGS FIRST st
  35. 35. Change of Direction (Tripwires) • High Churn • High Acquisition Cost • Low Viral Score GOLDEN RUL E
  36. 36. Jim Collins Return on Luck GET LUKY
  37. 37. Do NOT Need to Outrun a Shark, Just Your Buddy SECOND LAST
  38. 38. First Who, Then What, Then How UNFAIL TEAM
  39. 39. Get the Right People on the Bus UNFAIL TEAM
  40. 40. • Complementary Skillset • Worked Together Before • Similar Work Ethic • Similar Commitment Level • Similar Conflict Resolution Style • Can Disagree and Commit • Ideal Number of Co-Founders is 3 CO-FOUNDER UNFAIL CRITERIA
  41. 41. CO-FOUNDER UNFAIL CRITERIA (cont.) BAD NOT GOOD GOOD
  42. 42. Rat + Cactus IDEAL CO-FOUNDER
  43. 43. WHERE TO FIND ONE?
  44. 44. Plan For Failures UNFAIL PRODUCT
  45. 45. UNFAIL PRODUCT LIFECYCLE • Wireframing TESTING • Mocking • Clickable Prototype • Dynamic Prototype • MTP • MVP TESTING TESTING TESTING TESTING
  46. 46. Highest Paid Person’s Opinion 46 UNFAIL HiPPO
  47. 47. “I Find Your Lack of Testing Disturbing” 47 UNFAIL TESTING
  48. 48. HISTORY OF FAILURE Testing (Failed) Testing (Failed) Testing (Success) Aliens Did NOT Build Pyramids
  49. 49. Unfail Usability Testing What vs. Why
  50. 50. Unfail Usability Testing (cont.)
  51. 51. Unfail Usability Testing (cont.) Eye Tracking
  52. 52. • Attention • Emotion • Task Completion Time • Hovering • Clicks • Hotspotting • Path WHAT ARE THEY TRYING TO UNFAIL?
  53. 53. Unfail User Testing Rise of the Crowds Rise of the Crowds
  54. 54. Mechanical Turk Microtasking Crowdsourcing Platform
  55. 55. Usability Study Setup
  56. 56. Usability Study Setup (cont.)
  57. 57. Usability Study Setup (cont.)
  58. 58. Usability Study Setup (cont.)
  59. 59. Usability Study Setup (cont.)
  60. 60. Usability Study Results (cont.)
  61. 61. Usability Study Results (cont.)
  62. 62. Unfail User Feedback It Is All About Uncensored Feedback
  63. 63. Unfail User Feedback (cont.)
  64. 64. Unfail User Feedback (cont.)
  65. 65. Usability Testing Tools
  66. 66. A/B Multifactorial Split Testing Very Different
  67. 67. A/B Singlevariate Split Testing Slightly Different
  68. 68. Multivariate Testing That’s a Lot of Combinations
  69. 69. Unfail Experimentation Google Website Optimizer Omniture Test & Target
  70. 70. Unfail Experiment Chaining

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