VN IPP - Week 1 - Session 02 - Intro to Lean Startup
Intro to Lean Startup Special Requests Please speak English during exercises so that we can listen in and assist you as needed Use English and ALL CAPS when writing on sticky notes Please be concise and legible when writing on sticky notes Interactive Please ask me questions! Ask me to repeat content Ask me to speak slower Don’t forget to throw paper Something is Fundamentally Wrong Big Idea #1 The vast majority of startups fail not because they couldn't build their product But because nobody WANTED their product Big Idea #1 By the time the founders figure out their idea isn't good enough It's too late to make it better Why Do Startups Succeed? Warning Customer Development is NOT Scalable (Some exceptions in B2B) Warning “Problem-Solution Fit” is NOT the same as “Product-Market Fit” If someone is excited that a solution exists for the problem you are validating, it does NOT mean you have product-market fit Customer Discovery Pivots Change in strategy designed to test a new hypothesis about about your customer or business model “Course correction” Types of Pivots ● ● ● ● ● ● ● Customer Segment Pivot Customer Need Pivot Zoom-In Pivot Zoom-Out Pivot Technology Stack Pivot Customer Channel Pivot Platform Pivot Framework ● Vision ● Strategy ● Execution Framework ● Vision ● Strategy ← Pivot ● Execution ← Product Customer Validation Customer Validation How can I tell if I have Product-Market Fit? ● Currency (Time, Attention, Money) ● Signal (Foaming at the Mouth) Customer Validation Customer Development Customer Discovery Customer Discovery ● Always Start Here ○ Interaction with Early Adopters ○ Focused on the Problem ○ To Understand Past Behavior ○ And Urgency Questions References & Contributors ● ● ● Innovation Partnership Programme Lean Studio Dan Toma, Kenny Nguyen, Nick Norena, Ryan MacCarrigan Tristan Kromer ... deeper insight into the PROBLEM your solution is solving for "No business plan survives first contact with customers." -Steve Blank Customer Development Focus on customer behavior to reveal underlying... Talking to People Customer Development Product-Market Fit Definition Product-Market Fit "The point at which you have captured sufficient customer demand in a defined market for a given solution - such... not work in the market." Clayton Christensen, The Innovator's Dilemma Successful Pivots Background & Core Concepts Customer Development Customer Development Steps Customer Development "Get out