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The Lean Startup
Transcript of The Lean Startup
Purpose of the book
Build-Measure-Learn feedback loop
Omar El Naggar
The Lean Startup
Author of the Lean Startup.
what customers REALLY want
Lean Thinking is all about
Never stop innovating
The book is divided into
Testing those assumptions
Pivot OR Preserve
Many entrepreneurs decide to just go with it
Engine of GROWTH
Build a new version of the product
WHAT IS A STARTUP ??!
Lean Manifacturing concept
INSTEAD they should focus on what customers are ready to pay for
a new feature
Every new marketing program
What makes the progress
The world largest online shoe store
Leap of faith assumptions
Pivot OR Preserve
ARE WE CREATING VALUE
WHY ARE WE GROWING
The rest 5% is just the idea!
Tune the engine
Tools for accounting
Pivot or Preserve
Pivot as definition
Types of Pivot
Engine of growth
Objective of lean startup technique
Land of the living dead
Advantage of working in small batches
When large batches used
Large batch death spiral
Growth and adopt
Innovate and waste not
Review and Critic
Customers dont really know what they want
R&D maybe could be much effective ?
Different parties to whom the book is subjected
Changing the mindset, is it really easy as it sounds
TONS OF MONEY AND TIME,
entrepreneurs and startups dont really have
This Book is a must read
Good tool for ideas
A guide through the journey
Speed or quality ? could it be balanced that easily
THE LEAN STARTUP
Big companies' challenge is to balance between satisfying their old customers and finding new ones !
Their structure requires three attributes:
Scarce But secure resources
Independent development authority
Fasten the Build-measure-learn feedback loop
A personal stake in the outcome
In form of equity ownership, or other stock options
Not only tied to financial incentives
Could be set before the innovation takes place to motivate employees to establish something extraordinary
"The Black Box"
Hiding the innovative ideas and teams from parent organization
Failure of senior management to design supportive system for the team to operate
Over coming this challenge by shifting to the "sand box" ..
"The sand box"
Contain the impact that new innovation cause, however it doesn't constrain the methods used.
Better to cross functional team and have one leader.
Helps promote rapid iteration
Making a split text experiment
one team is responsible for observing the experiment from start to end
Any experiment should not run more than the time specified for it
Specified customers have to be affected by the experiment not all of them
A experiments have to be evaluated on a standard report of five to ten metrics
New customers come from the actions
of past customers
1. Word of mouth
2. as a side of effect of product usage
3. Through the funded advertising
4. Through repeat purchase or use
Three engines of growth
1. Sticky engine of growth
2. Viral engine of growth
3. The paid engine of growth
• A startup should focus on one engine of growth to put all its effort in to achieve the results he is targeting so as not to get distracted
• Focusing on the growth engine supports the firm in reaching the product/market fit.
• Each engine of growth is evaluated quantitatively through a unique set of metrics that can determine whether the start up is on the verge of achieving a product/market fit or not.
• However these engines of growth run out and deteriorate by time
The adoptive organization
it is the organization that adjusts its process and performance to fit the current position.
the "5 whys" program
It is a meeting that is made when such problems evolve , where they can ask 5 whys questions and anyone related to the problems attends this meeting and find answers to those questions together to get the roots of the problem.
Two rules for the
5 whys implementation
• Be tolerant with all mistakes at the first time
• Never allow that mistake to happen twice
Cultivating the management portfolio
Using the sources efficiently
Silicon Valley entrepreneur.
Former founder of IMVU.
Who is an entrepreneur
What is a Startup
By making the sand box small...
This allows the team to make cheap mistakes however learn from them
The team benefit a lot from the power of feedback
All teams and products inside the sand box shall operate using the same technique
The 5 whys approach
was there an overload?
was it not lubricated sufficiently?
was it not pumping sufficiently?
was the shaft worn out?
The Core problem