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Lean Startups

ORPC April Seminar
by

Marc Sedam

on 22 February 2015

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Transcript of Lean Startups

Great Idea Folder
Bad Idea Folder
Lean Startups
Not just for Silicon Valley
the modern business plan is dead...
For Students
New Course --
MGMT 798/ECE777 "Broadband Businesses and the Internet of Things"
- co-taught between Paul College and CEPS
- we want you to start REAL companies
- NO PREREQs--REGISTER NOW!!!
Contact with customers changes your business
Classic Product Design Process
Requirement
Specification
Design

Implementation
Verification
Maintenance
The Lean Approach
What is a Startup?
Business Model Canvas
The Pivot
A startup is a human institution designed to deliver a new product or service under conditions of extreme uncertainty.
-Reis

But what if you simply go direct to the customer with your idea?

Minimum Viable Product
Bare bones prototype
Purpose is to find the absolute minimum product that generates $$
How do we CURRENTLY think about starting companies?
Classic Business Plan
Executive summary
Market study
Marketing
Strategy
Execution
Financials
Exit strategy
The reality is that NO business plan has ever survived the first contact with a customer
Or you focus on TECHNOLOGY
Where you build the absolute best technology money can buy
Until it works absolutely perfectly
and absolutely NO ONE wants what you've developed
Problem Known
Solution Known
Customer Discovery
Customer Validation
Customer Creation
Scale Company
Iterate and Deliver
MEASURE
BUILD
LEARN
Get outside the building!
RIP
Business Plan
1945 - 2013
"The plan was willing but the model was weak."
Find the balance between feedback and "wag the dog"
The Problem with Pivots
Pivoting requires insight.
Insight requires knowledge.
Knowledge requires measuring.
Measuring requires testing.

The "right" testing measures actionable metrics not vanity metrics
Beware the vanity metric. I'm pretty and make you happy, but there's no cause-effect with your efforts.

Must test changes carefully to see effects.
For Everyone
Next year's Seminar Series is "The Entrepreneur's Toolbox"
8-9 sessions
work on your business ideas with us
I NEED MENTORS
ORPC will host 1-2 "Business Bootcamps" for your ideas
Lean Startup lets you fail earlier, cheaper, and helps you fall forward
The Canvas
Full transcript