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INTRODUCTION TO

MICHAEL CHIK

http://linkedin.com/in/michaelchik

LEANSTARTUP

source: http://goo.gl/MFMNZo

Founder, Ars Agilis

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ABOUT GENERAL ASSEMBLY

@arsagilis> Introduction To Lean Startup

LEARNING OBJECTIVES

‣Get an overview of the Lean Startup Methodology‣What problem does Lean Startup solve?‣Get acquainted with key concepts of Lean Startup‣Understand what a hypothesis is and how to evaluate one‣Understand what a vanity metric is‣Know what pirates measure

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SPEAKERINTRO

INTRODUCTIONS

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SPEAKER INTRODUCTION

Michael ChikLean & Agile Coach for Startups & Enterprises

michael@arsagilis.com@arsagiliscasmaronlinkedin.com/in/michaelchik

MoonpigPhotoboxCathay PacificJP MorganStandard Chartered BankBen & Jerry’sWalt Disney Company

戚本錦 Previous:

I consult for startups, like:TravolorWork-space

Amnesty International國際特赦組織

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YOUINTRODUCTIONS

> Who you are…> What you do…> How you want to change the world!

@arsagilis> Introduction To Lean Startup

AGENDA

‣Learning objectives & Introductions: Speaker & You‣What the problem are we solving?‣What is Lean Startup?‣Basic Lean Startup Concepts‣Business Model Canvas‣Empathy Map‣Prototyping‣Different kind of MVPs‣Metrics

@arsagilis> Introduction To Lean Startup

THE WHY BEFORE THE WHAT

MOST STARTUPS DON’T FAIL BECAUSE THEY CAN’T BUILD A GREAT PRODUCT, BUT BECAUSE NO ONE WANTED THE PRODUCT.

@arsagilis> Introduction To Lean Startup

THE WHY BEFORE THE WHAT

LIFE IS TOO SHORT TO BUILD SOMETHING NOBODY WANTS

- MICHAEL CHIK

@arsagilis> Introduction To Lean Startup

KNOW THESE?

source: https://goo.gl/h8SI4b

source: http://goo.gl/nxcQbv

source: https://goo.gl/cqDnFX

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A HUMAN INSTITUTION, DESIGNED TO CREATE SOMETHINGNEW UNDER CONDITIONS OF EXTREME UNCERTAINTY.

WHAT IS A STARTUP?

- ERIC RIES

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STARTUP=

WHAT IS A STARTUP?

EXPERIMENT

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[AN] APPROACH [THAT] ADVOCATES CREATING SMALL PRODUCTS THAT TEST THE CREATOR’S ASSUMPTIONS, AND USING CUSTOMER FEEDBACK TO EVOLVE THE PRODUCT, THEREBY REDUCING WASTE.

WHAT IS LEAN STARTUP?

- ERIC RIES

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We believe that people likehave a need for /

problem doing .We will we have succeeded when

, or ,which will contribute to

.

HYPOTHESIS TEMPLATE

(customer type)

(need / action / behaviour)

(measurable outcome) (observable outcome)

(KPI)

from Janice Fraser(aka @clevergirl)

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DOWN THE RABBIT HOLE

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Reduced time between pivotsFAIL PRODUCTS FAST!

Increased probability of success[Before you run out of money]

=

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WHAT IS LEAN STARTUP?

1. List your assumptions2. Understand your

customers3. Get a real product into

the world4. Adjust direction based

on evidence

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WHAT IS LEAN STARTUP?

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STARTUPMVPHYPOTHESISPIVOTPROBLEM-SOLUTION FITPRODUCT-MARKET FIT

LEAN STARTUP TERMINOLOGY

@arsagilis> Introduction To Lean Startup

ELEVATOR PITCH

For <target customer>Who <statement of need>The <product name>Is a <product category>That <product key benefit, compelling reason to buy>.Unlike <primary competitive alternative>,Our product <final statement of differentiation>

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WHO YOU HELP

HOW YOU INTERACT

HOW YOU HELP

HOW YOU DO IT

HOW THEY KNOW YOU

WHO YOU ARE AND WHAT YOU

HAVE

WHO HELPS YOU

WHAT WILL IT COST

WHAT YOU GET BACK

WHAT PROBLEM YOU SOLVE

@arsagilis> Introduction To Lean Startup

WHERE TO START?

@arsagilis> Introduction To Lean Startup

START WITH A PROBLEM

PROBLEM/NEED

PEOPLE

SOLUTION

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FIND A GAP IN THE MARKET

source: http://goo.gl/lexe3b

@arsagilis> Introduction To Lean Startup

VALIDATE HYPOTHESIS ASAP

People, their goals and needs

Pretotypes & prototypes

New user experiences

Tools: hypothesis, empathy maps

personas

Tools: mockups, wireframes

Tools: quantitative & qualitative

evaluation

@arsagilis> Introduction To Lean Startup

FAKE IT – BEFORE YOU MAKE IT! (PRETOTYPING)

source: https://goo.gl/vTjTXH

@arsagilis> Introduction To Lean Startup

PROTOTYPING

@arsagilis> Introduction To Lean Startup

MINIMUM VIABLE PRODUCT

IF YOU ARE NOT EMBARRASSEDBY THE FIRST VERSION OF YOUR PRODUCT, YOU’VE LAUNCHED TOO LATE.

- REID HOFFMAN

@arsagilis> Introduction To Lean Startup

DIFFERENT KIND OF MVPS

MVPe: Smallest possible experiment to validate an assumption

MVP: Smallest possible release to get feedback from the market

MLP: Minimum Loveable Product

MVP: Smallest thing you can do/make to learn what you need to learn

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A cquisition: users coming to the site

A ctivation: users enjoy 1st visit (UX)

R etention: users come back

R eferral: existing users refer other users

R evenue: monetisationsource: https://goo.gl/BqEYve

METRICS FOR PIRATES

@arsagilis> Introduction To Lean Startup

GIVE IT A WHIRL!

Start Your Own Company:‣Flickr for cat videos‣Airbnb for pets‣Uber for doctors‣Tinder for pensioners‣Airbnb for staycations‣Facebook for chefs

‣Or any other (whacky) idea!

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WHO YOU HELP

HOW YOU INTERACT

HOW YOU HELP

HOW YOU DO IT

HOW THEY KNOW YOU

WHO YOU ARE AND WHAT YOU

HAVE

WHO HELPS YOU

WHAT WILL IT COST

WHAT YOU GET BACK

WHAT PROBLEM YOU SOLVE

@arsagilis> Introduction To Lean Startup

LEAN STARTUP IS NOT…

CHEAP STARTUPFAST STARTUPSHORTCUT STARTUPA GUARANTEE FOR SUCCESS

@arsagilis> Introduction To Lean Startup

LEAN STARTUP IS NOT…

PUZZLED?QUESTIONS?COMMENTS?

GO AND BE A ROCK STAR!

michael@arsagilis.com@arsagiliscasmaronlinkedin.com/in/michaelchik

STAY IN TOUCH!

Slides available @ http://goo.gl/wtRDs3