Bora zkentNEW VENTURE DEVELOPMENT/DAY-5

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Paul Graham-Counterintuitive Facts About StartupsJust pick people like you are picking friends. Dont partner with people because they are technically great.

No expertise in startups, but expertise in your users needs. Make something people want, forget about angel investors, pitches, VCs, startup buzz words.

Starting a startup is where gaming the system stops working. There is no boss to trick, only users.

Startups are consuming. It never gets easy. Dont start a startup in the college.

You cant estimate whether you will be succesfull. The only way is to start.

The way to get startup ideas is not to try to think of startup ideas. Learn about things that matter. Work on problems that are interesting.New Venture Development, Bora zkent 20143

Lifes too short to buildsomething nobody wants.Ash Maurya

MVPMinimum Viable Product

CREATE THEVISIONRUN ANEXPERIMENTCREATE ANMVPFEEDBACK ANDRESEARCH

Questions to AnswerDo we understand our customers problems?

Is there a market potential, do sufficient number of people suffer from this problem?

Do they like our idea so much, that they will tell about it to their friends?

Preparing the TestWhat do I want to learn?

What is the easiest go/iterate/pivot test?

How can contact with MVP customers for further learning?

Which metrics should I measure and how I am going to measure them.

Criteria for SelectingDoes my product solve the customers problem without this feature?

Based on my customer discovery, which feature of the product will help me to close a sale most?

Which attribute so indispensible that, If we cant make it work we should give up the whole idea?

Which one is the riskiest hypothesis in the lean canvas?

message that turns an unawarevisitor into an interestedlandingpage

Proposition

Relationships

Segments

Channels

KeyResources

Lean Startup Essentials #2: The Lean CanvasValue Proposition Single, clear, compelling Key Partners Key Activities Value Customer CustomerCost Structure Revenue Streamsprospect Your elevator pitch What you put on your

Mint.Com

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User StoriesWhat are the Customers Trying to Accomplish

With Mint I feel confident that I make my payments on time.

With Mint I can make a budget and keep mylife under control.

With Mint I can make better investments and earn more money.

I can track my financial position easily with my cell phone.

Which one is indispensible?

SamplesIf Apple can launch a smartphone without Find or Cut-and-Paste, what can you cut out of your product requirements? Sramana Mitra

The first version of Gmail was literally written in a day.

El iliine Dnn

ProduCt FidelityCoverage (Number of Customers)fewlowhighmanyInterview

InterviewCost per Caf Con LeChe(from 1 to 20)

ProduCt FidelityCoverage (Number of Customers)fewlowhighmanyInterviewAd-Words-Campaign

AdWordsCost per CliCk (CPC)(from 5 / campaign)google.Com/adwords

ProduCt FidelityCoverage (Number of Customers)fewlowhighmanyInterviewAd-Words-CampaignPaper SketCh

SketChCost per page(from 0,20 / page)

ProduCt FidelityCoverage (Number of Customers)fewlowhighmanyInterviewAd-Words-CampaignPaper SketChPaper MoCkup

MoCkupCost per ServiCe(from 300)

ProduCt FidelityCoverage (Number of Customers)fewlowhighmanyInterviewAd-Words-CampaignPaper SketChPaper MoCkupRaise Funds from Customers

Raise FundsFee(5% fee to the funds collected)kiCkstarter.Com

ProduCt FidelityCoverage (Number of Customers)fewlowhighmanyInterviewAd-Words-CampaignPaper SketChPaper MoCkupRaise Funds from CustomersVideo

VideoPay per video(from 39 / video)videolean.Com

ProduCt FidelityCoverage (Number of Customers)fewlowhighmanyInterviewAd-Words-CampaignPaper SketChPaper MoCkupRaise Funds from CustomersVideoLanding Page

Landing PageFreemium(from 49 / month)unbounCe.Com

ProduCt FidelityCoverage (Number of Customers)fewlowhighmanyInterviewAd-Words-CampaignPaper SketChPaper MoCkupRaise Funds from CustomersVideoLanding PageConCierge MVP

ConCierge MVP

ProduCt FidelityCoverage (Number of Customers)fewlowhighmanyInterviewAd-Words-CampaignPaper SketChPaper MoCkupRaise Funds from CustomersVideoLanding PageConCierge MVPThe ProduCt

Validate your idea with real users

without coding, design and risk.CodeDesignCapitalRisk

Online Form Design and Database Management

Landing Page/Mobile Site

Brochure Website

Launching Soon

Chat w/h Customers

Customer Feedback

GoogleDocs

Plug-Ins

Prototype Sites

Wireframe

Keynotopia

Homework for Next SessionRead Running LeanChapter 8: The Solution InterviewChapter 9: Get to Release 1.0 Team DiscussionHow can you develop a minimum viable product for your idea? Prepare your initial idea for MVP (no presentation required)Solve the JIBO case and prepare a written group report (Not longer than 1 page, 12 font). The report should be printed en delivered in the class.

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Jibo Case StudyJibo tested demand in Indiegogo through crowdfunding. What are the potential advantages and disadvantages of this approach? Would you pursue the same path for your venture? Why, why not?Should Jibo pursue a platform strategy at launch, or should the company build the initial applications themselves and evolve into a platform strategy in time?When it comes time to develop a platform strategy, should Jibo take top-down approach (with strategic partners), a bottom-up (developler driven) approach, or a combination of the two?If you were hired as head of strategy and in the room with Breazeal, Chambers, and Smith, what execution plan would you recommend to attract developer investment in a platform that will not be shipping for over a year?New Venture Development, Bora zkent 201453