The Lean Startup by Eric Ries
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Pioneer Derived From: Eric Ries; The Lean Startup How to Create and Manage Innovation
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The Lean Startup is THE bible for entrepreneurs and a valuable guide for innovators everywhere - including those in organisations. In this slideshow we share the Book Rapper summary reworked as Pioneer: How to Create and Manage Innovation.
Transcript of The Lean Startup by Eric Ries
Pioneer
Derived From: Eric Ries; The Lean Startup
How to Create and Manage Innovation
Geoff McDonald @BookRapper BookRapper.com
The Book
GeoffMcDonald.com/blog
TheLeanStartup.com
The Book
The Author
Eric Ries
The BIG Idea
Change Management
Getting Things Done
Creating New
Things
Speed RAP
Marriage
Your Challenge
Blaze a New Trail
Book Rapper Says...
upside downupside down
You Are A Startup!
GeoffMcDonald.com/blog
You are a startup!
Definition A Startup is an organization dedicated
to creating something new under conditions of
extreme uncertainty.
The dream AND the exception
Steves
Why Startups Fail
Two Problems
Uncertainty Assumptions
Five Principles
GeoffMcDonald.com/blog
The Five Principles of the Lean Startup
Anyone
ManageAccountable
Learn
Feedback Loop
One Vision, One Process
GeoffMcDonald.com/blog
Turn our idea into a sustainable business
One Vision
VisionStrategy
Product
Your strategy is HOW you intend to fulfil your vision
One Vision
VisionStrategy
Product
The product is the end result of executing on your strategy
One Vision
VisionStrategy
Product
Build
Build something!
Feedback Loop
Measure
Build
Measure your progress
Feedback Loop
Learn what to do next
LearnMeasure
Build
Feedback Loop
What to Build?
GeoffMcDonald.com/blog
The traditional market research to creating new products
Three Problemsxxx
Don’t Know
Three Problemsxxx
Don’t Know
Already Exists
The traditional market research to creating new products
Three Problemsxxx
Don’t Know
Already Exists
Won’t Pay For It
The traditional market research to creating new products
Four Questions
?? ??From Us? Buy It?
Build It? Recognize?
The basic things you need to know about your customers
Two crucial ideas to test and prove
Two Theories
Value Theory Growth Theory
Minimum Viable Product
GeoffMcDonald.com/blog
The Principle of the Minimum Viable Product
Do the Minimum needed to test your product
Write the sales copy and see if you can sell it
Presell
Show a controlled view of what you’re planning
Mock-up
Deliver your result to one person only
Single Customer
Build a prototype with the minimum features
Build Something
Measure Progress
GeoffMcDonald.com/blog
Establish your unique benchmarks
Milestones
Can we build a sustainable business around this product?
Learn not Optimise
Avoid measuring things to present the rosiest picture
Vanity Metrics
The three essential qualities of your metrics
Mighty Measures
AccessibleActionable Auditable
Pivot or Persevere
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Are our product experiments becoming more or less effective?
Pivot?
A single feature becomes the whole product
Zoom-In
Zoom-In Zoom-Out
The whole product becomes part of a bigger product
We thought the customer needed X, we now know it’s Y
Customer Need
Our platform is now an application on someone else’s platform
Platform
A new way to receive value and a new pricing model
Value Capture
We’re switching from young women to older women
Customer Segment
Learn Faster
GeoffMcDonald.com/blog
Increase the rate at which you can test
The Need For Speed
It’s faster to upgrade software than retool for hardware
Hardware into Software
Create small production runs to improve on earlier ones
Small Production Batches
Create your own prototypes quickly and easily
3D Printing
Sustainable Growth
GeoffMcDonald.com/blog
The principle of a Sustainable Business
New customers must come from
the actions of past customers
word of mouth
Create a product worth talking about
word of mouth
Viral products promote themselves when used
Product Usage
Fund your advertising through a sustainable source, eg sales
Funded Advertising
Create ways to generate repeat sales from the same customers
Repeat Purchases
Engines of Growth
GeoffMcDonald.com/blog
You acquire customers faster than you lose them
Sticky Growth
Customer Gain
Customer Loss
Requires your customers to pass you on
Viral Growth
The cost to acquire must be less than the revenue
Paid Growth
Continuous Innovation
GeoffMcDonald.com/blog
Create the space for continuous experimentation
Create a Platform
A limit on resources forces people to think and question
Promoting Innovation
Scarce Resources
Just like a parent… give them room to learn and grow
Independent Authority
Scarce Resources
Promoting Innovation
Some level of ownership is crucial to fuel motivation
Independent Authority
Scarce Resources
Personal Stake
Promoting Innovation
Innovation Sandbox
GeoffMcDonald.com/blog
Eight guidelines for building your sandbox
Sandbox Rules
Start Small
Split Test
To the End
Same Metrics
Numbers 5-10 Metrics Set Time Self
Monitor
More...
GeoffMcDonald.com/blog
Buy the Book!
TheLeanStartup.com
Join the Movement
TheLeanStartup.com
Your Challenge
Blaze a New Trail
Recording available for members at : BookRapper.com
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