How To Build a Company in 60 Minutes (Plus 10 Years to Execute) – A Crash Course in Lean

GOOD AFTERNOON

let’s start

with a video

We were up till 3am making this so…

VIDEO LINK

SO YOU WANNA

BE

?

A GAME CHANGER

SO YOU WANNA

BE

?

AN INSPIRATION

SO YOU WANNA

BE

?

A VISIONARY

SO YOU WANNA

BE

?

A FOUNDER

SO YOU WANNA

BE

?

AN ENTREPRENEUR

5 RULES 1.  Your goal shouldn’t be to get rich.

2. A great team & product are critically important.

3. Entrepreneurship sucks - 90% of the time

4.  If you aren’t willing to work for 10 years, don’t start.

5. Life’s too short to build something nobody wants.

HOW TO BUILD A COMPANY IN

60 MINUTES

(PLUS TEN YEARS TO EXECUTE)

HOW TO BUILD A COMPANY IN

60 MINUTES

(PLUS TEN YEARS TO EXECUTE)

a

crash course

in

LEAN

What is a Startup? A start-up is a company that is confused about:

1.  What its product is.

2. Who its customers are.

3. How it’s going to make money.

STARTUP Searches for a repeatable and scalable business model

COMPANY Has a repeatable and scalable business model

and is executing on it

What’s The Difference?

START UP COMPANY

Your Goal:

Getting from the startup to the company phase is difficult Most startups never do.

It requires making a lot of smart decisions with

limited (or no) information.

A Dirty Little Secret:

We’re going to help you.

1.  Pay Attention. We’re moving fast.

2.  Be engaged and vocal. Entrepreneur are not wallflowers.

3.  This will be stressful and fun.

Just like building companies.

Some Rules:

1.  Introduce Lean Methodology. Data-driven backbone for your decisions.

2.  Introduce Lean Canvas.

Framework for finding your business model.

3.  Lean Canvas + Lean Methodology. How to use them together.

Agenda:

A scientific approach to creating and managing startups.

So What is “Lean” ?

Quick experimentation > Elaborate planning and research

Validated learning > Intuition

Iterative design > Up front design

All in all, the lean methodology will:

1. Help you make the right decisions, faster.

2. Build things people want.

HOWDOES IT WORK?

GET OUT OF THE

BUILDING

?  QUESTIONS ABOUT LEAN METHODOLOGY

LEAN CANVAS YOUR STARTUP BLUEPRINT

Don’t really know your business model = business plan is useless

Tons of assumptions = things are going to change

“Most startups fail, not because they fail to build what they set out to build, but because they waste

time, money, and effort building the wrong thing.”

“Most startups fail, not because they fail to build what they set out to build, but because they waste

time, money, and effort building the wrong thing.”

LEAN CANVAS

LEAN CANVAS

LEAN CANVAS

LEAN CANVAS

LEAN CANVAS

LEAN CANVAS

LEAN CANVAS

LEAN CANVAS

LET’S D  I  V  E  

IN  

PROBLEM & CUSTOMER

PROBLEM & CUSTOMER

PROBLEM What is the problem you are trying to solve?

Is it painful enough that a group of

people would pay for it to be solved? Painkiller vs Vitamins

CUSTOMERS

Who most needs their pain relieved?

Segment! Segment! Segment!

Early adopters.

PROBLEM & CUSTOMER

THE WORLD’S GO-TO SOCIAL CONCIERGE

Tangoo is transforming the way you plan your nights out. Understanding your mood and the reason why you’re going

out, we craft the perfect blend of restaurants and events into a seamlessly tailored night.

PROBLEM & CUSTOMER

PROBLEM Planning nights out that count is stressful and time-

consuming.

CUSTOMER People that plan birthdays, celebrations, or date nights.

People ages 25-39 who have little time to plan and want to

impress.

VALUE PROPOSITION

VALUE PROPOSITION

A single, clear and compelling message that states why you are different and worth buying.

1. What makes you special? You must communicate this effectively.

2. Focus on the benefits, not just the features

VALUE PROPOSITION

Tangoo curates the perfect night for you in under a minute

Benefit: Save time and have a memorable night

SOLUTION

SOLUTION

Directly address your problem with your unique solution.

SOLUTION

PROBLEM Planning nights out is stressful and time-consuming.

SOLUTION

Knowing the purpose of your special occasion and the type of mood you’re in, Tangoo plans your entire night out for

you.

SOLUTION

VALIDATE YOUR PROBLEM & SOLUTION That that the problem you are solving matters.

Test that your solution properly solves your problem.

THE NEED Will people pay for it?

Survey & Prototype

LOYALTY Will they keep coming back?

Live Testing

CHANNELS

CHANNELS

Value propositions are delivered to customers through communication, distribution, and sales channels. •  Raising awareness among customers. •  Delivering the product.

CHANNELS

AWARENESS Blogging, social media, partnerships, media exposure

and word-of-mouth.

DELIVERY Mobile first, web second.

Tailored to on-the-go nature of customers.

REVENUE & COSTS

REVENUE & COSTS

REVENUE Who is going to pay?

How much? How often?

COSTS What does it cost to make customers aware?

What does it cost to deliver the product?

REVENUE & COSTS

Free for users, restaurants pay.

% of $ restaurants will pay us. Monthly subscription fee.

METRICS

METRICS

A startup can only focus on a limited number of metrics at a time.

You have to decide what is the one thing that makes you

business move forward.

Ignore everything else. (For the most part!)

METRICS

Total number customers

Website visitors

Number of returning users

METRICS

Total number customers

Website visitors

Number of returning users

UNFAIR ADVANTAGE

UNFAIR ADVANTAGE

What enables you to always stay ahead of the curve?

Why can’t someone else copy your idea and do it better?

This is your barrier to entry.

UNFAIR ADVANTAGE

Brand equity

Number of users

Relationships with partners

Technology & data collected

LEAN CANVAS

?  QUESTIONS ABOUT LEAN CANVAS

CONTACT JULIAN DESCHUTTER

julian@tangoo.ca twitter: @deshoots

PAUL DAVIDESCU paul@tangoo.ca

twitter: @pauldavidescu

tangoo.ca

RESOURCES Books:

The Lean Start-Up Lean Analytics

Business Model Canvas Running Lean

Websites: Lean Stack

Ash Maurya – Practice Trumps Theory