New Venture Planning - 2013

Class #2 – October 2, 2013

Agenda

• Reading overview discussion• Skype with Ask Maurya• Team formation

Startups are hard

http://www.xconomy.com/seattle/2011/11/03/infographic-college-or-incubator-for-startup-founders/attachment/screen-shot-2011-11-03-at-9-53-38-am/

Why the difference?

Irrationality

“Reasonably smart people can rationalize any thing, but entrepreneurs are especially gifted at this.”

Most Plan A’s don’t work – then what?

Sticktuitiveness

How to Startup?

• Build it and they will come• Waterfall planning

Customers anyone?

Entrepreneur’s vision (ego) drives ‘what customers want’ Limited feedback loops, classic for tech people

Waterfall – Stage gate control of a processInward focused ‘analysis, design, build, test’ Product development method

Method to the Madness

Incubators (Y-Combinator and Tech Stars) bring process to the party – 100’s of lessons learned

‘00-’10 saw the evolution of technology firms and application of new ideas to startups.

Capturing lessons learned and formalizing the vernacular of success

The Epiphany

Fail once, figure out how not to do that again – write it down!

The Movement

Essential Elements

MVP

The Pivot

Between ‘Discovery’ and Validation, adjust your course based on what you learned!

The Product…

… is not the Product.

The Business Model is the Product!

Lean Canvas – Ash Maurya

1 234

5

67

8

9

Pirate Metrics

How to measure customer engagement?• Find You?• Good Experience?• Come Back?• Make Money?• Tell Others?