1.Leaning towards a Lean Start Up

2. The book that started it all 3. Why Talk About it?Before Cash was readily available Follow on financing was readily availableToday Debt markets are tight IPO & M&A window closed VCs are pessimisticFuture Uncertain - Venture fund returns have been ondecline for a decade 4. Start Up Trap #1 I know what to build 5. Start Up Trap #2 I know who is my customer 6. Start Up Trap #3 Burn Cash in the Launch Phase: Get the customers in,no matter what it costs 7. Start Up Trap #4 The key is execution 8. Start Up Trap #5I have an idea, let me hire a management team 9. Why Startups Fail: A SummaryHigh burn rateFull management teamsAssume customer is knownAssume features are knownAssumes growth is by execution 10. Some Amazing Startups That Failed 11. Research Confirms Failure Points10 out of these 20 reasons point to failure tounderstand the customer. 12. So what can we do differently? 13. Introducing the Lean Startup Theory 14. Lessons From the Lean Startup Test your ideas with customers Identify the problem you are trying to solve Dont burn money on trying to sell an untested idea Identify the problem you are trying to solve Pivot if the customers dont share your enthusiasm Scale your start up as you grow 15. But Enterprises Struggle With Innovation 16. Lean Start Up at Nordstrom Copyright: Nordstrom Innovation Labs 17. Take-Away from the Video One week iterations Go and see for yourself Simple, rapid, experiments 18. Where are you today? Are you or is your organization doing something cool inspired by the lean start-up phenomenon? How can you apply the principles here to your career? 19. End