validating business ideas quickly with lean - tadas labudis
DESCRIPTION
Validating assumptions that underline a business idea is critical to the success of a new venture. Lean Startup approach encourages iterative experimentation that allows to deliver maximum value to customers with minimum amount of waste. In this presentation I will outline how tools such as Business Model Canvas and Validation Board allow entrepreneurs to structure their thoughts and experiments.TRANSCRIPT
Tadas LabudisProduct Manager @Labudis
Validating business ideas quickly with Lean
About me
• Did a business degree
• Taught myself coding
• Co-organised 3 hackathons and participated at 2
• Founded an e-commerce store
• Co-founded a consumer tech startup
• Now working at Kotikan
Lean startup approach
"Lean Startup” is a process for validating and invalidating your assumptions as
quickly as possible to discover and deliver what people actually want.
Customer discovery process
Customer Problem Solution
Basis of a business idea
???
Customer Problem Solution
Startups start with…
?
Customer Problem Solution
Startups often do this
Customer Problem Solution
Startups often do this
wtf?
Customer Problem Solution
But should do this
Customer Problem Solution
But should do thisgimme da cookie!
How to validate assumptions?
MVP
What’s an MVP?
Minimum Viable Product
The Minimum Viable Product (MVP) is that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort. - Eric Ries
MVP ≠ Product
Minimum Viable Product Experiment
How to structure experiments?
Business Model Canvas
Business Model Canvas
Business Model Canvas
Validation Board
Validation Board
Validation Board
Validation Board
Validation Board
Validation Board
Validation Board
Build-Measure-Learn
Build
MeasureLearn
ideas product
data
vision
Build
MeasureLearn
ideas product
data
assumptions
speed!
vision
The goal
• Maximise value
• Minimise waste
… or creating more value for customers with fewer resources
Examples of MVPs
• Customer Interviews
• Landing Page Test
• Prototypes
• Concierge/Wizard of Oz
• A/B Tests
• E-mail conversations
• Phone interviews
• Face-to-face interviews
Customer interviews
Landing page test
Landing page test
Wizard of Oz
Wizard of Oz
Wizard of Oz
• 75,000 signups overnight
Wizard of Oz
• 75,000 signups overnight
• People want it
Wizard of Oz
• 75,000 signups overnight
• People want it
• Why? “it works like magic”
Wizard of Oz
• 75,000 signups overnight
• People want it
• Why? “it works like magic”
• Persevere with the idea
A/B tests
Links
• Business Model Canvasgoo.gl/ooXTGY
• Validation Boardgoo.gl/CzUDyJ
• Book: Lean Startup by Eric Riestheleanstartup.com/book
Good luck!Follow me @Labudis
Good luck!Follow me @Labudis
deliver the cookies!