Lean Startup presentation to incubator and accelerator programmes in North East England
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Lean Startup presentation to incubator and accelerator programmes in North East England, including the Business Model Canvas, and acknowledging the emotional struggle of entepreneurship
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Lean Startup presentation to incubator and accelerator programmes in North East England
- 1. #LeanStartup thinking: evolution of what already is. Justin Souter #leanstartup| @souterconsults | @netparknet 06/12/2015 1
- 2. Incubators & Accelerators 06/12/2015#leanstartup| @souterconsults | @netparknet 2
- 3. 06/12/2015#leanstartup| @souterconsults | @netparknet3
- 4. Context Eric Ries ‘There.com’; IMVU Steve Blank Investor, educator, and author Alex Osterwalder PhD student & BMC inventor Jeff Gothelf Lean UX & Designer 06/12/2015#leanstartup| @souterconsults | @netparknet 4
- 5. It’s this :) #leanstartup| @souterconsults | @netparknet 06/12/2015 5
- 6. Vocabulary Minimal Viable Product Time to Learning Pivot (or persevere) Product-market fit Business Model Canvas Startup Innovation accounting Three engines of growth 06/12/2015#leanstartup| @souterconsults | @netparknet 6
- 7. #leanstartup| @souterconsults | @netparknet Customer development 06/12/20157
- 8. 3 Stages of a Startup #leanstartup| @souterconsults | @netparknet 06/12/2015 8
- 9. Validation Board #leanstartup| @souterconsults | @netparknet 06/12/2015 9
- 10. Product management 2.0 06/12/2015#leanstartup| @souterconsults | @netparknet 10
- 11. Plans vs Models 06/12/2015#leanstartup| @souterconsults | @netparknet 11
- 12. Value Proposition Canvas 06/12/2015#leanstartup| @souterconsults | @netparknet 12
- 13. Lean Innovation 06/12/2015#leanstartup| @souterconsults | @netparknet 13
- 14. Three Horizons of Innovation 06/12/2015#leanstartup| @souterconsults | @netparknet 14 Known Unknown Partially known Missio n- Critical Project s Existing Business Model: Process Innovation Execute Programs Continuous Improvement New/Disruptive Business Model Makes MVP’s New Opportunities via Business Model Innovation Runs Pilots Make Prototypes
- 15. Managing Three Horizons of Innovation – Current Existing Business Model: Process Innovation Execute New/Disruptive Business Model Search New Opportunities via Business Model Innovation Execute/Search Known Unknown Partially known Lean Innovation Mgmt Process Mgmt 06/12/2015#leanstartup| @souterconsults | @netparknet 15
- 16. Relevance to you 06/12/2015#leanstartup| @souterconsults | @netparknet 16
- 17. My proposition 06/12/2015#leanstartup| @souterconsults | @netparknet 17
- 18. Human side of entrepreneurship 06/12/2015#leanstartup| @souterconsults | @netparknet 18
- 19. Business Model Fit 06/12/2015#leanstartup| @souterconsults | @netparknet 19
- 20. You’re Invited 06/12/2015#leanstartup| @souterconsults | @netparknet20
Editor's Notes
- Bit of background Worked in a startup - Happiest Helped set up startup accelerator programme in Middlesbrough - Searchcamp Interested in applying Lean methods to support innovation and entrepreneurship in existing businesses Format of this presentation = videos and exercises Goal = give you a feel for this body of knowledge, and how you can benefit from it It’s about Evolution, rather than Revolution :-) My own business Lokstok; Earthworm, Pinevio; Student mentoring Happiest, Searchcamp, Evolv Dynamo North East Hello this is me Business consultant Lean Startup workshops
- Incubators & Accelerators NETPark - success stories Campus North / Ignite 100 Ground Six, Visualsoft, INNOVATE lab at Northumbria Uni: Design Thinking Searchcamp accelerator: I've been involved in setting one up - know how difficult it is Delivered workshops on Lean Startup at Teesside University
- Purpose of Talk Encourage serious consideration & evaluation of Lean Startup framework leading to addition to existing support approaches Digital origins, but now used by global companies e.g. GE & gas turbines
- People slide - introducing key players / thought leaders
- uild | Measure Learn Borrows from OODA loop, US military - observe, orient, decide, action "The approach favors agility over raw power in dealing with human opponents in any endeavor." "An entity (whether an individual or an organization) that can process this cycle quickly, observing and reacting to unfolding events more rapidly than an opponent, can thereby "get inside" the opponent's decision cycle and gain the advantage." Plan, Do, Check, Act - Lean Methodology Get feedback from early adopters Minimise the time to learning - Maximise the effective use of researchers and minimise waste
- Failure is acceptable if it becomes learning Test everything, tools are available - customers give you your answers Pivot or Persevere Conditions of extreme uncertainty
- Circular processes, pivoting This is an iterative process "Startup is a temporary organisation designed to search for a scalable, repeatable, profitable business model " Search then execute Experiment your way to success, no business plan survives contact with customers; so let's ask the Emperor's New Clothes question of too many of the early-stage business plans out there
- Does anyone have a problem we can fix; are they willing to pay for it; is there a total addressable market big enough for us to monetise Steve Blank "There are six distinct organizational paths for entrepreneurs: lifestyle business, small business, scalable startup, buyable startup, large company, and social entrepreneur." "All of the individuals who start these organizations are “entrepreneurs” yet not understanding their differences screws up public policy because the ecosystem in supporting each type is radically different. For policy makers, the first order of business is to methodically think through which of these entrepreneurial paths they want to help and grow." FB didn't sell, arguably because they'd experienced end user feedback - and they'd concluded that they were born to scale
- Need structure to harness theory Validation Board (and other tools) help guide participants Books & rapidly growing body of knowledge
- Let's acknowledge that no-one has a crystal ball, even regarding innovation in large organisations Yes, 'onslaught launch' with much resources, but how to minimise waste and maximise RoI This is teachable - Lean Launchpad educator's guide: 250 page syllabus Props to Jeff Gothelf for this slide
- If Lean Startup is about Product Management, the Business Model Canvas is about turning your product / service into a business In search phase, it replaces business plan until you reach product / market fit, and then you execute a business plan
- When you know a fair bit about your customers Also approach such as Mom Test - when you've got capability and seeking to find out what problems you can be solving Growing body of knowledge to conduct experiments, rather than create a 'reality distortion field'
- new-chief-technology-officer-succeeds-mark-little Apply Lean Startup methods to NPD in existing organisations / institutions General Electric gas turbines = Fastworks; Intuit Steve Blank "Continuous disruption requires Continuous Innovation" "Our Competitors Speed is a Threat - technology, channels, etc." "Our Speed is the Mitigation - Continuous innovation, adaptability, lean, etc"
- Different types of innovation Also, include Design Thinking - all the tools at our disposal This is about bringing ideas to fruition, creating value, out-learning the competition This slides acknowledges different types of innovation - both money saving and money making
- How to manage innovation - how can Lean Startup / Lean Innovation make the difference? Stage-gate and others This is about moving on from the choke-hold of "need more money" / execution-relevant advice to "need better skills and mindset" / "we can do this, or we pivot" Acknowledge importance of different metrics - innovation accounting still at early stage; but seasoned executives need to anticipate this coming IMHO Lean Launchpad - this is teachable: moving from black box to playbook
- More chance of better outcomes, keep learning - massive body of books, webinars, podcasts, articles, q& a's, conferences etc. out there - v soon it's going to come out of stealth mode This is about moving on from ticks in boxes to a practical difference in people's lives and our prosperity
- Why reinvent the wheel? This is a paradigm shift, and we should be open to the opportunity This is disruptive: better to be the disruptor or else ask "what happened?" Not a panacea of course - but IBM realised they needed to send their PC division somewhere else to get cracking Need to acknowledge that startups are not smaller versions of larger businesses - quantum vs relativity; laws of physics are different
- Ben Horowitz's "The Struggle" - this is not just 'once more with feeling' This is democratic, accessible, it's open to all, and it levels the playing field - it's not about connections (although they're useful of course, but perhaps later) Entrepreneurs don't have to become some kind of entrepreneurial ‘personality’; can ignore "Dragon's Den" theatrics in favour of applying something akin to the scientific method; others can decide whether Lean Startup practitioners are entrepreneurs or not
- Out innovate the competition - Test everything, and make effective decisions whilst in flight by using an agile framework Use A/B testing on websites, newsletters, copy text; get and process feedback Compete on business model, as well as product / service; get customers to tell you how to prioritise the feature set Then think about how you can move on from early adopters / innovators through to early majority - product adoption curve
- Invitation to join Academic spin-outs - US National Science Foundation i-Corps Business *model* competitions Hold space for search, there will be Resistance Build ecosystem which recognises importance of search, not pie-in-the-sky financial models / business plans based on wishful thinking Make the change and pay it forward It's time to learn what works in a structured way, rather than trying to adapt execution approach
- Change is good Versus keeping the lights on "Change is good" How to support innovation, whilst 'being invisible'? With all the emotional baggage that entails How do you do business engagement now? What's the organisational model for that? What sort of experience do you have with that now? How do you create new services? How do people purchase / procure them? What do your business oppo's say to you now - aka what are your biggest challenges to do NPD now? How do you measure and deliver business benefits?