YOTG Hamburg - Frank Wolfram - Fail fast, fail cheap, fail often

FAIL FAST, FAIL CHEAP,

FAIL OFTEN

What can we learn from the lean startup movement?

Frank Wolfram, CTO EMEA Geometry Global

Management!is only !100 years old.

Make high quality products as efficient as possible.

What makes a company successful in the digital age?

THE DIGITAL AGE

Retail

Music industry

Hotels

Taxis

Disruptive innovation

BUT TODAY MOST COMPANIES ARE RUN TO MINIMIZE RISK,

A startup is a human institution

designed to deliver a new product or

service under conditions of extreme

uncertainty.

What is a startup?

of all mobile apps don’t earn any money. 90%

80%

4 out of 5

of all new products are failing.

startups just burn their investors money.

identify the riskiest parts of your business plan,

then finds ways to reduce those risks in a quick,

iterative cycle of learning.

Lean Startup

Viable Minimum

Products

The minimum viable product (MVP)

The vision No value

Enough features to gather customer feedback

The waste

THE PALM PILOT PRETOTYPE

MEASURE

BUILD LEARN IDEAS

CODE DATA

Minimise the total time through

the loop

The build-measure learn feedback loop

The Lean Startup teaches us

§  How to think big but start small in order to be less wasteful

§  That failing fast can be a good thing

§  That data beats opinions

§  That the risk of failing can be managed by doing

Summary

LET’S INNOVATE!

frank.wolfram@geometry.com