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Lean Startup(ish) process undertaken to start www.dailytradingreport.comLean Startup as I interpreted it.Seems to have worked!
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Daily Trading Report
Lean Startup(..ish) In Action => Matt Stone
Aim
•DailyTradingReport.com
•Lean Startup(..ish)
•It is not difficult
•It is unbelievably difficult
Agenda
•Lean Startup => Am I doing it right?
•Test idea
•Build Something
•How did it go?
•Refactor & ..
•Resources
Matt Stone
•Matt Stone - IT Background (10 years)
•Entrepreneur & CTO (10 years)
•DailyTradingReport.com
Lean Startup?
•Eric Ries / Steve Blank
•Fail early (conserve resources)
•Customer Development
•Minimal Viable Product => MVP
•Excellent resources - Blogs & YouTube
•No one has mortgage on knowledge
Am I Doing it Right?
Lean Startup
•Start with a vision & possible MVP
•Test => Talk to potential customers
•Refactor => Improve from learning
•Just do it! (stop procrastinating)
•Focus
• Customer Development
• MVP
•Pivot if / when necessary
I Can Haz Idea?
•Ideas are everywhere
•Yours most likely tried before
•Can you make a business?
•Can you execute?
• Customer Development => Find some
• MVP
•Rightyo.. lets find out!
Test Idea - how?
•Validate => Interviews & surveys
•Simple landing page
• Explain proposition & Call to Action
• Survey => Confirm / Disprove Assumptions
• Collect email address
•Find target market & drive traffic
•Are people interested?
•Starting to get difficult
Test Idea - How?•Interviews & Landing page
•Wordpress / HTML / Blog / Facebook
•Survey - Google Docs / Survey Monkey
•Drive Traffic
•Google Adwords / Adbrite
•Facebook / Twitter / Quora
•Blogs / Newsgroups / Popular sites
•Our network
•Mostly free
Measure
•Dave McClure - Pirate Metrics
•Acquisition
•Activation
•Retention
•Referral
•Revenue
DTR Test•Landing Page => Outline of MVP
• Wordpress blog & daily posts
• Simple form to collect emails
•Drive Traffic
• Syndicated blog
• RSS pings
• Twitter / StockTwits => Yahoo Finance & CNN Money
• Commented on popular industry blogs
• Built profile on SeekingAlpha.com
• $5 per day - Google Adwords
•Drive Traffic => Difficult
Results
•Not spectacular
•But enough to prove MVP for US
•Survey + feedback => Iterate on product
Build Something
•www.DailyTradingReport.com
•Analysis => Investment view
•Strategy => Applying Investment view
•Not finished nor polished
•Offered to small subset (< 300)
•Ruby on Rails => my skill set
Build Something
Build Something
Build Something
Results
•Almost 100% take up of offer
•Small user base (< 300)
•50% Daily user engagement
Learn => Pivot
•Get out of the building
•Competitive market
• Shouting to empty room?
•Consistent feedback
• Where do I start
• Am I doing the right thing?
• Lonely
• Plus others
Pivot
•Analysis => Investment View
•Strategy => Applying Investment View
•Squawkbox• Analyst & trader thoughts
• Interesting => not necessarily actioning
•Tradeflow• Trade discussions
•Social
User Engagement
User Engagement
User Engagement
User Engagement
Results
•Small user base (< 300)
•85%+ Typical daily user engagement
•Revenues => Validated model
Refactor & Repeat
•And again..
•Minimum Viable Product
•Customer Development
Measure
•Dave McClure - Pirate Metrics
•Acquisition
•Activation
•Retention
•Referral
•Revenue
Bonus Slide•Startup Teams
•You can do a lot yourself => Yes you can!
•Agreements now => not later
•Equity => Vesting
•What if.. (leaves, wants out, stops caring)
•What if.. (goes well / ok / bad)
•What if.. change agreement
•Keep momentum
Resources
• Eric Ries / Steve Blank => Lean Startup Blogs
• Lean Startup Circle Google group
• Pollenizer Boot Camp
• Silicon Beach / Open Coffee
• Book - 4 Steps to Epiphany => Steve Blanks
• Dave McClure - Pirate Metrics
• Techcrunch / ThisWeekInStartups
• Seriously => do you need any more?
There is no End