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LEAN STARTUP CIRCLEOct 17, 2014
A quick story..
WHERE DID THIS IDEA COME FROM?
•Pitch to investors •Get money •Hire people to build it, and a sales team •Built it •Pray someone will buy it
Classic way
THE HARD QUESTIONS
• What problem are you actually solving?
• How much do people actually care about the problem you are solving?
• Most importantly - How do you know people will pay for product?
TO FIND THE ANSWERS
TALKING TO CUSTOMERS BEFORE A PRODUCT WAS
BUILT
ASKING FOR MONEY BEFORE A PRODUCT WAS ACTUALLY
BUILT
WHERE DID THIS IDEA COME FROM?
•Pitch to investors •Get money •Hire people to build it, and a sales team •Built it •Pray someone will buy it
Classic way •Come up with an idea and the ideal client •Build the pitch •Reach out to potential customers and find out their issues •Get them to pay you to built it for them. In advance!•If not, why?
Lean way
TESTING A FRESH BUSINESS IDEA
Experiment Hypothesis: “I think people will pay $29/m for XYZ”
LEAN PRINCIPLES
Fast
Fast
Fast
What’s the smallest thing we can put out there to understand if they will pay us?
Let’s collect the results of our experiment.
What did we learn and what do we change?
TWO STORIES
Food on the Table (From “The Lean Startup” book)
HOW TO GET PAID
PROS / CONS OF ASKING FOR MONEY UP FRONT
Cons
•It doesn’t scale•You have to talk to people (hard for many of us)•You might get rejected
PROS / CONS OF ASKING FOR MONEY UP FRONT
Pros
•Costs (nearly) nothing•Get real feedback right away•You learn a lot about why people DO and DON’T like your idea•You get a bit of $$$
YOUR STARTUP
Anyone stuck?
Have an idea you want to validate?
Have a product with no customers?
Have customers but need to scale up?
LET’S HELP YOU!
1.What’s your name?
2.Favorite ice cream?
3.What is your business or idea?
4.What stage is it at now?
5.How can we help?
VOLUNTEER
Volunteers Needed:
Help organize speakers and locationsHelp maintaining Meetup.com
If you have a topic you can speak about
Talk to or Email me
YOUR STARTUPLet me know if you want to be
interviewed to get help from the group next month
NEXT MONTH
Nov 18, 7pm
Notman House
