LEAN BUSINESS STRATEGIES Introduction to The Lean Start-up.

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LEAN BUSINESS STRATEGIES Introduction to The Lean Start-up Slide 2 Agenda Welcome! Message from Sponsor: Luke Swetman @ Microsoft BizSpark About Lean Business Strategies Introduction to the Lean Start-up (Paul) Interview with Eric Ries on the Lean Start-up Entrepreneur experiences with Lean Start-up Rick Gill (Social IQ) Tim West (Ezy Client) Paul Moynagh (Fewzion) Discussion/Q&A Slide 3 Sponsors Message Luke Swetman, Microsoft BizSpark Slide 4 Lean Business Strategies Our vision is to provide: Quality Events Great Content Network Opportunities Create opportunities for members About us Paul & Joeri QUT MBA/Brisbane Executive Club background Interested in prototype development Involvement in building prototypes over the past 3 years This Meet-up will follow Lean Principle! Slide 5 The Lean Start-up The five principles of the Lean Start-up Entrepreneurs are everywhere Entrepreneurship is management Validated learning Build-Measure-Learn Innovation accounting Slide 6 Key Terminology Lean Manufacturing origins with Ford/Toyota (continuous learning principles) MVP Minimum Viable Product Start-up: a human institution designed to create new products and services under conditions of extreme uncertainty Agile Development: complimentary to Lean Start-up The Pivot! Slide 7 Slide 8 Rick Gill (Social IQ) Slide 9 Richard Gill Founder, Director of Operations @theRichardGill rick@socialiqapp.co m Slide 10 One.T el > Telstra > RACQ > Telstra > Virtus Media Group Slide 11 Slide 12 Tim West (Ezy Client) Slide 13 The equity Project case study Slide 14 lean incorporation, for lean startups. Slide 15 15 The idea Develop a platform that manages effort contributions Sweat Equity of each team member prior to incorporation and encourages participation via competition. We are going to: Log tasks, wins and effort in one platform and use this information to create a real-time Sweat Equity position for each team member So that we can: Provide an historical log of all effort, understand the value of each team members contribution, and issue shares accordingly once the business is ready to formally incorporate Slide 16 The scenario A group of friends meet up to discuss a new idea for a business Tim Jason Bruno Chris Tim has an idea that he thinks will help with a problem he has experienced lately Everyone has experienced the problem also, and knows it is a really painful problem, so believe it could be a success The group dynamics are prefect, we are all friends and have different skills Everyone is keen to be a part of it... Slide 17 All animals are equal, but some animals are more equal than others Equity is not always Equitable. Slide 18 18 Goal: test and rank these assumptions 1.Inequality in issued equity becomes a problem to shareholders/founders 2.Governance is poorly managed and executed in startups 1.People's time and efforts are worth different amounts. 1 hour of your time does not equal 1 hour of her time People recognise that there are real and large costs in managing business foundations, legals and accounting A competitive, leaderboard style system would be motivating to participants/founders (race-to-the-top) Entrepreneurs are competitive people. Those who quickly recognise value in this concept will have experience in at least one previous venture Slide 19 DISCUSSION WHAT DO PEOPLE THINK? Tell us about your experiences. - have focus groups told you what you wanted to hear - it is impossible to listen to all advice all the time - is anyone else at this stage in there business? Slide 20 20 Some insights from the focus group - Startups feel they need to invest in legal documents from a very early stage to appear credible, reduce ambiguity for team members and establish the rules for the business. * Provide clarity of position but offset costs until the business is proven - Agreements are poorly understood *Simplify the rules and make decision making easy and fun - The calculation of the contribution is not difficult and could be done with a spreadsheet so would be of little value *The calculations are not a sustainable or defendable as a value proposition to be considered key - Make sure the platform encourages positive behaviors *Put more thought into business theories and consider the desired outcomes more - There are good project management products like Jira out there and we are already using them. *Connectivity to 3rd party software that people are already using is required and allows us to reduce feature set Slide 21 Paul Moynagh (Fewzion) Slide 22 Paul Moynagh, Co-Founder Slide 23 Entrepreneurship => impact Innovation is something else entirely. Many entrepreneurs use an innovation to make an impact, but the hard part, the part that we're rewarded for, is engaging with the user, the audience, the market. Bringing something to people who didn't think they wanted it, know about it or initially welcome it, and make a difference. One reason it's so difficult to teach entrepreneurship is that we're not teaching tactics or skills. We're not teaching spreadsheets or finance or even marketing. No, when we encourage entrepreneurship, we're actually trying to get people to the place where they care enough and where they are confident enough to stand up and try to make things change. Don't tell me what you invented. Tell me about who you changed. Seth Godin Slide 24 Slide 25 150 8? Accelerator Apply FundedPitch to Angels 2-3 Youve got to be loopy to try this 7 You have to get traction. The best traction is revenue Team Slide 26 Source: www.ideo.com You must loop for all three forces Slide 27 Slide 28 Slide 29 Slide 30 A simple, online, shift planning system that helps operations improve performance Paul Moynagh and Alex Retzlaff Powerfully simple Slide 31 The closer you get to the coal face The worse the management tools Slide 32 PUTS A PLAN IN THE HAND OF SHIFT SUPERVISORS AND HOLDS THEM ACCOUNTABLE FOR GETTING IT DONE powerfully simple shift management FOUNDERS ALEX RETZLAFF PAUL MOYNAGH www.fewzion.com gust.com/c/fewzion Slide 33 THE CLOSER YOU GET TO THE COAL FACE THE WORSE THE MANAGEMENT TOOLS GET Slide 34 2013/14 TARGETING 200 INSTALLS IN 4 YEARS UNDERGROUND MINING OPEN CUT, RAIL AND OTHER RESOURCES CONSTRUCTION, UTILITIES, GENERAL PROJECTS 174 IN AUSTRALIA 2014/152015 -17 100,000 + 35,000 + TOTAL 8000 + IN GLOBAL COAL 1000+ IN AUSTRALIA Slide 35 I hold very strong opinions But not necessarily for a long time! Slide 36 Paul Moynagh 0431 74 84 94 paul.moynagh@fewzion.com Slide 37 Panel Discussion Rick Tim Paul Slide 38 Thank You Next session: Wednesday 20 th November Lean Enterprise- taking the lessons from Lean Start-up to Enterprise Please provide us with feedback and suggestions


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