LEAN BUSINESS STRATEGIESIntroduction to The Lean Start-up
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
Sponsor’s Message• Luke Swetman, Microsoft BizSpark
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!
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
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!
Rick Gill (Social IQ)
One.Tel
> Telstra
> RACQ
> Telstra
> Virtus MediaGroup
Tim West (Ezy Client)
The equity Project
case study
lean incorporation, for lean startups.
15
The ideaDevelop 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
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...
All animals are equal, but some animals are more equal than others
Equity is not always Equitable.
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
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?
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
Paul Moynagh (Fewzion)
Paul Moynagh, Co-Founder
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
150
8 ?
Accelerator
Apply
FundedPitch to Angels
2-3
You’ve got to be loopy to try this…
7
You have to get traction.The best traction is revenue…
Team…
Source: www.ideo.com
You must loop for all three forces
A simple, online, shift planning system that helps operations improve performance
Paul Moynagh and Alex Retzlaff
Powerfully simple
The closer you get to the coal face
The worse the management
tools…
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
THE CLOSER YOU GET TO THE COAL FACETHE WORSE THE MANAGEMENT TOOLS GET
2013/14
TARGETING 200 INSTALLS IN 4 YEARS
UNDERGROUNDMINING
OPEN CUT, RAIL AND OTHER RESOURCES
CONSTRUCTION, UTILITIES, GENERAL
PROJECTS
174 IN AUSTRALIA
2014/15 2015 -17
100,000 +
35,000 + TOTAL8000 + IN GLOBAL COAL1000+ IN AUSTRALIA
I hold very strong opinions…
But not necessarily for a long time!
Panel Discussion
Rick – Tim – Paul
Thank You • Next session: Wednesday 20th November
• Lean Enterprise- taking the lessons from Lean Start-up to Enterprise
• Please provide us with feedback and suggestions
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