Video Url
http://www.youtube.com/watch?v=V5p8m1IjJoASynopsis
"Lean Startup is a disciplined, scientific and capital effecient method for discovering and building products and services that people love." (From the video's Description Section on Youtube)Notes
* Came from Eric Ries' failures (With his book `The Lean Startup`)* `The Startup Owner's Manual` - Great book on learning how to start startups
* What does customer need/want
* Customer Development is a core part for the lean startup
* `Implementing Lean Software Development`
* `Extreme Programming Explained`
* `Kanban`
* "How to visualize and limit work-in-progress in software development and information technology work"
* Catalyzes cultural change and delivers better business agility - Amazon Book Description
* Even Large companies like Intuit can handle using the Lean Startup approach
* Needfeed example
* Combination of buying and social networks
* They invalidate their idea
* Went on rentacoder.com
* Changed facebook to show fake things that your friends bought
* 40-50% people hated new stuff, but the company spent close to nothing getting feedback from users to show that
* Went back to investors and told them the results of invalidating their idea
* Kept pivoting 'till they found what works
* Found what gets traction, and went with it
* Invalidate extremely efficiently
(9:10) "In a startup no facts exist inside the building, only opinions." - Steve Blank
* Fundamental idea that there's no facts only guesses until you have something to show
(9:35) "Get outside of the building" - Steve Blank
* Try to see waste and eliminate it
* "Learning to see waste and then systematically eliminate it has allowed lean companies such as Toyota to dominate entire indeustries." - Eric Ries
(9:55) Feature Fake
* Thought: We have a guess that people are going to want todo online chat
* Just an idea until you get users using it
* Do a feature fake of this by hacking it in
* 100 people saw it
* 6/100 said they were likely to use it
* 1000 people should have probably done it
* You would think a lot of people would be annoyed by it, but you use it very sparingly
* Is very fast
* Eliminates waste
(12:30) Agile: Accepted
* Agile development style - You want to get "Accepted"
* Accepted means nothing, it's just accepting a guess that no one knows
* Lean Startup Style: Validated
* Want to validate whether something was used by people and it makes things better
* (13:45) Use "Measure Usage" to see if something was validated
* Logins with Resume
* Resumes
* Non-Resumes
(14:50) Validated Learning
* Learning validated via data, surveys, interviews.
* Demonstrated by positive improvements in startup's core metrics
* Need to be doing experiments in order to validate the stuff you're adding is useful
(15:25) "Agile methods remove waste... yet those [Agile] methods had led me down a road in which the majority of my team's efforts were wasted." - Eric Ries
* Well-crafted software that nobody wanted to use
* Should have done minimalistic and tried it out
* Agile doesn't say anywhere to do minimalistic
* (16:45) Gave incredible customer service, but weren't watching usage
* 80% of stuff was untouched
* Don't have "shelfware" and things that aren't touched
(18:05) "A startup is a human institution designed to create a new product or service under conditions of extreme uncertainty." - Eric Ries
(18:28) Ecosystem Happiness
(19:35) Continuous Deployment
* Best part about Agile Development
(20:25) Started to deal with low-usage rates
* Categorize Users
* Non-Starters
* Skimmers
* Dabblers
* Connectors
* Finishers
* Observe data to see how can make the max amount of people Finishers
(21:08) Average Response Time
* See where bottlenecks for certain customer service questions are
(21:54) Analyze Page Views
* What happens when you change your site slightly
(22:15) Usage Improvements
* Completion Rates vs. Starting Rates
(22:45) "In an early stage startup, success is not in a 'to do' list, it's in a 'to learn' list." - Sean Ellis
* Applies to most things we do
* What do we need to learn, and how do we do it as rapidly as possible?
(23:15) Tools for planning Agile projects
* Lean Launch Lab
* Everything you enter in is all about hypotheses and tracking them
* Everything is a guess, not really a hypothesis
* Helps deal with the "Lean Canvas"
1) Enter Hypothesis
2) Enter Experiments to Prove/Disprove Hypothesis
3) Enter key metrics to be measured
4) Enter tasks to complete
(25:00) Product/Market Fit (diagram)
* If you have to ask "Have we achieved Product/Market Fit?", then you haven't yet
* You'll know it when you achieve it
* The search for a business
(26:00) A Pivot is "a special kind of change designed to test a new fundamental hypothesis about the product, business model or engine of growth." - Eric Ries
* Focused on these questions:
* What is the product you're building
* What are the metrics around it
* What's your Engine of growth
* How can I test/optimize it
(26:25) New Yorker Cartoon - "I'm not leaving you. I'm pivoting to another man."
(26:40) Eric's Catalog of Pivots
* Zoom-In Pivot
* Build on what users actually use
* Zoom-Out Pivot
* Build more stuff so more users use product
* Customer Segment Pivot
* Go to different segment/audience
* Going from building for users to building for businesses
* Customer Need Pivot
* Change product to your customers
* (Roast Beef story)
* Platform Pivot
* Change platforms completely
* Move from one technology to another
(28:25) Votizen
* Went through a lot of pivoting to find product
* 1st MVP: Initial Product
* 2nd MVP: Zoom-In Pivot
* 3rd MVP: Customer Segment Pivot
* 4th MVP: Platform Pivot
(29:45) Can't do well with MVP if you don't do innovation accounting
* Innovation Accounting is when you account for: "Is my MVP any good?"
* What metrics are telling me that my MVP is any good?
* Track your numbers
* Engine of growth
* Registration rate
* Activation
* Retention
* Referral
* Revenue
* Lifetime Value
(30:15) AARRR: Metrics for Pirates
* Acquisition: users come to the product/site
* Activation: users "use" the product/site
* Retention: users use the site/product
* Referral: users like product enough to refer others (Net promoter score)
* Revenue: users conduct some monetization behavior
(31:05) Love Metrics (Intuit's metrics)
* Delivered customer benefit?
* Customers actively using it?
* Customers telling others about it?
(31:45) Goto the Monkeys for Lean Insights
* SurveyMonkey
* MailChimp
* Angry Monkeys
(32:05) Split (A/B) Testing
* Different versions of a product offered to customers at the same time
* Champion and Contender
* Refine understanding of what customers want
* Measure productivity via validated learning, not production of features
* Stops arguing, just do experiments and make changes based on real data
(33:00) Mailchimp Email A/B testing
* Paragraph difference (VIP vs. Not VIP)
(35:00) Collect as much data about your customers as possible
* Don't make assumptions
(35:35) Usability data
* Constant testing of UI
* Where users click
(39:20) Concurrent Set Based Design
* Combine many people's designs
* 99 designs
(41:15) Heat/Click/Scroll Mapping
* Create fake page and can Pre-Order for half price
* Can see new/returning users
* Can see if scroll down
(42:30) All tools shown are to see if we should build something
(42:45) Agile vs. Lean Startup
* Most things are built upon Lean Startup idea
* Lean Startup Ideas
* Business Model Canvas
* Product Market Fit
* Minimum Viable Product
* Learn/Measure/Build
* "Get out of The Building"
* No facts in the building, go find the facts
* Always learning about the customer
* Hypothesis
* To Learn List
* Customer Validation
* Split (A/B) Test
* Continuous Deployment
* AARRR
* Five Whys
* Innovation Accounting
* Led by Successful Entrepreneurs
Rating: 5/5
Review
I think this is a fantastic overview of the ideas of a Lean Startup and the differences between a Lean Startup and Agile Development. Joshua goes through in a high level what each idea means and follows them up with real-life examples of when companies, like his own, practiced these ideas. It's a great video to watch if you're interested in this topic and how to practice it.
No comments :
Post a Comment