Goal: To figure out the right thing to build, the thing customers want & will pay for,

as quickly as possible before running out of resources. !

A temporary organization designed to search for a repeatable & scalable business model under conditions of extreme uncertainty

Start-Up:

1. START-UP

2. BIG BUSINESS

! Looking for a

business model Executing a business model

“Planning comes before the plan”

A week in the life of an entrepreneur

It may seem counterintuitive to

think that something as disruptive, innovative & chaotic as a startup can be managed, or to be

accurate, must be managed.

Most start-ups

than from a failure of product development. They simply did not find enough customers to pay them enough $.

!"#$%!&'#(!!)*+,!

Asmaa

Lean Canvas

Untested Hypotheses

Day 1

2. Get out of the

building

3. Turn hypotheses into facts

4. Update canvas & becomes scorecard

1. Organise our

thinking

The Different Worldviews of a Startup: Entrepreneurs

Customers

Investors

Advisors

Minimize TOTAL time through the

loop

!

!

"#$%&!'()*&!+#,#$! '))*%!-.!+/0%!

!

Example of an Experiment Report

Hereʼs what we found

Hereʼs what we thought

Hereʼs what we did Hereʼs what we are going to do next

M E A S U R E

L E A R N

B U I L D

!

!

"#$%&!'()*&!+#,#$! '))*%!-.!+/0%!

1!

TIMELINE & EXPECTATIONS

SHARE: • Hypothesis: Hereʼs what we thought • Experiments: So hereʼs what we did • Results: So hereʼs what we found • Iterate: So hereʼs what we are going to do next • Update Lean Canvas

START FROM: Validating Problem /

Customer Hypothesis GET OUT OF

THE BUILDING

YES Create Solutions &

Unique Value Proposition MINIMUM

VIABLE PRODUCT

NO Talk to more customers or another customer segment

PIVOT

PERSEVERE

EACH WEEK: Build – Measure – Learn

8th – 15th Feb 2014 • Prepare updated Lean Canvas • Send invitations to mentor & PwC on LeanStack • Identify potential Problem & Customer Segment

16th – 22nd Feb 2014 • Talk to 10 potential customers • Validate Problem & Customer hypotheses

23rd – 1st Mar 2014 • Identify potential UVP / Solution based on

validated Problem / Customer hypotheses • Talk to another 10 – 15 potential customers • Validate UVP / Solution hypotheses (incl.

features for MVP)

2nd – 8th Mar 2014 • Based on customer insight, decide to pivot /

persevere • Talk to another 10 potential customers and/or

channel partners • Identify basic revenue model strategy & how

to reach customers 9th – 15th Mar 2014

• Understand basic fixed & variable costs involved

• List key activities that need to be tracked

16th – 23rd Mar 2014

• Understand an unfair advantage that cannot be easily copied or bought by potential competitors

1. Lean Startup doesn't guarantee success of your otherwise risky

venture.

2. When things are NOT working & NOT getting traction, is this because you’re doing it wrong or just not working at it hard

enough? Are you quitting because you don't like a bit of

pain or are you quitting because this is the right time to quit? 3. The biggest thing I

would add is dealing with failure. Both on the fear of

failing end (to begin with) & on the shit it's all failing

end (I’m a failure).

4. When certain key things haven’t worked out, I started

to withdraw & stopped talking to advisers & meeting people & getting as much support, right when I really should

have gotten more.

5. My advice is Lean Startup tried to take a scientific type

approach. Keep treating yourself as a scientist testing

the idea. Your learning journey is the core asset.