Redefining your big idea

transcript

Masterclass workshop: Redefining your big idea

Ryan Lou @RyanLou (Twitter) Ryanlou11@gmail.com

Your Idea could be worth billions, but you won’t see

a cent of it.

The sad truth

Because…

•  Branding •  Marketing •  Forming a team •  Differentiation •  Finding partnerships •  Selling your product •  Pricing Policies •  IP protection •  Design •  Customer personas •  User Experience •  Global markets

•  Investors •  Pitch Decks •  Government grants •  Unique propositions •  Taglines •  Domain names •  User stories •  Picking features •  Interfaces •  Team ownership

•  Technology •  Product testing •  Market segments •  Firing staff •  Team cohesion •  Founder personality •  Accounting •  Innovating •  Building

communities •  LUCK

•  Innovation is becoming increasingly rare and complex

Also…

•  How does someone who has no idea how a digital camera works

•  Take this picture

But…

•  You don’t need to know how it works

•  Just how to use it

•  You don’t need to know how it works

•  Just how to use it

•  Or as a founder

•  Why use it (Problem)

•  Who will use it (Customer)

•  How they will use it (Product)

Wait…

•  How do I know what’s important?

•  Business model canvas –  Key partners –  Key activities –  Key resources –  Value propositions –  Customer relationships –  Channels –  Customer segments –  Cost Structure –  Revenue Streams

www.businessmodelgenera0on.com/canvas

Then…

•  Focus on the most important

The basis of lean startups

•  Learning which activities in a startup creates value

Early focus was on ge#ng any individual to 7 friends in 10 days.

Get users to 5-‐10 twi:er accounts in their first day on twi:er.

Workshop Exercise…

•  I need 3 ideas to talk about…

–  The problem –  Who faces it –  The product –  The team’s background

Validating the idea 1.  Hit the streets 2.  Use social media 3.  Skype with experts/

potential customers 4.  Setup a landing

  Ask for referrals via

Testing the product 6.  Concierge

approach 7.  Product pitch 8.  Using free/Creative

commons content 9.  Concept demos 10. Produce a video

#1 Hit the streets

#2 Use social media

90k Retweets

#2 Use social media

Step 1: Follow someone on TwiCer

Step 2: Link to landing page in profile

Step 3: Collect email addresses

#3 Skype with experts

Source: hCp://blog.trak.io/39-‐ac0onable-‐growth-‐hacking-‐tac0cs-‐part-‐1-‐of-‐5/

#4 Setup a landing page

Dropbox Startup Lessons Learned

#5 Email referrals

Ash Maurya, Running Lean

Hey {Friend}, Hope all is well, I have a quick favor to ask. I’ve got a product idea that solves [problem] that I’m trying to validate.. I’d appreciate if you can send this message along to people you know who fit this target. (Feel free to change a bit if you like) -‐-‐-‐ Hello, we’re a [market] company working on a new service to solve [Problem]. I would like to get 30 mins of your 0me to help understand how you’re solving this now. I’m not selling anything just looking for feedback.

#6 Concierge Approach

#7 Product Pitch

Sell your product before it exists

#8 Using free content

#9 Concept demos

#10 Produce a video

Thank you!

Here’s how you can get connected:

@RyanLou

And if you like, stay and we’ll work through your ideas.