Date post: | 06-Sep-2014 |
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Learnings from startup best practices
Antti Kosunen Nestholma Accelerator Butterfly Ventures [email protected]
An# Kosunen – Co-‐Founder, Investor
• Butterfly Ventures • Nesthoma Accelerator • Several succesful exits, 2 IPOs, raised
+€100m, Invested in +30 companies, managed 18 patent litigations
• 2-years in the US, 2-years in Asia
How do you build great products in startups?
Screw it, just do it - Richard Branson
Half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance. - Steve Jobs, Co-founder, Apple
That’s all you need.
Right? Well…
Fact is that most startups fail.
What can we learn from them?
DON’T SCALE TOO EARLY Don’t focus on Scalability Don’t add too many Features Validate… Validate… Validate
Startup genome infographic
What are some of the best practices for
startups?
You need a great idea, but…
Most people think it’s all about the idea. It’s not. EVERYONE has ideas. The hard part is to execute on the idea. - Mark Cuban, serial
entrepreneur
An idea can be done in million+ ways There were tens of social media network services before Facebook
Trust your instincts or ask advice from an expert?
What about
asking customers?
If I had asked people what they wanted, they would have said faster horses. -Henry Ford
Problem Traveling takes too long
Need Better and faster transportation
Solution Mass-produced car
Want Faster horses
Make sure you really understand what is the problem that is worth solving
Ie. customers think that it’s worth their time and/or money
Validate your understanding
of the problem
1
Validate your solution
to the problem
2
Validate the value and scalability
of your solution
3
your understanding of the problem
1 your solution to
the problem
2 the value and
scalability of your solution
3 Validate
IDEAS
CODEDATA
LEARN BUILD
MEASURE
And this is how you do it Lean Startup Build-Measure-Learn -loop
Repeat as many times as needed
There’s no need to be
feature complete
If you are not embarrassed by the first version of your product, you’ve launched too late. - Reid Hoffman, LinkedIn founder
Minimum Viable Product Maximum amount of
validated learning about customers with the least effort
MVP’s come big and small
Video showing what the user experience will be
Single plane, single route, no routing, but
with great service (Well, maybe an MVP only in
spirit)
Hand-collected links to the world wide web
Simple WordPress blog with daily deals
and minimal backend
running on a Mac.
The Pivot: Sometimes it’s good to
change direction
The pivot. It used to be called ‘the fuck-up.’ - Marc Andreessen,
Netscape Founder, VC
Some of the fuck ups:
Are you making a difference?
“How disappointed would you be if you could no longer use
our product?“
40% “Very Disappointed” needs to be more than
Source: Mariya Yao, Xanadu Mobile
“How likely are you to recommend us to your friends?"
+50
Net Promoter
Score (-100 to +100)
Source: Mariya Yao, Xanadu Mobile
+70
Top companies Google, Amazon etc.
Successful companies
Are you?
There are good tools to help you along the way
Here’s what your notes should say
NISP Materials for presentations