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TheLeanStartup
Coreidea:moststartupsfail
OverwhelmingmajorityfailChartofweb2.0companies->someonetookitandputanXoverallfailures,andOsoversuccesses(alotofredink…grimtimefortheindustry)Collectivelyasanindustry,wepouralotofenergyandresourcesintosectorwithterriblemortalityrateItdoesn’thavetobethatwayWecandobetterThistalkisabouthow->thistalkisaboutalternaterealitythatwecanreach,wheremortalityrateisdifferent
Key:Whydotheyfail???
Certainlynotqualityofideas->Favoriteexemple:Microsoft,PayPalSuccessfulcompaniesachievedenoughiterationstoreachproduct/marketfit
 
FiguredouthowtomatchcrazyvisionwithwhatrealitywouldaccomodateEvolution:‘chipmarbleawayfromthestatue’->ourjobasentrepreneuristofigureoutwhichisthecrazydelusionpartfromtheelementsoftruthWhatisastartup?
 
abandontheideaof‘twoguysinagarage’:folklore,focusesonsideeffects!Astartupisa
humaninstitution
designedtodelivera
newproductorservice
underconditionsof
extremeuncertainty
.Corecharacteristic:extremeuncertaintyaboutwhatthefutureholdsCoreneedofastartup:developamethodologytolearnaboutthefuture!
 Agoodplan?
Startacompanywithacompellinglong-termvisionRaiseplentyofcapitalHiretheabsolutebestandthebrightest
 
HireanexperiencedmanagementteamwithtonsofstartupexperienceFocusonquality(don’tshiptillit’sready)Buildaworld-classtechnologyplatform(allthePhDsintheroom)
fantasticcontributiontosociety
dothewholethinginstealth!(coolthingatthetime,tonoffamouspeopledisappearingformthemaptoworkonunknownthing,filingpatents…)
Whathappened:achievingfailure
Differentfromfailure:includesalotofachievement->5yand$40mwastedReason:Crippledby“shadowbeliefs”thatdestroytheeffortofallthosesmartpeople.Sharedbyeveryone,justnevertalkedaboutthem.
Shadowbelief#1:Weknowwhatcustomerswant
Entrepreneurscreatea‘realitydistortionfield’Problem:itisneeded!Realquestion:ifyouareinastartuptoday,howdoyouknowifyouhaveavisionoradelusion?Whatwaystocheckifthatvisionmakesanysenseatall?
Shadowbelief#2:Wecanaccuratelypredictthefuture
“Peopledon’tcallyoucrazyifyoubelieveit,don’tsayitatleast”Hasimplicationsonbusinessplan:companyhad200peopleatlaunch!!Becausehonestlyfeltthatitwasneeded.
Shadowbelief#3:Advancingtheplanisequivalenttoprogress
Founder’sjobisessentiallytosell,alldaylong.InvestorsEmployeesPartnersCustomersDayinthelifeofastartup:
 
Makesurethateverybodyworkshard=>keep’mbusy
 
But how do you know if you actually made progress?
 
People fall back on ‘making the plan’
Backto‘agoodplan?’
 
Whatwastheproblem?Howtomakemoney?No!Superdetailedbusinessplan.Didactuallywork,peopledidpayforit.Didn’tshipbeforecreditcardintegrationetc.Justafailurecomparedtotheirexpectation.Newplan:IMVUBadidea#1:Shippedin6months-ahorriblybuggybetaproductConcernsoverblown:nobodyevertrieditBadidea#2:Chargedpeopleforit,fromdayoneEvenmore,Metcalfe’slawwasworkingagainstthem!‘Wedidn’tmind’Badidea#3:ShippedmultipletimesadayBy2008,onaverage50timesadayContinousdeployment.Fears:‘whatifitbreaks!?’‘whatifanengineerremovestheCheckoutbutton!?’Badidea#4:NoPR,nolaunchPublishedeverythingonthewebsite,evenbusinessmodel!!Buthadtobecomepartoftop1000websitesbeforejournalistswereinterested!
Leanstartupsgofaster
3keyideas:CommoditytechnologystackCustomerdevelopmentAgilesoftwaredevelopment
Commoditytechnologystack
Productdevelopmentleverage:foreachounceofeffortyouinvestinyourproduct,youtakeadvantegoftheeffortsofthsoudansormillonsofotherDrivescostsdown,butmoreimportant:impactonspeed!Timetobringanewproducttomarketisfallingrapidly.
Q:howaboutIPconcerns?
A:nottherealvalue.Today,valueisindataandcustomerrelationship,nottechnology
companiesaredefendedbytheirbusiness,notlawyers
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