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Lean Startup Minder Chen, Ph. D. Professor of MIS Martin V. Smith School of Lean Startup Minder Chen, Ph. D. Professor of MIS Martin V. Smith School of Business and Economics California State University Channel Islands Minder. chen@csuci. edu

The Startup Owner’s Manual • A startup is a temporary organization designed to search The Startup Owner’s Manual • A startup is a temporary organization designed to search for a repeatable and scalable business model (under extreme uncertainty). - Steve Blank, The Startup Owner’s Manual Steve Blank video at http: //www. youtube. com/watch? v=6 t 0 t-CXPpy. M Lean Startup - 2 © Minder Chen, 2012 -2014

Resources • • http: //theleanstartup. com/ http: //wiki. mbalib. com/zh-tw/精益创业 http: //en. wikipedia. org/wiki/Lean_startup Resources • • http: //theleanstartup. com/ http: //wiki. mbalib. com/zh-tw/精益创业 http: //en. wikipedia. org/wiki/Lean_startup http: //steveblank. com/ • http: //steveblank. com/2012/11/27/open-source-entrepreneurship/ • http: //www. slideshare. net/sblank/lean-launchpad-educators-handbook-sept-2013 – – Video: Steve Blank on entrepreneurship 1, 2, 3, 4 and 5 Video: Steve Blank, the start-up owners manual Slides: Steve Blank, the nine deadly sins of start-ups Paper: Steve Blank, the nine deadly sins of start-ups • http: //theleanstartup. com/ – Video: Lean Start-up (Eric Ries) – Slides: Principles of the Lean Start-up (Eric Ries) – Paper: Lean Start-up Methodology (Eric Ries) © Minder Chen, 2012 -2014 Lean Startup - 3

The Product Development Diagram © Minder Chen, 2012 -2014 Lean Startup - 4 The Product Development Diagram © Minder Chen, 2012 -2014 Lean Startup - 4

Web. Van Step 1: Concept and Seed • Web. Van did all of this Web. Van Step 1: Concept and Seed • Web. Van did all of this extremely well. Founded in December 1996, with a compelling story, and a founder with a track record, Webvan raised $10 million from leading Silicon Valley venture capitalists in 1997. In the next two years, additional private rounds totaling an unbelievable $393 million would follow before the company’s IPO (initial public offering). http: //web. stanford. edu/group/e 145/cgi-bin/winter/drupal/upload/handouts/Four_Steps. pdf © Minder Chen, 2012 -2014 Lean Startup - 5

Web. Van Step 2: Product Development In Webvan’s case, Engineering moved along two fronts: Web. Van Step 2: Product Development In Webvan’s case, Engineering moved along two fronts: building the automated warehouses and designing the web site. The automated warehouses were a technological marvel, far beyond anything existing grocery chains had. Automated conveyors and carousels transported food items off of the warehouse shelves to workers who packed them for delivery. Webvan also designed its own inventory management, warehouse management, route management, and materials handling systems and software to manage the entire customer ordering and delivery flow process. This software communicated with the Webvan web site and issued instructions to the various mechanized areas of the distribution center to fulfill orders. Once a delivery was scheduled, a route-planning feature of the system determined the most efficient route to deliver goods to the customer's home. At the same time, the planning began for a marketing and promotion program designed to strengthen the Webvan brand name, get customers to try the service in the first target market, build strong customer loyalty, and maximize repeat usage and purchases. The plan was to build Webvan’s brand name and customer loyalty through public relations programs, advertising campaign, and promotional activities. © Minder Chen, 2012 -2014 Lean Startup - 6

Web. Van Step 3: Test Webvan began to beta-test its grocery delivery service in Web. Van Step 3: Test Webvan began to beta-test its grocery delivery service in May 1999 to approximately 1, 100 people. At the same time, the marketing buzz started with a PR blitz as hundreds of articles appeared touting the newest entrant in the online grocery business. Private investors poured hundreds of millions of dollars into the company. © Minder Chen, 2012 -2014 Lean Startup - 7

Web. Van Step 4: Product Launch Webvan launched its first regional Webstore in June Web. Van Step 4: Product Launch Webvan launched its first regional Webstore in June 1999 (just one month after starting beta test) and filed for its public offering 60 days later. The company raised $400 million and had a market capitalization of $8. 5 billion the day of its IPO—larger than the top three grocery chains combined. © Minder Chen, 2012 -2014 Lean Startup - 8

Web. Van Death Spiral In Webvan’s case, the death spiral was public and messy, Web. Van Death Spiral In Webvan’s case, the death spiral was public and messy, since none of this was occurring in the intimate enclosure of a private company. The consequence of going public was that the sea of red ink was printed quarterly for all to see. Rather than realize that the model was unrealistic and scale back, the company continued to invest heavily in marketing and promotion (to get more customers and keep the ones they had) and distribution facilities (building new ones in new parts of the country to reach more customers). By the end of 2000 Webvan had accumulated a deficit of $612. 7 million and was hemorrhaging cash. Seven months later, it was bankrupt. © Minder Chen, 2012 -2014 Lean Startup - 9

What’s Wong? • Where Are the Customers? the greatest cause of failure—in startups is What’s Wong? • Where Are the Customers? the greatest cause of failure—in startups is not in the development of the new product but in the development of customers and markets. Startups don’t fail because they lack a product; they fail because they lack customers and a proven financial model. • The Focus on First Customer Ship Date: The first customer ship date does not mean that the company understands its customers or how to market or sell to them. It ignores the entire process of what I call Customer Discovery. • An Emphasis on Execution Instead of Learning and Discovery • The Lack of Meaningful Milestones for Sales, Marketing and Business Development. Most sales executives and marketers tend to focus on execution activities because at least these are measurable. …. . © Minder Chen, 2012 -2014 Lean Startup - 10

© Minder Chen, 2012 -2014 Lean Startup - 11 © Minder Chen, 2012 -2014 Lean Startup - 11

The Lean Startup Method • • • Entrepreneurs are everywhere. Entrepreneurship is management. Validated The Lean Startup Method • • • Entrepreneurs are everywhere. Entrepreneurship is management. Validated learning. Build-Measure-Learn. Innovation accounting. – Eric Ries, The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses, 2011. © Minder Chen, 2012 -2014 Lean Startup - 12

Source: http: //businessmodelgeneration. com/canvas © Minder Chen, 2012 -2014 Lean Startup - 13 Video Source: http: //businessmodelgeneration. com/canvas © Minder Chen, 2012 -2014 Lean Startup - 13 Video

What How Who Cash Flow Documenting your model https: //canvanizer. com/choose-canvas Source: Alexander Osterwalder What How Who Cash Flow Documenting your model https: //canvanizer. com/choose-canvas Source: Alexander Osterwalder & Yves Pigneur, Business Model Generation (Preview version), 2009. Lean Startup - 14 © Minder Chen, 2012 -2014

The Use of the Business Model Canvas • • • Describe Discuss Design Challenge The Use of the Business Model Canvas • • • Describe Discuss Design Challenge Improve Innovate Invent Pivot Choose © Minder Chen, 2012 -2014 Your Business Model Lean Startup - 15

© Minder Chen, 2012 -2014 Lean Startup - 16 © Minder Chen, 2012 -2014 Lean Startup - 16

Questioning Business Model Components © Minder Chen, 2012 -2014 Lean Startup - 17 Questioning Business Model Components © Minder Chen, 2012 -2014 Lean Startup - 17

Value Proposition Canvas • • http: //www. businessmodelgeneration. com/downloads/value_proposition_canvas. pdf http: //www. franciscopalao. com/english/value-proposition-canvas-get-to-know-yourcustomers-and-improve-your-value-proposition/ Value Proposition Canvas • • http: //www. businessmodelgeneration. com/downloads/value_proposition_canvas. pdf http: //www. franciscopalao. com/english/value-proposition-canvas-get-to-know-yourcustomers-and-improve-your-value-proposition/ © Minder Chen, 2012 -2014 Lean Startup - 18

Lean Canvas © Minder Chen, 2012 -2014 Lean Startup - 19 Lean Canvas © Minder Chen, 2012 -2014 Lean Startup - 19

Key Metrics • Diffusion / Spreading - active users - number of cities/countries in Key Metrics • Diffusion / Spreading - active users - number of cities/countries in which events have been created so far • Depth of customer relations - created events - average amount of received ratings • Monetization - standard advertising metrics - percentage / total number of premium users © Minder Chen, 2012 -2014 Lean Startup - 20

Validate Your Business Model • Most startups lack a structured process for testing their Validate Your Business Model • Most startups lack a structured process for testing their business model hypotheses. No startup business plan survived first contact with customers. “Get out of the building approach” – It is not a business plan. © Minder Chen, 2012 -2014 Lean Startup - 21

太肯運動科技 • 【店家資料】太肯運動科技 • 官網 https: //www. titan-tech. com. tw/ 創業資金 初期投入 150萬元(為開發產品，2012年投 入 太肯運動科技 • 【店家資料】太肯運動科技 • 官網 https: //www. titan-tech. com. tw/ 創業資金 初期投入 150萬元(為開發產品，2012年投 入 300萬元、2013年再投入 600萬元) 去年營收 1800萬元(獲利再投入研發、行銷，年度盈 餘剩 50萬元) © Minder Chen, 2012 -2014 Lean Startup - 22

太肯的機能運動襪 • 年賣 1800二千萬 運動襪 跑出商機 • https: //www. titan-tech. com. tw/static/aboutus • 擁有亞洲頂尖研發團隊之人員共同開發 太肯的機能運動襪 • 年賣 1800二千萬 運動襪 跑出商機 • https: //www. titan-tech. com. tw/static/aboutus • 擁有亞洲頂尖研發團隊之人員共同開發 許景泰 – 臺灣師範大學 運動科學研究所 – 國際生物力學學會 – 台灣運動科技發展協會 (link) Lean Startup - 23 Source: http: //www. appledaily. com. tw/appledaily/article/finance/20140324/35720083/ © Minder Chen, 2012 -2014

Socks Suck! Socks is the only interface between your shoes and your feet! • Socks Suck! Socks is the only interface between your shoes and your feet! • 跑鞋技術發展已達顛峰，「然而，最貼近足部的襪子， 卻尚未受到重視，這將會是重要關鍵。」 2008年，一 個很原生的概念誕生，「我們其中一位股東蔡邦和， 覺得這個產業可以碰，在師大育成中心提案。」主要 還有 3個宏觀的目的：學術研究可被發揚光大、該體 系學生畢業有 作，還可幫助台灣紡織產業，畢竟， 製襪業已是夕陽 業 。 • 「 襪子是腳與鞋的唯一介面，全世界眾多製鞋大廠不 惜耗費巨資研發鞋類，但卻很少有人重視襪子！」除 了運動鞋外，也應該要研發運動襪。 © Minder Chen, 2012 -2014 Lean Startup - 24

Biomechanics生物力 「就是一種希望 “活用生物力學，創新運動科技 ”的 執著，襪子是腳與鞋的唯一介面，全世界那麼多的 製鞋大廠不惜耗費鉅資研發鞋類，但卻很少有人 重視襪子！」 -相子元教授 https: //www. titan-tech. com. tw/truestory/research 3 Biomechanics生物力 「就是一種希望 “活用生物力學，創新運動科技 ”的 執著，襪子是腳與鞋的唯一介面，全世界那麼多的 製鞋大廠不惜耗費鉅資研發鞋類，但卻很少有人 重視襪子！」 -相子元教授 https: //www. titan-tech. com. tw/truestory/research 3 Video: https: //www. youtube. com/watch? v=nd. Enng. IOx. CI © Minder Chen, 2012 -2014 Lean Startup - 25

他山之石可以攻錯 • 為了研發出最適合國人走路、運 動穿的專業襪子，他不惜在短短 不到三年的時間，飛往世界各國， 砸下台幣 20多萬，買了將近 300 雙的襪子，還不包括旅費在內！ • 「所有能買的 他山之石可以攻錯 • 為了研發出最適合國人走路、運 動穿的專業襪子，他不惜在短短 不到三年的時間，飛往世界各國， 砸下台幣 20多萬，買了將近 300 雙的襪子，還不包括旅費在內！ • 「所有能買的"機能性 "襪子，我幾 乎都買了 …. . 最貴的，一雙就要 2000多塊台幣 …」相子元教授收 藏的 300雙襪子，遍佈五大洲，除 了日本、韓國、美國、加拿大、紐 西蘭、澳洲和歐洲各國，包括德 國、擁有最好的織襪機台的義大 利等，甚至遠到南非，他也去了 Source: https: //www. titan-tech. com. tw/truestory/research 3 一趟。 Video: https: //www. youtube. com/watch? v=nd. Enng. IOx. CI © Minder Chen, 2012 -2014 Lean Startup - 26

設計 Source: 　Link © Minder Chen, 2012 -2014 Lean Startup - 27 設計 Source: 　Link © Minder Chen, 2012 -2014 Lean Startup - 27

Pressure https: //www. youtube. com/watch? v=dldp. Slk. PLew https: //www. titan-tech. com. tw/sport_socks/low_arch_pro_basketball_socks © Pressure https: //www. youtube. com/watch? v=dldp. Slk. PLew https: //www. titan-tech. com. tw/sport_socks/low_arch_pro_basketball_socks © Minder Chen, 2012 -2014 Lean Startup - 28

電子商務和服務 • 這幾年台灣電子商務領域的成功創業案例， 如果仔細推算，全部都經營 自有品牌 、而且有 自己的 官網 。 • 從作部落格 口碑行銷 廣告的達摩媒體，到作 電子商務價格數據平台的紅門互動，再到專 電子商務和服務 • 這幾年台灣電子商務領域的成功創業案例， 如果仔細推算，全部都經營 自有品牌 、而且有 自己的 官網 。 • 從作部落格 口碑行銷 廣告的達摩媒體，到作 電子商務價格數據平台的紅門互動，再到專 業運動襪品牌太肯科技，許景泰七年期間創 辦三家公司，單從產品看彼此相關性不高，不 過熟悉網路產業的明眼人一看就知道，這樣 的創業路徑，全都圍繞著電子商務的核心，一 層一層往上作。 • 在網路上，你基底要做厚，這也就是 服務成本 。 一開始就將服務做到精細，把一千個會員做 好，他就會跟別人講，幫你宣傳。 Lean Startup - 29 © Minder Chen, 2012 -2014

Marketing • 全 方位運動品 牌：從 大廠不重視的專業運動襪切入， 雖然跑步最容易被忽略，卻是運動市場最大宗，先 把跑步需求發揚，再邁入球類運動等其他襪類需求， 進而發展衣服、鞋子等，成為全方位運動品牌。 • 產品包 裝：設 計有巧思，訴求環保、方便取用。 • Marketing • 全 方位運動品 牌：從 大廠不重視的專業運動襪切入， 雖然跑步最容易被忽略，卻是運動市場最大宗，先 把跑步需求發揚，再邁入球類運動等其他襪類需求， 進而發展衣服、鞋子等，成為全方位運動品牌。 • 產品包 裝：設 計有巧思，訴求環保、方便取用。 • 活 動行 銷 : 　積極參加展覽、舉辦路跑活動，為品牌 行銷。 © Minder Chen, 2012 -2014 Lean Startup - 30

Online Marketing • 網路低成本 ≠ 創業成功低門檻 • 許景泰最近創業的一家公司是太肯科技，和他過往的創業 題目完全不同的是，太肯不是軟體公司，賣實體商品，而 且一開始只賣專業運動襪，光是運動襪就超過 20多款不同 的機能款式。初期投入資本 200萬，3個月內損益兩平，第 二年營收兩千多萬， Online Marketing • 網路低成本 ≠ 創業成功低門檻 • 許景泰最近創業的一家公司是太肯科技，和他過往的創業 題目完全不同的是，太肯不是軟體公司，賣實體商品，而 且一開始只賣專業運動襪，光是運動襪就超過 20多款不同 的機能款式。初期投入資本 200萬，3個月內損益兩平，第 二年營收兩千多萬， 7個人的小公司，今年營業額成長 75% 達到 3500萬，而且，預估明年營收超過五千萬、後年則是 一億。 • 太肯是許景泰自創品牌，技術來自與師大的技轉合作，營 業額成長能如此快速，唯一的原因就是太肯的實體商品市 場是從虛擬的網路開始的。 3年時間，太肯還沒有自己的實 體商店，但在同品類商品的市場上，卻已經做到網路第一， 搜尋運動襪商品， 70% 的內容都與太肯有關，除了台灣， 海外市場也已經拓展到日本、香港，太肯的下一個產品， 是結合軟硬整合技術，推出可以測心跳速度的運動襪。 © Minder Chen, 2012 -2014 Lean Startup - 31

E-Commerce and Internet Marketing • 網路當然是太肯科技得以低成本跨入市場的原因，但許 景泰說，「如果以為網路低本成就等於創業成功低門檻， 那就大錯特錯了。」 • 太肯科技的產品研發和優化，由原本的技術團隊負責， 許景泰只專心作一件事情：銷售推廣與市場發展。前三 個月 200 萬的成本投入，除了生產之外都在網路行銷， E-Commerce and Internet Marketing • 網路當然是太肯科技得以低成本跨入市場的原因，但許 景泰說，「如果以為網路低本成就等於創業成功低門檻， 那就大錯特錯了。」 • 太肯科技的產品研發和優化，由原本的技術團隊負責， 許景泰只專心作一件事情：銷售推廣與市場發展。前三 個月 200 萬的成本投入，除了生產之外都在網路行銷， 許景泰說，「如果沒有達摩媒體和紅門互動累積的經驗 和技術，我絕對不敢作實體。」 • 台灣發展電子商務 15 年，商店街上幾萬個賣家，但如 Lativ、東京著衣、86 小鋪等成功發展出品牌價值的， 卻少之又少。即使是不以發展自有品牌為目標，單純作 貿易商買進、賣出生意，真正獲利且可長期經營的電子 商務經營者，根據許景泰的觀察，不到 5 %。 • http: //www. dotmoremedia. com/other 01_main_201409_05. html © Minder Chen, 2012 -2014 Lean Startup - 32

Internet and WOM Marketing • http: //www. dotmoremedia. com/other 01_main_201409_05. html • 沒有實體開店成本、24 小時都可以做生意、不受實體空間限制商品可多樣上架， Internet and WOM Marketing • http: //www. dotmoremedia. com/other 01_main_201409_05. html • 沒有實體開店成本、24 小時都可以做生意、不受實體空間限制商品可多樣上架， • • • 很多人因此大膽投入市場，卻有 95% 的人失敗，許景泰說，「因為太多隱藏成本 都是開始經營後才出現的。」 一個最現實的問題：開站很容易，但商品上架了要怎麼讓顧客上門買東西？ 至少 25% 的行銷費用，你的預備金夠嗎？ 商店街的超高流量並不屬於開店賣家，把顧客請進門，要跟商店街買首頁廣告板 位、請部落客推薦發展口碑，下關鍵字廣告，許景泰說，「一般經營穩定的網路 商家，至少 10%～ 25% 的營收必須再投入作行銷費用，若要經營品牌，成本會更 高。」 透過達摩媒體和紅門互動的有效口碑社群和電子商務數據資料庫，許景泰的太肯 科技有辦法把行銷費用壓低到營收的 5 %。 節省下來的行銷成本，許景泰拿來發展品牌，發行紙本專業運動雜誌、舉辦大型 活動，「透過這些內容，經營忠誠會員，才能支撐品牌的高度。」有了高回購率 的會員，太肯科技才開始發展實體銷售，進駐實體商場，加深品牌的專業形象， 「在網路上，你基底要做厚，這也就是服務成本。一開始就將服務做到精細，把 一千個會員做好，他就會跟別人講，幫你宣傳。」 許景泰認為，網路有個好處，可以快速測試消費者。當你越來越清楚這群會員要 什麼的時候，才可以再慢慢想，不能用大量生產的概念去做網路。把消費者忠誠 度養高，抓很愛你的人進來，而非為了便宜。 © Minder Chen, 2012 -2014 Lean Startup - 33

Two Approaches to Innovation © Minder Chen, 2012 -2014 Lean Startup - 34 Two Approaches to Innovation © Minder Chen, 2012 -2014 Lean Startup - 34

Customer Relationship 囊括四海。 —賈誼 《 秦 論 》 過 Lean Startup - 35 http: Customer Relationship 囊括四海。 —賈誼 《 秦 論 》 過 Lean Startup - 35 http: //steveblank. files. wordpress. com/2012/02/full-mobile-color-copyright. jpg © Minder Chen, 2012 -2014

Hypotheses Testing and Insight Business Model Hypotheses Facts © Minder Chen, 2012 -2014 Lean Hypotheses Testing and Insight Business Model Hypotheses Facts © Minder Chen, 2012 -2014 Lean Startup - 36

Waterfall / Product Management Execution on Two “Knowns” More startups fail from a lack Waterfall / Product Management Execution on Two “Knowns” More startups fail from a lack of customers than from a failure of product development Requirements Product Features: known Design Implementation Verification Customer Problem: known Source: Eric Ries © Minder Chen, 2012 -2014 http: //startuplessonslearned. blogspot. com Maintenance Lean Startup - 37

The Customer Development Process More startups fail from a lack of customers than from The Customer Development Process More startups fail from a lack of customers than from a failure of product development 1. Try many times before you get it right. 2. It is OK to fail so plan to learn from it. 3. Only move to the next stage when you learn enough and reach the “escape velocity” http: //www. ctinnovations. com/images/resources/Startup%20 Owners%20 Manual%20 -%20 Blank. Dorf. pdf © Minder Chen, 2012 -2014 Lean Startup - 38

The Startup Owner’s Manual • Customer Discovery – Phase 1: State Your Business Model The Startup Owner’s Manual • Customer Discovery – Phase 1: State Your Business Model Hypotheses – Phase 2: Get out of the building to test the problem: “Do people care? ” – Phase 3: Get out of the building to test the product solution. – Phase 4: Verify the business model and “Pivot or proceed? ” • Customer validation – – Phase 1: Get ready to sell Phase 2: Get out of the building to sell Phase 3: Develop product and company positioning Phase 4: The toughest question of all: “Pivot or Proceed? ” © Minder Chen, 2012 -2014 Lean Startup - 39

Bio. IQ. Com Case Study © Minder Chen, 2012 -2014 Lean Startup - 40 Bio. IQ. Com Case Study © Minder Chen, 2012 -2014 Lean Startup - 40

The Lean Start-Up Steve Blank, The Lean Start-Up Steve Blank, "Why The Lean Start-up Change Everything, " HBR, May 2013. (link) Lean Startup - 41 © Minder Chen, 2012 -2014

What Is Pivot? • Pivot: A change to business model component based on customer What Is Pivot? • Pivot: A change to business model component based on customer feedbacks. A pivot is not a failure. • Pivot is a structured course correction designed to test a new fundamental hypothesis about the product, strategy, engine of growth, etc. – Eric Ries, The Lean Startup, 2013. • Pivots are vision driven. © Minder Chen, 2012 -2014 Lean Startup - 42

Learning and Assumptions Testing Big Company © Minder Chen, 2012 -2014 Start-up Lean Startup Learning and Assumptions Testing Big Company © Minder Chen, 2012 -2014 Start-up Lean Startup - 43

Pivot a Lean Startup • The popular view of a real entrepreneur is someone Pivot a Lean Startup • The popular view of a real entrepreneur is someone with a big vision, and a stubborn determination to charge straight ahead through any obstacle and make it happen. • The vision part is fine, but successful entrepreneurs have found that the extreme uncertainty of a new product or service usually requires many course corrections, or “pivots” to find a successful formula. • Use continuous innovation to create radically successful Source: Top 10 Ways Entrepreneurs Pivot a Lean Startup (link) Lean Startup - 44 © Minder Chen, 2012 -2014

© Minder Chen, 2012 -2014 Lean Startup - 45 © Minder Chen, 2012 -2014 Lean Startup - 45

Top Ten Types of Pivots 1. Zoom-in pivot 2. Zoom-out pivot 3. Customer segment Top Ten Types of Pivots 1. Zoom-in pivot 2. Zoom-out pivot 3. Customer segment pivot 4. Customer need pivot 5. Platform pivot 6. Business architecture pivot 7. Value capture pivot 8. Engine of growth pivot 9. Channel pivot 10. Technology pivot. Source: Top 10 Ways Entrepreneurs Pivot a Lean Startup (link) Lean Startup - 46 © Minder Chen, 2012 -2014

MVP • In product development, the Minimum Viable Product (MVP) is a strategy used MVP • In product development, the Minimum Viable Product (MVP) is a strategy used for fast and quantitative market testing of a product or product features. It is an iterative process of idea generation, prototyping, presentation, data collection, analysis and learning. © Minder Chen, 2012 -2014 Lean Startup - 47

An MVP Example Why is Dropbox more popular than other programs with similar functionality? An MVP Example Why is Dropbox more popular than other programs with similar functionality? • Well, let’s take a step back and think about the sync problem and what the ideal solution for it would do: – There would be a folder. – You’d put your stuff in it. – It would sync. Source: http: //michaelrwolfe. com/2013/10/19/why-is -dropbox-more-popular-than-otherprograms-with-similar-functionality/ © Minder Chen, 2012 -2014 Lean Startup - 48

http: //paulgraham. com/ds. html http: //fundersandfounders. com/do-things-that-dont-scale-in-startups/ © Minder Chen, 2012 -2014 Lean Startup http: //paulgraham. com/ds. html http: //fundersandfounders. com/do-things-that-dont-scale-in-startups/ © Minder Chen, 2012 -2014 Lean Startup - 49

Build-Measure-Learn Cycle The core function of startups is to translate ideas into products, to Build-Measure-Learn Cycle The core function of startups is to translate ideas into products, to measure how clients respond, and to use that knowledge to determine when to make changes, or conversely, to persevere. http: //freshprojects. nl/en/themes/lean-start-up http: //www. freshprojects. nl/downloads/layoutentitylinkvalue/43/8 d 20 a 94 e 5 f 94 d 7 c/build-measure-learn-3 -2. png © Minder Chen, 2012 -2014 Lean Startup - 50

(Product) Lean Startup - 51 © Minder Chen, 2012 -2014 http: //thumbnails. visually. netdna-cdn. (Product) Lean Startup - 51 © Minder Chen, 2012 -2014 http: //thumbnails. visually. netdna-cdn. com/the-lean-startup_50291668 aa 9 bb. png

https: //www. youtube. com/watch? v=i 2 WXN 3 ud. Rww https: //www. youtube. com/watch? https: //www. youtube. com/watch? v=i 2 WXN 3 ud. Rww https: //www. youtube. com/watch? v=e. GLRHKAo. Jjk https: //www. youtube. com/watch? v=Pp 2 A 4 bt. Lb. SU short demo https: //www. owletcare. com/ © Minder Chen, 2012 -2014 Lean Startup - 52

Owlet Baby Monitor © Minder Chen, 2012 -2014 Lean Startup - 53 Owlet Baby Monitor © Minder Chen, 2012 -2014 Lean Startup - 53

DATA: Sudden infant death syndrome (SIDS) is the leading cause of infant deaths. a DATA: Sudden infant death syndrome (SIDS) is the leading cause of infant deaths. a first pivot after one week. © Minder Chen, 2012 -2014 Lean Startup - 54

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© Minder Chen, 2012 -2014 Lean Startup - 56 © Minder Chen, 2012 -2014 Lean Startup - 56

Owlet Business Model © Minder Chen, 2012 -2014 Lean Startup - 57 Owlet Business Model © Minder Chen, 2012 -2014 Lean Startup - 57

Owlet Business Model © Minder Chen, 2012 -2014 Lean Startup - 58 Owlet Business Model © Minder Chen, 2012 -2014 Lean Startup - 58

Owlet Business Model © Minder Chen, 2012 -2014 Lean Startup - 59 Owlet Business Model © Minder Chen, 2012 -2014 Lean Startup - 59

Source: http: //startitup. co/guides/294/becoming-a-lean-startup-guru © Minder Chen, 2012 -2014 Lean Startup - 60 Source: http: //startitup. co/guides/294/becoming-a-lean-startup-guru © Minder Chen, 2012 -2014 Lean Startup - 60

http: //upscalability. com/ © Minder Chen, 2012 -2014 Lean Startup - 61 http: //upscalability. com/ © Minder Chen, 2012 -2014 Lean Startup - 61

http: //upscalability. com/lean-startup/ © Minder Chen, 2012 -2014 Lean Startup - 62 http: //upscalability. com/lean-startup/ © Minder Chen, 2012 -2014 Lean Startup - 62

http: //upscalability. com/ © Minder Chen, 2012 -2014 Lean Startup - 63 http: //upscalability. com/ © Minder Chen, 2012 -2014 Lean Startup - 63

Adoption of Innovative Things © Minder Chen, 2012 -2014 Lean Startup - 64 Adoption of Innovative Things © Minder Chen, 2012 -2014 Lean Startup - 64

Technology Adoption Cycle © Minder Chen, 2012 -2014 Lean Startup - 65 Technology Adoption Cycle © Minder Chen, 2012 -2014 Lean Startup - 65

Crossing the Chasm http: //ewthoff. home. xs 4 all. nl/Weppage%20 documents/Summary%20 Crossing%20 the%20 Chasm. Crossing the Chasm http: //ewthoff. home. xs 4 all. nl/Weppage%20 documents/Summary%20 Crossing%20 the%20 Chasm. pdf Lean Startup - 66 © Minder Chen, 2012 -2014

© Minder Chen, 2012 -2014 Lean Startup - 67 © Minder Chen, 2012 -2014 Lean Startup - 67

© Minder Chen, 2012 -2014 Lean Startup - 68 © Minder Chen, 2012 -2014 Lean Startup - 68

From Startup to Large Company Sustaining Goal is to solve for: unknown customer and From Startup to Large Company Sustaining Goal is to solve for: unknown customer and unknown features Innovate or Evaporate Search Scalable Startup Build Transition /Buyout Large Company Disruptive Innovation • New Market • New tech, customers, channels © Minder Chen, 2012 -2014 Sustaining Innovation Exit Criteria - Business model found - Total Available Market > $500 m - Can grow to >$100 m/year - Can be Venture capital funded Execute • Existing Market / Known customer • Known product feature needs Lean Startup - 69

Lessons Learning • The search for the business model is the front end of Lessons Learning • The search for the business model is the front end of the startup process • The goal is to find a repeatable/scalable model, and then execute • Customer and Agile Development are the processes to search and build the model • Execution requires operating plans and financial forecasts • Product management is the process for executing the model • This is true in the smallest startup or largest company http: //steveblank. com/2012/03/05/search-versus-execute/ © Minder Chen, 2012 -2014 Lean Startup - 70

SCRUM Process Source: https: //www. youtube. com/watch? v=Wxiu. E-1 uj. CM © Minder Chen, SCRUM Process Source: https: //www. youtube. com/watch? v=Wxiu. E-1 uj. CM © Minder Chen, 2012 -2014 Lean Startup - 71

Lean Startup = Customer Development + Agile Method © Minder Chen, 2012 -2014 Lean Lean Startup = Customer Development + Agile Method © Minder Chen, 2012 -2014 Lean Startup - 72

© Minder Chen, 2012 -2014 Lean Startup - 73 © Minder Chen, 2012 -2014 Lean Startup - 73

References Lean Startup Note in Chinese at http: //vdisk. weibo. com/s/Cqfs_0 EZ 5 Ct References Lean Startup Note in Chinese at http: //vdisk. weibo. com/s/Cqfs_0 EZ 5 Ct © Minder Chen, 2012 -2014 Lean Startup - 74

Extra © Minder Chen, 2012 -2014 Lean Startup - 75 Extra © Minder Chen, 2012 -2014 Lean Startup - 75

Startup vs. Large Company Lean Startup - 76 © Minder Chen, 2012 -2014 http: Startup vs. Large Company Lean Startup - 76 © Minder Chen, 2012 -2014 http: //steveblank. com/2012/03/05/search-versus-execute/

Not Seeing the Opportunities 1. Cannot see at its nascent stage 2. Don’t take Not Seeing the Opportunities 1. Cannot see at its nascent stage 2. Don’t take it seriously once seen 3. Don’t understand when it has become successful 4. Wait until it is too late 視而不見 見而不屑 察而 不懂 行已 不及 先見之明 人棄我取 摸透產業Lean Startup - 77 先人 © Minder Chen, 2012 -2014