Reminder: Readings are your responsibility. You will be expected to come to class prepared, having read the material, and ready to participate in the discussion
Quick Review
- It’s a methodology not a religion
- Goal is to build the right product, at the right time, for the right customer
- Did I (Pito) use Lean Startup methodology in my startup?
- Build-measure-Learn: Always iterate, learn from information you gather; apply the learnings and go again
- Validated Learning: Learning with empirical evidence in support of conclusions (learnings)
- Make sure you know who really needs what you are creating
AskNot "Can this product be built?" but "Should this product be built?" and "Can we build a sustainable business around this product?
Ideas are Cheap
- Everyone has a million ideas
- Few know how to turn the idea into a successful product or service
- Venture capitalists say: “It’s all about the team!”
- Execution is far more important than the idea
- The important role of “Domain Expertise” (what is that?)
So: Don’t be so secretive!
- This is a classic trap!
- You (almost) always gain more from sharing your idea and getting feedback
- Keeping it secret usually only provides an imaginary competitive advantage
NB If your idea is so simple that a 10 minute description is enough to allow someone else to beat you.... then your idea wasn't really worth that much anyway!
Big Idea Bazaar
- Everyone participate
- Tell us what your product ideas are
- Speak loud, slowly and clearly so I can write!
Product Ideas Breakout - Purpose
- Continue to get to know each other
- Practice describing a product idea succinctly (elevator pitch)
- Practice listening openly to feedback without getting defensive
- Learn from each other how to think critically about entrepreneurial projects
Activities - Break into your teams
- Each student introduce yourself, and mention an idea if you have one
- Discuss among the teammates which ones of all of them you like best
- When we come back together each team presents their top concept in 3 minutes
- This is non-binding!
Thank you. Questions?
(random Image from picsum.photos)