* **READING**: <a href="/content/topics/homeworks/hw_readings_102/45_hw_102_leanstartup_4_5/">Read Lean Startup Chapters 4 and 5</a> *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* <slide_break></slide_break> ### 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 <div class="callout callout-small"> <span class="callout-badge">Ask</span>Not "Can this product be built?" but "Should this product be built?" and "Can we build a sustainable business around this product? </div> <slide_break></slide_break> <h2 id="ideas-are-cheap">Ideas are Cheap</h2> <ul> <li>Everyone has a million ideas</li> <li>Few know how to turn the idea into a successful product or service</li> <li>Venture capitalists say: “It’s all about the team!”</li> <li>Execution is far more important than the idea</li> <li>The important role of “Domain Expertise” (what is that?)</li> </ul> <slide_break></slide_break> <h3 id="so-dont-be-so-secretive">So: Don’t be so secretive!</h3> <ul> <li>This is a classic trap!</li> <li>You (almost) always gain more from sharing your idea and getting feedback</li> <li>Keeping it secret usually only provides an imaginary competitive advantage</li> </ul> <div class="callout callout-small"> <span class="callout-badge">NB</span> 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! </div> <slide_break></slide_break> ## Big Idea Bazaar * Everyone participate * Tell us what your product ideas are * Speak loud, slowly and clearly so I can write! <slide_break></slide_break> ### 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 <slide_break></slide_break> ### 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! <slide_break></slide_break> <h2 class="shadow p-3 bg-white rounded">Thank you. Questions?<img class="img-fluid w-100" src="https://picsum.photos/800/100.jpg" /> <small> (random Image from picsum.photos)</small></h2>