Eric’s blog: startuplessonslearned.blogspot.com
Twitter: @ericries (tag with #leanstartup)
- Most startups fail catastrophically
- How many startups have lived up to their employees, founders and investors?
- Most startups that succeed turn out to be something totally different from the initial vision of the company
- Difference between a successful startup and a failure is the number of iterations the company could afford before death / success
- Eric’s new company – IMVU – bring avatars and digital goods to the USA
- shipped in 6 months – a horribly buggy beta product
- charged from day 1
- Visionary Customers can be just as or more valuable to the business as the founders
- must be in constant dialog with those visionary customers
- those visionary customers live with the same pain that the founders did when they came up with the business idea
- Iterate constantly. IMVU pushes to production 50x per day
- No PR, no launch
- this way you only focus on what your customers think
- 2007 revenues of $10mm, still growing nicely
Lean Startups Go Faster
- Full-scale refactoring of how software is developed.
- Commodity technology stack – easy, cheap: EC2, grid, cloud, etc etc
- Customer Development (find out what customers want before you build it)
- Agile (lean) product development (fast iterations)
- Principles drawn from Lean Manufacturing and Toyota Production System
- Where problem is known but solution is not
- Meetings are waste, revising code is progress
- Product development at a lean startup:
- problem and solution both unknown
- get rid of departments. 2 teams: problem team, solution team
- Problem team constantly asks what the problem is and is there a business here if we can solve it?
- Solution team constantly asks what the problem is and if the product is sufficiently solving it (constantly iterate)
- The biggest source of waste in any startup is building something nobody wants.
Disclaimer (AJ): My notes don’t do Eric’s presentation or concepts justice. Please watch Eric’s recorded presentations and look at his actual slides.