Miami Lean Startup Circle Meetup 12-04-2014 - Tom Ordonez

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  • STOP WASTING TIME AND MONEY

    Miami Lean Startup Circle

    http://LeanStartupMiami.com

  • http://leanstartupmiami.com

    Andrej Kostresevic

    http://newfrontiernomads.com

    Founder of New Frontier Nomads Your Lean Mobile Cofounders! Organizer of Miami Lean Startup Circle! Organizer of Android South Florida! Miami Startup Digest curator! 15 years of mobile and web dev experience! Has developed apps that have over 10M downloads

  • http://leanstartupmiami.com

    Tom Ordonez

    http://startcreatus.com!http://tomordonez.com

    Business developer with experience in lean startup, customer development, product development, offline/online marketing, software development and recruiting.! Co-organizer of Miami Lean Startup Circle! Attended 20+ trade shows! Introduced 100+ products in the Latin American market! $1M+ sales record! Organized 2 software development workshops: http://coderetreatmiami.com! Organized the first hackathon on a train: https://www.youtube.com/watch?

    v=l1Dz1w982_c! Organizer of Product Hunt Miami: www.meetup.com/Product-Hunt-Miami/

  • http://leanstartupmiami.com

    What is the Miami Lean Startup Circle?

  • http://leanstartupmiami.com

    The Lean Startup

    A methodology for developing businesses and products!

    Developed by Eric Ries! Applicable to any business or

    product! Lessons learned from wasting

    a lot of time and money

  • http://leanstartupmiami.com

    Who Likes To Waste Time?If he wastes time he gets!

    pissed off

  • http://leanstartupmiami.com

    Who Likes To Waste Money?

    He will tear your eyeballs out andyou know the rest!right?

  • http://leanstartupmiami.com

    What is a Circle?

    Circle of Lean! Community! Help each other! Support each other! Teach each other

  • http://leanstartupmiami.com

    What is a Lean Startup Circle?LEAN!

    Problem/Solution!Lean Canvas!

    Customer Development!Product Interviews!Agile Development!

    Iterate Fast!Metrics

    NOT LEAN

    The Lean Startup Circle is a worldwide community: http://leanstartupcircle.com

  • http://leanstartupmiami.com

    Not Lean = Bacon Bacon is yummy yum yum! Doing logos is bacon! Designing landing pages = bacon! Coding is bacon! Tweeting bacon! Sending surveys bacon! Building is bacon! Eating only bacon is bad for you

  • http://leanstartupmiami.com

    NOT The Lean Way

    People wont buy your product cause:! You have a nice logo! You have a beautiful landing page/website! You have a lot of twitter followers! You write beautiful code

  • http://leanstartupmiami.com

    Lets learn some Lean Startup Right Now!

  • http://leanstartupmiami.com

    Build a Lean Canvas

  • http://leanstartupmiami.com

    Tips to Complete a Lean Canvas Complete from top to bottom, from left to right! Dont get stuck in the terminology:!

    Lean canvas: Call it Smart Plan, Awesome Plan or whatever name you want! Unfair advantage: A component of the lean canvas. Which is the same as the

    common name Competitive Advantage! UVP aka Unique Value Proposition: This is an elevator pitch!

    Complete the 1st draft in 1 hour of brainstorming! Dont spend time googling stuff! These are all assumptions based on your know-how! This is not a business plan! Focus on start UP (3 months runway) and not on growth

  • http://leanstartupmiami.com

    Tools to Build a Lean CanvasUse anything!Word, excel!No need to buy

    software!Just use your

    brain

    THIS IS A SIMPLE EXCEL TEMPLATE

  • http://leanstartupmiami.com

    Lean Canvas Template You could also do a lean canvas template like this one. It is easier if

    you are doing it in Excel or Word and dont want to merge cells, which can be a mess.

    ProblemSolutionExisting Alternatives

    Customer Segments

    Early Adopters

    Channels to CustomersCompetitive AdvantageUnique Value Proposition!What is it called:!For Who is It?!Why should they careCost Structure

    Revenue Streams

    Key Metrics

  • http://leanstartupmiami.com

    Lean Canvas for Book My Flight

    In our last meetup Dec 4, 2014 at Venture Hive, participants came up with 5 ideas. Using a random formula, one idea was chosen.!

    Idea: Book My Flight

  • http://leanstartupmiami.com

    Lean Canvas: 1. Problems

    Lets identify the top 3 problems:! Too much time spent on research to find the best flight

    tickets! Getting the best deal is difficult! After spending a lot of time, the ticket you want is not

    available or the price you are looking for has a pain level (not the best times, dates, airports)

  • http://leanstartupmiami.com

    Lean Canvas: 2. Solutions

    Lets identify 3 possible solutions! Market price and historical records of tickets! Auction of tickets to the highest bidder or up to the

    market value! Personalized service of booking a flight, based on

    customers criteria

  • http://leanstartupmiami.com

    Lean Canvas: 3. UVP Example

    What is the Unique Value Proposition?! What is it? Twitter - Share short messages! For Who? For you and your friends! Why? Let the world know that you exist

  • http://leanstartupmiami.com

    Lean Canvas: 3. UVP Flight

    What: Book My Flight! Who: Business Travelers! Why: Cure the pain of booking

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    Lean Canvas: 4. Customer Segments

    Lets think of all possible users that will use the product:! Business people that fly often! Companies that buy tickets for business people! Frequent flyers (segmented by collected miles)! Travel agencies! Nightcrawlers: Independent travel agents that crawl

    ticket websites at night (8pm to 5am)

  • http://leanstartupmiami.com

    Lean Canvas 5. Channels How are we getting to these customers?! Channel 1: Bars at the airport. Bartender promotes service! Ch2: Buy the lists of customers! Ch3: Online segmented ads! Ch4: Alliance with airlines VIP clubs! Ch5: Association of travel agencies! Ch6: Tradeshows about travel agencies! Ch7: Ads on taxis or Ubers! Ch8: Promote with credit card companies! What is the best channel?

  • http://leanstartupmiami.com

    Lean Canvas: 6. Competitive Advantage

    What do you have they dont have? Do you have some super secret formula?!

    Automatic booking! Fastest booking! Biometric reading to approve your booking! Some other super awesome ingredient we need to think

    about.

  • http://leanstartupmiami.com

    Lean Canvas: 6b. Competitors The solution is a customized service to book your flight. The idea is not to

    spend time searching for tickets. The service just knows when you are traveling, what your price is and it books the flight for youlike super fast.!

    Ticket competitors: Orbitz, Travelocity, Expedia, Hipmunk, more (But keep in mind you need to search the tickets there)!

    Travel agencies: I am sure there still are travel agencies but we cannot think of one right now.!

    The airlines: Website for the airline. You still need to search for your ticket. Although unsure if with super Gold status, the airline knows when/where you are traveling and a has a ticket for you.!

    Soget a List of competitors and do a SWOT for each

  • http://leanstartupmiami.com

    Lean Canvas: 7. Cost Structure First iteration: 3-month plan for prototype at MIA! What costs are involved to build a 3-month runway?! Customer Development: Lets say about $10K in 1 month: !

    Talk to 10 frequent flyers in 1 week $1K. ! Go to 1 trade show for 3 days $5K! Talk to 10 car rental companies in 1 week $1K!

    Product Development MVP prototype, No App: $7K! Ads, marketing $5K! Lawyer $5K! Lets say about $30K for 3 mo. Bootstrapped. Probably much less if we go Super

    Bootstrapped.

  • http://leanstartupmiami.com

    Lean Canvas: 7b. No App Cost Say you only have $500 to build your MVP prototype product and

    30 days?! Solution: A service that books your flight fast. Cures the pain of

    searching! This article shows that you dont always need an app to launch your

    startup: ! http://www.tomordonez.com/blog/2013/03/24/startup-

    patterns-you-can-take-orders-offline/! Our No App solution could be just Call Me, I will find the best

    deal and I will book your flight

  • http://leanstartupmiami.com

    Lean Canvas 8. Revenue Stream

    Sohow are we going to make money?! Stream 1: Membership fee. Free for the 1st booking and

    $20/mo after.! Stream 2: Compensation table per miles! Stream 3: Commission per ticket 3%! Which stream will they pay?

  • http://leanstartupmiami.com

    Lean Canvas: 9. Metrics How do we measure we are doing things lean?! Stalk frequent flyers outside VIP at the airport, 2 minute elevator

    pitch, test free price. How many like free and how many dislike free?! Do the same test with $20/mo and $200/mo with different customers! Number of frequent flyers that say booking is done through their

    company so they dont care about booking their flight. Segment by airline and frequent flyer status.!

    Prepare your customer development questionnaire to test your problem/solution. With segmented customers, learn, measure and validate.

  • http://leanstartupmiami.com

    Customer Development: Planning Review customer segments and channels! Create a procedure/script of the problem interview! Talk to the customer segments to do the problem interview! Our Lean Canvas v1.0 has some issues:!

    We said that a way to find frequent flyers is to stalk them outside the VIP at the airport. Dont you need to have a ticket and pass the security to be outside of the VIP? Also co