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Startup Weekend Hamilton
Market Validation
Developing customers while you develop product

April 27, 2012
3 Million Dollars
Startup Weekend Hamilton Keynote
Some stats…




              Source: Startup Genome (http://startupgenome.cc)
High stakes…


 90% of start-ups fail not because of bad
 product, but because they don't find the
 right market and customer.
Ouch…

 Market research is not the same as market validation

 No business plan survives the first customer contact…

 Structure and process around customer development
  were critical to hit product/market fit milestone

 Plan, pitch, etc., was all about building a company,
  but was really lacked attention on building customers,
  aka, market validation
Product Dev AND Market Validation

         Product Development




        Customer Development




                  Source: Steve Blank’s Customer Development Model
Startup Weekend Hamilton Keynote
Startup Weekend Hamilton Keynote
Market Validation
 Stop selling, start listening

 Let customer segments tell you their problems – what
  does a day in their life look like

 Do they agree you solve

 How much will they pay to solve.




                                  Source: Steve Blank’s Customer Development Model
Repeatable Sales


                             Scale your
                             marketing




            Source: Steve Blank’s Customer Development Model
Scale the company

           Build your org
                structures




            Source: Steve Blank’s Customer Development Model
So the $3M Lessons?

Market research IS NOT market validation
No product/biz plan survives 1 customer interaction
                                   st



Test & refine every one of your guesses by learning
   everything you can about your customers

Don’t scale it ‘til you nail it
More resources…

 Eric Reis | Lean Startup

 Steve Blank | 4 Steps to the Epiphany

 Alexander Osterwaldert | Business Model Generation

 Ron Neuman | VistaShift
Thank You
Robin Hopper
Email: robin.hopper@gmail.com
Twitter: @rhopper
LinkedIn: http://ca.linkedin.com/in/robinhopper

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Startup Weekend Hamilton Keynote

  • 1. Startup Weekend Hamilton Market Validation Developing customers while you develop product April 27, 2012
  • 4. Some stats… Source: Startup Genome (http://startupgenome.cc)
  • 5. High stakes… 90% of start-ups fail not because of bad product, but because they don't find the right market and customer.
  • 6. Ouch…  Market research is not the same as market validation  No business plan survives the first customer contact…  Structure and process around customer development were critical to hit product/market fit milestone  Plan, pitch, etc., was all about building a company, but was really lacked attention on building customers, aka, market validation
  • 7. Product Dev AND Market Validation Product Development Customer Development Source: Steve Blank’s Customer Development Model
  • 10. Market Validation  Stop selling, start listening  Let customer segments tell you their problems – what does a day in their life look like  Do they agree you solve  How much will they pay to solve. Source: Steve Blank’s Customer Development Model
  • 11. Repeatable Sales Scale your marketing Source: Steve Blank’s Customer Development Model
  • 12. Scale the company Build your org structures Source: Steve Blank’s Customer Development Model
  • 13. So the $3M Lessons? Market research IS NOT market validation No product/biz plan survives 1 customer interaction st Test & refine every one of your guesses by learning everything you can about your customers Don’t scale it ‘til you nail it
  • 14. More resources…  Eric Reis | Lean Startup  Steve Blank | 4 Steps to the Epiphany  Alexander Osterwaldert | Business Model Generation  Ron Neuman | VistaShift
  • 15. Thank You Robin Hopper Email: robin.hopper@gmail.com Twitter: @rhopper LinkedIn: http://ca.linkedin.com/in/robinhopper

Notas do Editor

  1. Market Validation Keynote… 15 mins… 7:30
  2. In tough economic times, it is important to remember that 90 percent of Silicon Valley's start-ups fail not because of bad product, but because they don't find the right market and customer. The statistics are disheartening no matter how an entrepreneur defines failure: If failure means liquidating all assets, with investors losing most or all the money they put into the company, then the failure rate for start-ups is 30 to 40 percent If failure refers to failing to see the projected return on investment, then the failure rate is 70 to 80 percent If failure is defined as declaring a projection and then falling short of meeting it, then the failure rate is a whopping 90 to 95 percent http://greenhornconnect.com/blog/how-structure-and-get-most-out-customer-development-interviews