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European Innovation Academy
Customer Development,Validation, and Personas.
BretWaters
13 July 2016
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<begin>
Entrepreneurship
“Entrepreneurship is the pursuit of
opportunity without regard to resources
currently controlled”.
Howard Stevenson, Harvard Business School
For my first startup I raised
$7.5 million and went bankrupt.
Five years later I raised
$600K for new startup and had
great success.
The difference wasn’t the money.
The difference was that I learned to pick up
and phone and call customers before
building anything.
–Johnny Appleseed
“Type a quote here.”
The valley of death.
Congratulations! You’ve spent 2 years and $7.5 million proving
that there is zero demand for your product!
Traditional linear execution:
Cool idea!
Spend
millions
building
it.
Try to find some customers.
Then we’ll
scale it up!
“No business plan ever survived first contact
with actual customers”.
- Steve Blank
“Customer Validation proves that you have
found a set of customers and a market who react
positively to the product by spending their own
hard-earned money on it”
- Steve Blank
“Validated learning is the process of trying out an initial idea
and then measuring it to validate the effect.
Each test of an idea is single iteration in a larger process of
many iterations whereby something is learnt and the lessons
applied to the succeeding tests”.
- Eric Ries, inThe Lean Startup
Build
Measure
Adjust
Build
Measure
Adjust
Build
Measure
Adjust
Build
Measure
Adjust
Build
Measure
Adjust
Build
Measure
Adjust
Build
Measure
Adjust
Build
Measure
Adjust
Build
Measure
Adjust
Build
Measure
Adjust
Build
Measure
Adjust
Build
Measure
Adjust
Build
Measure
Adjust
Learn from customers,
using small experiments,
iterating constantly.
“Build things customers want”
-Paul Graham, founder ofY-Combinator.
OK, so“finding out what customers want”sounds
like a good idea.
But how do we do that?
2016 is the greatest time ever to start a business.
The free tools available today to gain deep customer
insight are amazing. Use them.
Mind the Mind.
Every entrepreneur’s worst enemies:
•Confirmation bias.
•The echo chamber effect.
Mind the Mind.
Don’t rely on your assumptions. Get out there and test them.
Personas are cool.
Understanding your
customer segments and
personas will help you to
scaffold your markets.
Scaffold
Create Personas who represent your various
customers.
Some customers are more influential than
others, and some customers are easier to reach
than others.
Scaffold your markets.
I’m going to tell you right now the most important
thing you will get from these three weeks at the
European Innovation Academy.
Thank you.
Now go build some great companies.
#EuropeanInnovationAcademy
<end>

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EIA2016Turin - Bret Waters. Know Your Customer: Customer Persona & Customer Validation