This month we look at experiments and the minimum viable proposition - how to use it. Also we look at how Vision is used for steering

2. To increase the chance of success at
times of uncertainty.
‘The Experiment’
LEAN STARTUP -Workshop 2

3. The goals of the Bootcamp
• At the end of the six months to
have worked through the
principles of the book
• To apply many of them to real
world situations that apply to
our own businesses
• To embed some functions into
your activity that give you a
cutting edge

4. This book is for:
• Start-ups
• Stale businesses seeking alternative
revenue streams
• Existing businesses struggling with
growing pains
• Anyone who wants to learn about how
to develop their business

5. Fail fast & Learn faster

6. Refresh ourselves on the
Lean Startup Principles
Entrepreneurs
are everywhere
Entrepreneurship
is Management
Build-Measure-
Learn
Validated Learning
Innovation Accounting

7. Startup definition
“A human institution designed to
create new products and services
under conditions of extreme
uncertainty.”

8. Let’s make it real!

9. How Vision leads to
Steering

10. Vision

12. A Long-Term Vision for the
business

13. Vision
To be a small but active business
networking group renowned for being
relaxed, friendly and socially
active. Consisting of 30 members
who share the values of ‘trust’ and
‘camaraderie’; we are first and
foremost a ‘team’. By working
together to find causes which
connect us to our local communities
in a socially responsible way we
further foster trust between us and
promote a positive representation
of business.

14. What’s Yours?

15. My Process
Set a
timescale
– 5
years?
What do
you want
your life
to be?
Picture
you and
your
business
together
Then
quantify
it

16. Full of Assumptions

18. Testing

19. Two most important
assumptions
Value hypothesis
“To test if a
product or
service really
delivers value
to customers
once they are
using it”- ER
Growth hypothesis
“To test how new
customers will
discover the
product or
service” - ER

20. Essex Networking Vision
• What is a good indicator that
local businesses want a group
like this?

21. Minimum Viable Product

22. Metrics to measure‘value’
• Participation rates – at social
events, in projects?
• Retention rates – how long do
members stay?
• Average attendance of meetings?
• How invested members are in the
group?

23. Metrics to measure
‘growth’
• How many of the members invite
guests?
• How many members put on their
websites or social media
profiles that they are a
member?
• What is the ratio of leavers to
new members?

24. Re-Vision
A pan-Essex Networking group operating in
10 regions of the County with 30 members
per group. Renowned for being relaxed,
friendly and socially active the groups
share the values of ‘trust’ and
‘camaraderie’ whilst each group is first
and foremost a ‘team’ we work together to
find Essex based social causes which we
work together to help. Through our social
responsibility for small business approach
we further foster trust between us and
promote a positive representation of
business across the County.

25. Now we can see Colchester
as a MVP
A MVP is an experiment on the road
to excellence

26. Key Points
• It is not a ‘sloppy’ idea
• It is the first or second steps
towards the thing your customer
really needs
• They fit into the Build-Measure-
Learn loop
• They remind us that we are building
something of value
• They are a response to – can’t be
done

27. Focus on ‘Rapid Testing’

28. Validated Learning is the
key output of
experimentation
Look at your vision and take one
assumption – how might you
create an experiment to test it
for its value and growth?

29. An experiment is a product
with a purpose
1. It can help find early adopters –
customers who love it
2. Gain customers to be advocates
ahead of wider distribution – pre-
open the shop
3. Build something that people want
and that is rooted in feedback

30. To come
13 Sep 2016 – The Feedback Loop
11 Oct 2016 – Pivot or persist
08 Nov 2016 – Root cause
analysis – The 5-Whys
13 Dec 2016 – The accelerate
through innovation

31. Any Questions?
Back on the 13th of September