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Engineering 245 The Lean LaunchPad

Engineering 245 The Lean LaunchPad

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Engineering 245 The Lean LaunchPad

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  1. Engineering 245The Lean LaunchPad Session 1: Overview/Business Models/Customer Development Professors Steve Blank, Ann Miura-Ko, Jon Feiber http://e245.stanford.edu/

  2. Agenda“Is This the Right Course for Me?” • Course Objectives/teams/project • Introductions • Class Logistics • Building a “Lean Startup” • Idea • Sizing the Opportunity • Business Models • Customer Development • Break: Stay If You Want to Be in the Class • Class “Culture” and Next Steps

  3. Course Objectives • Understand the real world aspects of Entrepreneurship by getting out of the building • Analyze and assess an opportunity • Build the product • Get orders • Work with a team • Learn whether entrepreneurship is for you

  4. What Will you Learn? • Opportunity evaluation • Search for a Business Model • Customer Discovery and Validation • Operating and decision making in chaos with insufficient data • Teamwork

  5. The Course ‘By the Numbers’ • 3/4 Units of Credit • 3 Instructors, 2 CAs, 25+ Mentors, • 8 Lectures • 8 Weekly 10-minute presentations • 1 Final 30 minute presentation • 3 Textbooks 5 -10 hours of work a week outside the classroom

  6. Course Reading • Business Model Generation • Four Steps to the Epiphany • Founders at Work copies available at the bookstore

  7. This Class is Hard • You can’t pass by attending the class • Your grade is determined by the work you do outside the class • There’s a lot of it • You are dependent on teamwork and teammates – communication is critical

  8. Teams • Suggested team size is 4 people • Deadline for team formation is Jan 6th • Must contact your mentors by Jan 7th • Present Weekly and for Final • Weekly lessons learned • Final is demo and summary • Class is about teamwork, discovery and fast iteration

  9. Team Projects • Any for-profit scalable startup • If you are a domain expert, that’s your best bet (but not required) • If you pick a web project, you have to build it (and there needs to be some novelty)

  10. Team Deliverables • Each Week • Lessons Learned presentation 10 minutes • Updated blog/wiki • 10’s of hours of “outside the building” progress • Final Presentation • 30 minute Lessons Learned Summary

  11. Individual - 20% Participation in class 20% Team - 80% Weekly summary and out of the building progress 50% Final Presentation 30% Grading

  12. Introductions

  13. Steve Blank, Ann-Miura-Ko, Jon Feiber • 8 startups in Silicon Valley • Semiconductors • Supercomputers • Consumer electronics • Video games • Enterprise software • Military intelligence • sblank@kandsranch.com • twitter sgblank • www.steveblank.com • Yale BS EE • McKinsey and Co. • Charles River Ventures • Stanford Ph.D MS&E • TA: E145, Mayfield Fellows, MS&E 273 • V.C. @ Floodgate • ann@floodgate.com • @annimaniac • BS CS/Astro Physics U of Colorado • VP Networking SUN • V.C. @ MDV since 1991

  14. Steve Blank, Ann-Miura-Ko, Jon Feiber • 8 startups - 32 years in Silicon Valley • Semiconductors • Supercomputers • Consumer electronics • Video games • Enterprise software • Military intelligence • Teach: Stanford, Berkeley, Columbia • Details at www.steveblank.com • Yale BS EE • McKinsey and Co. • Charles River Ventures • Stanford Ph.D MS&E • V.C. @ Floodgate • ann@floodgate.com • @annimaniac • BS CS/Astro Physics U of Colorado • VP Networking SUN • V.C. @ MDV since 1991

  15. Steve Blank, Ann-Miura-Ko, Jon Feiber • 8 startups - 32 years in Silicon Valley • Semiconductors • Supercomputers • Consumer electronics • Video games • Enterprise software • Military intelligence • Teach: Stanford, Berkeley, Columbia • Details at www.steveblank.com • Yale BS EE • McKinsey and Co. • Charles River Ventures • Stanford Ph.D MS&E • V.C. @ Floodgate • ann@floodgate.com • @annimaniac • BS CS/Astro Physics U of Colorado • 50th employee, VP Networking @ Sun • V.C. @ MDV since 1991 • jdf@mdv.com

  16. Course Assistant (CA’s) Thomas Haymore Felix Huber • B.A. in Political Science • Stanford Law (‘06) • J.D. Stanford Law (‘12) • MS MS&E 2010 • Google Translate Product Mgr thomas.haymore@gmail.com huberfelix@gmail.com • CA’s role: Class/lecture questions, Grading and attendance

  17. Volunteer Course Assistant (CA’s) Thomas Haymore Felix Huber • B.A. in Political Science • Stanford Law (‘06) • J.D. Stanford Law (‘12) • MS MS&E 2010 • Google Translate Product Mgr thomas.haymore@gmail.com huberfelix@gmail.com • CA’s role: Class/lecture questions, Grading and attendance

  18. Mentors • Mentors are Venture Capitalists or Entrepreneurs • Mentors role is to: • Help you “Get you out of the building” • Share contacts • Offer “Real-world” entrepreneurial advice • Critical feedback • You arrange your schedule for the mentors, not the other way around

  19. Class Logistics

  20. How the Class Works

  21. How the Class Works

  22. How the Class Works

  23. How the Class Works

  24. How the Class Works

  25. How the Class Works

  26. How the Class Works

  27. How the Class Works

  28. How the Class Works

  29. How the Class Works

  30. How the Class Works

  31. How to Build A Startup Idea Size Opportunity Business Model Customer Development

  32. How to Build A Startup Idea Size of the Opportunity Business Model(s) Customer Discovery Customer Validation

  33. How to Build A Startup Idea Size of the Opportunity Business Model(s) Customer Discovery Customer Validation Theory Practice

  34. How to Build A Startup Idea Size of the Opportunity Business Model(s) Customer Discovery Customer Validation • Web startups get the product in front of customers earlier

  35. How to Build A Startup Idea Size of the Opportunity Business Model(s) Customer Discovery Customer Validation

  36. Idea

  37. Stanford We’re Engineers Darn It! • Aren’t companies all about product? • I have a great technology idea • Teach me how to make a company around it • Just like Facebook and Google (or Intel or Apple)

  38. Sources of Startup Ideas? • Technology shifts • Moore’s Law • Disruptive tech • Research • Market changes • Value chain disruption • Deregulation • Societal changes • Changes in ways we live, learn, work, etc. • The world is flat (outsourcing) • Dinosaur factor • Arrogance • Deadened reflexes • Irrational exuberance • Undervalued assets

  39. An Idea is _Not_ a Company

  40. Size of Opportunity

  41. This Class is about Scalable Startups • Not all startups are designed to scale • Small business startups have different goals • They are done by normal people • Scalable startups are designed to grow big • Typically require venture capital • This means the size of the opportunity needs to be $100’s of millions to billions

  42. Small Business Startups Small Business Startup • - Business Model found • - Profitable business • Existing team • < $1M in revenue

  43. Small Business Startups Small Business Startup • - Business Model found • - Profitable business • Existing team • < $10M in revenue • 5.7 million small businesses in the U.S. <500 employees • 99.7% of all companies • ~ 50% of total U.S. workers http://www.sba.gov/advo/stats/sbfaq.pdf

  44. Scalable Startup Scalable Startup Large Company >$100M/year • Total Available Market > $500m • Company can grow to $100m/year • Business model found • Focused on execution and process

  45. Scalable Startup Scalable Startup Large Company >$100M/year • Total Available Market > $500m • Company can grow to $100m/year • Business model found • Focused on execution and process • Typically requires “risk capital” • In contrast a scalable startup is designed to grow big • Typically needs risk capital • What Silicon Valley means when they say “Startup”

  46. Very Different Startup Goals Small Business Startup • - Business Model found • - Profitable business • Existing team • < $10M Scalable Startup Large Company • Total Available Market > $500m • Company can grow to $100m/year • Business model found • Focused on execution and process • Typically requires “risk capital”

  47. Venture Firms Invest in Scalable Startups Small Business Startup Scalable Startup Large Company

  48. Market/Opportunity Analysis How Big is It?: Market/Opportunity Analysis • Identify a Customer and Market Need • Size the Market • Competitors • Growth Potential

  49. How Big is the Pie?Total Available Market Total Available Market • How manypeople would want/needthe product? • How large is the market be (in $’s) if they all bought? • How many units would that be? • How Do I Find Out? • Industry Analysts – Gartner, Forrester • Wall Street Analysts – Goldman, Morgan

  50. How Big is My Slice?Served Available Market • How many people need/can use product? • How many people have the money to buy the product • How large would the market be (in $’s) if they all bought? • How many units would that be? • How Do I Find Out? • Talk to potential customers Served Available Market TotalAvailableMarket