Week 3 Flashcards
Lean startup
process of developing a product using customer validation methods until there is a product market fit between customers and the product
Experimentation over planning
Customer feedback over intuition
Iterative design over big upfront design development
difference between a startup and an existing company
While existing companies execute a business model, startups look for one
defining a business model
value identification
value delivery
value capture
value identification
value delivery
value capture
Value identification - identifying genuine value desired/needed by customers and/or other stakeholders
Value delivery - how to deliver that value, once identified, to independent recipients
Value capture - if significant value is identified and delivered, who gets paid and how?
Idea behind the MVP…
collecting the maximum amount of validated learning about customers with the least effort
Why entrepreneurs use a MVP
MVP, is a product with enough features to attract early-adopter customers and validate a product idea early in the product development cycle
helps businesses use customer feedback to their advantage
what is the riskiest assumption matrix
provides framework for product ideas to gauge customer validation and criticality
The box with a super critical solution but for a product that hasn’t been validated, this most attractive
What does Steve Blank describe as constraints for new ventures
high cost of first customer, long tech development cycles, geographic concentration of information, few VCs, few people with risk appetite
How does the lean startup address Steve Blank’s issues for new ventures
helping new ventures launch products that customers actually want;
far more quickly and cheaply than traditional methods;
making start-ups less risky and more accessible to more people
