Summary of Eric Ries talk at Google

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1. bio stages

1.1. wrode code

1.2. managed ppl writing code

1.3. managed ppl managing ppl writing code

1.4. now

1.4.1. coaching ppl managing ppl managing ppl writing code

2. Help stop wasting the time of people doing startups

3. Lean Startup tries to make it a science, to stop wasting ppl's time

4. Waterfall copied from factory assembly line

4.1. moving goods from 1 dept to another

5. A thoery of enterpreneurship to guide our behavior

6. so, which of these are success stories, in the sense of meeting the vision & plan of founders & employees

7. a human institution trying to create something new, under conditions of high uncertainty

8. About

9. Goal

10. 5 Principles

10.1. Everyone are enterpreneurs

10.2. Enterpreneurship is management

10.3. Validated learning

10.4. "Build - measure - learn" loop

10.5. Innovation accounting

11. Consider the way startup stories are told

11.1. e.g.

11.1.1. Ghost busters

11.1.2. The social network

11.2. Stories of startups have 3 parts

11.2.1. The protogonist having a great idea

11.2.2. The photo-montage - bringing everything to work

11.2.3. Success & its implications

11.3. What do we do in that part that makes a difference

11.3.1. Figure out which customers to listen to, & which not

11.3.2. Prioritizing features

11.3.3. How do we make people accountable

11.4. How can we make the photo-montage part more effective

12. What is a startup

12.1. enterpreneurship is a career

12.1.1. doing it means you're no longer an engineer/designer/&c

12.2. Startup = Experiment

12.2.1. just like in science

12.2.1.1. hypothesis

12.2.1.2. thoery which suggest which experiments will test it

12.2.1.3. prediction

12.2.1.4. conducting an experiment

12.3. In real-life, all of the important work is in the photo-montage act, though its the most boring, from story-telling perspective

13. Wasting time

13.1. The solution is not technical

13.2. The problem is not building things efficiently

13.2.1. But rather building things that no one wants

13.3. Most startups fail

13.3.1. <map of web2.0 startups logos in 2006, predicted to change the world>

13.3.2. <same map in which the companies that were closed/acquired by 2009 are marked>

14. The dominant question

14.1. Not

14.1.1. Can it be built?

14.2. But

14.2.1. Should it be built?

14.2.2. Can it result in a sustainable business

15. Enterpreneurship is management

15.1. Our goal is to create an institution, not just a product

15.2. When we'll look at the way we manage work today in a few decades, we'd laugh on the primitive ways & absurd stupidity

16. Pivot

16.1. The 1st thing in the toolbox

16.2. What do successful startups have in common?

16.3. The successful startups don't have better ideas than the failed ones

16.4. Successful startups differ in how they handle difficulties:

16.4.1. they didn'g give up & went home

16.4.2. nor did they continued till they hit the ground

16.4.3. they pivoted

16.4.3.1. they held one firm leg in what they've learned so far

16.4.3.2. & moved the other leg a bit - changing just 1 aspect of their business at a time

17. The premise of Lean Startups

17.1. Reduce the time between pivots

17.2. Will increase our odds of success

17.3. before we run out of money

17.4. Speed wins

17.5. The runway:

17.5.1. how many pivot opportunity do I have left

17.6. figure out to pivot sooner

18. Methodology

18.1. Good for circumstances when problem & solution are known

18.2. this is long time after it was abandoned in assembly line

18.3. factories switched to Lean manufacturing

19. Achieving failure

19.1. If we're building something no one wants

19.2. What does it matter if we'er

19.2.1. on time

19.2.2. on budget

19.2.3. with high quality

19.2.4. with beautiful design

19.3. We're according to milestones

19.3.1. no body using our products as expected

19.4. That's what startup failure looks like

20. Lean manufacturing

20.1. Deming

20.1.1. "The customer is the most important thing in the production line"

20.1.2. If the customer doesn't care about some stuff, don't do it

20.2. When applied to software, the solution was Agile methodology

20.2.1. Which assumes there's someone that can give us authorative defintive answer on design questions

20.2.2. Unit of progress:

20.2.2.1. A line of working code

20.3. The problem with Agile

20.3.1. In startups - there's no customer to guide the programmers

20.3.1.1. We don't know who the customer is

21. Lean startup

21.1. Blank developed a system for finding your customer

21.1.1. Blank developed a system for finding your customer

21.2. Unit of progress:

21.2.1. Validated learning

21.3. Example

21.3.1. Personal experience with IMVU

21.3.1.1. They had a great strategy

21.3.1.2. But when bringing customers to usability tests - saw that all assumptions failed

21.3.1.3. All of the code was thrown out

21.3.1.4. He could have spent his time on the beach

21.3.1.5. His excuse for feeling better:

21.3.1.5.1. He learnt from it

21.3.1.6. If he learnt the important thing on customer after 6 months, why did it take 6 months?

21.3.1.7. What if instead of writing so much code, they would have written a mock download page describing the product

21.3.1.7.1. It would have resulted in the same result

21.3.1.8. This was very upsetting for him

21.3.1.8.1. something taking 3 hours is just as good as writing 25K lines of code

21.4. If you don't know who the customer is, you don't know what quality is

21.5. In lean manufacturing, there's a clear separation between value & waste

21.5.1. What's good to the customer is value

21.6. In Lean startup, value is only in what helps us learn

21.6.1. the goal is to learn how to build a sustainable business

21.6.2. validated learning

21.6.2.1. backup learning quantitavily

21.6.3. everything else is a complete waste of time

21.6.3.1. eliminate it

21.7. Minimum Viable Product

21.7.1. Containing only what's necessary to learn whether our plan is correct or not

21.8. Feedback loop

21.8.1. Ideas ->

21.8.2. Buid ->

21.8.3. Code ->

21.8.4. Measure ->

21.8.5. Data ->

21.8.6. Learn ->

21.9. This is the pivot

21.10. The goal is to minimize time through the loop

21.10.1. Every advice that gets us faster in this feedback loop is good

21.11. Lean startup is about accelerating the feedback loop

21.11.1. Code faster

21.11.2. Measure faster

21.11.3. Learn faster

22. Innovation Accounting

22.1. How can you make people accountable for their work when they need to develop something new?

22.1.1. How can you assess their progress / achievements

22.2. Focus on 3 learning milestones

22.2.1. Tune th engine

22.2.1.1. Experiment on how to improve the metrics

22.2.1.2. Do split testing to verify that changes indeed change the metrics

22.2.2. Establish the baseline

22.2.2.1. build MVP

22.2.2.2. Measure how customers bahve right now

22.2.2.3. A model allowing to predict:

22.2.2.3.1. if customers behave currently in this way, we'll have zillions of them in the future

22.2.2.4. find out where you are now

22.2.2.4.1. e.g.

22.2.3. PIvot or persevere

22.2.3.1. When experiments diminish metrics, it's time to pivot

22.2.3.1.1. or when the growth derivative flattens, before hitting the target metrics

22.2.3.2. Schedule the meeting in advance for making the decision

22.2.3.3. It's not simple to determine whether a Product-Market fit was reached, but Lean Startup suggests a methodic "scientific" way to do that

22.3. Do specific per-customer predictions

22.3.1. Do specific per-customer predictions

23. Further questions answered in the coming book

23.1. How do we know when to pivot?

23.2. what's the relation between the Vision, Strategy, Product?

23.3. What should we measure?

23.4. How do products grow?

23.5. Are we creating value?

23.6. What's in the MVP?

23.7. Can we go faster?

24. Q&A

24.1. Which products should Google pivot on?

24.1.1. Google have a management problem

24.1.1.1. when launching a product, they have their brand name, & if it's needs pivot it's embarassing for Google

24.1.2. They should have launched in small scale without the Google brand

24.1.3. Companies should provide a platform for experimentation to developers

24.1.4. Have clear analytics of whether they succeed or not

24.1.5. Even though everything that Google launched immediately gets maximal exposure & download?

24.1.5.1. Yes

24.1.5.1.1. Marketing is something you can always do, but you shouldn't market trongly bad products

24.1.5.1.2. Really great products have an inherent organic growth capability

24.1.6. Pivots should be celebrated

24.1.6.1. Celebrate the learning, not the failure

24.1.6.2. Succeeded to get away from failure

25. Further reading

25.1. 4 steps to epiphany

25.1.1. Book by Steve Blank

25.2. Book coming out in sept, 2011

25.3. Conf

25.3.1. http://sllconf.com

25.4. Links

25.4.1. http://lean.st

25.4.2. http://startuplessonslearned.com

25.4.3. http://theleanstartup.com

25.4.4. @ericries

25.4.5. #leanstartup

25.4.6. [email protected]

26. Link

26.1. http://blog.lookingforanswers.me/2011/04/lean-startup-book.html