Summary of Eric Ries talk at Google

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1. Example

1.1. Personal experience with IMVU

1.1.1. They had a great strategy

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

1.1.3. All of the code was thrown out

1.1.4. He could have spent his time on the beach

1.1.5. His excuse for feeling better: He learnt from it

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

1.1.7. What if instead of writing so much code, they would have written a mock download page describing the product It would have resulted in the same result

1.1.8. This was very upsetting for him something taking 3 hours is just as good as writing 25K lines of code

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

3. bio stages

3.1. wrode code

3.2. managed ppl writing code

3.3. managed ppl managing ppl writing code

3.4. now

3.4.1. coaching ppl managing ppl managing ppl writing code

4. Help stop wasting the time of people doing startups

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

6. Waterfall copied from factory assembly line

6.1. moving goods from 1 dept to another

7. A thoery of enterpreneurship to guide our behavior

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

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

10. About

11. Goal

12. 5 Principles

12.1. Everyone are enterpreneurs

12.2. Enterpreneurship is management

12.3. Validated learning

12.4. "Build - measure - learn" loop

12.5. Innovation accounting

13. Consider the way startup stories are told

13.1. e.g.

13.1.1. Ghost busters

13.1.2. The social network

13.2. Stories of startups have 3 parts

13.2.1. The protogonist having a great idea

13.2.2. The photo-montage - bringing everything to work

13.2.3. Success & its implications

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

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

13.3.2. Prioritizing features

13.3.3. How do we make people accountable

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

14. What is a startup

14.1. enterpreneurship is a career

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

14.2. Startup = Experiment

14.2.1. just like in science hypothesis thoery which suggest which experiments will test it prediction conducting an experiment

15. Wasting time

15.1. The solution is not technical

15.2. The problem is not building things efficiently

15.2.1. But rather building things that no one wants

15.3. Most startups fail

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

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

16. The dominant question

16.1. Not

16.1.1. Can it be built?

16.2. But

16.2.1. Should it be built?

16.2.2. Can it result in a sustainable business

17. Enterpreneurship is management

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

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

18. Pivot

18.1. The 1st thing in the toolbox

18.2. What do successful startups have in common?

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

18.4. Successful startups differ in how they handle difficulties:

18.4.1. they didn'g give up & went home

18.4.2. nor did they continued till they hit the ground

18.4.3. they pivoted they held one firm leg in what they've learned so far & moved the other leg a bit - changing just 1 aspect of their business at a time

19. The premise of Lean Startups

19.1. Reduce the time between pivots

19.2. Will increase our odds of success

19.3. before we run out of money

19.4. Speed wins

19.5. The runway:

19.5.1. how many pivot opportunity do I have left

19.6. figure out to pivot sooner

20. Methodology

20.1. Good for circumstances when problem & solution are known

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

20.3. factories switched to Lean manufacturing

21. Achieving failure

21.1. If we're building something no one wants

21.2. What does it matter if we'er

21.2.1. on time

21.2.2. on budget

21.2.3. with high quality

21.2.4. with beautiful design

21.3. We're according to milestones

21.3.1. no body using our products as expected

21.4. That's what startup failure looks like

22. Lean manufacturing

22.1. Deming

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

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

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

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

22.2.2. Unit of progress: A line of working code

22.3. The problem with Agile

22.3.1. In startups - there's no customer to guide the programmers We don't know who the customer is

23. R

23.1. Blank developed a system for finding your customer

23.1.1. Blank developed a system for finding your customer

23.2. Unit of progress:

23.2.1. Validated learning

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

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

23.4.1. What's good to the customer is value

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

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

23.5.2. validated learning backup learning quantitavily

23.5.3. everything else is a complete waste of time eliminate it

23.6. Minimum Viable Product

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

23.7. Feedback loop

23.7.1. Ideas ->

23.7.2. Buid ->

23.7.3. Code ->

23.7.4. Measure ->

23.7.5. Data ->

23.7.6. Learn ->

23.8. This is the pivot

23.9. The goal is to minimize time through the loop

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

23.10. Lean startup is about accelerating the feedback loop

23.10.1. Code faster

23.10.2. Measure faster

23.10.3. Learn faster

24. Innovation Accounting

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

24.1.1. How can you assess their progress / achievements

24.2. Focus on 3 learning milestones

24.2.1. Tune th engine Experiment on how to improve the metrics Do split testing to verify that changes indeed change the metrics

24.2.2. Establish the baseline build MVP Measure how customers bahve right now A model allowing to predict: if customers behave currently in this way, we'll have zillions of them in the future find out where you are now e.g.

24.2.3. PIvot or persevere When experiments diminish metrics, it's time to pivot or when the growth derivative flattens, before hitting the target metrics Schedule the meeting in advance for making the decision It's not simple to determine whether a Product-Market fit was reached, but Lean Startup suggests a methodic "scientific" way to do that

24.3. Do specific per-customer predictions

24.3.1. Do specific per-customer predictions

25. Further questions answered in the coming book

25.1. How do we know when to pivot?

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

25.3. What should we measure?

25.4. How do products grow?

25.5. Are we creating value?

25.6. What's in the MVP?

25.7. Can we go faster?

26. Q&A

26.1. Which products should Google pivot on?

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

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

26.1.3. Companies should provide a platform for experimentation to developers

26.1.4. Have clear analytics of whether they succeed or not

26.1.5. Even though everything that Google launched immediately gets maximal exposure & download? Yes Marketing is something you can always do, but you shouldn't market trongly bad products Really great products have an inherent organic growth capability

26.1.6. Pivots should be celebrated Celebrate the learning, not the failure Succeeded to get away from failure

27. Further reading

27.1. 4 steps to epiphany

27.1.1. Book by Steve Blank

27.2. Book coming out in sept, 2011

27.3. Conf


27.4. Links




27.4.4. @ericries

27.4.5. #leanstartup

27.4.6. [email protected]

28. Link