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Editor's Notes

• #2: The reason I’m doing this is because we’ve advised/mentored/chatted with 20+ startups over the last 2 years and this is by far the #1 roadblock Happy to meet you 1:1
• #3: Ash Maurya “Practice trumps theory” Why start this general? 1 Gives you the stakeholder’s (caregiver) worldview which is important when aquiring the customer. If the interview has 1 massive must have problem ahead of the one I can solve
• #4: “Why I needed lean?’ “What did you did?” “How did I find time?” Why am I here? Made many mistakes and made assumption driven Problem that everyone has Easier said than done Doing everytihgn > hard to find time
• #7: Why start this general? 1 Gives you the stakeholder’s (caregiver) worldview which is important when aquiring the customer. If the interview has 1 massive must have problem ahead of the one I can solve
• #8: Story: 1. Who’s the first one to interact
• #9: ENTREPRENUERS THINK THEY KNOW WHAT TO SOLVE Yea it's best consumed a little at a time. 20 min a day type thing so you can apply the concepts to your own development (at least mentally) This is the work we could have done before raising$1M – so much you can do without raising a lot of money!!!!! While we were in due diligence with the angels and VCs for our first $1M, we could have validated the feature needs and create stories without raising a lot of money
• #10: Stage 2: Product/Market Fit Key Question: Have I built something people want and willing to pay enough for? Do I have repeatable and scalable sales model? Stage 3: Scale Key Question: How do I accelerate growth? Can I execute my flushed out business model?
• #12: 10% > 90% Why start this general? 1 Gives you the stakeholder’s (caregiver) worldview which is important when aquiring the customer. If the interview has 1 massive must have problem ahead of the one I can solve Early evangelists will thank you for the crappy solution that’s twice as good as existing solution; willing to take your MVP and you can learn from; you will move into early adopter How do I identoify (look up specific questions that I was going to ask) Example of problem interview questions that are specific
• #13: Make physically smaller; yellow is not smallest Wholly in the circle
• #15: I have the problem and solution tightly coupled and wil show how I am stripping them apart
• #18: Why start this general? 1 Gives you the stakeholder’s (caregiver) worldview which is important when aquiring the customer. If the interview has 1 massive must have problem ahead of the one I can solve How do I identoify (look up specific questions that I was going to ask) Example of problem interview questions that are specific
• #19: Problem and solution separation
• #20: Why start this general? 1 Gives you the stakeholder’s (caregiver) worldview which is important when aquiring the customer. If the interview has 1 massive must have problem ahead of the one I can solve How do I identoify (look up specific questions that I was going to ask) Example of problem interview questions that are specific
• #21: Adding context – “walk through the day” Why start this general? 1 Gives you the stakeholder’s (caregiver) worldview which is important when aquiring the customer. If the interview has 1 massive must have problem ahead of the one I can solve How do I identoify Example of problem interview questions that are specific
• #22: Why start this general? 1 Gives you the stakeholder’s (caregiver) worldview which is important when aquiring the customer. If the interview has 1 massive must have problem ahead of the one I can solve There are workarounds! Don’t ask “Would you pay for this?” Example of problem interview questions that are specific
• #23: I found Ann through my network A list of five names of people you know who share some of the characteristics (job, demographics, hobbies, industry, etc.) of your ideal early adopter customer. Log onto Facebook, LinkedIn, look at your Twitter followers, etc., and write down five names. Write an email to all five asking for introductions to five people they know, who might also share these characteristics. This is your first contact list. If you don’t know anyone with the same characteristics, simply ask your network for the names of five people who might! Pitfalls to avoid Don’t simply survey your friends and colleagues. While those people are likely to be friendly, their input is likely to be skewed. Use them to find people, not answers. Don’t rely on only one method of prospect acquisition, since this will likely limit the type of person (i.e., market segment) you speak with. ExperimentationCooper, Brant; Vlaskovits, Patrick; Blank, Steven (2010-10-15). The Entrepreneur's Guide to Customer Development: A cheat sheet to The Four Steps to the Epiphany (p. 76). Cooper-Vlaskovits. Kindle Edition. Prefer face-to-face interviews.Maurya, Ash (2012-02-24). Pick a neutral location.Maurya, Ash (2012-02-24) Don’t pay prospects Avoid recording Document immediately Do at least 10
• #24: Alec Baldwin story Did I find tainting was an issue? Don’t try to confirm your own hypothesis
• #25: COLUMN Type: Must Have, Nice to Have, Don’t Need COLUMN How solving today + Cost of Shortfall: Is that solution free or paid? More difficult if paid and was free before; Who to get the problem interviews? Friends and friends of friends vs ads on craigslist “Unknown” problems Rigid and fomulaic – gives an example “does this resonate with you” in the problem interview
• #29: Did 3 more interviews and it kept resonating
• #30: Update this
• #31: RhoMObile – this is how engineers think Show how Pivotal Tracker works with screenshot with points\ Erin montague prototyping
• #32: Getting to 10% How do I know I have an MVP?
• #33: How to interviews eliminated features? During one of the 7 iterations, we interviewed a nurse and she mentioned a voice recording option. Cool, but don’t change the MVP!
• #34: $5 charge Focus on problem checkboxes Define priority access – “Sign up to be notified” Facebook > priority access Maybe discount to monthly subscription
• #37: Complexities User (senior) is not the payer (caregiver) Hardware schedule is 9 months out Complicated Sales channels Need a single message for new products (Rishi was right)
• #40: 20 health tech startups
• #41: Yea it's best consumed a little at a time. 20 min a day type thing so you can apply the concepts to your own development (at least mentally) This is the work we could have done before raising$1M – so much you can do without raising a lot of money!!!!! While we were in due diligence with the angels and VCs for our first $1M, we could have validated the feature needs and create stories without raising a lot of money
• #43: Talk about the Mixergy podcast and how Eric used lean principles to sell the book Book tours are bad. Pre-order is bad.
• #44: yea it's best consumed a little at a time. 20 min a day type thing so you can apply the concepts to your own development (at least mentally) Rigid and fomulaic – gives an example “does this resonate with you” in the problem interview
• #45: My friend Subbu started a lean launch ‘pod’ in which 4 (health tech ) companies met every 2 weeks Keep each other accountable!! Action items by the next 2 weeks. Accountability is more important because you have 10 other things going on. Weird dynamic but this is about openeness – this is a hidden characteristic of lean
• #47: 20 health tech startups
• #48: Why am I here? Made many mistakes and made assumption driven