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Lessons Learned #3

Lessons Learned #3. 22 th Sept 2014 Group #4 Lean Entrepreneurship Project S4 Diana Moreira Jan Otta Hugo Stevens Judit Kalmár. Customer Development.

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Lessons Learned #3

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  1. Lessons Learned #3 22th Sept 2014 Group #4 Lean Entrepreneurship Project S4 Diana Moreira Jan Otta Hugo Stevens JuditKalmár

  2. Customer Development Steve Blank: “Startups don’t fail because they lack a product; they fail because they lack customers and a profitable business model.” Who are the customers? PSM (Product - Solution - Market) Validate Hypothesis: If invalid, then… Market and Sales Get money and People to grow the company. Source: Steven Gary Blank, The Four Steps to the Epiphany

  3. Hypothesis Definition: A supposition or proposed explanation made on the basis of limited evidence as a starting point for further investigation How to test Hypothesis Validation Process Landing Page Interviews Surveys E-Commerce Adwords A/B Testing Crowdfunding Platforms Prototyping Wizard of Oz 3

  4. Conclusions • No Problem changing the Business Model (low costs and doesn’t take much time) • After entering the market, pay attention to new trends and competition • Make Hypothesis testable and tangible, not abstract and test uncertain/risky assumptions first

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