1. CS419 Technology Entrepreneurship Building a Lean, Scalable Startup Fall 2012 –2013 Emre Oto www.CS419online.www.CS419online.com Follow on Twitter: @CS419Bilkent

2. Agenda Who is the instructor? What is this course all about? What do I have to do in this course? CS419 Technology Entrepreneurship Week #1 «The Startup»

3. Agenda Who is the instructor? What is this course all about? What do I have to do in this course? CS419 Technology Entrepreneurship Week #1 «The Startup»

4. Who is the Instructor? General Manager, MITS Previously Business Analyst at Calypso Technology and Research Assistant at Stanford University MSc Management Science and Engineering, Stanford University MSc Electrical Engineering, Stanford University BSc Electrical and Electronics Engineering, Middle East Technical University CS419 Technology Entrepreneurship Week #1 «The Startup»

5. Who is the Instructor? About MITS Founded in April 2009, located at the Hacettepe University Technopolis, founded by 2 Engineers 12 full-time employees: Engineers, Graphic Designers, Videographers, 3D Designers, Project Management and Coordination Staff Supported by three national and international grants Recepient of national and global awards and recognitions CS419 Technology Entrepreneurship Week #1 «The Startup»

6. Who is the Instructor? About MITS Two areas of operation: Medical Informatics Data Mining Clinical Decision Support Systems Alternative Communication Channels for Healthcare Professionals Virtual Events Virtual Learning Centers Virtual Detailing CS419 Technology Entrepreneurship Week #1 «The Startup»

7. Agenda Who is the instructor? What is this course all about? What do I have to do in this course? CS419 Technology Entrepreneurship Week #1 «The Startup»

8. What is this course all about? Planning is guessing Business plans? = Business assumptions No business plan survives first contact with the customer Just to do it approach Build and see what happens You will definitely succeed – at seeing what happens CS419 Technology Entrepreneurship Week #1 «The Startup»

9. What is this course all about? Probability theory is no good CS419 Technology Entrepreneurship Week #1 «The Startup»

10. What is this course all about? The Black Swan An outlier event, which could not be predicted through any past observation, and a surprise for the observer (Extremely) Low probability – (extremely) hight impact event While no past observation can predict the Black Swan event, retrospectively the event can be predicted and explained with perfect clarity. Black Swan events are dependent on the observer CS419 Technology Entrepreneurship Week #1 «The Startup»

11. What is this course all about? Black Swans - The MITS Experience Sudden rep visit restrictions imposed on pharma very close to MITS founding date Government imposed budget cuts on Rx drugs led to budget cuts in Marketing and Sales Salesforce layoffs and downsizing In August, government imposed restrictions on the number of medical conferences physicians can attend as well as restrictions on Pharma sponsorship Pharma started seeking alternative ways to reach physicians CS419 Technology Entrepreneurship Week #1 «The Startup»

12. What is this course all about? Mediocristan vs Extremistan MediocristanExtremistan NonscalableScalable Mild or type 1 randomnessWild (even superwild) or type 2 randomness The most typical member is mediocre The most typical is either giant or dwarf, i.e., there is no typical member Winners get a small segment of the total pieWinner-take-almost-all effects More likely to be found in our ancestral environmentMore likely to be found in our modern environment Impervious to the Black SwanVulnerable to the Black Swan Subject to gravityThere are no physical constraints on what a number can be Corresponds (generally) to physical quantities, i.e., heightCorresponds to numbers, say, wealth As close to utopian equality as reality can spontaneously deliver Dominated by extreme winner-take-all inequality Total is not determined by a single instance or observationTotal will be determined by a small number of extreme events When you observe for a while you can get to know whats going on It takes a long time to know whats going on Tyranny of the collectiveTyranny of the accidental Easy to predict from what you see and extend to what you do not see Hard to predict from past information History crawlsHistory makes jumps Events are distributed* according to the bell curve (the GIFT) or its variations The distribution is either Mandelbrotian gray Swans (tractable scientifically or totally intractable Black Swans CS419 Technology Entrepreneurship Week #1 «The Startup»

13. What is this course all about? Extremistan = Chaos All social phenomena i.e. all phenomena that entail a human factor belong to Extremistan are subject to Black Swan events. Probability theory, assumptions, predictions based on models etc. are irrelevant and extremely dangerous in Extremistan Probability theory belongs to games, papers, and the Lab. Real life is governed by Chaos Theory Question your assumptions! Be skeptical! Rely on empirical learning! CS419 Technology Entrepreneurship Week #1 «The Startup»

14. What is this course all about? Skeptical Empiricism Past observations can only partially reflect historical facts (vs. naïve empiricism) We can never know the absolute truth. Evidence can refute a hypothesis, but past observations can never suffice to fully refute a hypothesis CS419 Technology Entrepreneurship Week #1 «The Startup»

15. What is this course all about? Common Intellectual Fallacies Narrative Fallacy: Explaining an extreme event retrospectively as if it is a natural consequence («The crisis was evident») Luddic Fallacy – Probability theory pertaning to games canot suffice to explain the uncertainty of the real world. Confirmation Bias – The human mind has a tendency to join evidence that will validate its beliefs. It is incredibly easy to find evidence to validate any theory. Cure for this: Negative Empiricism – Seeking evidence by refuting hypotheses and assumptions. CS419 Technology Entrepreneurship Week #1 «The Startup»

16. What is this course all about? Prescription against Black Swans Feeble structures should break down when small Creating redundancies (vs. naïve optimization) – Robustness Avoiding complexity CS419 Technology Entrepreneurship Week #1 «The Startup»

17. What is this course all about? Black Swans - The MITS experience Unexpected budget cuts, market dynamics Contracts cancelled due to sudden budget cuts Sudden changes in government Rx reimbursement policies Clients/prospects suddenly changing positions Pareto principle is valid – impossibility of scheduling, HR and capital allocation Strategy: Diversification through a healthy balance of funded R&D projects and commercial projects. Benefiting from Black Swans: Small investments in high-risk projects CS419 Technology Entrepreneurship Week #1 «The Startup»

18. What is this course all about? Let us summarize up to this point.. Real life is much more uncertain then we think, and this uncertainty is not the same as the one we learn in Probability Theory But rather through Chaos Theory («Butterfly Effect») The least that could happen is that our assumptions fail. The true danger lies in Black Swan events. So we cannot just believe our own assumptions, and we cannot just «swing» it.. How do we ride true chaos? CS419 Technology Entrepreneurship Week #1 «The Startup»

19. What is the course all about? Scientific Method, any one? 6th grade..Science class..Lesson 1.. We will go back to the good old days, only in a startup context..but what is a startup? CS419 Technology Entrepreneurship Week #1 «The Startup»

20. What is this course all about? Let is now define a Startup A startup is a human institution designed to create a new product or service under conditions of extreme uncertainty A startup is a temporary organization that is in search of a repeatable and scalable business model CS419 Technology Entrepreneurship Week #1 «The Startup»

21. What is this course all about? What a startup is NOT A startup is not a smaller version of a large company (i.e. it is not a doll house) Why is a startup not a smaller version of a large company? CS419 Technology Entrepreneurship Week #1 «The Startup»

22. What is this course all about? Startup vs everything else Startup Problem: Unknown (Market? Customers? Need?) Solution: Unknown (What are we going to build?) Everything else Problem: Known Solution: Known Known: Small business? Clone of an existing business? Existing market, waterfall product development CS419 Technology Entrepreneurship Week #1 «The Startup»

23. Problem: known Solution: known Waterfall Unit of progress: Advance to Next Stage Requirements Design Implementation Verification Maintenance CS419 Technology Entrepreneurship Week #1 «The Startup»

24. What is this course all about? What is everything else? Small businesses Large companies Social entrepreneurship Disruptive companies within large companies CS419 Technology Entrepreneurship Week #1 «The Startup»

25. What is this class all about? #1 This Class is about Scalable Startups Not all startups are designed to scale Small business startups have different goals They are done by normal people Scalable startups are designed to grow big May require angel investment / venture capital CS419 Technology Entrepreneurship Week #1 «The Startup»

26. Small Business Startup - Business Model found - Profitable business - Existing team - No intention to scale / or very low scale - Mostly clone businesses -Risk is easily understood -Can be even financed with a bank loan Small Business Startups 5.7 million small businesses in the U.S. <500 employees 99.7% of all companies ~ 50% of total U.S. workers http://www.sba.gov/advo/stats/sbfaq.pdf CS419 Technology Entrepreneurship Week #1 «The Startup»

27. Small Business Startup - Business Model found - Profitable business - Existing team - Can be financed with a simple bank loan - Risk easy to assess - Mostly clone businesses Scalable Startup Large Company - Huge total available market - Company has potential to grow to immense annual revenues - Business model found - Focused on execution and process - Typically requires risk capital Very Different Startup Goals CS419 Technology Entrepreneurship Week #1 «The Startup»

28. Question How do we assess scalability? We have to analyze the market and the opportunity CS419 Technology Entrepreneurship Week #1 «The Startup»

29. Market/Opportunity Analysis How Big is It?: Market/Opportunity Analysis Identify a Customer and Market Need Size the Market Competitors Growth Potential CS419 Technology Entrepreneurship Week #1 «The Startup»

30. How Big is the Pie? Total Available Market Total Available Market peopleHow many people would want/need the product? How large is the market be (in TLs) if they all bought? How many units would that be? How Do I Find Out? Research CS419 Technology Entrepreneurship Week #1 «The Startup»

31. How Big is My Slice? Served Available Market How many people need/can use product? How many people have the money to buy the product How large would the market be (in TLs) if they all bought? How many units would that be? How Do I Find Out? Talk to potential customers Served Available Market Total Available Market CS419 Technology Entrepreneurship Week #1 «The Startup»

32. How Much Can I Eat? Target Market Who am I going to sell to in year 1, 2 & 3? How many customers is that? How large is the market be (in TLs) if they all bought? How many units would that be? How Do I Find Out? Talk to potential customers Identify and talk to channel partners Identify and talk to competitors Total Available Market Target Market Served Available Market CS419 Technology Entrepreneurship Week #1 «The Startup»

33. Total Available Market Segmentation Identification of groups most likely to buy 33 Served Available Market Target Market Geographic Demographic Psychographic variables Behavioral variables Channel etc… CS419 Technology Entrepreneurship Week #1 «The Startup»

34. Final points on scalability and market size Market Size Questions: How big can this market be? How much of it can we get? Market growth rate Market structure (Mature or in flux?) Most important: Talk to Customers and Sales Channel CS419 Technology Entrepreneurship Week #1 «The Startup»

35. What is this course all about? Back to the main question: CS419 Technology Entrepreneurship Week #1 «The Startup»

36. What is this course all about? #2 The Lean Startup The scientific method to building startups Based on validated learning Validated learning is not after-the-fact rationalization Validated learning is not a good story designed to hide failure CS419 Technology Entrepreneurship Week #1 «The Startup»

37. What is this course all about? Validated Learning Process of demonstrating progress under the extreme uncertainty in which startups grow Process of demonstrating empirically that a team has discovered valuable truths about a startups present and future business prospects Demonstrated by positive improvements in the startups core metrics CS419 Technology Entrepreneurship Week #1 «The Startup»

38. What is this course all about? Validated Learning Validated learning is backed by empirical data collected from real customers Learning is the essential unit of progress for startups Any effort not absolutely necessary for learning what customers want can be eliminated We dont want to kid ourselves on what customers want We dont want to learn things that are completely irrelevant CS419 Technology Entrepreneurship Week #1 «The Startup»

39. What is this course all about? Validated Learning Work smarter not harder Build to understand what the customer needs, and build only what the customer wants Positive changes in metrics become the quantitative validation that our learning was real. Productivity is not how much stuff we are building, but how much validated learning we are getting for our efforts. CS419 Technology Entrepreneurship Week #1 «The Startup»

40. What is this course all about? Validated Learning The question is not «Can this product be built?» In the modern economy we can pretty much build any product imaginable The right question is «Should this product be built?» «Can we build a sustainable business around this set of products and services?» Conclusion: Everything a startup does is an experiment to achieve validated learning CS419 Technology Entrepreneurship Week #1 «The Startup»

41. What is this course all about? Experimentation Many questions in a startup: Which customer opinions should we listen to? How should we prioritize across features? Which features are essential to the products success? What should we work on next? Etc. The answer is «Experimentation» CS419 Technology Entrepreneurship Week #1 «The Startup»

42. What is this course all about? Experimentation Begin with a clear hypothesis Test predictions empirically Just as scientific experimentation is informed by theory, startup experimentation is guided by the startupss vision The goal of every startup experiment is to discover how to build a sustainable business around this vision Key idea: The experiment is a product Special kind of product called the Minimum Viable Product CS419 Technology Entrepreneurship Week #1 «The Startup»

43. What is this course all about? Experimentation Customers interact with products and generate feedback and data Outcome of the experiment is learning about how to build a sustainable business (and repeat) CS419 Technology Entrepreneurship Week #1 «The Startup»

44. What is this course all about? Build-Measure-Learn Minimize total time through the loop Focus on validated learning Learn where and when to invest energy CS419 Technology Entrepreneurship Week #1 «The Startup»

45. What is this course all about? Leap-of-faith assumptions Which hypotheses to test first? Riskiest elements of a startups plan Parts on which everything depends The value hypothesis and the growth hypothesis (more on this later) State leap-of-faith assumptions, then build Minimum Viable Product CS419 Technology Entrepreneurship Week #1 «The Startup»

46. What is this course all about? The Minimum Viable Product Version of the product that enables a full turn of the loop.. with a minimum amount of effort..and the least amount of development time Not internal! We put it in front of the client/customer! We may even try to sell it.. CS419 Technology Entrepreneurship Week #1 «The Startup»

47. What is this course all about? The Minimum Viable Product Begins the process of learning The goal is to test fundamental business hypothesis Initially targets early adopters (80% solution) Can start with a smoke test (a simple ad) or an early prototype When in doubt, simplify Remove any feature, process, or effort that does not contribute directly to the learning you seek. Ok if low quality, but that doesnt mean we should be sloppy or undisciplined. CS419 Technology Entrepreneurship Week #1 «The Startup»

48. What is this course all about? Measurement Setting the right kind of metrics: Innovation Accounting Learning Milestones Vanity metrics vs Actionable metrics More on this later.. Right metrics help us make the pivot or persevere decision with clarity of mind: The goal is to align efforts with a business and product that work to create value and drive growth Keeping a path toward a sustaineable business CS419 Technology Entrepreneurship Week #1 «The Startup»

49. What is this course all about? Pivot or Persevere Pivot: Structured course correction designed to test a new fundamental hypothesis about the product, strategy, and the engine of growth Upon completing the loop, we either pivot the original strategy or persevere Unconditional perseverance is stupid If we discover one of our hypotheses is false, it is time to make a major change to a new strategic hypothesis The Lean Startup method allows startups to recognize its time to pivot sooner CS419 Technology Entrepreneurship Week #1 «The Startup»

50. What is this course all about? Why is the Lean Startup «Lean?» Methodology inspired from Lean Manufacturing principles developed by Taichi Ohno and Shigeo ShingoShigeo Shingo The Toyota Production System (TPS) Throughout the course we will see many reflections of the TPS on startup product development: Eliminating waste (muda) Genchi Gembutsu (go and see) Just-in-time manufacturing and Kanban (push vs pull) The Andon Cord Principle of Small Batches CS419 Technology Entrepreneurship Week #1 «The Startup»

51. What is this course all about? Eliminating Muda (Waste) Muda is non value-added work Any other work other than to test our specific hypotheses about the customer to generate validated learning is waste CS419 Technology Entrepreneurship Week #1 «The Startup»

52. What is this course all about? Genchi Gembutsu This is the most important for us this semester Genchi Gembutsu means «go and see for yourself» Business decisions must be based on deep first-hand knowledge You cannot be sure you really understand any part of any business model unless you go and see for yourself firsthand. It is unacceptable to take anything for granted or to rely on the reports of others CS419 Technology Entrepreneurship Week #1 «The Startup»

53. What is this course all about? Facts lie outside the building Metrics and institutions are «people» No plan/assumption/hypothesis survives first contact with the customer Startups need excessive contact with potential customers to understand them Get off your chair, get out of the building, and get to know your customers, your market, suppliers, channels, etc. Sitting in an office and overanalyzing is stupid Sitting in a lab and executing an untested plan is also stupid CS419 Technology Entrepreneurship Week #1 «The Startup»

54. What is this course all about? Anatomy of a Lean Startup Customer Development Customer Development CS419 Technology Entrepreneurship Week #1 «The Startup»

55. What is this course all about? #3 Customer Development We will break the Lean Startup method into two and focus on the client facing part We will get out of the building and practice Customer Development We will study Agile Development in theory with examples CS419 Technology Entrepreneurship Week #1 «The Startup»

56. 56 If Startups Fail from a Lack of customers not Product Development Failure Then Why Do we have: process to manage product development no process to manage customer development CS419 Technology Entrepreneurship Week #1 «The Startup»

57. 57 An Inexpensive Fix Focus on Customers and Markets from Day One How? CS419 Technology Entrepreneurship Week #1 «The Startup»

58. 58 Build a Customer Development Process Customer Development ?? ? ? Concept/ Seed Round Product Dev. Alpha/Beta Test Launch/ 1 st Ship Product Development CS419 Technology Entrepreneurship Week #1 «The Startup»

59. Company Building Customer Development Customer Discovery Customer Development is as important as Product Development Concept/ Bus. Plan Product Dev. Alpha/Beta Test Launch/ 1 st Ship Product Development Customer Validation Customer Creation CS419 Technology Entrepreneurship Week #1 «The Startup»

60. 60 Customer Development: Big Ideas Parallel process to Product Development Measurable Checkpoints Notion of Market Types to represent reality Emphasis is on learning & discovery before execution CS419 Technology Entrepreneurship Week #1 «The Startup»

61. 61 Customer Development Heuristics There are no facts inside your building, so get outside Develop for the Few, not the Many Earlyvangelists make your company The goal for release 1 is the minimum feature set for earlyvangelists CS419 Technology Entrepreneurship Week #1 «The Startup»

62. 62 Stop selling, start listening There are no facts inside your building, so get outside Test your hypotheses Two are fundamental: problem and product concept Customer Discovery: Step 1 Customer Discovery Customer Validation Company Building Customer Creation CS419 Technology Entrepreneurship Week #1 «The Startup»

63. 63 Customer Discovery: Exit Criteria What are your customers top problems? How much will they pay to solve them Does your product concept solve them? Do customers agree? How much will they pay? Draw a day-in-the-life of a customer before & after your product Draw the org chart of users & buyers CS419 Technology Entrepreneurship Week #1 «The Startup»

64. Customer Validation: Step 2 Customer Discovery Customer Validation Customer Creation Company Building Develop a repeatable sales process Only earlyvangelists are crazy enough to buy CS419 Technology Entrepreneurship Week #1 «The Startup»

65. CS419 Technology Entrepreneurship Week #1 «The Startup» 65 Customer Validation: Exit Criteria Do you have a proven sales roadmap? Org chart? Influence map? Do you understand the sales cycle? ASP, LTV, ROI, etc. Do you have a set of orders ($s) validating the roadmap? Does the financial model make sense?

66. 66 Customer Creation Step 3 Customer Discovery Customer Validation Customer Creation Company Building Creation comes after proof of sales Creation is where you cross the chasm It is a strategy not a tactic CS419 Technology Entrepreneurship Week #1 «The Startup»

67. 67 Customer Creation Big Ideas Big Idea 1: Grow customers from few to many Big Idea 2: Four Customer Creation activities: Year One objectives Positioning Launch Demand creation Big Idea 3: Creation is different for each of the three types of startups CS419 Technology Entrepreneurship Week #1 «The Startup»

68. 68 New Product Conundrum New Product Introduction methodologies sometimes work, yet sometimes fail Why? Is it the people that are different? Is it the product that are different? Perhaps there are different types of startups? CS419 Technology Entrepreneurship Week #1 «The Startup»

69. 69 Three Types of Markets Existing MarketResegmented Market New Market CS419 Technology Entrepreneurship Week #1 «The Startup»

70. 70 Three Types of Markets Who Cares? Type of Market changes EVERYTHING Sales, marketing and business development differ radically by market type Details next week Existing MarketResegmented Market New Market CS419 Technology Entrepreneurship Week #1 «The Startup»

71. Type of Market Changes Everything Market Market Size Cost of Entry Launch Type Competitive Barriers Positioning Sales Sales Model Margins Sales Cycle Chasm Width Existing MarketResegmented Market New Market Finance Ongoing Capital Time to Profitability Customers Needs Adoption CS419 Technology Entrepreneurship Week #1 «The Startup»

72. Definitions: Three Types of Markets Existing Market Faster/Better = High end Resegmented Market Niche = marketing/branding driven Cheaper = low end New Market Cheaper/good enough can create a new class of product/customer Innovative/never existed before Existing MarketResegmented Market New Market CS419 Technology Entrepreneurship Week #1 «The Startup»

73. Company Building: Step 4 Customer Discovery Customer Validation Customer Creation Company Building (Re)build your companys organization & management Re look at your mission CS419 Technology Entrepreneurship Week #1 «The Startup»

74. 74 Company Building : Big Ideas Big Idea 1: Management needs to change as the company grows Founders are casualties Development centric Mission-centric Process-centric Big Idea 2: Sales Growth needs to match market type CS419 Technology Entrepreneurship Week #1 «The Startup»

75. Company Building: Exit Criteria Does sales growth plan match market type? Does spending plan match market type? Is your team right for the stage of company? Have you built a mission-oriented culture? CS419 Technology Entrepreneurship Week #1 «The Startup»

76. 76 Customer Development: Summary Parallel process to Product Development Hypothesis Testing Measurable Checkpoints Not tied to FCS, but to customer milestones Notion of Market Types to represent reality Emphasis is on learning & discovery before execution CS419 Technology Entrepreneurship Week #1 «The Startup»

77. Idea Size of the Opportunity Business Model(s) Customer Discovery Customer Validation What is this course all about? How to Build a Startup CS419 Technology Entrepreneurship Week #1 «The Startup»

78. Idea Size of the Opportunity Business Model(s) Customer Discovery Customer Validation TheoryPractice What is this course all about? How to Build a Startup CS419 Technology Entrepreneurship Week #1 «The Startup»

79. Idea Size of the Opportunity Business Model(s) Customer Discovery Customer Validation What is this course all about? How to Build a Startup CS419 Technology Entrepreneurship Week #1 «The Startup»

80. Diagram of flows between company and customers Scorecard of hypotheses testing Dynamic: Allows rapid change with each iteration and pivot Founder-driven * Alex Osterwalder What is this course all about? What is a business model again? CS419 Technology Entrepreneurship Week #1 «The Startup»

81. What is this course all about? Business model - 9 building blocks CS419 Technology Entrepreneurship Week #1 «The Startup»

82. CUSTOMER SEGMENTS which customers and users are you serving? which jobs do they really want to get done?

83. VALUE PROPOSITIONS what are you offering them? what is that getting done for them? do they care?

84. CHANNELS how does each customer segment want to be reached? through which interaction points?

85. CUSTOMER RELATIONSHIPS what relationships are you establishing with each segment? personal? automated? acquisitive? retentive?

86. REVENUE STREAMS what are customers really willing to pay for? how? are you generating transactional or recurring revenues?

87. KEY RESOURCES which resources underpin your business model? which assets are essential?

88. 88 KEY ACTIVITIES which activities do you need to perform well in your business model? what is crucial?

89. KEY PARTNERS which partners and suppliers leverage your model? who do you need to rely on?

90. COST STRUCTURE what is the resulting cost structure? which key elements drive your costs?

91. 91 images by JAM customer segments key partners cost structure revenue streams channels customer relationships key activities key resources value proposition

92. sketch out your business model CS419 Technology Entrepreneurship Week #1 «The Startup»

93. building block building block building block building block building block building block building block building block building block building block building block building block CS419 Technology Entrepreneurship Week #1 «The Startup»

94. 9 Guesses Guess CS419 Technology Entrepreneurship Week #1 «The Startup»

95. Test Hypotheses: Problem Customer User Payer Test Hypotheses: Demand Creation Test Hypotheses: Channel Test Hypotheses: Product Market Type Competitive Test Hypotheses: Pricing Model / Pricing Test Hypotheses: Size of Opportunity/Market Validate Business Model Test Hypotheses: Channel (Customer) (Problem) CS419 Technology Entrepreneurship Week #1 «The Startup»

96. Test Hypotheses: Problem Customer User Payer Test Hypotheses: Demand Creation Test Hypotheses: Channel Test Hypotheses: Product Market Type Competitive Test Hypotheses: Pricing Model / Pricing Test Hypotheses: Size of Opportunity/Market Validate Business Model Test Hypotheses: Channel (Customer) (Problem) Customer Development Team Agile Development CS419 Technology Entrepreneurship Week #1 «The Startup»

97. The Pivot The heart of Customer Development Iteration without crisis Fast, agile and opportunistic CS419 Technology Entrepreneurship Week #1 «The Startup»

98. Agenda Who is the instructor? What is this course all about? What do I have to do in this course? CS419 Technology Entrepreneurship Week #1 «The Startup»

99. What do I have to do in this course? Roadmap Form a team Find a disruptive business idea, justify that it is disruptive and scalable Formulate your hypotheses Get out of the building and test your hypotheses Build and iterate your Minimum Viable Product Document progress on www.leanlaunchlab.com «Continuous deployment» CS419 Technology Entrepreneurship Week #1 «The Startup»

100. What do I have to do in this course? For next week Form a team Think about whether your business idea is worth pursuing (market size) Prepare two Powerpoint slides Elevator pitch of your business List of the 3 core assumptions of your business model Start your www.leanlaunchlab.com accountwww.leanlaunchlab.com CS419 Technology Entrepreneurship Week #1 «The Startup»

101. What do I have to do in this course? Syllabus www.CS419online.com www.CS419online.com Syllabus already in your bilkent.edu.tr e-mail addresses Ground rules are important CS419 Technology Entrepreneurship Week #1 «The Startup»

102. See you next week! Next episode: Disruptive Innovation CS419 Technology Entrepreneurship Week #1 «The Startup»