Welcome Dwain Reid, Entrepreneurship Project Manager Your first customer Welcome Dwain Reid, Entrepreneurship Project Manager

Join the conversation……… @BizBoardKU #KUENT Tell Everybody!!!

Get Involved! http://bizboard.kingston.ac.uk The Year Ahead. Get Involved! http://bizboard.kingston.ac.uk

The journey Accelerator Workshops, Masterclasses Bright Ideas Closes 2 Dec Startup W/end 27-29 Jan Pitching, Prizes & Party 9 Feb Celebrate Enterprise! End of academic year celebration 23 March Kingston Award Participation in the Enterprise Programme contributes to the Award Accelerator Follow-on support for those starting something new

Workshops http://bizboard.kingston.ac.uk/workshops Wednesdays 4pm *Idea generation *Bright Idea’s Q’s *PR *Social Media http://bizboard.kingston.ac.uk/workshops

Every Month on a Thursday from 5.45pm Insights Every Month on a Thursday from 5.45pm Guest speakers take you through their journey of success, Q&A and networking http://bizboard.kingston.ac.uk/insights

“Everything begins with an idea” Bright Ideas 2016/17 “Everything begins with an idea” NOT a business Competition! Open Now Deadline: 2 December 2016 http://bizboard.kingston.ac.uk/brightideas

Next week.. Wed 19th Oct, 4pm PRJG1005 How can I test if I have a good idea Sign Up NOW! http://bizboard.kingston.ac.uk/workshops

First customer? One of the most important things to consider is what your customer actually wants; so imagine if your customer always said “YES” Continue the customer journey by saying, “YES and…”

Your first customer Dr David Stokes Emeritus Professor of Entrepreneurship and Visiting Entrepreneur

KU ENTREPRISE WORKSHOP DEFINING AND ATTRACTING YOUR FIRST CUSTOMER Lean Start-ups Professor David Stokes

The Entrepreneurship Process Discovery Thinking Evaluation Testing Exploitation Trading Opportunity

Traditional start-up issues Long time for start-ups if fully evaluated and planned (12-24 months) Problems Many don’t work in the way envisaged Speed of market and industry change No real feedback until the end of the process No income Many fail

Is there a better way? The Lean Start-up Learning from ‘Lean manufacturing’ eliminate anything that does not create value for the customer Eric Ries Professor David Stokes, Lisbon, 2011

Entrepreneurship: a circular not a linear process

Feedback is part of the Entrepreneurship Process: Discovery Thinking Evaluation Testing Exploitation Trading Opportunity

Professor David Stokes, Lisbon, 2011 Lean Lean Start-ups Eliminates waste through early contact with customers. Feedback as soon as possible Professor David Stokes, Lisbon, 2011

‘Lean thinking’: 5 principles Specify what customers value: what do they want that they are prepared to pay for? Understand the Value Stream: activities that add value for customer. What are the trade-offs? Improve the Flow of one value adding activity to the next Pull: customers pull developments through the system, not internally pushed Perfection: continuous improvement through feedback

Professor David Stokes, Lisbon, 2011 Lean start-up process Create ‘Minimum Viable Product’ (MVP) minimum version to learn from customers (early adopters) Measure how customers respond ‘Pivot or persevere’ – change the parts that don’t work and keep those that do Professor David Stokes, Lisbon, 2011

Professor David Stokes, Lisbon, 2011 Lean issues ‘Lean’ does not necessarily mean ‘cheap’ Concepts primarily based on internet start-ups so far IP protection problems in showing hand early Branding risks in incomplete products Professor David Stokes, Lisbon, 2011

Useful links ‘The Lean Startup’ Eric Ries, Penguin Books, 2011 KU Enterprising Business Award Useful links ‘The Lean Startup’ Eric Ries, Penguin Books, 2011 http://theleanstartup.com/ twitter.com/ericries Case studies: Dropbox; Aardvark

Discussion time: How will you make your start-up lean? What is your MVP? How will you get feedback from customers? What exactly do you need to find out from them?

How will you move forward? Feedback #KUENT How will you move forward?

Next week.. Wed 12 Oct, 4pm PRJG1005 Defining and attracting your first customer Sign Up NOW! http://bizboard.kingston.ac.uk/workshops