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

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

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

5. The journey Accelerator
Workshops,
Masterclasses
Bright Ideas
Closes 2 Dec
Startup W/end 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

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

7. 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

8. “Everything begins with an idea”
Bright Ideas 2016/17
“Everything begins
with an idea”
NOT a business
Competition!
Open Now
Deadline:
2 December 2016

9. Next week.. Wed 19th Oct, 4pm PRJG1005
How can I test if I have a good idea
Sign Up NOW!

10. 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…”

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

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

13. The Entrepreneurship Process
Discovery
Thinking
Evaluation
Testing
Exploitation
Trading
Opportunity

14. 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

15. 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

16. Entrepreneurship: a circular not a linear process

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

18. 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

19. ‘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

20. 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

21. 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

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

23. 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?

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

25. Next week.. Wed 12 Oct, 4pm PRJG1005
Defining and attracting your first customer
Sign Up NOW!