In a recent study, GfK stated that design is one of the primary choice criteria for tech products. 1/3 of buyers says that design and style are an very important in their choice. Only 10% focus on technologies.
26 000 persons have been interviewed for this study which shows interesting differences among countries and ages. One should read the study if developing a B2C products. However, do you think that this is something new? I don’t.
Everybody has in mind the wonderful story of a billion dollars company which started in a garage. Or this start-up sold to a big one for 400 M$. Or even this guy who sold his start-up just two years after founding it for over 100M¤ to a major internet company…
That sounds good right?
Don’t ever forget that these stories are the good ones. Most of start-ups fail. But there is still a myth about that. We all believe that if the start-up fails it is mainly because founders did not work hard enough. This gives us a chance. A chance to believe that if we go for a start-up, if we work hard enough, we will succeed. A kind a start-up dream in a way.
Most of start-ups fails, full of tears, blood and broken dreams. That’s not a question of hard work nor willingness to develop the product. Start-ups are like many other starting companies. If they don’t fond their market, a market that is ready to pay as soon as possible for their products, it’s done.
As Eric Ries said, founding a successful start-up is a process and thus can be taught and learned. However I would say that some chance is also necessary. Chance and method are the key factors. And yes you can fail with the best ever product…
To avoid burning all your cash before having met your clients, those that are willing to pay, the best is to apply the lean principles and to deploy as fast as possible the Build / Test / Learn scheme. Do it fast, as fast as possible and pivot as many times as you think it is necessary. Let your ego on the side of the road. Pivoting shall not be seen as a failure, it is refining your value offer to your client.
The Lean start-up is all about testing and your abilities to pivot. It is a wonderful management tool to innovate, both for start-ups and for corporate. However, in order to maximize the chances to find a good resonance within a particular area of the market, one has to be really taking care to several steps.
- Go to the market often
To pivot you HAVE TO have the feedback of your potential customers. If not, no pivot is possible. The Minimum Viable Product is key (link in french). In some cases, A/B testing is really really powerful. A/B testing is all about giving to the market 2 different PMV and see which one generate the best response.
- Have a vision
giving your team the direction, the moto, the final stage. It will gives you the opportunity to make assumptions, those assumptions will then be tested with your clients.
- Stay passionate
This is your adventure, your dream, your future . If you don’t believe in it, nobody will. Believe in it even when you pivot because…
- …Pivoting is a success
Adapting and modifying your MVP to your clients is not a fail. It is answering to your clients needs! Do fall in love with your product. Your only goal is to find a market, to find people ready to trust you and your product and eventually (no, not eventually, actually) buy it.
- Stay open
Look around, stay tuned. Pivoting is also about knowing what is going on outside your team.
- Speak to your client
Don’t sell your MVP. Deliver it, speak with your customer, ask them about your vision, listen, gather informations… That’s gold for your development.
This will help you to optimize the « Build-Measure-Learn » cycle.
voici la nouvelle édition du guide des start-up 2015, un exellent document (et pas un annuaire) pour les acteurs Start-ups.
Je vous conseille vraiment la lecture car on y apprend beacoup de choses, et de qualité.
Guide des startups 2015.