8: From Idea to Opportunity III (The Lean Startup)

Date: 
Friday, October 16, 2015
Summary: This is the last of three sessions where we discuss the differences between an idea and an opportunity. In this session, we look again at the challenges of new enterprises in technology. In particular, startups that succeed usually invent and live by a process of customer learning and discovery called "Customer Development," which is a critical component of the Lean Startup philosophy and methods. The Customer Development process for launching a new product into a new market is the antithesis of the well-honed Product Management rules observed by large companies. Indeed, following traditional Product Management rules is a recipe for failure when it comes to a startup in a new market.

Quote of the Day: “A wise man will make more opportunities than he finds.” Francis Bacon

Term Project (Policy on OAP.)

Please post your First Positioning Statement (PS1) to the team website and send it to the course CAs. The Global Marketing and Sales class session will help you and your team get started in writing your positioning statement. Fill in Geoff Moore's two-sentence positioning template for your OAP product or service concept. The template is:



    Sentence #1


    For (target customer)

    who (statement of the need or opportunity),
    the (product/service name) is a (product/service category)
    
that (statement of benefit).



    Sentence #2

    Unlike (primary competitive alternative),

    our product (statement of primary differentiation).


Create two PowerPoint slides. One slide should simply list the name of your project team with all the team members and their majors. The second slide should have a succinct draft of your positioning statement above. Send via email to the teaching team with your team name clearly identified by 1PM on the day of the session. Also post the slides to your team's website. For extra credit, add a third slide to share how your potential venture will make meaning (have a higher purpose) and not just money. See the term project section of the syllabus for more information.

Guest: Steve Blank

Required Readings (Policy on Required Readings)
Recommended Readings
Study Questions (Policy on Study Questions)
  • What were the three operating principles of the IMVU Owners Manual?
  • How long do you think the development cycle for each release of the IMVU software was? Why?
Online Assignment  (Policy on Case Analyses) - Only Group B Teams are required to submit a write-up for this case.

Should IMVU (1) work with ROC, (2) Pacific Capital or (3) take the Janga acquisition? Why?