1. New Venture Planning - 2013 Class #3 – October 8, 2013

2. Agenda Intro to Leanstack.com – User sign up, collaborators, canvas – ‘Clone’ a new canvas each week Reading Overview Matt Beaudet – CEO, NemaMetrix; Co-founder, CellFyre; Fertilab Thinkubator

3. The Product… … is not the Product. The Business Model is the Product!

4. Where are we?

5. Customer Development Question your assumptions – every one Get out of the building - literally Iterate through learning – try try again

6. Interviews Start with the Problem Confirm your true customers! DON’T jump to solutions! Friday (10/11) – List of 10 interview targets! Thursday (10/31) – Present interview results

7. Preparing Prepare for the interview – No surveys – assumes you’re asking the right ??? – Finding prospects is hard – Any sample is a good sample – keep digging – Play the “I’m a student” card!

8. Problem Interview Addressing 3 important risks: 1.Product Risk: What are you solving? How do customers rank their top 3 problems? 2.Market Risk: Who is the competition? How do customers solve the problem today? 3.Customer Risk: Who has the pain? Is this a viable customer segment?

9. Solution Interview Addressing 3 important risks: 1.Customer Risk: Who has the pain? (Early Adopters) How do you identify early adopters? 2.Product Risk: How will you solve these problems? What is the minimum feature set needed to launch? 3.Market Risk: What is the pricing model? (Revenue) Will customers pay for a solution? What price will they bear?

10. Pirate Metrics How to measure customer engagement? Find You? Good Experience? Come Back? Make Money? Tell Others?