Day 2: Presentation Judging and Wrap Up!
“The vast majority of [successful] startups abandoned their initial plans and learned what would and would not work in the market.” -Clayton Christensen, The Innovator’s Dilemma
Teams started early on Day 2 of The Lean Startup Machine Shanghai, with mentors checking in on the progress of each team’s validated and invalidated hypothesis, and providing direction on possible pivots. As Ray had warned during the Lean Startup Machine Kick Off on Friday, “the human brain is wired to assume!” and teams were finding out first hand just how hard it is to think ‘lean startup’.
Even though teams were trying to follow the Lean Startup Canvas provided by the Lean Startup Machine program to help each team systematically validate assumptions, teams were still unknowingly accepting many underlying assumptions as proven fact. One team, for example was attempting to validate the market fit on a concierge home-bodycare service for ‘busy‘ working professionals. Though they had been very diligent in validating/invalidating many business model assumptions and making rational service-type pivots, they didn’t realize that their core target market of ‘busy‘ working professionals was an assumption they should have validated (until the judges challenged them on the fact!)
All in all, the teams worked hard to switch their mindset to validate their assumptions, and there were awesome presentations to show off how teams had validated, invalidated, and pivoted their business models to find customers who would pay for their businesses or product. Some teams had even succeeded in collecting ‘sign-up money’ for their products! Talk about finding paying customers!
Thinking as a lean startup isn’t easy, but the Lean Startup Machine Shanghai was a great success in helping attendees to think ‘scientifically’ in validating customer and business model assumptions.
Lean Startup Machine Shanghai Winners – Team Byoyo!
Big congratulations to team Byoyo (Yawen Hsu, Ying Chen, and Jack Wang- pictured above), and their product, “Timelapse,” which aims to help parents document and share their children’s childhood photos, on winning this year’s Lean Startup Machine Shanghai. Although they expressed their difficulty in learning to think lean, and asking the right customer questions, they demonstrated that they had validated and invalidated the most assumptions and made the most impressive pivots. Starting from an initial idea of wanting to create a whole social platform for parents, they made several pivots after realizing that a mobile app would be a better fit for their target audience.
Thank You! – Mentors, Sponsors, Volunteers!
A huge huge shout out and thanks to all of our mentors, sponsors, volunteers, and the Lean Startup Machine team in the US for helping us make Lean Startup Machine Shanghai happen. Also, mad props again to Ray Wu (part of the Lean Startup Machine team), who only found out on Wednesday that he would be coming over to Shanghai- and 12 hours after, was on a plane heading to China.
Here’s a list of our awesome mentors for Shanghai’s very first Lean Startup Machine:
- Steve Guengerich: Co-Founder: Appconomy
- Kevin Dewalt: serial entrepreneur and Lean Startup advocate
- Calvin Chin: CEO of Transi.st, Listed in Fast Company’s “Creative 100”.
- Hank Horkoff: Founder OpenLanguages, Co-Founder Chinesepod
- Niko Spiridis: SCRUM Coach
- Oscar Ramos: Founder: DAD Asia.
- David Lin: Head of Microsoft Accelerator
- Timothy Ng: Program Manager Lead: Microsoft China
- Jacob Creech: Boost Agile
- Jim Ni: Director of Marketing / Ops: Microsoft China
- Prashanth Hirematada: Founder of Kwestr
- Lionello Lunesu: Software Dev Engineer, Microsoft; entrepreneur
- Guillaume Maury: Co-Founder WebAgeCorp
- Eugene Lin: Project Leader and Business Designer at IDEO
- Toby Overmaat: Business Designer at IDEO
- Duncan Turner: Designer at IDEO
- Hannes Helander: Founder and Senior consultant at BGILE
- Zichuan Xiong: Project lead atThoughtwork
- Mark Gilbert: Product Unit Manager, Microsoft
- Julien Mazloum: Director and founder at Outsofting
- Shaopeng Zhang : Architect at Baidu
Techyizu’s sponsors for the Lean Startup Machine event:
We’d also like to highlight that without our sponsors, we wouldn’t be able to hold this many events, nor keep them entirely free! They’re enabling us to make stuff happen for the Shanghai tech, design, and startup community!
Catch up on what happened on Friday, and Saturday:
- Recap: Lean Startup Warmup 2012
- Recap: Kick Off! – Lean Startup Machine Shanghai 2012
- Recap: Day 1 – Lean Startup Machine Shanghai 2012
Lean Startup Machine Shanghai Day 2 Photos
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Recommended Lean Startup Reading
- – Startup Lessons Learned
- – Ideas. Code. Data. Implement. Measure. Learn
- – Pivot, don’t jump to a new vision
- – 12 Tips for Customer Development Interviews (revised)
Eric Ries “The Lean Startup”