In this set of slides, author Alexander Osterwalder brings us through a start-up story of an Ivy league student (named Mike) who has years of corporate experience under his belt. He has impressive credentials and a killer product idea with favorable market research. He went on to build a business plan and secured venture capitalist funding.
Using the money, Mike built his start-up and made the headlines on every major newspaper. He even gave his keynote speech to folks who blindly listened. Despite Mike’s experience, research and plan, his start-up failed. Why? Because there are 5 key things which he failed to understand. I should let you discover them yourselves.
In case your patience didn’t last you through 100 slides, Pivot is one point which is worth your time understanding. This concept is clearly captured in the image below. Pivot is the iteration between customer validation and discovery. Every time you fail to validate, you go back to rediscover or redefine your customers.
As explained previously, start-ups should change direction but stay firm to what they believe. One foot is firmly rooted to the ground while the other makes the changes. To be successful, start-ups have to pivot fast. If a start-up can reduce the time spent between pivots, it can increase its odds of success before it runs out of money. You only move on to create your start up after you have successfully discovered and validated your customers.
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