Beruflich Dokumente
Kultur Dokumente
Lean
Startup
An
Investigation
Into
Factors
That
Contribute
to
Startup
Success
i
DISCLAIMER
This
work
has
been
undertaken
as
part
of
a
student
educational
project
and
the
material
should
be
viewed
in
this
context.
The
work
does
not
constitute
professional
advice
and
no
warranties
are
made
regarding
the
information
presented.
The
Authors,
Cambridge
Judge
Business
School
and
its
Faculty
do
not
accept
any
liability
for
the
consequences
of
any
action
taken
as
a
result
of
the
work
or
any
recommendations
made
or
inferred.
ii
CONTENTS
PAGE
The
origin
The
Application
of
the
Lean
Startup
Methodology
The
Lean
Startup
Principles
Limitations
of
the
Lean
Start-Up
Methodology
1
1
2
3
Executive
Summary
The
Lean
Startup
Methodology
a)
b)
c)
d)
Overview
of
Research
Methodology
Summary
of
Findings
7
8
9
9
9
10
1)
Startups
Overall
2)
Startups
in
Enterprise
Software
and
Services
(B2B)
3)
Startups
in
Ecommerce
and
Consumer
Web
4)
Startups
in
Consumer
Mobile
5)
Situations
Where
the
Lean
Methodology
is
Less
Applicable
10
12
13
14
15
i) Companies
ii) Founders
iii) Consumer
(B2C)
vs
Enterprise
(B2B)
iv) Investors
v) Founders
Findings
and
Recommendations
Conclusion
References
Appendices
17
18
22
1
Startups
Interviewed
22
2
Founders
26
3
Consumer
vs
Enterprise
27
iii
EXECUTIVE
SUMMARY
The
central
objective
of
this
report
is
to
examine
and
identify
key
factors
that
contribute
to
the
success
of
start-up
companies,
with
particular
focus
on
the
lean
startup
methodology
widely
applied
by
early
stage
ventures
to
help
mitigate
risks,
minimize
costs
and
shorten
product
development
cycles.
To
achieve
this,
our
team
undertook
primary
and
secondary
research
over
a
three
week
period.
Based
on
findings
from
64
in-person
and
telephone
interviews
with
founders,
ventures
capitalists,
accelerators
and
industry
experts,
as
well
as
from
researching
Cambridge
University
and
online
startup
databases,
we
formulated
recommendations
related
to
factors
and
best
practices
that
increase
the
likelihood
of
startup
success.
The
research
has
revealed
a
number
of
findings,
which
form
the
basis
for
general
recommendations
when
developing
a
new
venture.
In
total,
22
recommendations
were
made
split
over
four
sub-categories:
1)
Startups
Overall;
2)
Startups
in
Enterprise
Software
and
Services
(B2B);
3)
Startups
in
eCommerce
and
Consumer
Web;
4)
Startups
in
Consumer
Mobile.
In
addition,
we
also
highlighted
situations
as
to
when
the
lean
startup
methodology
is
less
applicable.
Overall,
this
study
reveals
that
the
road
to
success
for
startups
is
a
complex
process
involving
multiple
and,
in
many
cases,
product
or
sector-specific,
strategies
and
methodologies,
some
in
line
with
the
lean
startup
methodology,
others
not.
Whilst
no
one-size-fits-all
approach
prevails,
we
found
that
the
lean
startup
methodology
should
be
used
by
companies
as
a
toolkit,
reference
or
philosophy,
but
not
as
a
strategy.
This
study
also
demonstrates
that
there
are
many
other
variables
to
consider
that
equally
have
an
impact
on
success.
Factors
such
as
deploying
innovative
marketing
and
distribution
channels,
exploring
new
markets,
building
trust,
exploring
new
niches,
as
well
as
choosing
the
right
business
model
also
critically
impact
the
likelihood
of
survival,
and
ultimately
success,
during
the
early
stages
of
company.
A.
The
Origin
Eric
Ries,
a
Silicon
Valley
entrepreneur,
proposed
the
lean
startup
methodology
as
an
approach
for
starting
a
business
in
his
2011
book
The
Lean
Startup.
In
the
technology
sector
where
over
75%
of
companies
fail,
according
to
Shikhar
Ghosh
of
Harvard
Business
School
(Gage,
2012),
the
possibility
of
increasing
success
is
valuable.
In
his
book,
Ries
outlines
a
methodology
capable
of
shortening
product
development
and
release
cycles
by
following
a
handful
of
core
steps.
Ries
main
claim
is
that
through
this
methodology
startups
can
mitigate,
or
at
least
minimize,
risks,
achieve
higher
levels
of
productivity,
and
decrease
costs.
The
foundation
of
the
lean
startup
methodology
is
the
lean
manufacturing
movement
of
the
1980s,
aimed
at
eliminating
processes
that
did
not
create
value
for
the
customer
(Ohno,
1988).
Ries
combined
the
Toyota
lean
principles
with
his
own
startup
experience
and
previous
work
done
by
Steve
Blank,
another
Silicon
Valley
serial-entrepreneur
and
academician,
to
form
the
central
theses
of
The
Lean
Startup.
the
customer
channel
(B2C
or
B2B)
and
the
complexity
of
the
problem
being
solved.
Lastly,
the
nature
of
a
product
itself
can
affect
a
companys
decision
to
apply
lean
principles.
For
example,
companies
involved
in
the
design
of
software
can
easily
modify
and
iterate
changes
during
its
development,
even
multiple
times
per
day.
However,
companies
that
are
designing
hardware
solutions
such
as
new
silicon
cells
for
solar
panels
cannot
frequently
iterate
due
to
costs
involved
in
making
even
slight
design
changes.
1) Entrepreneurship
is
Everywhere
Entrepreneurial
approaches
apply
to
any
organization,
of
any
size,
operating
in
any
sector.
Entrepreneurs
are
everywhere,
not
only
in
their
parents
garages.
2) Entrepreneurship
is
Management
Founders
should
use
a
scientific
method
to
make
decisions
and
build
sustainable
businesses.
Ries
also
advocates
pivoting,
the
ability
to
change
strategy
without
changing
the
vision.
For
example,
if
a
company
has
a
valuable
product,
however
not
for
the
customer
segment
it
initially
targeted,
then
it
can
pivot
and
change
the
target
market
or
even
the
intended
purpose
of
the
product/service.
3) Validated
Learning
Ries
recommends
a
process
of
validated
learning
whereby
companies
run
quick
and
frequent
experiments
to
validate
each
element
of
their
product/service
before
moving
on
to
the
next
phase
of
development.
This
is
achieved
by
designing
tests
to
see
how
customers
will
react
to
certain
changes
in
the
product,
for
example
by
testing
two
versions
to
see
which
customers
prefer
(also
known
as
split
testing).
This
contributes
to
the
build-measure-learn
cycle
(see
below).
4) Build-Measure-Learn
Founders
should
develop
a
hypothesis
about
a
particular
aspect
of
a
product
or
service
and
to
determine
what
information
is
required
to
obtain
an
accurate
result.
This
process
does
not
involve
asking
customers
what
they
want,
but
understanding
what
customers
want
by
observing
what
they
actually
do
with
a
product/service.
Following
this,
startups
can
build
a
Minimum
2
Viable
Product
(MVP,
hereafter),
which
is
a
version
of
the
product
that
enablesa
minimum
amount
of
effort
and
the
least
amount
of
development
time.
The
minimum
viable
product
lacks
many
features
that
may
prove
essential
later
on
but
enough
that
the
product
can
be
tested
with
customers
(Ries,
2011).
Ries
argues
that
one
of
the
key
measures
of
success
is
the
time
it
takes
to
learn
-
how
quickly
a
hypothesis
is
validated
or
rejected.
Therefore,
the
focus
should
be
to
minimize
the
total
cycle
time
through
the
build-measure-learn
feedback
loop
to
gain
competitive
advantage
by
learning
faster
than
the
competition.
5) Innovation
Accounting:
Traditional
accounting
and
performance
metrics,
such
as
revenue,
that
work
for
larger
established
companies
often
do
not
fit
early
stage
companies
that
generate
little
revenue
and
negligible
profits.
Therefore,
instead,
Ries
suggests
a
process
of
innovation
accounting
which
focusses
on
indicators
that
allow
startups
to
gauge
short-term
impact
and
trajectory,
such
as
customer
acquisition
and
churn
rates.
D.
Limitations
of
the
Lean
Start-Up
Methodology
Despite
the
advantages
offered
by
lean
startup
methodologies,
critics
raise
a
number
of
limitations:
OVERVIEW
OF
RESEARCH
METHODOLOGY
Research
for
this
consulting
project
was
divided
into
two
parts:
primary
and
secondary
research.
The
primary
research
consisted
of
in-person
and
telephone
interviews
designed
to
collect
in-depth
qualitative
information/data
from
entrepreneurs,
investors
and
industry
experts,
with
a
focus
on
critical
success
factors
for
startups.
These
interviews
formed
the
basis
of
the
investigation
as
limited
academic
research
exists
on
the
lean
startup
methodology.
The
team
spent
three
weeks
interviewing
64
entrepreneurs,
investors,
accelerators,
and
other
experts
to
get
their
experiences
and
insights.
The
list
of
interviewees
can
be
found
in
Appendix
1.
The
team
also
carried
out
secondary
research
using
startup
databases
available
online
such
as
Crunchbase,
Mattermark
and
AngelList,
as
well
as
through
general
internet
research
and
consulting
databases
accessible
through
Judge
Business
School
Information
Services.
Due
to
the
private
nature
of
many
of
the
early
stage
companies
studied,
the
team
found
limited
company
information
on
a
small
selection
of
the
sample.
Given
the
limited
academic
research
on
the
lean
startup
methodology,
the
team
decided
to
approach
the
project
as
an
exploratory
study.
Therefore,
based
on
the
lean
startup
methodology,
the
team
designed
a
structured,
open
ended
questionnaire
template
that
was
used
for
all
interviews.
The
questions
fell
into
6
categories:
Company
Profile
Founders
and
Team
Entrepreneurial
Management
Product
(including
the
Validated
Learning
and
Build-Measure-Lean
principles)
Metrics
and
Marketing
(including
the
Innovation
Accounting
principles)
Funding
Other
The
team
designed
two
types
of
questionnaires:
one
for
founders/startups,
the
other
for
venture
capitalists,
incubators,
and
industry
experts.
For
inclusion
in
the
study,
the
team
targeted
tech
startups
based
in
the
United
States
that
represented
the
industries
and
sectors
within
Idealabs
current
and
historical
portfolio.
The
team
specifically
focused
on
companies
founded
before
2013
that
had
received,
at
least,
seed
funding.
The
team
sought
a
wide
sample
of
companies,
from
those
that
had
successfully
IPOd
to
those
that
had
shut
their
doors,
although
the
less
successful
companies
proved
more
difficult
to
convince
to
participate.
SUMMARY
OF
FINDINGS
i)
Companies
In
total,
the
team
interviewed
13
investors,
experts
and
incubators,
as
well
as
51
startups
with:
A
combined
total
funding
of
$2.5
billion
An
average
company
age
of
5.4
years
A
median
number
of
20
employees.
Most
of
the
companies
interviewed
applied
lean
principles
to
some
extent.
However,
the
degree
to
which
these
principles
were
applied
varied
significantly.
ii)
Founders
When
analysing
responses
from
founders,
it
is
evident
that
being
a
sole
founder
is
often
too
demanding
and
undesirable.
However,
equally,
having
four
or
more
founders
can
cause
difficulty
in
maintaining
alignment.
The
team
found
that
the
ideal
number
of
co-founders
was
two
or
three,
and
startups
with
two
co-founders
raise,
on
average,
at
least
twice
as
much
money
as
startups
with
three
founders.
The
team
also
analysed
the
difference
between
first-time
founders
and
serial
entrepreneurs.
First
time
founders
are
more
likely
to:
Pivot
Conduct
customer
interviews
Launch
their
company
with
friends
or
classmates
Attempt
to
take
on
larger,
more
complex
problems
(like
multi-sided
markets
and
social
networks)
Whereas
serial
entrepreneurs
are
more
likely
to:
Reach
product-market
fit
faster
Apply
lean
principles
in
their
approach
to
business
Use
agile
software
development
practices
Raise
more
money
Please
see
Appendix
2
for
an
overview.
7
iv)
Investors
Overall,
investors
viewed
the
lean
startup
principles
favourably,
as
important
tools
for
early
stage
companies
to
use,
but
recognised
that
applicability
varies
and
must
be
considered
on
a
case
by
case
basis.
For
investors,
the
top
key
success
factors
were
the
founding
team
and
the
potential
market
for
the
product/service.
v)
Funding
The
general
consensus
among
respondents
was
that
more
funding
does
not
necessarily
lead
to
higher
levels
of
success
and
that,
at
times,
higher
levels
of
funding
can
even
inhibit
success
by
causing
startups
to
become
complacent,
lose
focus
and
pursue
less
creative
solutions.
In
addition,
our
findings
showed
no
correlation
between
the
number
of
funding
rounds
and
success,
or
between
the
amount
of
funding
and
the
application
of
lean
startup
principles.
8
1) Startups
Overall
Based
on
analysis
and
findings
from
the
research,
the
team
recommends
that
startups:
2)
Best
Practices
for
Enterprise
Companies
(B2B)
Based
on
our
analysis
and
findings,
startups
serving
SMEs
and
large
enterprise
customers
should:
Choose
the
(Right)
Business
Model
Enterprise
companies
should
choose
the
business
model
that
best
matches
their
specific
offering.
Our
research
indicates
that,
recently,
many
enterprise
companies
start
with
a
freemium
model
-
a
pricing
strategy
by
which
a
product
or
service
is
offered
free
of
charge
-
before
switching
to
a
strictly
paid
model.
Often,
the
rationale
for
a
freemium
product
is
to
gain
traction
and
build
a
large
user
base
more
quickly.
However,
this
also
means
that
companies
are
not
generating
significant
revenues
and
must
often
dedicate
resources
to
12
support
non-paying
customers.
In
many
cases,
this
makes
long-term
profitability
difficult
because,
as
the
company
moves
toward
a
paid-only
model,
it
is
hard
to
convince
customers
to
pay
for
a
product/service
they
are
used
to
receiving
for
free.
Cosy
up
to
Apple
and
Google
A
high
percentage
of
mobile
users
search
for
new
apps
by
perusing
the
top
selling
apps
within
the
Apple
and
Google
Play
stores.
To
increase
the
chances
of
an
app
being
featured,
companies
must
follow
the
submission
guidelines
for
each
app
store,
as
well
as
foster
relationships
with
the
app
store
category
managers.
14
Build
Trust
One
point
raised
by
a
number
of
companies
not
considered
in
the
lean
startup
approach,
is
the
importance
of
building
and
maintaining
a
customers
trust.
Mobile
apps
have
the
advantage
of
being
able
to
collect
meta
data
about
their
users,
push
onscreen
notifications,
and
easily
publish
to
social
networks
like
Facebook
and
Twitter.
However,
users
have
high
expectations
for
privacy
which
must
be
respected.
Pharma/Biotech
The
investment
requirements
in
the
pharmaceutical
and
biotechnology
industries
make
it
virtually
impossible
for
a
company
to
produce
an
MVP
with
the
intention
of
testing
and
iterating
multiple
times.
It
can
take
years
and
millions
of
dollars
to
come
up
with
one
version
of
a
drug
or
medical
device,
which
are
both
subject
to
strict
regulatory
requirements.
FinTech
The
financial
services
industry
is
also
heavily
regulated,
making
it
difficult
to
make
fast
and
regular
changes
to
platforms
that
provide
services
for
managing
and/or
transferring
funds.
In
addition,
major
players
in
this
industry,
such
as
banks
and
Visa
and
MasterCard,
can
be
slow
moving,
creating
an
unwanted
drag
effect.
Hardware
Often,
a
truly
representative
MVP
of
a
hardware
product
can
be
expensive
and
time
consuming
to
produce
at
scale.
Any
changes
to
the
design
will
have
implications
for
the
parts
and
components
that
go
into
its
production,
and
this
cost
will
either
be
borne
by
the
company
or
its
customers.
Furthermore,
each
iteration
effects
the
downstream
supply
chain.
Therefore,
applying
the
lean
startup
approach
to
hardware
companies
can
be
very
complicated,
time
consuming,
and
costly.
16
CONCLUSION
As
highlighted
in
the
findings
and
recommendations,
many
different
factors
contribute
to
startup
success,
from
the
right
combination
of
the
founders
to
the
correct
application
of
lean
startup
principles.
This
exploratory
study
showed
that
while
merits
exists
for
applying
the
lean
methodology
and
its
tools
to
help
start-ups
navigate
marketing
and
product
development,
cases
and
situations
emerged
where
the
lean
principles
might
not
be
the
appropriate.
In
addition
to
founders,
venture
capitalists
also
view
lean
startup
methodologies
as
useful
tools
that
encourages
startups
to
take
small,
careful,
and
cost-efficient
steps
to
reach
product-market
fit,
which
minimizes
risk
in
the
process.
Overall,
this
study
revealed
that
complex
process
of
transforming
a
startup
into
a
successful
company
cannot
be
completed
following
the
lean
startup
methodology
alone.
In
other
words,
there
is
no
a
set
formula
or
one-size-fits-all
approach
for
success.
Each
venture
must
be
built
using
its
own
recipe
of
principles
and
strategies.
One
recurring
theme
from
almost
every
interview
is
that
the
lean
startup
approach
is
important
and
all
start-up
companies
must
be
aware
of
it.
However,
it
should
not
be
treated
as
a
strategy,
or
a
religion,
but
as
a
philosophy
and
a
set
of
tools.
Each
startup
must
be
strategic
and
find
its
own
approach,
deciding
which
lean
startup
principles
are
relevant
to
its
specific
needs
and
which
other
factors
should
also
be
considered.
17
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21
Company
Interviewee
Position
Alteryx
Dean Stoecker
Appirio
Narinder Singh
Co-Founder
&
CTO
Auction.com
Jake Seid
President
BabyJunk
Tom Jones
CEO
Climate Corp.
Jim Ethington
Vice President
CloudFlare
Matthew Prince
Co-Founder
&
CEO
Cobblestay
Drew Graham
CrazyEgg
Neil Patel
Co-founder
GameMix
Ivar Chan
CEO
Genesis Media
Joshua Feuer
CPO
GuestDoor
Ian Reddy
CEO
22
HipGeo
Scott Daniel
HomeAway
Carl Shepherd
CSO
HubSpot
Bradford Coffey
VP
Product
Strategy
&
Coroporate
Development
Innovid
Tal Chalozin
Itography
Melissa Tyree
Co-Founder
Co-Founder
&
CTO
Magoosh
Bhavin Parikh
Founder
Mavryx
Max Bruner
Narvar.com
Amit Sharma
NatureBox
Gautam Gupta
Neuropace
Frank Fischer
On
Demand
Therapeutics
John Santini
President
23
OpenDNS
David Ulevitch
PayPerks
Jake Peters
CTO
Placemeter
David
Fine
on
behalf
of
Florent
Peyre
5th employee
Egreetings
Network
Tony Levitan
Co-Founder
&
Former
President
Qualaroo
Jason
Meresman
VP
Product
&
Cofounder
Red
Clay
Designs
Ashley Etling
Design
Director,
Co-Founder
SavvyMoney
Scott Crawford
CEO
Scribd
Jared Friedman
Co-Founder
&
CTO
shopkick
Cyriac Roeding
Co-Founder
&
CEO
Shoto
Sachin Duggal
Co-Founder
&
CEO
Sqord
Coleman
Greene
Stitch Fix
Mike Smith
COO
24
TaKaDu
Amir Peleg
Techonomy
David
Kirkpatrick
Tuffwerx
Eric Dreyer
25
APPENDIX
2
Founders
# of Founders
Funds Raised
Alignment and
Emotional Support
Notes
Being a sole
founder is very
hard
2 founders raise
2x more than 3
founders
3 founders raise
2x more than 1
founder
Teams with 4 or 5
founders tend to
have more
difficulty aligning
26
CONSUMER ENTERPRISE
Frequent Releases
Product-Market Fit
Metrics
Product vs Customer
Product Focus
Customer Focus
27