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Ep. 43 - Ash Maurya, Author of Scaling Lean
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Today’s interview is with Ash Maurya, the author of Running Lean and his newest book Scaling Lean. With decades of experiences as an entrepreneur and almost 10 years as a lean coach, Ash talked about the product design mistake that almost all innovators make, and where he tells those innovators to go with their failed product and what to do with it. Ash also gave an outline of how his new book adds to the ongoing innovation conversation by giving practical tips and exercises for designing value metrics, among many other things. Connect with Ash at leanstack.com and find out more about the Inside Outside Innovation Summit at theiosummit.com Inside Outside Innovation Episode 44 February 14, 2017 ★ Episode details: https://share.transistor.fm/s/73cf3b9c ★ Additional episodes: https://insideoutside.io
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Introduction to Ash Maurya
In this segment, the host introduces Ash Maurya, the author of 'Running Lean' and 'Scaling Lean.' Ash shares his extensive experience as an entrepreneur and lean coach, discussing common product design mistakes innovators make and offering insights on how to handle failed products. He also highlights the practical tips and exercises included in his new book that help in designing effective value metrics.
"welcome to inside outside innovation episode 43. today's interview is with ash moria the author of running lean and his new book scaling lane with decades of experience as an entrepreneur and almost 1..."
Inside Outside Innovation Summit Announcement
The host announces the first Inside Outside Innovation Summit, scheduled for June 19-21 in Lincoln, Nebraska. This segment highlights the event's features, including a pitch contest and opportunities for networking among corporations, startups, and award-winning speakers. Listeners are encouraged to visit the summit's website for more information and ticket purchases.
"and where it's going [Music] we've got a way for you to join the conversation too and it's not through itunes or twitter you can talk to us in person at the first inside outside innovation summit happ..."
Ash's Journey into Lean Startup
Ash Maurya shares his journey into the lean startup movement, detailing his background as an entrepreneur and the patterns he observed in product development. He discusses how he encountered the works of Steve Blank and Eric Ries, which resonated with his experiences of product failures, and how this led him to contribute to the lean startup conversation.
"if you haven't already go listen to our special announcement episode or go to viosummit.com find out everything you need to know and grab your ticket [Music] so a lot of people if you've done anything..."
Understanding Product Failures
In this segment, Ash discusses the common reasons behind product failures, emphasizing that it's often not about execution but rather about knowing what to build. He explains how innovators can fall into traps that lead to developing the wrong products and introduces tools designed to help avoid these pitfalls.
"you know why do we go astray and around that time well few years i would say into that a kind of 2000 2009 i began to run into some of the early works that steve blank and eric reese were putting out ..."
The Importance of Getting Outside the Building
Ash highlights a significant shift in mindset within the lean startup methodology: the importance of getting outside the building to validate ideas. He discusses the concept of the Minimum Viable Product (MVP) and emphasizes the need for entrepreneurs to understand their business model before diving into product development.
"of those pitfalls and biases that we we all as innovators fall into take me back to the early stages like what, are, some, of the, biggest, changes that you've seen you know it seems like at the early..."
Measuring Progress in Lean Startup
In this segment, Ash elaborates on the importance of measuring progress beyond just running experiments. He stresses that simply building products or talking to customers is not enough; innovators must focus on creating a working business model and tracking key metrics that indicate real progress.
"in the build process now since then i've found that there's even more that should be done because i've i've made the mistake a few times i look at it as i call it a mistake but in retrospect it's stil..."
Innovation Accounting and Metrics
Ash discusses the concept of innovation accounting, explaining why traditional ROI measures are inadequate for early-stage startups. He introduces the idea of tracking customer behaviors as predictors of future revenue and shares examples from Starbucks and Facebook to illustrate how businesses can measure monetizable value.
"nobody wants all you prove is you build something on time and on budget similarly in the lean context similarly getting outside the building and talking to customers often not enough if you can turn t..."
Key Metrics for Business Models
In this segment, Ash emphasizes the importance of identifying key metrics for different business models. He explains how to use metrics like monthly active users and conversion rates to gauge business health and growth potential, highlighting the need for a focused approach to measurement.
"revenue in the future down the road the other piece of that is when i use the word monetizable value i'm not always talking about revenue in some instances the distance between monetizable and value a..."
Challenges for Startups vs. Large Companies
Ash contrasts the challenges faced by startups and larger organizations when implementing lean startup methodologies. He discusses how startups often struggle to find customers, while larger companies may stop engaging with their customers, leading to missed opportunities for innovation.
"business model story and that's the kind of metrics that we need to get to so for every every business model out there there aren't hundreds of numbers there typically is one or maybe two numbers depe..."
Scaling Lean: Insights from Ash's New Book
Ash shares insights from his new book, 'Scaling Lean,' focusing on the evolution of conversations between entrepreneurs and their stakeholders. He explains how the book guides readers in pitching business model stories and emphasizes the importance of metrics and validation in the innovation process.
"everywhere even if you go into a startup a lot of the developers would you know if you come from a technical mindset you would have that reservation but i find it even compounded in a larger larger or..."
Conclusion and Resources
In the concluding segment, Ash provides information on where to find his work and resources at leanstack.com. He expresses gratitude for the opportunity to share his insights and encourages listeners to stay connected for future updates and discussions on innovation.
"pursuing and then the book kind of walks into some of the key metrics so we talk about the traction metric a little bit we get into the inputs of traction so there are three to five metrics that one s..."