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Dealing With Disruption: How to Think Like a Start-Up Leader in a Large Organization

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Dealing With Disruption: How to Think Like a Start-Up Leader in a Large Organization Steve Blank steveblank.com @sgblank


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Startups Are Not Smaller Versions of Large Companies


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Startups Are Not Smaller Versions of Large Companies Large Companies Execute Known Business Models


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Startups Are Not Smaller Versions of Large Companies Startups Search for Unknown Business Models


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What’s A Startup? A Startup is a temporary organization used to search for a repeatable and scalable business model Startup Large Company Transition Build Search Execute


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Scalable Startup Large Company Transition The Search for the Business Model Startups Search and Pivot


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Scalable Startup Large Company Transition Search for a Business Model customer needs/product features i.e. Product/Market fit Found by founders, not employees Repeatable sales model The Search for the Business Model Startups Search and Pivot


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Scalable Startup Large Company Transition The Search for the Business Model The Execution of the Business Model Startups Search, Companies Execute


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Scalable Startup Large Company Transition Execution Profitable Repeatable - Scale Job spec’s Process The Search for the Business Model The Execution of the Business Model Startups Search, Companies Execute


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Scalable Startup Large Company Transition The Execution of the Business Model Learning Metrics Vs Accounting/KPI’s


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Scalable Startup Large Company Transition Accounting/KPI’s Balance Sheet Cash Flow Statement Income Statement Return on Net Assets Return on Capital The Execution of the Business Model Learning Metrics Vs Accounting/KPI’s


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Scalable Startup Large Company Transition Startup Metrics Customer Acquisition Cost Viral coefficient Customer Lifetime Value Average Selling Price/Order Size Monthly burn rate etc. The Search for the Business Model Learning Metrics Vs Accounting/KPI’s


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Scalable Startup Large Company Transition Sales Sales Organization Scalable Price List/Data Sheets Revenue Plan The Execution of the Business Model Customer Validation Versus Sales


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Scalable Startup Large Company Transition Customer Validation Early Adopters Pricing/Feature unstable Not yet repeatable “One-off’s” Done by founders The Search for the Business Model Customer Validation Versus Sales


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Scalable Startup Large Company Transition Product Management Delivers MRD’s Feature Spec’s Competitive Analysis Prod Mgmt driven The Execution of the Business Model Customer Development Versus Product Management


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Scalable Startup Large Company Transition Customer Development Hypothesis Testing Minimum Feature Set Pivots Founder-driven The Search for the Business Model Customer Development Versus Product Management


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Scalable Startup Large Company Transition The Execution of the Business Model Engineering Versus Agile Development Engineering Requirements Docs. Waterfall Development QA Tech Pubs


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Scalable Startup Large Company Transition Agile Development Continuous Deployment Continuous Learning Self Organizing Teams Minimum Feature Set Pivots The Search for the Business Model The Execution of the Business Model Engineering Versus Agile Development Engineering Requirements Docs. Waterfall Development QA Tech Pubs


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Scalable Startup Large Company Transition Business Plan Plan describes “knowns” Known features for line extensions Known customers/markets Known business model The Execution of the Business Model Startups Model, Companies Plan


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Scalable Startup Large Company Transition Business Model Unknown customer needs Unknown feature set Unknown business model Model found by iteration The Search for the Business Model Startups Model, Companies Plan The Execution of the Business Model


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Scalable Startup Large Company Transition Pains in the butt Always looking at something different Doesn’t get with the program Startups Protect Mavericks, Companies Fire Mavericks The Execution of the Business Model


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Scalable Startup Large Company Transition The Search for the Business Model Startups Protect Mavericks, Companies Fire Mavericks CEO of your company Finds your next market


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Strategy and Structure Apologies to Alfred Chandler


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Problem Companies going from local to regional to national. Specialized skills needed Strategy Separate ownership from professional management Structure Organize into functions: Sales, Mfg, Finance, Marketing Tools Organization Chart Leaders U.S. Steel, Standard Oil, Pennsylvania Railroad 1870’s: Organize by Functions


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CEO Sales Marketing Organize by Functions Engineering Finance … … … … … … … … … … … … Mfg … … …


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Problem Companies have dissimilar products and/or national geography - functional organization not efficient Strategy Group similar products together by regions or channels Structure Organize companies into self-contained divisions. Add corporate staff for shared functions Tools Distributed Accounting, Bus School, Consulting Firms Leaders DuPont, General Motors, Sears, Standard Oil 1920’s: Organize by Divisions


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CEO Bus Div A Bus Div B Organize by Divisions Bus Div C Bus Div C … … … … … … … … … Replicate functions inside separate divisions


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CEO Bus Div A Bus Div B Organize by Divisions Add Corporate Staff Bus Div C Bus Div C CFO Legal CIO CMO Adv R&D M&A


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Problem Companies have complex, short term projects Strategy Temporary organization driven by project Structure Project mgmt across functions as needed by project Tools Gantt Charts, Project Management Leaders NASA, Lockheed, Northrup, Boeing,… 1960’s: Organize by Matrix


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CEO Projects Engineering Organize by Project (Matrix) Q/A Finance Project Mgr Eng 1 Eng 2 Eng 3 … … … … … … Mfg … … … Project Mgr Project Mgr Functional Mgmt Functional Mgmt Functional Mgmt Functional Mgmt


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21st Century Corporate Issues Continuous and unrelenting disruption China Globalization Transparent pricing Plummeting cost of entry Internet, mobile…


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21st Century Corporate Structure Issues Current forms of corporate organizations are designed for execution Attempts to “add” innovation break these structures KPI’s, Processes, financials, HR, Bus Units, etc


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Continuous disruption requires continuous innovation


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Types of Corporate Innovation


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Process Innovation Disruptive Innovation Continuous Innovation Types of Corporate Innovation Types of Corporate Innovation


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Process Innovation Improve part of an existing business model Cost, revenue, service, etc Can be done by an individual part time Domain of the general manager


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Business Model (Continuous) Innovation Requires existing business unit resources Uses internal business unit incubator and Investment Readiness Level Domain of the general manager Example: Pepsi buying Frito Lay/Quaker Oats, Exxon buying XTO ($41B)


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Disruptive Innovation Requires new & existing business unit resources Uses corporate incubator or Skunk Works Domain of the CEO and board Example: Amazon and AWS, Apple and iPod, iPhone


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Corporate Innovation Portfolio To run these innovation projects: corporation’s innovation is a portfolio of projects occurs inside Bus Units and Functional Org As well as outside


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Innovation Portfolio Process Innovation Disruptive Innovation Continuous Innovation Build Buy Partner Open Types of Corporate Innovation Innovation Portfolio


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What Can You Acquire? Process Innovation Disruptive Innovation Continuous Innovation Intellectual Property Teams Product Line Product Line + Users Revenue Why Acquire? Innovation Portfolio Build Buy Partner Buying Innovation


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Where Do You Build It? Process Innovation Disruptive Innovation Continuous Innovation Intellectual Property Divisional Engineering Functional Org Advanced R&D Skunk Works Type of Innovation Innovation Portfolio Build Buy Partner Building Innovation


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Structure and Tools for Execution are not Structure and Tools for Innovation Issues


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Current Corporate Metrics Focus on Execution Finance focus Return on Net Assets, Return on Capital and Internal Rate of Return minimum rate of return on a project or investment Execution focus Customer acquisition cost, sales per rep, etc Christensen HBR 6/13


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CEO Bus Div A Bus Div B Bus Div C Bus Div C Finance Legal CMO CTO/R&D M&A/Strategy HR Hiring policies Promotion Policies Termination Policies Bonus/Incentives … Return on Net Assets IRR Hurdle Rates Net/Gross Margin operating income … market share quote to close ratio sales per rep customer acquisition/activation cost average selling price customer lifetime value churn/retention sales per square foot inventory turns … Contracts Compliance Governance… Strategic/Operational fit Accretion/Dilution Total Shareholder Return Economic Margin Market Value Added … Tech Strategy Future Direction Chief Architect … …


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Corporate Innovation Quandary Tools to manage execution are destructive for innovation Innovation metrics are different How do we manage to do both without killing the core business?


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Even Elephants Can Dance Implementing Innovation in Large Companies


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Start With Lots of Small Wins Develop an experimentation and prototyping culture Use Lean Startup methodology Early Market Testing Fast Iterations Fast Go/No Go Decisions


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Operate with Speed and Urgency


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Corporate Innovation By Design Start Small Aim High Iterate Fast Fail fast, learning Innovation as incremental but permanent change All require cultural change CEO/Exec Staff buy-in


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The Lean Startup A much better way to build innovation


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1. Frame Hypotheses Frame Hypotheses ?


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1. Frame Hypotheses Frame Hypotheses Business Model Canvas ? Customers Revenue Partners Activities Resources Costs Channel Get/Keep/ Grow Product / Service


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2. Test Hypotheses Frame Hypotheses Test Hypotheses Business Model Canvas ? ?


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2. Test Hypotheses Frame Hypotheses Test Hypotheses Business Model Customer Development ? ?


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Turning Hypotheses Into Facts


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There Are No Facts Inside The Building, So Get the Heck Outside


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3. Build Incrementally & Iteratively Frame Hypotheses Test Hypotheses Build the product incrementally & Iteratively Business Model Customer Development Agile Engineering ? ? ?


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Encourage Multi-Disciplinary Teams Pure tech teams lack customer perspective Tend to push the product rather than understand the problem Pure business teams lack tech reality/judgment


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Core Team of Innovation Managers Office of Chief Innovation Officer They manage the Innovation Cycle Logistics Administration Assessment Training


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CEO Bus Div A Bus Div B Bus Div C Bus Div C Finance Legal CMO Chief Innovation Officer M&A/Strategy HR Add Corp Innovation Staff


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Chief Innovation Officer Training Integral to the projects Lean LaunchPad/I-Corps Curriculum Mentors Integral to the projects Corporate and divisions Open Innovation Integral to the projects


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Core Business + Disruptive Projects Run Process & Business Model innovation in Business Units/Functional Organization Run Disruptive projects in corporate Bottoms up + Top Down innovation


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CEO Bus Div A Bus Div B Bus Div C Bus Div C Finance Legal CMO Chief Innovation Officer M&A/Strategy HR … Add Divisional Lean Innovation Projects Lean Project 1 Lean Project 2 Lean Project n Lean Project 1 Lean Project 2 Lean Project n Lean Project 1 Lean Project 2 Lean Project n Lean Project 1 Lean Project 2 Lean Project n


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CEO Bus Div A Bus Div B Bus Div C Bus Div C Finance Legal CMO Chief Innovation Officer M&A/Strategy HR … Add Corporate Lean Innovation Projects - Disruption Lean Project 1 Lean Project 2 Lean Project n Lean Project 1 Lean Project 2 Lean Project n Lean Project 1 Lean Project 2 Lean Project n Lean Project 1 Lean Project 2 Lean Project n Lean Project 1 Lean Project 2 Lean Project n


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CEO Bus Div A Bus Div B Bus Div C Bus Div C Finance Legal CMO CTO/R&D M&A/Strategy HR Hiring policies Promotion Policies Termination Policies Bonus/Incentives … Return on Net Assets IRR Hurdle Rates Net/Gross Margin operating income … market share quote to close ratio sales per rep customer acquisition/activation cost average selling price customer lifetime value churn/retention sales per square foot inventory turns … Contracts Compliance Governance… Strategic/Operational fit Accretion/Dilution Total Shareholder Return Economic Margin Market Value Added … Tech Strategy Future Direction Chief Architect … … Add Innovation Policies and Processes to each function


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Innovation As Incremental but Permanent Change Each innovation win needs to permanently change the corporation New KPI’s New policies New procedures New comp plans Every time an innovation project wins an exception to an existing process, institutionalize the exception


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Can Start Multiple Ways Top down – CEO mandate Chief Innovation Officer Initiatives Divisioanal projects


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Common Corporate Innovation Language and Metric Innovation needs a common corporate language All the support functions: HR, IT, Finance, Legal need to develop innovation processes and procedures


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NASA


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NASA/DOD Technology Readiness Level (TRL) Formal Way to assess project maturity Quantify Relative Risks Data Driven Adopted by NASA, DOD, FAA, ESA…


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NASA/DOD Technology Readiness: Levels 1 & 2 Basic Technology Research Basic principles observed Technology concept formulated Concept


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NASA/DOD Technology Readiness Levels 3 & 4 Research to prove Feasibility Experimental proof of concept Breadboard validation in lab Research Concept


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NASA/DOD Technology Readiness Levels 5 & 6 Demo Prototype Breadboard validation outside the building System demo in real-world Research Concept Demo


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NASA/DOD Technology Readiness Levels 7, 8, 9 Deployment System Development System deployed in real-world Research Concept Demo


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What Can We Do With All This Data? The Investment Readiness Level


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Investment Readiness Level


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Investment Readiness Level We can do the same for new ventures


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Investment Readiness Level We can do the same for new ventures Emphasis is on data


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Investment Readiness Level A Formal Way to Quantify Relative Risks Data Driven Analog to NASA/DOD Technology Readiness Level (TRL)


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Investment Readiness: Levels 1 & 2 Hypotheses Value Proposition summarized Canvas hypotheses articulated Hypotheses


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Investment Readiness: Levels 3 & 4 Problem / Solution Fit Problem Solution fit Low fidelity MVP Hypotheses Problem/Solution


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Investment Readiness: Levels 5 & 6 Validate Product/Market fit Right side of canvas Hypotheses Problem/Solution Product/Market fit


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Investment Readiness: Levels 7 & 8 Validate Left side of canvas Hypotheses Problem/Solution Product/Market fit


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Investment Readiness: Levels 9 Metrics That Matter Hypotheses Problem/Solution Product/Market fit Left side of the canvas


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Summary 20th century corporate structures focused on execution Continuous disruption requires continuous innovation We need a new model for innovation


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Thanks


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Backup


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Sales Force Provider Medical Diagnostic Device Primary Care Doctors 3rd Party Sales Force Intellectual property 1x Transactional Sales R&D Manufacturing & Production Sales & marketing OEMs Equipment Sales & marketing Device Production Medical Device: Cheap DNA Testing Source: alexander osterwalder


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Medical Device: Cheap DNA Testing Sales Force Provider Medical Diagnostic Device Primary Care Doctors 3rd Party Sales Force Intellectual property 1x Transactional Sales R&D Manufacturing & Production Sales & Marketing OEMs Equipment Sales & marketing Device Production 110K 5.5M 2.8M 1.2M 1M $1,000/ Device 5% Market Share Fixed Cost 50% Commission $225/Device Source: alexander osterwalder


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Medical Device: Cheap DNA Testing Sales Force Provider Medical Diagnostic Device Primary Care Doctors 3rd Party Sales Force Intellectual property 1x Transactional Sales R&D Manufacturing & Production Sales & Marketing OEMs Equipment Sales & marketing Device Production 110K 5.5M 2.8M 1.2M 1M $1,000/ Device 5% Market Share Fixed Cost 50% Commission $225/Device Source: alexander osterwalder


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Medical Device: Cheap DNA Testing Sales Force Provider Medical Diagnostic Device Primary Care Doctors 3rd Party Sales Force Intellectual property 1x Transactional Sales R&D Manufacturing & Production Sales & Marketing OEMs Equipment Sales & marketing Device Production 110K 5.5M 2.8M 1.2M 1M 5% Market Share Consumable Testing Strips www Sales of 1 Strip per Test 24.8M $75/ Strip Production of Testing STrips $7/ Strip 2.3M Source: alexander osterwalder


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Acquisition Integration Strategies


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Buy IP Buy Product Line Buy Teams Buy Product Line + Users/Payers Buy Revenue Acquisition Intention New Venture Phase: Search versus Execution Types of Innovation Acquisitons


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Buy IP Buy Product Line Buy Teams Buy Product Line + Users Buy Revenue Acquisition Intention New Venture Phase: Search versus Execution Searching Executing Acquisitions: Searching or Executing?


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Buy IP Buy Product Line Buy Teams Buy Product Line + Users Buy Revenue Acquisition Intention Acquirer Strategy Integrate Independent Integrate Acquisition Integration Strategy


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Data on Hypotheses, Pivots, MVPs, Metrics Evidence and Trajectory


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Cohort Leaderboard


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Customer Interviews


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Hypotheses to Test


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Invalidated Hypotheses


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Weekly Canvas Updates


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Track All Hypotheses Testing


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Scorecard: 9 way Kanban Board with data


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Advanced Data Mining


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