Startup Garage, my favorite

Today was the last day of Startup Garage. The class is an intensive, hands-on, project-based course in which students design and test new business concepts that address real-world needs. I had the privilege to be a part of it and work on my own startup idea.

Here are my top 5 learnings from the 2 quarters in the class:

1) Talk to customers all the time, that is were the gold is. In depth interviews in large numbers. A great quali-quanti combo!

2) Prototyping is simple, don't over think it. Even mock ups in paper are a great prototype. The key is the clarity in what you wish to learn from the customer interaction with your prototype.

3) Is all about incorporating learnings along the way. It is an evolutionary process, where it is key to be clear about the learnings and intentional about what to do with them. Also transparent about what assumptions are not yet proven.

4) Design experiments to prove all your hypothesis. Not only about product, but also about go to market, pricing, communication, etc... A/B tests is a great tool to test and learn, and start all over again.

5) Team first. In early startups it is all about the team. VCs invest in the team, not in the idea, in early pre-seed/seed ventures. Therefore, be intentional about the team and the skills each one brings to the table. But, don't over do it! Make sure you enjoy working together. After all, it is compared to marriage all the time!

PS: If you want to learn about my Startup Garage Project go to www.lulo.biz! (A mis amigos Chilenos me disculpan! Ya estoy buscando una marca nueva amigable para toda Sur América!)