Lean Startup Machine Newark (LSM-Newark) is calling both aspiring and experienced entrepreneurs to attend a three day business building workshop that will teach them the tools to succeed in the marketplace. During the immersive experience over the November 7th through 9th weekend, participants will learn how to test and build a product that appeals to the customer.
One of Lean Startup Machine’s (LSM) success stories is the information sharing app “Branch,” which partnered with Twitter and received $2 million in funding. This is just one example of how participating in the Lean Startup Machine training workshop and using its methodology can accelerate success for a startup or new product idea. Lean Startup Machine was founded by Trevor Owens and has run many workshops since its founding internationally. LSM Newark is just one of many city’s that run the workshops to support the local business community.
“We teach participants how to build a product the customers want as opposed to building a product and hoping it falls on the right customer,” said LSM Newark Founding Organizer April Peters. This is the third LSM-Newark event; the first and second were held in March 2013 and November 2013, respectively.
LSM guarantees that participants will leave the weekend with much more knowledge about starting a business, as well as gaining an improved sense of direction with their product idea. This helps entrepreneurs save critical time and money in starting and building their ventures.
LSM stresses that participants can have various levels of knowledge in entrepreneurship, from beginners to those more experienced in the field. The goal of LSM is to build and strengthen the small business community by offering knowledge of entrepreneurship to anyone that is interested in learning, and combining the pre-existing knowledge that participants have to create a successful end product.
In addition to developing and testing a product idea, participants engage in team building, plan execution and presentation creation. Over the course of the weekend they are also given the opportunity to speak with entrepreneurs, business experts, and CEOs and other successful business people.
The weekend kicks off with several product pitches or new ideas that participants are asked to bring to the event. The participants split off into teams to work on pitches for the top ideas. The teams brainstorm the problems and solutions that might be involved with the creation and distribution of the product. The key step is for teams to interface with their prospective market to test their ideas.
According to Peters, “The goal is to “Get Out of the Building,” speak with real customers, and sometimes collect cash or non-cash currency which serves as validation.”
Another way that participants can test the idea for a potential product is to use LSM’s QuickMVP, a 5-min software tool free to participants and created by Javelin, the folks behind Lean Startup Machine. MVP, or Minimum Viable Product, is an online landing page presenting the product idea that potential customers can view. The special online platform uses Google adwords to drive traffic which is one measure of gauging interest in a product idea. The greater number of visitors on the landing page correlates with greater interest in the product.
A tech app that was tested in the New York LSM workshop called “Text My Face” achieved great success with the MVP test, receiving close to 5000 impressions on its landing page with $553 collected in virtual money, over one weekend.
“The LSM methodology promotes a problem-centric approach to business ideation. By continuously validating and invalidating assumptions, teams are forced to pivot their solutiontoward a true customer pain; rather than creating a solution and after-the-fact seeking customers with a problem,” said Peters.
At the end of the workshop, participants pitch new solutions for their product and discuss their experience of participating in the LSM process over the weekend. One product is chosen as a winner.
Said Peters, “In this competition the winning team is not selected based on who has the best idea, but instead on which team honors the process and gains the most insights through its pivots.”
The LSM Weekend, located at 89 Market Street in Newark, New Jersey starts on November 7 and runs until November 9. There are still openings to sign up for this opportunity at www.leanstartupmachine.com. Use PROMO Code BRICK CITY for 30% off or STUDENT for 50% off (must bring student ID at check-in).
