New Startup we launched @ LeanStartupMachine NJ this weekend

[Boo Blizzi]

Hello fellow entrepreneurs,

I just wanted to share an update from my exploits this weekend.

Im at the Lean Startup Machine NJ workshop and my team is building a new service called StartUpChatUp.com

Basically, it's like Chat Roulette for entrepreneurs... minus the pictures of pervs. Check it out http://tiny.cc/imlimx.

The goal is to validate our idea that startups really want to talk to other entrepreneurs to get help with their problems. As an incentive, we are offering advice about validating startup ideas to any one that signs up for our service tomorrow.

If this sounds interesting to you, then we would love to have your support. Here's the link again: http://tiny.cc/imlimx

Peace.

 

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[Boo Blizzi]

Oh yeah... I will upload more flix tomorrow when we pitch our startup to investors.

 

[merc]

Are you going to be hosting the event next year? I live in NJ and did not know about this, sounds like an exciting opportunity!

 

[Boo Blizzi]

I am actually working with one of the organizers to set up another in SNJ/Philly in a couple months. So I will definitely keep the community posted. This is an awesome experience.

 

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[Boo Blizzi]

Here are a few pictures from yesterday's keynote speakers. Basically they were saying it makes no sense sitting at home wondering if you have a good business idea when you can mock up a landing page or a flyer offering your service and then "Get out of the building" to find out if you really can sell your idea to someone.

Having a "sell-able" idea doesn't necessarily mean you collected cash (although that's nice), it could be other types of currency such as letters of intent or emails sign ups. The point is to prove that somebody wants what you have... IE: you have created value.

The first step is setting up a series of experiments about your biggest assumptions and you go about either proving or disproving those assumptions as fast as possible.

My team got a 52% validation rate for our first experiment, meaning: we spoke with 17 entrepreneurs in person and 9 said yes they would want to talk about their business problems with other entrepreneurs online in an open forum. (But ofc we on the fastlane forum already know that)

So now our current experiment is will entrepreneurs want to get on a video chat with another startup owner and discuss their problems? We have until about 12pm today to find out. If the idea isnt validated, then we will have to pivot.

 

[Actionary]

How did it go?

 

[Boo Blizzi]

How did it go?

We lost. Our founder had no idea WTF she was doing. She had the crazy idea that we could pitch investors on a business that had no strategy for making money.

I busted my a$$ for 3 days thinking we were all on the same page, and when it came time for the actual pitch... she told the investors that the business was not for the purpose of helping Startups solve their problems, it was just for founders to create an emotional bond with each other. We were all standing up there in a row in front of the investors, and after she said that, I kindly slid to the back of the line.

On a positive note:
A member of this community came through for us when it was crunch time. He said he didnt want to be outted, but shout out to him anyway.

Here's when I knew something was wrong:
The goal of the event is to validate a new business as much as possible within the 3 days. That includes creating landing pages and getting sign ups to prove there is interest. You could really crush it if you deliver your service using what is called the concierge method - which is just hacking together a solution anyway you can from what is already available and giving it to your customers manually.

Since our solution was video chat... one of the organizers told us we could crush it if we got a customer on Skype and recorded it to prove the value of our service. Only thing is dude told us like 45 minutes before pitch time. Nonetheless, I got on the grind to make it happen because I'm really thinking we have something worthwhile here.

So I get our forum member to run to his friends house and get on a laptop with a camera for us to record the session. Since I'm the tech and marketing guy on the team, I prep the founder off camera and tell her if there are any online marketing questions she doesn't know how to answer, I will help out.

I fire up the cams, and start recording the screen and...

This chick doesn't let the guy say anything other than stating his name and the name of his company. She blabs on for about 20 minutes about herself and her challenges. Im embarrassed at this point cuz she keeps cutting the guy off every time he attempts to ask a question (I will give him props tho... he was very patient and poised), so I signal for her to get off and just when she does... the co-founder jumps on and starts blabbing about his problems... I was in stitches!

I just walked away and got a diet Coke.

When I came back, they both had a look of satisfaction on their faces, like the weight of the world was lifted from their shoulders. And I finally understood, they were looking to chat with other Startup founders not so much to help solve problems, but just to get shit off their chest. I told her its cool and I get it, but that doesn't provide value and it damn sure aint a business, so I will edit the video to make it look like we got some kind of results from the interview.

Her response was less than positive and that's when I knew I had just busted my a$$ for 3 days and would not have a snow balls chance in hell of winning.

But... overall it was a great experience and I would recommend anyone struggling with getting a Startup off the ground to attend because it will force you to get up off your a$$ and take the first steps at finding out if your biz is even viable. The customer validation process is invaluable!

The next day, I hit our forum member up on Skype and apologized, then gave him a few tips about regarding his marketing problems.

Here are some pix of my team during happier times and some of the cool motivational posters they had hanging on the wall

 

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[randomnumber314]

Good work!

I'd like to hear your take on this concept of "fail fast." Seems to be a trending buzz word in my opinion, wondering if you have a different take?

 

[Boo Blizzi]

Failing fast is a valid concept. But you have to put it in perspective. It doesn't necessarily mean you have to fail at the business overall, you can make assumptions about your customer, their problems, or your business model and quickly test them to find out if they are valid or invalid... that is what fail fast meant at this event and I think it is the correct definition.

What I realize is these "startup" gurus have just taken a practice direct response marketers have been using for years (split testing) and have applied it to business building. It's a very effective and methodical way of iterating your way to success.

And I wholeheartedly recommend the strategy to any Fastlaner.