Lean lessons learned - lean startup methodology and lessons learned from Blossom

Lean Lessons Learned Blossom’s early mistakes and successes

in light of the Lean Startup methodology

Lean Startup?

Why do startups fail?

What is a startup?

“A startup is a human institution designed to deliver a new product or service under conditions of extreme uncertainty.”

Leap of Faith Assumptions

Value Hypothesis How to provide value someone will pay for

Growth Hypothesis How to increase the

number of people paying

Is your hypothesis valid?

Validate / invalidate hypothesis

“validated learning”

Blossom: Data V0 Value Hypothesis •  Have you needed financing? •  How did/would you get

financing / existing options? •  Need/want halal source of

financing in future? •  Here’s our concept; would

you use it?

Blossom: Ideas V1 Value Hypothesis •  Provide well-established*

Muslim-owned businesses with access to halal sources of financing

•  Provide investors with 12% average annual return on capital.

Growth Hypothesis Lower the cost of customer acquisition by spreading word-of-mouth awareness through musajid and MCAs and highly-targeted online advertising.

Implicit Assumptions

•  American Muslims care about avoiding reba

•  Established Muslim businesses in US need access to financing

•  12% annual return is good enough for investors on unsecured “loan”

•  Legal costs •  Regulatory compliance •  Fee structure •  Cost of operating

Implicit Assumptions

•  American Muslims care about avoiding reba

•  Established Muslim businesses in US need access to financing

•  12% annual return is good enough for investors on unsecured “loan”

•  Legal costs •  Regulatory compliance •  Fee structure •  Cost of operating

Blossom: Product V1 Value Hypothesis •  Website registration •  Connect bank account •  Get a quote •  “Say yes”

Growth Hypothesis •  Direct: leave postcards at

local musajid •  In-person: give a talk /

khalaqa at local masjid •  Online: Google & Facebook

paid advertising

Blossom: Data V1 Value Hypothesis •  Website registration"

– low traffic to website; bulk inbound via phone

•  Connect bank account"– low technical savvy

•  Get a quote"– #1 most used feature! J

•  “Say yes”"– slow to agree/sign

Growth Hypothesis •  Direct: leave postcards at

local musajid"– soft interest

•  In-person: give a talk / khalaqa at local masjid"– lack of education/demand

•  Online: Google & Facebook paid advertising"– expensive

Blossom: Data V1

$150,000 USD projected legal fees

“Pivot or Persevere”

220 Million  5 Million  

Market Opportunity

Blossom: Data V2

Financial literacy Financial access

80% population unbanked; financial illiteracy drives

cyclical poverty;

Huge demand for microfinance limited by

amount of capital

Rp!

Blossom: Ideas V2 Value Hypothesis •  Provide capital and

technology to micro finance institutions for 6-12% profit sharing

•  Provide international investors halal investment opportunities for social uplift at 4-10% returns

Growth Hypothesis 1.  Grow initial awareness

through bitcoin early adopter community

2.  Build buzz of press around first “transparent” BTC investment platform

3.  Online ads CPA > CAC

Blossom: Ideas V2 Value Hypothesis •  Provide capital and

technology to micro finance institutions for 6-12% profit sharing

•  Provide international investors halal investment opportunities for social uplift at 4-10% returns

Growth Hypothesis 1.  Grow initial awareness

through bitcoin early adopter community

2.  Build buzz of press around first “transparent” BTC investment platform

3.  Online ads CPA > CAC

Blossom: Product V2 Value Hypothesis •  Make pilot investment into

Indonesian microfinance institution (“MFI”)

•  Build MVP to move money into / profit from MFI using bitcoin public ledger

Growth Hypothesis •  Solicit investment from

bitcoin early adopters via our existing network

TBD"(in sha Allah)

Contact: [email protected]

Profitable Social Uplift Transparent. Efficient. Impactful.