Idiot Who Founded DIGITALGUESTLIST.com | Rebel With A Cause | Hired Gun | Analytics Junkie | AntiHero | Serial Envelope Pusher | Optimist/Cynic
Earlier, I announced my application of the Lean Startup methodology to my events during NBA All-Star Weekend in Orlando – specifically the Grey Goose Terrace. Many of you are probably (a) why is the Lean Startup methodology and (b) why am I applying it to event planning.
From the book Lean Startup by Eric Ries:
But I’m throwing a party – not a startup. This shouldn’t apply, right? Well, Ries goes on to state:
Using this definition, a party falls within the boundaries of a startup. And since (a) I’ve never thrown an All-Star party, and (b) Orlando hasn’t hosted NBA All-Star Weekend in this current generation, there is TONS OF EXTREME UNCERTAINTY.
Now that I’ve laid the foundation for the application of the Lean Startup methodology, let’s start the fun.
The methodology is rooted in eliminating “waste” from the entrepreneurial journey (it is based off of lean manufacturing) by using the Build-Measure-Learn feedback loop. Basically, “instead of creating these complex plans based on a ton of assumptions, you make constant adjustments” from a simple strategy. This strategy produces a product, which, hopefully, matches your vision.
I’ll describe how they apply to my case:
Vision: I imagine creating a packed atmosphere with attractive urban young professionals from around the country rocking out to awesome music from the some of the country’s best deejays, enjoying the beautiful Florida weather, socializing with celebs and athletes, and sipping great drinks. All this to start All-Star Weekend.
Product: The Grey Goose Terrace at Terrace 390, a beautiful inside/outside in downtown Orlando. The headlining deejay will be Biz Markie, and a few TBA surprises.
According to Ries, the first step in the Lean Startup methodology is break down this grand vision into its two most important assumptions: the value hypothesis and the growth hypothesis. The value hypothesis tests whether the event really delivers value to guests, and the growth hypothesis tests how new guests will discover the event.
If you haven’t guessed by now, this thing is one big, live science experiment.
My value hypothesis: 1,000 young urban professionals will purchase advance tickets ranging from $30 – $75 for the Grey Goose Terrace hosted/performance by a TBA celebrity on Friday, February 24 at Terrace 390 with music provided by Biz Markie.
Next, I’ll describe some of the experiments used to validate this hypothesis.
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