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Why Your Business Plan Won't Work and How Lean Start up Methodologies will Rule the Future of New Product Development
Speaker: Mark Werwath, PhD – Dir. of Masters of Eng. Mgmt, McCormick School of Engineering, Northwestern University
Raffle: Will hold a drawing for a Harmon BT headset, PDMA gift certificate, and TruGlide Apex stylus.
Please join us as Mark Werwath introduces us to the concept of applying Lean Startup Methodologies to large organizations use to putting together business plans to justify new product development launches. Mark will show some of the fallacies with business plans too early in the development cycle and how LSM can overcome most of these problems and instill a sense of urgency and fun into new product development. He will also provide insight on how to incorporate LSM into the portfolio management process.
The presentation is focused on product managers, Dir. product Management, intrapreneurs and technical leaders in corporate organizations, as well as those not well versed in portfolio management or Lean Startup Methodologies.
Key outcomes/ attendees should be able to answer:
- Where did the Lean Startup/analytics come from? Who are the major thought leaders, and why they started it?
- Compare and contrast traditional business plans approach to lean startup approach.
- Separation of problem from solution; Build, Measure, Learn cycles
- Objective measurement of customer problem; prove a hypothesis of need with data
- Iterative product releases, shorten product development cycles
- Growth Stages: Empathy, Stickiness, Viral, Revenue, Scale.
- Minimum Viable Product
- Case Studies/examples
- Overcoming corporate inertia: heavy central governance, functional silos, not invented here, everything is a liability, we must protect the core
- Builds a sense of urgency
- Make people feel comfortable with failure – reward killed projects
Mark Werwath, is the Director of the Masters of Engineering Management (MEM) program at Northwestern University’s McCormick School of Engineering, and Associate Director for the Farley Center for Entrepreneurship. Mark’s nearly thirty years of engineering and project management experience has led him to manage a large number of new product development projects in the aerospace business and the telecom industry, including systems for the US Navy’s F-16, FA18 and the AV8B/Harier aircraft. At Motorola, he was instrumental in the development of the NYCTA transit system, Baltimore County E911 system, and the iDEN System (1.0), and implementing the proprietary infrastructure technology for the Nextel network.
Mark ran the $120 million line of business at Northrop Electronic Systems Division, and was instrumental in building R&D offices in Bangalore and Beijing as part of his responsibilities at Motorola and WMS gaming. As a certified Project Management Professional (PMP), Mark has successfully built the program management office and portfolio management process for several projects including iDEN, Printrak (Mototorla) and WMS slot machine business.
Through his management consulting Firm, Prolima, and Mark also has helped many startups and small businesses. He has advised startups, EquityHub, and Highland Solutions, as well larger firms such as Abbott Labs and Baxter. Mark was involved in several acquisitions including Printrak, MDI for Motorola, and several acquisitions for WMS Gaming
Mark holds a BSM from the University of Illinois, a Masters in Engineering Management (MEM) from Northwestern University, and has completed his Ph.D. at Benedictine University in Organizational Development, with a dissertation focused on technological and organizational innovation. Mark was the VP of Education for IEEE Engineering management society. He is married and a father of three children. He and his family reside in Evanston, IL.