LEAN Startup and Offering Development at a Theatre Company
7 scripts. 30 performances a year. 4 venues.
And close to nothing in the bank.
Theatre on Bengaluru (www.tob-group.com) seemingly was on a roll, selling out performances regularly at multiple venues, with actors lining up for roles, and a healthy list of scripts in the pipeline.
There was just one problem - once the venue, costumes and amateur cast were paid, TOB was running on fumes - one poor collection would leave TOB in the red. Vineed Menon (the founder) was wondering - how do you increase monetization when your performances are already full?
A serendipitous meeting with Avinash (SAFe SPC, New Product Development certified, Agile coach) led to TOB adopting the LEAN startup approach to offering development and to increase revenue.
Today, TOB has three lines of business:
1. A Theatre 'PaaS' offering where interested directors can stage their plays via the TOB platform - venue, publicity, ticketing and staging are handled by TOB for a % of the receipts.
2. Children's theatre workshops during holidays, at apartments around Bangalore.
3. The original plays continue as well!
The results are unarguable - money in the bank is now 10X the amount that TOB started the LEAN startup journey with 8 months ago. This is our LEAN startup story, and there are valuable lessons for IT (indeed for any industry) in this story.
Outline/structure of the Session
We will present our LEAN startup journey, and how we discovered and modulated our new offerings.
- The original approach of the 'dreamers' who started TOB
- The vanity metrics that TOB looked at
- Value hypothesis considered (what is the value our customers are deriving? our actors?)
- The VOC that started us on the growth path - "Can we bring our kids?" "Can our kids learn Theatre?"
- Our growth hypothesis, matched to our value hypothesis
- Our best selling and profitable kids workshops - what is the MVP? Do we even need a stage?
TOB did both a customer segment pivot (parents) and a platform pivot (aspiring directors) that has led to increased revenue streams for TOB.
We will also show that this is a continuous process - flush with new found success and cash, TOB moved into short movies - but are we looking at vanity metrics again?
Attendees will learn via an engaging, interesting and relatable story how to apply the LEAN startup method, obtain perspectives in the universal challenge to increase monetization, and think about customer offering development in an area that we can all relate to. The lessons are applicable across industries.
Coaches, Managers, Entrepreneurs, Developers - anyone involved in LEAN startup in companies of any size. If you are thinking about monetization, LEAN startup, customer offering development, this session will be of great interest.