Bora Özkent

NEW VENTURE DEVELOPMENT DAY-5

“Life’s too short to build

something nobody wants.”

Ash Maurya

MVPMinimum Viable Product

CREATE THEVISION

RUN ANEXPERIMENT

CREATE ANMVP

FEEDBACK ANDRESEARCH

Questions to Answer

• Do we understand our customers’ problems?

• Is there a market potential, do sufficient number of people suffer from this problem?

• Do they like our idea so much, that they will tell about it to their friends?

Preparing the Test

• What do I want to learn?

• What is the easiest go/iterate/pivot test?

• How can contact with MVP customers for further learning?

• Which metrics should I measure and how I am going to measure them.

Criteria for Selecting

• Does my product solve the customer’s problem without this feature?

• Based on my customer discovery, which feature of the product will help me to close a sale most?

• Which attribute so indispensible that, If we can’t make it work we should give up the whole idea?

• Which one is the riskiest hypothesis in the lean canvas?

message that turns an unawarevisitor into an interested

landing page

Proposition Relationships Segments

ChannelsKeyResources

Lean Startup Essentials #2: The Lean Canvas

Value Proposition

• Single, clear, compelling Key Partners Key Activities Value Customer Customer

Cost Structure Revenue Streams

prospect

• Your elevator pitch

• What you put on your

User Stories

What are the Customers Trying to Accomplish

With Mint I feel confident that I make my payments on time.

With Mint I can make a budget and keep mylife under control.

With Mint I can make better investments and earn more money.

I can track my financial position easily with my cell phone.

Which one is indispensible?

Samples

• “If Apple can launch a smartphone without Find or Cut-and-Paste, what can you cut out of your product requirements?” – Sramana Mitra

• “The first version of Gmail was literally written in a day.”

El İşçiliğine Dönün

Prod

uCt F

idel

ity

Coverage (Number of Customers)few

low

high

many

Interview

InterviewCost per Café Con LeChe

(from 1€ to 20€)

Prod

uCt F

idel

ity

Coverage (Number of Customers)few

low

high

many

Interview Ad-Words-Campaign

AdWordsCost per CliCk (CPC)

(from 5€ / campaign)

google.Com/adwords

Prod

uCt F

idel

ity

Coverage (Number of Customers)few

low

high

many

Interview Ad-Words-Campaign

Paper SketCh

SketChCost per page

(from 0,20€ / page)

Prod

uCt F

idel

ity

Coverage (Number of Customers)few

low

high

many

Interview Ad-Words-Campaign

Paper SketCh

Paper MoCkup

MoCkupCost per ServiCe

(from 300€)

Prod

uCt F

idel

ity

Coverage (Number of Customers)few

low

high

many

Interview Ad-Words-Campaign

Paper SketCh

Paper MoCkup Raise Funds from Customers

Raise FundsFee

(5% fee to the funds collected)

kiCkstarter.Com

Prod

uCt F

idel

ity

Coverage (Number of Customers)few

low

high

many

Interview Ad-Words-Campaign

Paper SketCh

Paper MoCkup Raise Funds from Customers Video

VideoPay per video

(from 39€ / video)

videolean.Com

Prod

uCt F

idel

ity

Coverage (Number of Customers)few

low

high

many

Interview Ad-Words-Campaign

Paper SketCh

Paper MoCkup Raise Funds from Customers Video

Landing Page

Landing PageFreemium

(from 49€ / month)

unbounCe.Com

Prod

uCt F

idel

ity

Coverage (Number of Customers)few

low

high

many

Interview Ad-Words-Campaign

Paper SketCh

Paper MoCkup Raise Funds from Customers Video

Landing Page

ConCierge MVP

ConCierge MVP

Prod

uCt F

idel

ity

Coverage (Number of Customers)few

low

high

many

Interview Ad-Words-Campaign

Paper SketCh

Paper MoCkup Raise Funds from Customers Video

Landing Page

ConCierge MVP

The ProduCt

Validate your idea with real userswithout coding, design and risk.

Code Design Capital Risk

Online Form Design and Database Management

Landing Page/Mobile Site

Brochure Website

Launching Soon

Chat w/h Customers

Customer Feedback

GoogleDocs

Plug-In’s

Prototype Sites

Wireframe

Keynotopia

Homework For Next Session

• Read Book: Running Lean– Part 4: Chapter 10 and 11

• Team Discussion– How can you develop a minimum viable product for your idea? – Prepare your initial idea for MVP

• Make 10 Customer Solution Interviews Interviews per group, document them on the solution interview sheets, bring sheets to the class.

• Learn from your customers about your business idea and develop Lean Canvas Version 4.

• Prepare powerpoint presentation– Lean canvas V.3– What you have learned from customers– New lean canvas V.4 (Show what has changed)

49

What Dou You Learn From Wikispeed

– “Quick & Dirty” or “Proper Engineering”? When? Why?– Why do you think people join Wikispeed? How did Joe

manage to get followers, and what strategies did he use to make this happen?

– What are the key organizational principles by which team Wikispeed is organized and which have driven its speedy development?

– How does the Wikispeed approach to product development differ from the more traditional waterfall process?

– Do you think large organizations should adapt their product development processes to Wikispeed methods? Why, why not?

50

WATCH AND PREPARE FOR DISCUSSION

PAUL GRAHAM VİDEO

HTTPS://WWW.YOUTUBE.COM/WATCH?V=II1JCLG-EIQ