Lean Startup Zurich- MVP/Idea Validation

17
IDEA VALIDATION (HO W WE KNOW OU R ID E A DOE SN’T SUCK)

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Transcript of Lean Startup Zurich- MVP/Idea Validation

Page 1: Lean Startup Zurich- MVP/Idea Validation

IDEA VALID

ATION

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VALIDATIONThe Lean Startup method advocates that we build a basic product/prototype and get

out to test and validate our idea.

• Is anyone interested in our product?

• What features do customers care about?

• What features are missing?

• What features aren’t necessary?

We take the data we learn from customers and constantly revise the product

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MINIMUM VIABLE PRODUCTThe minimum viable product (MVP) is “the version of a new product which allows a

team to collect the maximum amount of validated learning about customers with the least effort.”

This can be:

• A prototype

• A design mockup

• A video describing your product.

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The MVP is different for every startup. What works for one company may not be viable enough for another.

It’s not about doing the least amount of work necessary, it’s about doing the

least amount of work necessary to test your hypothesis. For some industries

this may require a lot of work.

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THE MINI COLLECTION

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THE FULL COLLECTION

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WHY MVP ?

The goal of the MVP is to test fundamental business hypotheses and help entrepreneurs begin the

learning process as quickly as possible.

In LS lingo these hypotheses are called leap of faith assumptions

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HOW DO WE VALIDATE?

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LANDING PAGES

A landing page is a web page where visitors “land” after clicking a

link. A landing page should quickly communicate what your

product/service is about.

Anipals, a social network for pet owners, created a landing page to

give potential users a preview

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BASIC WEBPAGE/ SCREENSHOTS

Beauty Box provider Wonderbox used a basic

webpage to gauge interest and test its

hypothesis that female executives in Malaysia want to keep up with

the latest beauty/fashion trends but might not have the time to do so

• 500 signups in 2 weeks

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CROWD FUNDING

Crowd funding lets you know that people are willing to pay for

your product

Pebble created a Kickstarter that also served as its pre-order form

• Raised 10 million

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WIZARD OF OZ

A Wizard of OZ MVP is when you put up a digital webpage that looks like a real working product, but then manually

carry out product functions

Zappos created a working website, but instead of building a warehouse the founder went to local shoe stores to

carry out the purchase orders

• Data from orders confirmed that people were interested in buying shoes

online

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TESTINGYou can use testing to validate

specific features or price points

Bounce, a calendar mobile app, used A/B testing to test out different price

points.

• At $10 1.7% purchased

• At $5 1.4 % purchased

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VIDEOS

A video should explain what the product does and why people should care.

Dropbox created a basic video that explained their product and uploaded it

to Hacker News.

• Got critical feedback from potential customers

• 70,000 signups for their email list

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TALK TO THE PEOPLE

Sometimes taking to people is the best way to validate your

product.

CapMac started with a basic mac and cheese recipe (pasta and cheddar cheese) and through

conversations decided to rework their product to add

pimiento cheese and a topping.

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RESOURCES• The Validation Board from Lean Startup Machine

• Unbounce- landing pages and A/B testing

• “Ultimate Guide on Building Minimal Viable Products” by 10steps2.com

• Twitter: #LeanStartup and #MVP

• Parts one and 2 from the Lean Startup by Eric Ries