MVP Series - Lecture 4 - Creating MVPs.pptx
Transcript of MVP Series - Lecture 4 - Creating MVPs.pptx
By Eric Koester
CREATING
Evidence-based Entrepreneurship
MVPs
MVP Series Become an Evidence-Based Entrepreneur
Use Data to Make Key Early Startup Decisions Create your first Minimum Viable Product(s)
Welcome to the…
MVP SERIES Sept. 25 -- MVP 101: Lean Entrepreneur: Applying the principles
of lean Oct. 22 -- MVP 102: Creating a Minimum Viable Company: Lean
Naming, Lean Logoing and Lean Teaming Nov. 12 -- MVP 103: Building your MVP: How to create a product
without (or with minimal) technical skills Dec. 9 -- MVP 104: Workshop: Creating MVPs on Web and Mobile
Evidence Welcome to
Based Entrepreneurship
It works… The National Science Foundation has been running
a 2 year experiment of the effectiveness of this process.
The results? Control group - funding rate 18% I-Corps group - funding rate 60%
ERIC KOESTER I’m an Entrepreneur.
I’m going to be your Sherpa.
Hi. I’m
GET Let’s
Started
RECAP: MVP 101/2/3 1. History of “Lean” and “Evidence Based Entrepreneurship” 2. Idea Generation & Customer Discovery 3. Data-Drive Decisions + The Crowd 4. MVPs, MVPs and More MVPs
VIDEO AVAILABLE AT: bit.ly/mvp103wksp
Lean Entrepreneurs Our tools:
1. Idea Generation (MVP 101) 2. Customer Discovery (MVP 101)
3. Data-Driven Decision Making (MVP 102) 4. Tapping the Crowd (MVP 102)
5. Minimum Viable Products (MVP 103) 6. Customer Development (MVP 104)
MVP 104 1. MVP Recap 2. How to Test 3. MVP Workshop: Let’s Try This Out!
Your Concept… Inspiration
Light Idea Validation Idea Selection
Customer Discovery Okay, Let’s Go
Setting the Stage You’ve settled on an initial concept // approach
You’ve hopefully talked to 40-50 potential customers You can clearly state the problem
You’ve researched competing solutions and don’t think they cut the mustard
You’ve got a decent theory about a unique solution You’ve got some good feedback from customers that they’d buy
Business Model Canvas
Let’s MVP… Once you’ve gotten confidence that “the dogs will eat the dog food” you need to start creating MVPs
to test.
Every Test is a MVP!
The Minimum Viable Product
Pivot
Customer Discovery
Customer Validation
The smallest feature set that gets you the most… Orders… Learning… Feedback… Failure
The Minimum Viable Product
To Pivot (Try Again)
MVP: Your Test(s)
to Learn… To Continue On
Example MVPs Interviews * Reports * Consulting * Blogs * Email * Facebook Page * AdWords * Existing
Tools * Wordpress * Social Media
Building It The smallest feature set that gets you
the most… Orders… Learning… Feedback… Failure
Test What
Should You Run?
Lots of MVPs… 1. Interviews
2. Sketches/Mockups 3. Adwords Campaign
4. Explainer Video 5. Competitor Usability Tests
6. Landing Page 7. Existing Tools or Hacks
(Etsy, Ebay, Amazon) 8. Concierge MVP
9. Wizard of Oz MVP 10. Blog First / Wordpress
11. Email List 12. Crowdfunding
13. Other (Gumroad, Social Media, Etc.)
Organizing MVPs 1. Coverage: The number of reached customers. (An
interview is done with few people, an Ad-Words campaign may reach thousands).
2. Product Fidelity: How similar is the MVP to the end product? (A software prototype has a higher fidelity
than a paper mockup). Source: Stefan Roock
Organization of MVPs
Picking a Strategy Early On: Low Coverage & Low Fidelity
Head Nodding: Higher Coverage OR Fidelity Good Results: Flip It
Wow, this Might Work: Go Up & Right
Where Do You Fit?
Building Get Out of the
& search for the Model
HOW TO TEST Evidence-based Entrepreneurship
1 2 3
HUNCH CERTAIN CONFIDENT
You’re Looking For • Research • Experience
• Close Contacts / Experts • Anecdotes • Gut Feel
GOAL: Your gut is telling you to go for it...
1.
HUNCH
You’re Looking For • People you don’t know
• Understanding of the Problem • General Thoughts
• Enough Feedback to share with your mom or your spouse
GOAL: You are hearing good things...
2.
CONFIDENT
You’re Looking For • Double and Triple Digits of Feedback
• Repeatable Input • Fidelity with the approach
• Enough insight to tell your grandmother
GOAL: You’re hearing good things from LOTS of people
3.
CERTAIN
Why Does This Matter? As you move from a hunch and being “confident” into
wanting certainty (you are quitting your job, bringing on a partner, trying to raise money, etc.), you need to
design tests that will deliver that ‘certainty’.
CREATING MVPs Evidence-based Entrepreneurship
Let’s Stop Talking About It
It’s time to design your MVP.
1 2 3
WEB COMMUNITY MOBILE
“Kickstarter” Bonus
Volunteer?
So you wanna build a site… • You don’t need a developer
• Unbounce • Godaddy • Tumblr • Wordpress
GOAL: Get something up there – fast & simple
1.
WEB MVP
Volunteer?
Case Study Sumo Jerky
www.appsumo.com/sumo-jerky 9 hours: $3K revenue / $1K profit
So you think you need an app… • Don’t build an app (yet) • Build a mobile optimized site • Try Text Messaging
• Try Instagram or Snapchat
GOAL: Get people to “act” with their phone in their hands
2.
MOBILE MVP
Volunteer?
Case Study Uber
Text me for a ride…
So you’d like to build a place for likeminded folks… • Sites don’t build communities;
communities build sites • Try Facebook • Try Meetup.com • Write Blog
• Host a conference
GOAL: Build a community, not a site
3.
COMMUNITY MVP
Volunteer?
Case Study Secret London
FB Group to 180,000 members to Startup
So you think this could be sold in every Walmart… • Pre-sales are the new sales
• Kickstarter • Indigogo • Quibb
GOAL: Design & build your prototype, then start selling it
Bonus
KICK- STARTER
MVP
Volunteer?
Case Study Pebble Watch
$10M in pre-sales without a product
What? So now
Ready?
THANK YOU! Watch the videos Build your MVPs Send me updates
ERIC KOESTER WWW.EKOESTER.COM
@ERICKOESTER