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How to build_a_successful_mvp_lean-302

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  • 1. Building a Successful MVP
  • 2. What You Will Learn• What is an MVP?• What are the different types of MVPs?• What does the MVP actually test?• Examples of “good” MVPs• Individual Assessments
  • 3. What is an MVP?“The minimum amount of effort you haveto do to complete exactly one turn of theBuild-Measure-Learn feedback loop.” - Eric Ries
  • 4. Don’t Be Misled…MVP ≠ a functioning product
  • 5. In Simpler Terms MVP = Experiment(Think: Minimum Viable Experiment)
  • 6. Goals of MVP• Maximum validated learning with minimum effort.• Minimum opportunity cost.• Rapid testing and iteration.
  • 7. When do MVPs Get Created?1. Problem or Solution Hypothesis2. Make a Prediction3. Outline Assumptions4. Identify Riskiest Assumption ✔5. Define Success Criterion
  • 8. Riskiest Assumption
  • 9. Where do I Begin?• Not all MVPs are created equal.• MVP most appropriate… i. For your business model ii. Both minimum and viable iii. Learn whether it succeeds or fails
  • 10. Types of MVPs1. Problem Exploration2. Product Pitch3. Concierge(in order of increasing opportunity cost)
  • 11. Validation1. Success criterion.2. “Signal.”3. “Foaming at the mouth.”
  • 12. Early Adopters“Foaming at the Mouth” means:1. Have the problem2. Aware they have the problem3. Searched for a solution4. Hacked a solution5. Paid for a solution
  • 13. Problem ExplorationAn interaction focused on customer’sproblems to understand past behaviorand urgency.
  • 14. Problem ExplorationOpportunity Cost: Very Low
  • 15. Examples of Problem Exploration1. Scene of the CustomerHighest geographic density of yourcustomer use case.
  • 16. Examples of Problem Exploration2. DoppelgangerSomeone already executing on youridea.
  • 17. Examples of Problem Exploration3. Conversation StarterGetting your customer’s attention andactivating their imagination.
  • 18. Examples of Problem Exploration4. Menu of FeaturesFake features to ascertain which onesthe customer is most interested in.
  • 19. Product PitchExchange of product for some form ofcurrency: time, money, or work.Tests the Riskiest Assumptionassociated with your SolutionHypothesis.
  • 20. Product PitchOpportunity Cost: Very Low  Low
  • 21. Examples of Product Pitch1. Decreasing DiscountDecrease the discount over time for newsales.Think: Invalidation = discount rejected
  • 22. Examples of Product Pitch2. InnovatorLearn innovators’ tactics and see if youcan productize them into a solution.
  • 23. Examples of Product Pitch3. Better AlternativeGet the customers of the existing marketleader.
  • 24. Examples of Product Pitch4. MetaHave your customer design the firstversion of your product.
  • 25. ConciergeManually delivering on the solution, as aservice to the customer, to see if thedelivery matches the customer’sexpectations and makes them happy.
  • 26. ConciergeOpportunity Cost: Medium
  • 27. Examples of Concierge1. One Use CaseMaking your product function for only asingle use case.
  • 28. Examples of Concierge2. Real Life SimulationIllusion of backend functionality orinfrastructure.Think: Validation = Reason to Build Out
  • 29. InteractiveWhat MVPs have you already created?
  • 30. Remember…Focus on testing yourRiskiest Assumption
  • 31. Thanksryan@leanstartupmachine.com @ryanmaccarrigan

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