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2 steps to making your mvp a success with Poornima

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Presentation At Startup Product Talks at Marketo in San Mateo on May 15, 2013 ...

Presentation At Startup Product Talks at Marketo in San Mateo on May 15, 2013

Too often companies spend a lot of time fixated on perfecting their prototype. After putting in a lot of effort to build it, they launch, but are left wondering why users aren't using their product! In this talk I'll cover the two most critical steps companies overlook, which can save them from wasted efforts and lead them to a successful launch.

About Poornima Vijavashanker
Poornima Vijayashanker graduated from Duke University with degrees in Electrical and Computer Engineering and Computer Science. After graduating she headed out to Silicon Valley, where she first worked for Synopsys as an R&D Engineer, and started working towards a Masters in CS at Stanford. She left her Masters to join Mint.com in 2006 as the second employee, and stayed until its Intuit Acquisition for $170M in late 2009. After a 6 year yoga practice, in January 2010, she left Mint.com to start BizeeBee.com. BizeeBee was inspired by a Poornima's passion for yoga, and wanting to help fitness studios and instructors across the world leverage technology to make it easier to run their businesses. She is currently BizeeBee's CEO and Founder. Aside from being a coder, entrepreneur, speaker, startup advisor, and mentor to junior engineers, Poornima is the founder of Femgineer.com, an avid traveler, foodie, and a competitive Bikram yogini.
@poornima
www.linkedin.com/in/poornima

Startup Product
Startup Product is a movement for product excellence through cross-discipline collaboration and holistic product perspective. There is a lifecycle that every product, startup, idea and project passes through to be realized. Focusing on where the product is in its lifecycle enables a conversation that brings us all together on what will serve the product most to arrive at product/market fit, sustain growth and generate revenue streams.
Site: http://startupproduct.com
Blog: http://startupproduct.wordpress.com
Meetings: http://www.meetup.com/StartupProductTalks/
Bring Startup Product Talks and Summit to your community! http://www.meetup.com/StartupProduct
Newsletter: http://bit.ly/WtN2oY
Twitter: http://www.twitter.com/startupproduct

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2 steps to making your mvp a success with Poornima 2 steps to making your mvp a success with Poornima Presentation Transcript

  • Poornima Vijayashanker, @poornima, poornima@femgineer.com2 Steps to Making Your MVP a Success1
  • INTRODUCTION‣ Duke University - Electrical Engineer & Computer Science‣ R&D Engineer @ Synopsys‣ Founding Engineer @ Mint.com‣ Founder & CEO @ BizeeBee‣ Founder of Femgineer.comPOORNIMA VIJAYASHANKER22
  • ‣ Causes of Failure‣ Step 1: Simple Value Proposition‣ Step 2: Identify Early Adopter‣ What if you’ve already failed?!3AGENDA3
  • 2 STEPS TO MAKING YOUR MVP A SUCCESS“Our app has been downloaded 10,000 times!”4“We have 1M users!”“We were featured on TechCrunch.”“I’m looking for a technical co-founder to build my product.”“I’m focused on fundraising right now...”4
  • 2 STEPS TO MAKING YOUR MVP A SUCCESSSome time passes...55
  • 2 STEPS TO MAKING YOUR MVP A SUCCESS 66
  • 2 STEPS TO MAKING YOUR MVP A SUCCESSKeep building!77
  • 2 STEPS TO MAKING YOUR MVP A SUCCESS 88
  • 2 STEPS TO MAKING YOUR MVP A SUCCESS 9What happened?9
  • “Value in a startup is validating learning notcreation of stuff.” - Eric Ries, Lean Startup102 STEPS TO MAKING YOUR MVP A SUCCESS10
  • Purpose of an MVP.112 STEPS TO MAKING YOUR MVP A SUCCESS11
  • Validate early adopters and value proposition.122 STEPS TO MAKING YOUR MVP A SUCCESS12
  • MVP Fails1. Don’t know who you’re early adopter is?2. Don’t have a simple value proposition.132 STEPS TO MAKING YOUR MVP A SUCCESS13
  • 2 STEPS TO MAKING YOUR MVP A SUCCESS 1414
  • Resist the urge to build!152 STEPS TO MAKING YOUR MVP A SUCCESS15
  • Concierge MVP.162 STEPS TO MAKING YOUR MVP A SUCCESS16
  • 2 STEPS TO MAKING YOUR MVP A SUCCESSCONCIERGE MVP17‣ An experiment is a product‣ Questions‣ Do consumers recognize they have the problem you are trying to solve?‣ If there was a solution, would they buy it?‣ Would they buy it from you?‣ Can you build the solution for that problem?‣ How can you build a simple version?17
  • Concierge MVP validates value proposition.182 STEPS TO MAKING YOUR MVP A SUCCESS18
  • 2 STEPS TO MAKING YOUR MVP A SUCCESSCASE STUDY #1: FOOD ON THE TABLE19‣ Creates weekly meal plans and grocery lists,and hooks into grocery stores to find bestdeals for ingredients‣ Began with a single customer!‣ Interviewed customers are local supermarkets.‣ Signed up 1st customer and dropped offgroceries weekly.‣ Collected $9.95 on each visit!19
  • 2 STEPS TO MAKING YOUR MVP A SUCCESSCASE STUDY #2: FEMGINEER20‣ Blog that became a business‣ Bootstrapped through customers‣ Concierge MVP20
  • 2 STEPS TO MAKING YOUR MVP A SUCCESS 21‣ Validated concept through a video‣ Started with brick and mortar stores‣ Focused on one market: shoes‣ Simple site with same inventory that was in storesCASE STUDY #3: DROPBOX21
  • Validating early adopters.222 STEPS TO MAKING YOUR MVP A SUCCESS22
  • 232 STEPS TO MAKING YOUR MVP A SUCCESS23
  • Not the time to focus on growth!242 STEPS TO MAKING YOUR MVP A SUCCESS24
  • 2 STEPS TO MAKING YOUR MVP A SUCCESSCustomers care about a product solvingtheir problems or servicing their needs.2525
  • Who are your customers?262 STEPS TO MAKING YOUR MVP A SUCCESS26
  • Start with competitor.272 STEPS TO MAKING YOUR MVP A SUCCESS27
  • Not just product, but entire experience!282 STEPS TO MAKING YOUR MVP A SUCCESS28
  • Whittle it down to what competitor offersand who they are offering it to.292 STEPS TO MAKING YOUR MVP A SUCCESS29
  • 2 STEPS TO MAKING YOUR MVP A SUCCESS 30Who is neglected segment?What doesn’t competitor‘get’?What will make this grouployal?CompetitorsTheir value proposition.Who uses their products?Why do they love them?30
  • 2 STEPS TO MAKING YOUR MVP A SUCCESS 31CASE STUDY #4: MINTvs.31
  • 2 STEPS TO MAKING YOUR MVP A SUCCESS 32PersonalFinancePeople who care butdon’t want to spendtime:People who care andspend time:40+Affluent20-30 somethings$75kCASE STUDY #4: MINTDon’t buy shrink-wrapped software.Care about security,and seeing entireportfolio.32
  • Doesn’t always have to be a singlecompetitor, could be multiple solutions orchange of behavior.332 STEPS TO MAKING YOUR MVP A SUCCESS33
  • 2 STEPS TO MAKING YOUR MVP A SUCCESSCan you bounce back?3434
  • 2 STEPS TO MAKING YOUR MVP A SUCCESSCASE STUDY #5: BIZEEBEE35‣ Initially a tool for ALL small business owners‣ 100+ email signups - no one came back!‣ I called EVERYONE‣ No clear early adopter or value proposition‣ Focused on yoga studios first35
  • 2 STEPS TO MAKING YOUR MVP A SUCCESSCASE STUDY #6: CIRCLE OF FRIENDS36‣ Founded in 2007‣ An app for everyone to share content‣ 10M users!‣ But less than 20% of circles had activity.‣ Started digging and found most engaged group: moms!‣ Went more niche and focused on needs, saw higher engagement.‣ Acquired by Sugar Inc. in 201236
  • 2 STEPS TO MAKING YOUR MVP A SUCCESSWill I grow?3737
  • 2 STEPS TO MAKING YOUR MVP A SUCCESSEventually!3838
  • 2 STEPS TO MAKING YOUR MVP A SUCCESS 39‣ e-commerce platform‣ Started with brick and mortar stores‣ Focused on one market: shoes‣ Simple site with same inventory that was in storesCASE STUDY #7: ZAPPOS39
  • 2 STEPS TO MAKING YOUR MVP A SUCCESS 40‣ marketplace‣ Started with concierge MVP‣ Early adopters were people who crashed with friends & family‣ Simple value proposition to rent a bed, room, or apt for a short stayCASE STUDY #8: AIRBNB40
  • 2 STEPS TO MAKING YOUR MVP A SUCCESSWhat about quality?4141
  • 2 STEPS TO MAKING YOUR MVP A SUCCESSCustomers care about a product solvingtheir problems or servicing their needs.4242
  • 2 STEPS TO MAKING YOUR MVP A SUCCESSIf design is an issue that will be revealed intesting on early adopters.4343
  • 2 STEPS TO MAKING YOUR MVP A SUCCESSThrow away your work!4444
  • ‣ Causes of Failure‣ Step 1: Simple Value Proposition‣ Step 2: Identifying Early Adopter‣ What if you’ve already failed?!45REVIEW45
  • 46Group Mentoring!Learn more here.2 STEPS TO MAKING YOUR MVP A SUCCESS46
  • Q&A2 STEPS TO MAKING YOUR MVP A SUCCESS 4747