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Know your MVP! - Unnat Gupta, Shree Prakash Damani, ThoughtWorks
 

Know your MVP! - Unnat Gupta, Shree Prakash Damani, ThoughtWorks

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MVP is defined as : "that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort."It doesn't say a thing about the ...

MVP is defined as : "that version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort."It doesn't say a thing about the product being valuable to the customers or market segment.

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    Know your MVP! - Unnat Gupta, Shree Prakash Damani, ThoughtWorks Know your MVP! - Unnat Gupta, Shree Prakash Damani, ThoughtWorks Document Transcript

    • 111
    • Photo Credit: http://tancast.com/2010/10/13/rejected-by-cracked-movies-from-websites/ WebVan was conceived by Louis Borders in 1996. The idea occurred to him when some spices were delivered to him through fedex. He thought there has to be a better way to delivery grocery online and his goal was last mile leader of Internet commerce. It’s a simple idea about improving grocery shopping experience of the user by selling grocery through online platform at a price comparable if not cheaper than traditional grocery story and deliver them to the user within 30mins. Louis went about hiring the best management team from the likes of FedEx, Oracle, Goldman, Anderson Consulting etc with a track record of delivering innovative products. The team was referred as the “Dream team”. The team had managed 800million USD in initial rounds of investments from VC and IPO. Louis idea was also backed by research firm IDC projections – online grocery market 2000 will be worth 3.5 Billion USD and growing to 6.5 billion USD in 2003 with atleast 5% of US Household buying grocery online. Louis believed in “first to scale” and not “first to market” philosophy. From 1996 to 1999 he focused on designing and implemented a very sophisticated warehouse(27 DCs each the size of 18 large stores with investment of 30million) and order management system, which was very capital and technology intensive. Webvan subsequently spent three years and hired 80 software programmers to create the proprietary systems linking and automating many aspects of its business processes. Needless to say, Webvan was betting on IT to be their strong-point and major cost saver. 2
    • 33 - Tool to test your hypothesis (problem/opportunity and proposed solution) - Smallest version which allows a team to collect the maximum amount of validated learn - First step on the way to a product The purpose of the minimum viable product is to validate some assumptions you are mak 3
    • 44 Everyone here has experienced auto rickshaw travels? I’m sure all of you have your own story to talk abou
    • 55 Potential set of MVP Examples -  Sign-Up Page (Buffer) followed by capturing email -  Survey -  Sign-Up Page, followed by pricing, followed by email -  Paper Prototype -  Wordpress blogs (Groupon) -  Social Media (Fb, twitter) -  Explainer video -  GoogleAdWords -  PoC -  HTML prototype -  Concierge MVP (Food on the table) -  Wizard of Oz (Zappos) -  Sell before you build(MS Dos) 5
    • 66 Same paradigm can be applied to MVP for existing products new features: -  Prioritization of feature (Build what your customer wants) -  Flows within the feature Some of the technique discussed earlier could be used to determine the prioritization of f 6
    • 77 Paper prototype Observing the users In one of our projects we were rebuilding the call centre application with simplified UX. W 7
    • 88 MVP is a cyclical process, starts with an hypothesis, to test the hypothesis you do small experiments and y
    • 99
    • 101010
    • 1111 Minimum viable products are experiments which you undertake to determine the value, m 11
    • 1212 One of the bigger difference between MVP And MRP is in it’s purpose. The purpose of M 12
    • 1313 Instantaneous v/s 2-3 months feedback loop 13
    • 1414 Low Risk v/s Calculated Risk 14
    • 1515 Cost of building MVP is lot lower compared to cost of building an MRP. 15
    • 1616 - Faster feedback - Validate assumptions on problem area and solutions (Validated learn - List of interested early adopters - Reduce Risk of failure - Fail fast philosophy (build something which none wants) 16
    • 1717 - Pressure on delivery the actual solution ASAP because of fear of competition replicating - Total cost of building and piloting is higher compared to traditional model - Cut the fat, not the essence 17
    • 1818 Dropbox by Drew Houston in 2006. Idea originated while trying to work on the way to boston but forgot t With the success he wanted to see if his idea will have consumers especially at that time there were alread so he went about putting a explainer video on diggs, followed by sign-up page on dropbox site for private A trivia fact…when dropbox launched their service, they decided to follow the big release approach, had a Zappos -  Nick Swinmurn had this idea of selling shoes online. He heard that shoe industry in US is worth 40 Bill GoPro - Nick Woodman on a surfing trip to australia noticed that most of the surfers wanted to take their picture s
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